Viking Therapeutics, Inc. VKTX reported its first-quarter monetary outcomes after the bell Wednesday. Here is a have a look at the highlights.
The Particulars: Viking Therapeutics reported quarterly losses of 26 cents per share which beat the analyst consensus estimate of losses of 28 cents by 7.14%.
Analysis and growth bills had been $24.1 million for the primary quarter, in comparison with $11 million for a similar interval in 2023. The rise was primarily as a result of elevated bills associated to manufacturing for the corporate’s drug candidates, pre-clinical research, scientific research, stock-based compensation, salaries and advantages and providers offered by third-party consultants.
Viking ended the primary quarter with money, money equivalents and short-term investments of $963 million, in comparison with $362 million as of Dec. 31, 2023. The primary quarter stability displays the receipt of roughly $630 million in gross proceeds from the corporate’s public providing of widespread inventory which closed on March 4, 2024.
“The primary quarter of 2024 was an distinctive interval for Viking,” said Brian Lian, Ph.D., president and CEO of Viking. “In the course of the quarter, the corporate reported constructive top-line outcomes from the Part 2 VENTURE research of subcutaneous VK2735 in weight problems and inspiring preliminary information from a Part 1 research of our novel pill formulation of this compound. We plan to fulfill with regulators to debate the trail ahead for each applications and count on to advance every into additional growth later this 12 months.”
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VKTX Value Motion: In keeping with Benzinga Pro, Viking Therapeutics shares are down 3.95% after-hours at $62.50 on the time of publication Wednesday.
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