10-Q 1 vktx-20230630.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2023

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission File Number 001-37355

 

VIKING THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

46-1073877

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

 

 

9920 Pacific Heights Blvd, Suite 350

San Diego, California

 

92121

(Address of Principal Executive Offices)

 

(Zip Code)

 

(858) 704-4660

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act

 

 

Title of Each Class

 

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.00001 per share

 

VKTX

The Nasdaq Stock Market LLC

 

 

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class

 

Number of Shares Outstanding

as of July 15, 2023

Common stock, $0.00001 par value

 

100,028,828

 


VIKING THERAPEUTICS, INC.

FORM 10-Q FOR THE THREE MONTHS ENDED JUNE 30, 2023

TABLE OF CONTENTS

 

 

 

Page

 

 

 

 

 

Part I.

 

FINANCIAL INFORMATION

 

1

 

 

 

 

 

Item 1.

 

Consolidated Financial Statements

 

1

 

 

 

 

 

 

 

Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2023 and 2022 (unaudited)

 

2

 

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022 (unaudited)

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)

 

4

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

5

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

19

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

25

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

26

 

 

 

 

 

Part II.

 

OTHER INFORMATION

 

27

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

27

 

 

 

 

 

Item 1A.

 

Risk Factors

 

27

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

60

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

60

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

60

 

 

 

 

 

Item 5.

 

Other Information

 

60

 

 

 

 

 

Item 6.

 

Exhibits

 

61

 

 

 

 

 

SIGNATURES

 

62

 


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Viking Therapeutics, Inc.

Consolidated Balance Sheets

 

(In thousands, except share and per share amounts)

 

 

June 30,
2023

 

 

December 31,
2022

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

69,519

 

 

$

36,632

 

Short-term investments – available-for-sale

 

 

323,401

 

 

 

118,853

 

Prepaid clinical trial and preclinical study costs

 

 

5,491

 

 

 

8,144

 

Prepaid expenses and other current assets

 

 

960

 

 

 

3,411

 

Total current assets

 

 

399,371

 

 

 

167,040

 

Right-of-use assets

 

 

1,273

 

 

 

1,418

 

Deferred financing costs

 

 

16

 

 

 

38

 

Deposits

 

 

33

 

 

 

33

 

Total assets

 

$

400,693

 

 

$

168,529

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

5,611

 

 

$

8,529

 

Other accrued liabilities

 

 

7,553

 

 

 

13,114

 

Lease liability, current

 

 

314

 

 

 

304

 

Total current liabilities

 

 

13,478

 

 

 

21,947

 

Lease liability, net of current portion

 

 

1,100

 

 

 

1,260

 

Total long-term liabilities

 

 

1,100

 

 

 

1,260

 

Total liabilities

 

 

14,578

 

 

 

23,207

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.00001 par value: 10,000,000 shares authorized at June 30, 2023 and December 31, 2022; no shares issued and outstanding at June 30, 2023 and December 31, 2022

 

 

 

 

 

 

Common stock, $0.00001 par value: 300,000,000 shares authorized at June 30, 2023 and December 31, 2022; 100,028,828 shares issued and outstanding at June 30, 2023 and 78,257,258 shares issued and outstanding at December 31, 2022

 

 

1

 

 

 

1

 

Treasury stock at cost, 2,193,251 shares at June 30, 2023 and December 31, 2022

 

 

(6,795

)

 

 

(6,795

)

Additional paid-in capital

 

 

724,754

 

 

 

445,267

 

Accumulated deficit

 

 

(330,805

)

 

 

(292,049

)

Accumulated other comprehensive loss

 

 

(1,040

)

 

 

(1,102

)

Total stockholders’ equity

 

 

386,115

 

 

 

145,322

 

Total liabilities and stockholders’ equity

 

$

400,693

 

 

$

168,529

 

See accompanying notes to the unaudited consolidated financial statements.

1


Viking Therapeutics, Inc.

Consolidated Statements of Operations and Comprehensive Loss

 

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues

 

$

 

 

$

 

 

$

 

 

$

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

13,917

 

 

 

13,542

 

 

 

24,925

 

 

 

26,097

 

General and administrative

 

 

9,823

 

 

 

4,089

 

 

 

19,352

 

 

 

7,779

 

Total operating expenses

 

 

23,740

 

 

 

17,631

 

 

 

44,277

 

 

 

33,876

 

Loss from operations

 

 

(23,740

)

 

 

(17,631

)

 

 

(44,277

)

 

 

(33,876

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of financing costs

 

 

(32

)

 

 

(12

)

 

 

(60

)

 

 

(24

)

Interest income, net

 

 

4,547

 

 

 

253

 

 

 

5,581

 

 

 

407

 

Realized loss on investments, net

 

 

 

 

 

(42

)

 

 

 

 

 

(42

)

Total other income, net

 

 

4,515

 

 

 

199

 

 

 

5,521

 

 

 

341

 

Net loss

 

 

(19,225

)

 

 

(17,432

)

 

 

(38,756

)

 

 

(33,535

)

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on securities

 

 

(417

)

 

 

(31

)

 

 

84

 

 

 

(924

)

Foreign currency translation loss

 

 

(5

)

 

 

(207

)

 

 

(22

)

 

 

(176

)

Comprehensive loss

 

$

(19,647

)

 

$

(17,670

)

 

$

(38,694

)

 

$

(34,635

)

Basic and diluted net loss per share

 

$

(0.19

)

 

$

(0.23

)

 

$

(0.44

)

 

$

(0.43

)

Weighted-average shares used to compute basic
   and diluted net loss per share

 

 

99,010

 

 

 

76,842

 

 

 

88,738

 

 

 

77,126

 

See accompanying notes to the unaudited consolidated financial statements.

2


Viking Therapeutics, Inc.

Consolidated Statements of Stockholders’ Equity

 

(In thousands, except share amounts)

(Unaudited)

 

 

 

Three-Month Period Ended June 30, 2023

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Accumulated Other
Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Amount

 

 

Total

 

Balance at March 31, 2023

 

 

79,319,081

 

 

$

1

 

 

$

453,057

 

 

$

(311,580

)

 

$

(618

)

 

$

(6,795

)

 

$

134,065

 

Employee stock-based compensation, net

 

 

 

 

 

 

 

 

4,620

 

 

 

 

 

 

 

 

 

 

 

 

4,620

 

Shares withheld related to employee tax withholding

 

 

(307,781

)

 

 

 

 

 

(5,408

)

 

 

 

 

 

 

 

 

 

 

 

(5,408

)

Issuance of common stock under employee stock plans

 

 

1,189,228

 

 

 

 

 

 

2,615

 

 

 

 

 

 

 

 

 

 

 

 

2,615

 

Sale of common stock, net of issuance costs

 

 

19,828,300

 

 

 

 

 

 

269,870

 

 

 

 

 

 

 

 

 

 

 

 

269,870

 

Unrealized loss on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(417

)

 

 

 

 

 

(417

)

Unrealized currency translation loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

(5

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

(19,225

)

 

 

 

 

 

 

 

 

(19,225

)

Balance at June 30, 2023

 

 

100,028,828

 

 

$

1

 

 

$

724,754

 

 

$

(330,805

)

 

$

(1,040

)

 

$

(6,795

)

 

$

386,115

 

 

 

 

Six-Month Period Ended June 30, 2023

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Accumulated Other
Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Amount

 

 

Total

 

Balance at December 31, 2022

 

 

78,257,258

 

 

$

1

 

 

$

445,267

 

 

$

(292,049

)

 

$

(1,102

)

 

$

(6,795

)

 

$

145,322

 

Employee stock-based compensation, net

 

 

 

 

 

 

 

 

8,189

 

 

 

 

 

 

 

 

 

 

 

 

8,189

 

Shares withheld related to employee tax withholding

 

 

(509,686

)

 

 

 

 

 

(7,121

)

 

 

 

 

 

 

 

 

 

 

 

(7,121

)

Issuance of common stock under employee stock plans

 

 

2,274,752

 

 

 

 

 

 

6,580

 

 

 

 

 

 

 

 

 

 

 

 

6,580

 

Sale of common stock, net of issuance costs

 

 

20,006,504

 

 

 

 

 

 

271,839

 

 

 

 

 

 

 

 

 

 

 

 

271,839

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84

 

 

 

 

 

 

84

 

Unrealized currency translation loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22

)

 

 

 

 

 

(22

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

(38,756

)

 

 

 

 

 

 

 

 

(38,756

)

Balance at June 30, 2023

 

 

100,028,828

 

 

$

1

 

 

$

724,754

 

 

$

(330,805

)

 

$

(1,040

)

 

$

(6,795

)

 

$

386,115

 

See accompanying notes to the unaudited consolidated financial statements.

 

3


Viking Therapeutics, Inc.

Consolidated Statements of Stockholders’ Equity

 

(In thousands, except share amounts)

(Unaudited)

 

 

 

Three-Month Period Ended June 30, 2022

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Accumulated Other
Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Amount

 

 

Total

 

Balance at March 31, 2022

 

 

77,373,712

 

 

$

1

 

 

$

428,086

 

 

$

(239,285

)

 

$

(1,411

)

 

$

(5,121

)

 

$

182,270

 

Employee stock-based compensation, net

 

 

 

 

 

 

 

 

2,220

 

 

 

 

 

 

 

 

 

 

 

 

2,220

 

Shares withheld related to employee tax withholding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under employee stock plans

 

 

43,800

 

 

 

 

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

84

 

Issuance of common stock from warrant exercises

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(729,034

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,674

)

 

 

(1,674

)

Unrealized loss on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31

)

 

 

 

 

 

(31

)

Unrealized currency translation loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(207

)

 

 

 

 

 

(207

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(17,432

)

 

 

 

 

 

 

 

 

(17,432

)

Balance at June 30, 2022

 

 

76,688,478

 

 

$

1

 

 

$

430,390

 

 

$

(256,717

)

 

$

(1,649

)

 

$

(6,795

)

 

$

165,230

 

 

 

 

Six-Month Period Ended June 30, 2022

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Accumulated Other
Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income

 

 

Amount

 

 

Total

 

Balance at December 31, 2021

 

 

78,248,401

 

 

$