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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Viking Therapeutics Inc | NASDAQ:VKTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.24 | 1.64% | 77.00 | 76.97 | 77.28 | 77.68 | 72.88 | 74.40 | 3,754,256 | 00:59:13 |
SAN DIEGO, Aug. 9, 2017 /PRNewswire/ -- Viking Therapeutics, Inc. (Viking) (NASDAQ: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced its financial results for the second quarter ended June 30, 2017, and provided an update on its clinical pipeline and other corporate developments.
Highlights from, and Subsequent to, the Quarter Ended June 30, 2017
"We are excited about the progress we've made during the past several months, particularly with respect to our VK5211 and VK2809 programs. We completed enrollment in our Phase 2 trial of VK5211 in patients recovering from hip fracture surgery, and look forward to announcing the results in the fourth quarter. We also completed the opening of all planned clinical sites in our VK2809 Phase 2 trial for non-alcoholic fatty liver disease (NAFLD) and hypercholesterolemia and continue to enroll new patients. In addition, we announced positive results from a study of VK2809 in a model of diet-induced NASH, which showed statistically significant reductions in fibrosis, liver collagen, liver steatosis, and the NAFLD activity score (NAS). The histologic improvements observed in this study suggest an encouraging potential benefit in settings such as NASH and glycogen storage disease (GSD)," stated Brian Lian, Ph.D., chief executive officer of Viking.
"Our orphan drug programs also advanced during the quarter. We are currently preparing to file an Investigational New Drug (IND) application for VK2809 for the treatment of patients with GSD Ia and plan to initiate a proof-of-concept study for this indication later this year. And, through our collaboration with the Kennedy Krieger Institute, we recently completed a 25-week in vivo study of our second thyroid receptor agonist, VK0214, in a model of X-linked adrenoleukodystrophy (X-ALD). We plan to report the results from this study later this quarter. In order to support our development activities, we strengthened our balance sheet during the quarter by raising gross proceeds of $4.3 million, providing a financial runway into 2018. Finally, we also expanded our board of directors with the appointment of Charles A. Rowland, Jr., an experienced biopharma finance executive. As Viking's pipeline grows and matures, we expect Charlie's financial and operational expertise will prove invaluable."
Pipeline and Corporate Highlights
Financial Highlights
Second Quarter Ended June 30, 2017 and 2016
Research and development expenses for the three months ended June 30, 2017 were $3.7 million compared to $2.4 million for the same period in 2016. The increase was primarily due to increased activities related to our clinical trials for our VK5211 and VK2809 programs, third party manufacturing of our clinical-stage drug candidates, and preclinical efforts for our VK0214 program.
General and administrative expenses for the three months ended June 30, 2017 were $1.3 million compared to $1.2 million for the same period in 2016. This small increase was primarily due to increases in salaries and benefits and legal expenses, offset by a decrease in non-cash stock compensation expense.
For the three months ended June 30, 2017, Viking reported a net loss of $5.2 million, or $0.21 per share, compared to a net loss of $3.7 million, or $0.22 per share, in the corresponding period in 2016. The increase in net loss for the three months ended June 30, 2017 was primarily due to the increase in research and development expenses noted previously.
Six Months Ended June 30, 2017 and 2016
Research and development expenses for the six months ended June 30, 2017 were $7.2 million compared to $4.2 million for the same period in 2016. The increase in research and development expenses was primarily related to increases in expenses related to clinical trial activity for our VK5211 and VK2809 programs and preclinical efforts for our VK0214 program, as well as third party manufacturing of our clinical-stage drug candidates.
General and administrative expenses for the six months ended June 30, 2017 were $2.7 million compared to $2.6 million for the same period in 2016. This small increase was primarily due to increases in salaries and benefits, offset by a decrease in non-cash stock compensation expense.
For the six months ended June 30, 2017, Viking reported a net loss of $10.4 million, or $0.45 per share, compared to a net loss of $7.3 million, or $0.56 per share, in the comparable period in 2016. The increase in net loss for the six months ended June 30, 2017 was primarily due to the increase in research and development expenses noted previously.
Balance Sheet as of June 30, 2017
At June 30, 2017, Viking held cash, cash equivalents and investments totaling $12.1 million. As of July 31, 2017, Viking had 27,697,284 shares of common stock outstanding.
Conference Call
Management will host a conference call to discuss the company's second quarter financial results today at 4:30 pm Eastern Time. To participate on the conference call, please dial (844) 850-0543 from the U.S. or (412) 317-5199 from outside the U.S. In addition, following the completion of the call, a telephone replay will be accessible until August 16, 2017 by dialing (877) 344-7529 from the U.S. or (412) 317-0088 from outside the U.S. and entering conference ID # 10110737. Those interested in listening to the conference call live via the internet may do so by visiting the Investor Relations section of Viking's website at www.vikingtherapeutics.com. An archive of the webcast will be available for 30 days on the company's website at www.vikingtherapeutics.com.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. The company's research and development activities leverage its expertise in metabolism to develop innovative therapeutics designed to improve patients' lives. Viking has exclusive worldwide rights to a portfolio of five therapeutic programs in clinical trials or preclinical studies, which are based on small molecules licensed from Ligand Pharmaceuticals Incorporated. The company's clinical programs include VK5211, an orally available, non-steroidal selective androgen receptor modulator, or SARM, in Phase 2 development for the treatment and prevention of lean body mass loss in patients who have undergone hip fracture surgery, VK2809, a small molecule thyroid beta agonist in Phase 2 development for hypercholesterolemia and non-alcoholic fatty liver disease, and VK0612, a first-in-class, orally available drug candidate in Phase 2 development for type 2 diabetes. Viking is also developing novel and selective agonists of the thyroid beta receptor for GSD Ia and X-linked adrenoleukodystrophy, as well as two earlier-stage programs targeting metabolic diseases and anemia.
Follow Viking on Twitter @Viking_VKTX.
Forward-Looking Statements
This press release contains forward-looking statements regarding Viking Therapeutics, including statements about Viking's expectations regarding its development activities, timelines and milestones, as well as the company's goals and plans regarding VK5211 and VK2809 and their respective prospects. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: risks associated with the success, cost and timing of Viking's product candidate development activities and clinical trials, including those for VK5211 and VK2809; risks that prior clinical and preclinical results may not be replicated; and risks regarding regulatory requirements, among others. These forward-looking statements speak only as of the date hereof. Viking disclaims any obligation to update these forward-looking statements.
Viking Therapeutics, Inc. | ||||||||||||||||
Statements of Operations and Comprehensive Loss | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||||||
Revenues |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||
Operating expenses: |
||||||||||||||||
Research and development |
3,715,379 |
2,371,058 |
7,243,529 |
4,248,236 |
||||||||||||
General and administrative |
1,267,364 |
1,206,995 |
2,707,876 |
2,597,233 |
||||||||||||
Total operating expenses |
4,982,743 |
3,578,053 |
9,951,405 |
6,845,469 |
||||||||||||
Loss from operations |
(4,982,743) |
(3,578,053) |
(9,951,405) |
(6,845,469) |
||||||||||||
Other income (expense): |
||||||||||||||||
Change in fair value of debt conversion feature liability |
570,676 |
412,050 |
848,374 |
508,597 |
||||||||||||
Amortization of debt discount |
(336,656) |
(524,977) |
(767,883) |
(925,634) |
||||||||||||
Amortization of financing costs |
(421,781) |
— |
(519,960) |
— |
||||||||||||
Interest expense, net |
(1,130) |
(1,813) |
(2,660) |
(17,275) |
||||||||||||
Total other income (expense), net |
(188,891) |
(114,740) |
(442,129) |
(434,312) |
||||||||||||
Net loss |
(5,171,634) |
(3,692,793) |
(10,393,534) |
(7,279,781) |
||||||||||||
Other comprehensive gain (loss), net of tax: |
||||||||||||||||
Unrealized gain (loss) on securities |
1,500 |
(6,591) |
893 |
584 |
||||||||||||
Comprehensive loss |
$ |
(5,170,134) |
$ |
(3,699,384) |
$ |
(10,392,641) |
$ |
(7,279,197) |
||||||||
Basic and diluted net loss per share |
$ |
(0.21) |
$ |
(0.22) |
$ |
(0.45) |
$ |
(0.56) |
||||||||
Weighted-average shares used to compute basic and diluted net loss per share |
24,118,887 |
17,105,374 |
23,240,782 |
13,060,576 |
Viking Therapeutics, Inc. | ||||||||
Balance Sheets | ||||||||
June 30, 2017 |
December 31, 2016 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
3,393,651 |
$ |
3,075,502 |
||||
Short-term investments – available for sale |
8,689,630 |
10,075,058 |
||||||
Prepaid clinical trial costs |
1,732,789 |
541,603 |
||||||
Prepaid expenses and other current assets |
447,932 |
282,666 |
||||||
Total current assets |
14,264,002 |
13,974,829 |
||||||
Deferred public offering and other financing costs |
17,568 |
521,538 |
||||||
Deposits |
39,341 |
39,341 |
||||||
Total assets |
$ |
14,320,911 |
$ |
14,535,708 |
||||
Liabilities and stockholders' equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
1,304,711 |
$ |
1,203,888 |
||||
Other accrued liabilities |
2,418,355 |
1,237,122 |
||||||
Accrued interest, current |
59,333 |
34,894 |
||||||
Convertible notes payable, current (net of discount of $919,184 and $675,589 at June 30, 2017 and December 31, 2016, respectively) |
3,050,427 |
3,269,582 |
||||||
Debt conversion feature liability, current |
894,152 |
731,048 |
||||||
Total current liabilities |
7,726,978 |
6,476,534 |
||||||
Deferred rent |
6,054 |
16,307 |
||||||
Total long-term liabilities |
6,054 |
16,307 |
||||||
Total liabilities |
7,733,032 |
6,492,841 |
||||||
Commitments and contingencies |
||||||||
Stockholders' equity: |
||||||||
Preferred stock, $0.00001 par value: 10,000,000 shares authorized at June 30, 2017 and December 31, 2016; no shares issued and outstanding at June 30, 2017 and December 31, 2016 |
— |
— |
||||||
Common stock, $0.00001 par value: 300,000,000 shares authorized at June 30, 2017 and December 31, 2016; 27,697,284 and 20,823,873 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively |
277 |
208 |
||||||
Additional paid-in capital |
77,264,402 |
68,326,818 |
||||||
Accumulated deficit |
(70,670,801) |
(60,277,267) |
||||||
Accumulated other comprehensive loss |
(5,999) |
(6,892) |
||||||
Total stockholders' equity |
6,587,879 |
8,042,867 |
||||||
Total liabilities and stockholders' equity |
$ |
14,320,911 |
$ |
14,535,708 |
View original content:http://www.prnewswire.com/news-releases/viking-therapeutics-reports-second-quarter-2017-financial-results-and-provides-corporate-update-300502207.html
SOURCE Viking Therapeutics, Inc.
Copyright 2017 PR Newswire
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