Viking Therapeutics Reports Increased R&D Expenses and Advances Clinical Pipeline in 2024

Viking Therapeutics, Inc. has reported significant developments in its financial performance and clinical programs in its latest 10-K filing. For the fiscal year ending December 31, 2024, the company incurred research and development expenses of $101.6 million, a 59.3% increase from $63.8 million in 2023. This rise is attributed to heightened manufacturing costs and stock-based compensation, although it was partially offset by reduced expenses related to clinical studies. General and administrative expenses also increased by 33.1% to $49.3 million, driven by higher stock-based compensation and professional fees. The company reported net cash used in operating activities of $87.8 million, reflecting ongoing investments in its drug development pipeline.

Viking's clinical pipeline has seen notable advancements, particularly with VK2735, a dual agonist for metabolic disorders. The company completed a Phase 1 trial for VK2735 in March 2023 and subsequently initiated the Phase 2 VENTURE study in September 2023, which enrolled patients with obesity. By February 2024, Viking announced that patients receiving VK2735 demonstrated statistically significant weight loss, with reductions of up to 14.7% from baseline. The company plans to advance VK2735 into Phase 3 studies in the first half of 2025. Additionally, the oral formulation of VK2735 has shown promising results in a Phase 1 trial, leading to the initiation of a Phase 2 trial expected to report results in late 2025.

The company is also progressing with VK2809, which targets non-alcoholic steatohepatitis (NASH). The VOYAGE Phase 2b trial achieved its primary endpoint in May 2023, showing significant reductions in liver fat content. In June 2024, Viking reported that up to 75% of patients treated with VK2809 achieved NASH resolution after 52 weeks. Furthermore, VK0214, aimed at treating X-linked adrenoleukodystrophy (X-ALD), completed a Phase 1b trial in October 2024, demonstrating safety and reductions in plasma levels of very long-chain fatty acids.

Viking's financial position remains strong, with cash, cash equivalents, and short-term investments totaling $902.6 million as of December 31, 2024. This capital is expected to fund operations through at least the first quarter of 2026. The company has not generated revenue to date and anticipates continued operating losses as it advances its clinical programs. Viking has also authorized a stock repurchase program of up to $250 million, effective February 27, 2025, to enhance shareholder value.

Looking ahead, Viking Therapeutics is focused on advancing its clinical trials and seeking regulatory approvals for its drug candidates. The company remains aware of the competitive landscape, particularly in the metabolic disorder space, and is preparing for potential challenges in commercialization and market acceptance. The successful development and approval of its drug candidates will be critical for Viking's future financial performance and growth.