Viking Therapeutics

Viking Therapeutics is a clinical-stage biopharmaceutical company that focuses on developing therapies for metabolic and endocrine disorders. The company's primary focus is developing treatments for non-alcoholic steatohepatitis (NASH), a liver disease that is becoming increasingly prevalent worldwide, and, as of July 2023, had no approved treatments. The company is competing with leading pharmaceuticals such as Novo Nordisk and Eli Lilly to enter the US market. 

As of August 2023, the company had three drug candidates in the pipeline:

1) its lead candidate, VK2809, a small molecule thyroid receptor agonist, was in Phase II clinical trials for the treatment of NASH, 

2) VK0214 for X-linked adrenoleukodystrophy in a Phase Ib trial, and 

3) VK2735, a novel dual agonist being evaluated to treat metabolic disorders in a Phase I trial and also being evaluated in Phase II to treat obesity. 

Key Customers and Partnerships

The company has several key partners including Ligand Pharmaceuticals (since May 2014) on a licensing agreement for five programs and Academic Medical Center (in February 2015) for a research collaboration on the company’s drug compounds. 

Funding and Financials

The company began trading on the Nasdaq Stock Exchange in April 2015 under the ticker symbol “VKTX,” raising USD 24 million at IPO. In March 2023, the company raised USD 287.5 million via an underwritten public offering of 19.8 million common shares at USD 14.50 per share. The new funds were used toward continued development of its drug candidates, VK2809, VK2735, and VK0214 programs, as well as for R&D, working capital, and general corporate purposes. 

The company did not generate any revenue in the three months ended March 2023. However, it reported an increase in net loss by 21% YoY to USD 19.5 million. Its cash and cash equivalent as of March 2023 was at USD 135.7 million compared to USD 155.5 million in Q4 2022.