Q2 2024 Viking Therapeutics Inc Earnings Call
Welcome to the Viking Therapeutics second quarter 2024 financial results conference call.
Operator: At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will hold a Q&A session. To ask a question at that time, please press the star key followed by 1 on your touch-tone phone.
Speaker Change: At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will hold a Q&A session.
Speaker Change: To ask a question at that time, please press the star key followed by one on your touchtone phone. If anyone has difficulty hearing the conference, please press star zero for operator assistance.
Operator: If anyone has difficulty hearing the conference, please press star 0 for operator assistance. As a reminder, this conference call is being recorded today, July 24th, 2024. I would now like to turn the conference over to Vikings Manager of Investor Relations, Stephanie Diaz. Please go ahead, Stephanie.
As a reminder, this conference call is being recorded today, July 24th, 2024.
Speaker Change: I would now like to turn the conference over to Vikings Manager of Investor Relations, Stephanie Diaz. Please go ahead, Stephanie.
Stephanie Diaz: Hello and thank you all for participating in today's call. Joining me today is Brian Lian, Vikings President and CEO , and Greg Zante, Vikings CFO .
Stephanie Diaz: Hello, and thank you all for participating in today's call. Joining me today is Brian Lian, Vikings President and CEO, and Greg Zante, Vikings CFO. Before we begin, I'd like to caution that comments made during this conference call today, July 24, 2024, will contain forward-looking statements under the Safe Harbor Provision of the U.S. Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its development activities, timelines, and milestones. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely.
Speaker Change: Before we begin, I'd like to caution that comments made during this conference call today, July 24th, 2024,
Speaker Change: will contain forward-looking statements under the safe harbor provision of the U.S. Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its development activities, timelines, and milestones.
Speaker Change: Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely, and reported results should not be considered as an indication of future performance.
Stephanie Diaz: And reported results should not be considered as an indication of future performance. These forward-looking statements speak only as of today's date, and the company undertakes no obligation to revise or update any statement made today. I encourage you to review all of the company's filings with the Securities and Exchange Commission concerning these and other matters. I'll now turn the call over to Brian Lian for his initial...
Stephanie Diaz: These forward-looking statements speak only as of today's date, and the company undertakes no obligation to revise or update any statement made today. I encourage you to review all of the company's filings with the Securities and Exchange Commission concerning these and other matters. I'll now turn the call over to Brian Lian for his initial comments.
Brian Lian: Thanks Stephanie, and good afternoon to everyone listening in by phone or on the webcast. Today, we'll review our financial results for the second quarter and six months ended June 30, 2024 and provide an update on recent progress with our clinical programs and operations. The first half of 2024 has been an exciting time at Viking.
Brian Lian: Thanks, Stephanie, and good afternoon to everyone listening in by phone or on the webcast.
Brian Lian: During the first quarter, we announced positive results from the Phase 2 Venture Trial evaluating VK2735 for the treatment of obesity. This trial demonstrated impressive reductions in body weight after 13 weeks of treatment. We also announced the initial results from a Phase 1 trial evaluating a novel oral formulation of VK2735 in healthy volunteers, which showed encouraging reductions in body weight and excellent tolerability after 28 days of dosing. The positive momentum from these readouts continued into the second quarter with the announcement of the 52-week histology results from our Phase IIb voyage trial evaluating VK2809 for the treatment of NASH and fibrosis.
Brian Lian: Today, we'll review our financial results for the second quarter and six months ended June 30, 2024, and provide an update on recent progress with our clinical programs and operations.
Brian Lian: The first half of 2024 has been an exciting time at Viking. During the first quarter, we announced positive results from the Phase II Venture Trial evaluating VK2735 for the treatment of obesity.
Stephanie Diaz: This trial demonstrated impressive reductions in body weight after 13 weeks of treatment.
Stephanie Diaz: We also announced the initial results from a Phase I trial evaluating a novel oral formulation of VK2735 in healthy volunteers, which showed encouraging reductions in body weight and excellent tolerability after 28 days of dosing.
Brian Lian: This study successfully achieved secondary and exploratory endpoints of improvement in NASH resolution rate, fibrosis, and the combination of both. I'll summarize the highlights from these studies later in the call. During the second quarter, Viking also announced early results from a series of internally developed dual agonists of the amylin and calcitonin receptors at the 84th Scientific Sessions of the American Diabetes Association. These compounds demonstrated body weight reductions, decreased food intake, and improved metabolic profiles in animal models. Finally, we ended the second quarter with a strong balance sheet and over $900 million in cash, providing the resources to aggressively advance each of our pipeline programs.
Speaker Change: The positive momentum from these readouts continued into the second quarter with the announcement of the 52-week histology results from our Phase IIb voyage trial, evaluating VK2809 for the treatment of NASH and fibrosis.
Stephanie Diaz: This study successfully achieved secondary and exploratory endpoints of improvement in NASH resolution rate, fibrosis, and the combination of both.
Stephanie Diaz: I'll summarize the highlights from these studies later in the call.
Speaker Change: During the second quarter, Viking also announced early results from a series of internally developed dual agonists of the amylin and calcitonin receptors at the 84th Scientific Sessions of the American Diabetes Association.
Speaker Change: These compounds demonstrated body weight reductions, decreased food intake, and improved metabolic profile in animal models.
Speaker Change: Finally, we ended the second quarter with a strong balance sheet with over $900 million in cash, providing the resources to aggressively advance each of our pipeline programs.
Gregory S. Zante: I'll provide further details on our operations and development activities after we review our financial results for the second quarter and six months ending June 30th. For that, I'll turn the call over to Greg Zante, Viking's Chief Financial Officer. Thanks, Brian.
Speaker Change: I'll provide further details on our operations and development activities after we review our financial results for the second quarter and six months ending June 30th.
Speaker Change: For that, I'll turn the call over to Greg Zante, Viking's Chief Financial Officer.
Gregory S. Zante: In conjunction with my comments, I'd like to recommend that participants refer to Viking's Form 10-Q filing with the Securities and Exchange Commission, which we expect to file later today. I'll now go over our results for the second quarter and six months ended June 30th, 2024, beginning with results for the quarter. Research and development expenses were $23.8 million for the three months ended June 30, 2024, compared to $13.9 million for the same period in 2023.
Gregory S. Zante: Thanks, Brian . In conjunction with my comments, I'd like to recommend that participants refer to Viking's Form 10-Q filing with the Securities and Exchange Commission, which we expect to file later today.
Gregory S. Zante: The increase was primarily due to increased expenses related to manufacturing for the company's drug candidates, clinical studies, preclinical studies, salaries, and benefits, and stock-based compensation. General and administrative expenses were $10.3 million for the three months ended June 30, 2024, compared to $9.8 million for the same period in 2023. The increase was primarily due to increased expenses related to stock-based compensation and services provided by third-party consultants, although partially offset by a decrease in expenses related to legal and patent services.
Gregory S. Zante: I'll now go over our results for the second quarter and six months ended June 30th, 2024, beginning with results for the quarter.
Gregory S. Zante: Research and development expenses were $23.8 million for the three months ended June 30, 2024, compared to $13.9 million for the same period in 2023.
Speaker Change: The increase was primarily due to increased expenses related to manufacturing for the company's drug candidates, clinical studies, preclinical studies, salaries and benefits, and stock-based compensation.
Speaker Change: General and administrative expenses were $10.3 million for the three months ended June 30, 2024, compared to $9.8 million for the same period in 2023.
Speaker Change: The increase was primarily due to increased expenses related to stock-based compensation and services provided by third-party consultants, partially offset by a decrease in expenses related to legal and patent services.
Gregory S. Zante: For the three months ending June 30, 2024, Viking reported a net loss of $22.3 million, or 20 cents per share, compared to a net loss of $19.2 million, or 19 cents per share, in the corresponding period in 2023.
Speaker Change: For the three-month end of June 30, 2024, Viking reported a net loss of $22.3 million, or $0.20 per share, compared to a net loss of $19.2 million, or $0.19 per share, in the corresponding period in 2023.
Gregory S. Zante: The increase in net loss for the three months ended June 30, 2024, was primarily due to the increase in research and development expenses and general and administrative expenses noted previously, although partially offset by increased interest income compared to the same period in 2023. I'll now go over the results for the six months ended June 30, 2024. Our research and development expenses for the six months ended June 30, 2024 were $47.9 million compared to $24.9 million for the same period in 2023.
Speaker Change: The increase in net loss for the three months ended June 30, 2024, was primarily due to the increase in research and development expenses and general and administrative expenses noted previously, partially offset by increased interest income compared to the same period in 2023.
Gregory S. Zante: The increase was primarily due to increased expenses related to manufacturing for our drug candidates, clinical studies, preclinical studies, stock-based compensation, salaries, and benefits, as well as services provided by third-party consultants and regulatory services. Our general and administrative expenses for the six-month ending of June 30, 2024 were $20.3 million, compared to $19.4 million for the same period in 2023. The increase was primarily due to increased expenses related to stock-based compensation, salaries, and benefits, and services provided by third-party consultants.
Speaker Change: I'll now go over the results for the six months ended June 30, 2024. Our research and development expenses for the six months ended June 30, 2024 were $47.9 million compared to $24.9 million for the same period in 2023.
Speaker Change: The increase was primarily due to increased expenses related to manufacturing for our drug candidates, clinical studies, preclinical studies, stock-based compensation, salaries and benefits, services provided by third-party consultants, and regulatory services.
Speaker Change: Our general and administrative expenses for the six-month end of June 30, 2024, were $20.3 million, compared to $19.4 million for the same period in 2023.
Speaker Change: The increase was primarily due to increased expenses related to stock-based compensation, salaries and benefits, and services provided by third-party consultants, partially offset by a decrease in expenses related to legal and patent services.
Brian Lian: Although partially offset by a decrease in expenses related to legal and patent services, for the six months ended June 30, 2024, Viking reported a net loss of $49.6 million, or $0.46 per share, compared to a net loss of $38.8 million, or $0.44 per share, in the corresponding period in 2023. The increase in net loss for the six months ended June 30, 2024, was primarily due to the increase in research and development expenses and general and administrative expenses noted previously, partially offset by increased interest income compared to the same period in 2023.
Speaker Change: For the six months ended June 30, 2024, Viking reported a net loss of $49.6 million, or $0.46 per share, compared to a net loss of $38.8 million, or $0.44 per share, in the corresponding period in 2023.
Speaker Change: The increase in net loss for the six months ended June 30, 2024, was primarily due to the increase in research and development expenses and general and administrative expenses noted previously, partially offset by increased interest income compared to the same period in 2023.
Brian Lian: Turning to the balance sheet, at June 30, 2024, Viking held cash, cash equivalents, and short-term investments of $942 million, compared to $362 million as of December 31, 2023. This concludes my financial review, and I'll now turn the call back over to Brian. Thanks, Greg. As I mentioned in my opening remarks, the first half of 2024 has been an exciting period for the Viking team.
Speaker Change: Turning to the balance sheet, at June 30th, 2024, Viking held cash, cash equivalents, and short-term investments of $942 million compared to $362 million as of December 31st, 2023.
Speaker Change: This concludes my financial review and I'll now turn the call back over to Brian .
Brian Lian: Thanks, Greg. As I mentioned in my opening remarks, the first half of 2024 has been an exciting period for the Viking team. In recent months, the company has announced positive results from three clinical programs, with each readout demonstrating what we believe to be best-in-class results.
Brian Lian: In recent months, the company has announced positive results from three clinical programs, with each readout demonstrating what we believe to be best-in-class results. Furthermore, the company recently announced preclinical data from a new internal program that we expect to become an important addition to the company's pipeline. I'll first review the status of our lead Obesity Program compound, VK2735. This compound is a dual agonist of the glucagon-like peptide 1, or GLP-1 receptor, and the glucose-dependent insulinotropic polypeptide, or GIP, receptor.
Speaker Change: Further, the company recently announced preclinical data from a new internal program that we expect to become an important addition to the company's pipeline.
Brian Lian: A Phase I single and multiple ascending dose study of VK2735 demonstrated promising safety, tolerability, and pharmacokinetics of VK2735 when administered as a weekly subcutaneous injection for up to four weeks. In addition, subjects in the study demonstrated up to approximately 8% weight loss from baseline after 28 days with no signs of plateau. Last fall, we initiated the Phase II study of VK2735, known as the Venture Trial. This trial was a randomized, double-blind, placebo-controlled, multi-center study that evaluated the safety, tolerability, pharmacokinetics, and weight loss efficacy of VK2735 administered subcutaneously once weekly for 13 weeks.
Speaker Change: I'll first review the status of our lead obesity program, VK2735.
Brian Lian: In the first quarter, Viking announced positive top-line results from the Venture study, which successfully achieved its primary endpoint and all secondary endpoints, with patients receiving VK2735 demonstrating reductions in body weight at all doses compared with placebo. On the primary endpoint, patients receiving VK2735 demonstrated statistically significant reductions in mean body weight from baseline, ranging up to 14.7%, as well as statistically significant reductions in body weight relative to placebo, ranging up to 13.1%.
Speaker Change: This compound is a dual agonist of the glucagon-like peptide 1, or GLP-1 receptor, and the glucose-dependent insulinotropic polypeptide, or GIP, receptor.
Brian Lian: Statistically significant differences compared to placebo were observed for all VK2735 doses starting at week 1 and were maintained throughout the course of the study. Weight loss in all treated cohorts was progressive through 13 weeks and did not show evidence of plateauing.
Speaker Change: A Phase I single and multiple ascending dose study of VK2735 demonstrated the promising safety, tolerability, and pharmacokinetics of VK2735 when administered as a weekly subcutaneous injection for up to four weeks.
Speaker Change: In addition, subjects in the study demonstrated up to approximately 8% weight loss from baseline after 28 days with no signs of plateau.
Brian Lian: We believe this suggests that further weight loss could be achieved through extended dosing beyond the 13-week treatment period of this study. The Venture study also showed VK2735 treatment to be safe and well-tolerated over the 13-week trial, with the majority of treatment-emergent adverse events being characterized as mild or moderate and primarily related to expected GI effects resulting from activation of the GLP-1 pathway. Following completion of dosing in the Venture Study, patients returned to their respective clinical sites at various time points for follow-up assessments, including pharmacokinetic measurements.
Speaker Change: Last fall, we initiated the Phase 2 study of VK2735, known as the Venture Trial.
Brian Lian: We believe the resulting PK data merit the development of less frequent dosing regimens. To this end, we expect to explore monthly dosing of VK2735 in a future study. We believe the flexibility afforded by offering both a weekly and a monthly regimen should provide an attractive option for patients who wish to tailor dosing to their individual lifestyle and preferences.
Speaker Change: This trial was a randomized, double-blind, placebo-controlled, multi-center study that evaluated the safety, tolerability, pharmacokinetics, and weight loss efficacy of DK2735 administered subcutaneously once weekly for 13 weeks.
Brian Lian: Details on trial design will be provided as we get closer to trial initiation. In the second quarter, following completion of the Venture Study, we requested and were granted a Type C meeting with the FDA to help us plan for the next steps in the development of VK2735. Based on written feedback from the agency, we intend to advance BK2735 into Phase III development for obesity. As a next step, we plan to schedule an end of phase two meeting with the agency to review development plans, and we currently expect this meeting to take place in the fourth quarter of this year.
Speaker Change: In the first quarter, Viking announced positive top-line results from the Venture study, which successfully achieved its primary endpoint and all secondary endpoints, with patients receiving VK2735 demonstrating reductions in body weight at all doses compared with placebo.
Speaker Change: On the primary endpoint, patients receiving VK2735 demonstrated statistically significant reductions in mean body weight from baseline, ranging up to 14.7%, as well as statistically significant reductions in body weight relative to placebo, ranging up to 13.1%.
Speaker Change: Statistically significant differences compared to placebo were observed for all VK2735 doses starting at week one and were maintained throughout the course of the study.
Speaker Change: Weight loss in all treated cohorts was progressive through 13 weeks and did not show evidence of plateauing.
Speaker Change: We believe this suggests that further weight loss could be achieved through extended dosing beyond the 13-week treatment period of this study.
Speaker Change: The Venture study also showed VK2735 treatment to be safe and well tolerated over the 13-week trial with the majority of treatment emergent adverse events being characterized as mild or moderate and primarily related to expected GI effects resulting from activation of the GLP-1 axis.
Speaker Change: Following completion of dosing in the venture study, patients returned to their respective clinical sites at various time points for follow-up assessments including pharmacokinetic measurements.
Speaker Change: We believe the resulting PK data merit the development of less frequent dosing regimens.
Speaker Change: To this end, we expect to explore monthly dosing of VK2735 in a future study.
Speaker Change: We believe the flexibility afforded by offering both a weekly and a monthly regimen should provide an attractive option for patients who wish to tailor dosing to their individual lifestyle and preference.
Speaker Change: Details on trial design will be provided as we get closer to trial initiation.
Speaker Change: In the second quarter, following completion of the Venture Study, we requested and were granted a Type C meeting with the FDA to help us plan for next steps in the development of VK2735.
Speaker Change: Based on written feedback from the agency, we intend to advance BK2735 into phase 3 development for obesity.
Speaker Change: As a next step, we plan to schedule an end of Phase 2 meeting with the Agency to review development plans, and we currently expect this meeting to take place in the fourth quarter of this year.
Brian Lian: In parallel with the development of a subcutaneous formulation of VK2735, we are also developing an oral tablet formulation of this compound. We believe a tablet formulation could represent an attractive treatment option for patients who are hesitant to initiate injection-based therapy or for those seeking to maintain the weight loss they have already achieved. A key advantage in this regard is the potential to transition patients from the subcutaneous formulation to an oral formulation which utilizes the same molecule.
Speaker Change: In parallel with the development of a subcutaneous formulation of VK2735, we are also developing an oral-tablet formulation of this compound.
Speaker Change: We believe a tablet formulation could represent an attractive treatment option for patients who are hesitant to initiate injection-based therapy or for those seeking to maintain the weight loss they have already achieved.
Speaker Change: A key advantage in this regard is the potential to transition patients from the subcutaneous formulation to an oral formulation which utilizes the same molecule.
Brian Lian: We believe this may reduce the risk of unexpected safety or tolerability challenges and could be an attractive option for both patients and clinicians. Last year, Viking initiated a Phase I study to evaluate the tablet formulation of VK2735. This study was a randomized, double-blind, placebo-controlled study in healthy adults with a minimum body mass index of 30 kilograms per meter squared.
Speaker Change: We believe this may reduce the risk of unexpected safety or tolerability challenges and could be an attractive option for both patients and clinicians.
Speaker Change: Last year, Viking initiated the Phase I study to evaluate the tablet formulation of VK2735.
Speaker Change: This study was a randomized, double-blind, placebo-controlled study in healthy adults with a minimum body mass index of 30 kilograms per meter squared.
Brian Lian: The primary objective was to evaluate the safety and tolerability of VK2735 administered as a tablet once daily for 28 days. Secondary and exploratory objectives included an evaluation of the pharmacokinetics of orally administered VK2735, as well as various pharmacodynamic measures, including changes in body weight and other metrics. In the first quarter of this year, we reported the initial data from this study. With respect to safety and tolerability, oral VK2735 was shown to be safe and well-tolerated following once-daily dosing for up to 28 days at doses that were titrated up to 40 mg.
Speaker Change: The primary objective was to evaluate the safety and tolerability of VK2735 administered as a tablet once daily for 28 days.
Brian Lian: Among subjects receiving VK2735, all treatment-emergent adverse events were reported as mild or moderate in severity, with the majority reported as mild. No clinically meaningful differences were reported for gastrointestinal adverse events among subjects treated with VK2735 compared with placebo. In addition to safety and tolerability, an exploratory assessment of change in body weight was conducted. Subjects receiving oral VK2735 demonstrated dose-dependent reductions in body weight ranging up to 5.3% from baseline. Placebo-adjusted reductions in body weight reached up to 3.3% from baseline. Weight loss over the 28-day window of this study was progressive at the 20- and 40-milligram dose levels, with no plateau observed.
Speaker Change: Secondary and exploratory objectives included an evaluation of the pharmacokinetics of orally administered VK2735, as well as various pharmacodynamic measures, including changes in body weight and other metrics.
Speaker Change: In the first quarter of this year, we reported the initial data from this study.
Speaker Change: With respect to safety and tolerability, oral VK2735 was shown to be safe and well-tolerated following once-daily dosing for up to 28 days at doses that were titrated up to 40 mg.
Speaker Change: Among subjects receiving VK2735, all treatment emergent adverse events were reported as mild or moderate in severity, with the majority reported as mild.
Speaker Change: No clinically meaningful differences were reported for gastrointestinal adverse events among subjects treated with VK2735 compared with placebo.
Speaker Change: In addition to safety and tolerability, an exploratory assessment of change in body weight was conducted.
Speaker Change: Subjects receiving oral VK2735 demonstrated dose-dependent reductions in body weight ranging up to 5.3 percent from baseline.
Speaker Change: Placebo-adjusted reductions in body weight reached up to 3.3% from baseline.
Speaker Change: Weight loss over the 28-day window of this study was progressive at the 20 and 40 milligram dose levels with no plateau observed.
Brian Lian: Based on the promising weight loss signal observed in this study, along with the excellent tolerability profile at doses up to 40 mg per day, further dose escalation was pursued. In the second quarter, we filed an IND with the FDA to allow the addition of U.S.-based enrollment in order to facilitate an improved rate of study progression. Following clearance of the IMD, we continued dose escalation and have since completed dosing in cohorts at both 60 mg daily and 80 mg daily.
Speaker Change: Based on the promising weight loss signal observed in this study, along with the excellent tolerability profile at doses up to 40 milligrams per day, further dose escalation was pursued.
Speaker Change: In the second quarter, we filed an IND with the FDA to allow the addition of U.S.-based enrollment in order to facilitate an improved rate of study progression.
Speaker Change: Following clearance of the IMD, we continued dose escalation and have since completed dosing in cohorts at both 60 milligram daily and at 80 milligrams daily.
Brian Lian: A 100 mg daily dosing cohort is currently ongoing. We recently submitted an abstract describing this study for presentation this fall at Obesity. We believe the data generated from this study support evaluation of oral BK2735 in a larger, longer Phase II trial in patients with obesity. To this end, we plan to initiate a 13-week study in the fourth quarter of this year. Moving on to our third clinical program, VK2809, for the treatment of MASH or NASH.
Speaker Change: A 100 mg daily dosing cohort is currently ongoing.
Speaker Change: We recently submitted an abstract describing this study for presentation this fall at Obesity Week.
Speaker Change: We believe the data generated from this study support evaluation of oral BK2735 in a larger, longer Phase II trial in patients with obesity.
Speaker Change: To this end, we plan to initiate a 13-week study in the fourth quarter of this year.
Speaker Change: Moving to our third clinical program, VK2809, for the treatment of MASH or NASH. In the second quarter, we announced positive histology results from the 52-week voyage study of VK2809 in patients with NASH and fibrosis.
Brian Lian: In the second quarter, we announced positive histology results from the 52-week voyage study of VK2809 in patients with NASH and fibrosis. As a reminder, VK2809 is an orally available, small molecule agonist of the thyroid hormone receptor that is selected for liver tissue as well as the beta isoform of the receptor.
Speaker Change: As a reminder, VK2809 is an orally available, small molecule agonist of the thyroid hormone receptor that is selected for liver tissue as well as the beta isoform of the receptor.
Brian Lian: The Phase IIb voyage study was a randomized, double-blind, placebo-controlled, multi-center international trial designed to assess the efficacy, safety, and tolerability of VK289 in patients with biopsy-confirmed NASH and fibrosis. Enrollment included patients with at least 8% liver fat content, as measured by magnetic resonance imaging proton density fat fraction, as well as F2 and F3 fibrosis The initial data from the VOYAGE study, reported last year, demonstrated that the study had successfully achieved its primary endpoint, with patients receiving VK2809 demonstrating statistically significant reductions in liver fat content from baseline to week 12, as compared with placebo.
Brian Lian: The median relative change from baseline in liver fat among patients treated with VK2809 ranged from 38% to 55% after 12 weeks. In addition, up to 85% of patients receiving VK2809 experienced at least a 30% relative reduction in liver fat. Efficacy in treating liver fat was independent of either fibrosis status or the presence of type 2 diabetes.
Speaker Change: The Phase IIb voyage study was a randomized, double-blind, placebo-controlled, multi-center international trial designed to assess the efficacy, safety, and tolerability of VK-289 in patients with biopsy-confirmed NASH and fibrosis.
Speaker Change: Enrollment included patients with at least 8% liver fat content as measured by magnetic resonance imaging proton density fat fraction as well as f2 and f3 fibrosis.
Speaker Change: The initial data from the VOYAGE study reported last year demonstrated that the study had successfully achieved its primary endpoint with patients receiving VK2809 demonstrating statistically significant reductions in liver fat content from baseline to week 12 as compared with placebo.
Speaker Change: The median relative change from baseline in liver fat among patients treated with VK2809 ranged from 38% to 55% after 12 weeks.
Speaker Change: In addition, up to 85% of patients receiving VK2809 experienced at least a 30% relative reduction in liver fat.
Speaker Change: Efficacy on liver fat was independent of either fibrosis status or the presence of type 2 diabetes.
Brian Lian: Reduction of liver fat is associated with a greater likelihood of histologic benefit in NASH, suggesting that VK2809 held the potential to provide benefits on histology endpoints assessing NASH resolution and fibrosis improvement. Last month, Viking announced additional results from the VOYAGE study, demonstrating the successful achievement of the trial's secondary endpoints, evaluating histologic changes assessed by hepatic biopsy after 52 weeks of treatment. The histology results showed that patients receiving VK2809 experienced clinically and statistically significant improvements in NASH resolution rate, fibrosis stage, and the combination endpoint of NASH resolution and fibrosis improvement.
Speaker Change: Reduction of liver fat is associated with a greater likelihood of histologic benefit in NASH, suggesting that VK2809 held the potential to provide benefits on histology endpoints assessing NASH resolution and fibrosis improvement.
Speaker Change: Last month, Viking announced additional results from the VOYAGE study, demonstrating the successful achievement of the trial's secondary endpoints, evaluating histologic changes assessed by hepatic biopsy after 52 weeks of treatment.
Speaker Change: The histology results showed that patients receiving VK2809 experienced clinically and statistically significant improvements in NASH resolution rate, fibrosis stage, and the combination endpoint of NASH resolution and fibrosis improvement.
Brian Lian: On the endpoint of NASH resolution without worsening fibrosis, VK2809-treated patients demonstrated resolution rates ranging from 63% to 75% compared with 29% for placebo. On the secondary endpoint evaluating the proportion of patients demonstrating at least a one-stage improvement in fibrosis with no worsening of NASH, the proportion of VK2809-treated patients demonstrating improvements in fibrosis ranged from 4 On the secondary endpoint evaluating the proportion of patients experiencing both the resolution of NASH and at least a one-stage improvement in fibrosis, the proportion of VK2809-treated patients achieving both measures ranged from 40% to 50% compared with 20% for placebo.
Speaker Change: On the endpoint of NASH resolution without worsening fibrosis, VK2809 treated patients demonstrated resolution rates ranging from 63% to 75% compared with 29% for placebo.
Speaker Change: On the secondary endpoint evaluating proportion of patients demonstrating at least a one-stage improvement of fibrosis with no worsening of NASH, the proportion of VK2809 treated patients demonstrating improvements in fibrosis range from 44% to 57% compared with 34% for placebo.
Speaker Change: On the secondary endpoint evaluating the proportion of patients experiencing both the resolution of NASH and at least a one-stage improvement in fibrosis, the proportion of VK2809 treated patients achieving both measures ranged from 40% to 50% compared with 20% for placebo.
Brian Lian: Turning to safety and tolerability, VK2809 demonstrated an encouraging profile through 52 weeks of treatment, with minimal differences compared with the previously reported results from 12 weeks. The majority, 94%, of treatment-related adverse events among patients receiving VK2809 were reported as mild or moderate. VK-2809 also demonstrated excellent gastrointestinal tolerability through 52 weeks of treatment, with similar rates of nausea, diarrhea, stool frequency, and vomiting among VK-2809-treated patients as compared to placebo.
Speaker Change: Turning to safety and tolerability, VK-2809 demonstrated an encouraging profile through 52 weeks of treatment, with minimal differences compared with the previously reported results from 12 weeks.
Speaker Change: The majority, 94%, of treatment-related adverse events among patients receiving VK2809 were reported as mild or moderate.
Speaker Change: Discontinuations due to adverse events were low and balanced among placebo and treatment arms.
Speaker Change: VK-2809 also demonstrated excellent gastrointestinal tolerability through 52 weeks of treatment with similar rates of nausea, diarrhea, stool frequency, and vomiting among VK-2809 treated patients as compared to placebo.
Brian Lian: We believe these data clearly demonstrate VK2809's best-in-class efficacy for both NASH resolution and fibrosis improvement, along with the potential for cardiovascular benefit through improvement in plasma lipids. We are currently preparing for an end of Phase 2 meeting with the FDA to discuss the registration path for VK2809 and NASH, and we expect this meeting to occur in the fourth quarter of this year. I'll now move to our fourth clinical program, VKO214, for the treatment of a rare neuromuscular disorder called X-linked adrenoleukodystrophy, or XALD.
Speaker Change: We believe these data clearly demonstrate VK2809's best-in-class efficacy on both NASH resolution and fibrosis improvement, along with the potential for cardiovascular benefit through improvement in plasma lipids.
Speaker Change: We are currently preparing for an end of Phase 2 meeting with the FDA to discuss the registration path for VK2809 and NASH, and we expect this meeting to occur in the fourth quarter of this year.
Speaker Change: I'll now move to our fourth clinical program, VKO214, for the treatment of the rare neuromuscular disorder called X-linked adrenoleukodystrophy, or XALD.
Brian Lian: VKO214 is our second thyroid hormone receptor beta agonist in clinical development. Like VK2809, VKO214 is also an orally available small molecule that is selected for the beta isoform of the thyroid hormone receptor. XALD is a rare and debilitating metabolic disorder that is caused by genetic mutations that disable the function of a peroxisomal transporter of very long-chain fatty acids.
Speaker Change: VKO214 is our second thyroid hormone receptor beta agonist in clinical development. Like VK2809, VKO214 is also an orally available small molecule that is selected for the beta isoform of the thyroid hormone receptor.
Speaker Change: XALD is a rare and debilitating metabolic disorder that is caused by genetic mutations that disable the function of a peroxisomal transporter of very long-chain fatty acids.
Brian Lian: As a result, patients are unable to efficiently metabolize these acids, and the accumulation of these compounds is believed to contribute to the onset and progression of XALD. VKO-214 is being evaluated in a Phase 1b study enrolling patients with the adrenomyeloneuropathy or AMN form of XLD, which is the most common form of the disorder. This trial is a randomized, double-blind, placebo-controlled, multi-center study in adult male patients with AMS. The primary objectives of the study are to evaluate the safety, tolerability, and pharmacokinetics of VKO214 administered orally once daily for 28 days. This study also includes an exploratory assessment of changes in plasma levels of very long-chain fatty acids.
Speaker Change: As a result, patients are unable to efficiently metabolize these acids, and the accumulation of these compounds is believed to contribute to the onset and progression of XALD.
Speaker Change: VKO-214 is being evaluated in a Phase 1b study enrolling patients with the adrenomyeloneuropathy or AMN form of XLD, which is the most common form of the disorder.
Speaker Change: This trial is a randomized, double-blind, placebo-controlled, multi-center study in adult male patients with AMN.
Speaker Change: The primary objectives of the study are to evaluate the safety, tolerability, and pharmacokinetics of VKO-214 administered orally, once daily, for 28 days.
Speaker Change: The study also includes an exploratory assessment of changes in plasma levels of very long-chain fatty acids.
Brian Lian: We recently completed enrollment in this study and expect to announce the top-line results later this year. I will now briefly summarize our newest program targeting the amylin receptor for the treatment of obesity. During the second quarter, Viking presented preclinical data at the American Diabetes Association's scientific sessions from an internally developed dual amylin and calcitonin receptor agonist program. As the amylin receptor plays an important role in food intake and metabolic control, we believe it may represent an important target for therapeutic intervention in obesity and an attractive opportunity to expand the company's pipeline in this area.
Speaker Change: We recently completed enrollment in this study and expect to announce the top-line results later this year.
Brian Lian: The company's ADA presentation highlighted the effects of treatment on body weight, food intake, and metabolic profile in healthy rats and in diet-induced obese mice. The study results demonstrated that the Viking series of dual amylin and calcitonin receptor agonists reduced food intake in lean rats in the period from 0 to 72 hours following a single dose. At 72 hours post-dose, Viking's compounds resulted in up to 8% body weight reductions compared to vehicle-treated animals. In a diet-induced obese mouse model, treatment with Viking's amylin agonists for 24 days resulted in up to 10% weight loss from baseline.
Speaker Change: I will now briefly summarize our newest program targeting the amylin receptor for the treatment of obesity.
Speaker Change: During the second quarter, Viking presented preclinical data at the American Diabetes Association's scientific sessions from an internally developed dual amylin and calcitonin receptor agonist program.
Speaker Change: As the amylin receptor plays an important role in food intake and metabolic control, we believe it may represent an important target for therapeutic intervention in obesity and an attractive opportunity to expand the company's pipeline in this area.
Speaker Change: The company's ADA presentation highlighted the effects of treatment on body weight, food intake, and metabolic profile in healthy rats and in diet-induced obese mice.
Speaker Change: The study results demonstrated that Viking series of dual amylin and calcitonin receptor agonists reduced food intake in lean rats in the period from 0 to 72 hours following a single dose.
Speaker Change: At 72 hours post-dose, Vikings compounds resulted in up to 8% body weight reductions compared to vehicle-treated animals.
Speaker Change: In a diet-induced obese mouse model, treatment with Viking's amylin agonists for 24 days resulted in up to 10% weight loss from baseline.
Speaker Change: We believe this mechanism represents an interesting approach to reusing body weight, both as a single agent or in conjunction with other mechanisms.
Speaker Change: We plan to move our amylin program into clinical development in 2025.
Brian Lian: We believe this mechanism represents an interesting approach to reusing body weight, both as a single agent or in conjunction with other MECs. We plan to move our amylin program into clinical development in 2025. In conclusion, the first half of 2024 was a period of intense activity at the company, highlighted by the announcements of successful results from three different clinical trials, as well as the introduction of a new pipeline program targeting obesity.
Speaker Change: In conclusion, the first half of 2024 was a period of intense activity at the company, highlighted by the announcements of successful results from three different clinical trials, as well as the introduction of a new pipeline program targeting obesity.
Brian Lian: The Venture Phase 2 study of VK2735 demonstrated up to an approximately 15% reduction in body weight from baseline following 13 weeks of dosing by weekly subcutaneous injection, as well as promising safety and tolerability. We're currently planning for an end of Phase 2 meeting with the FDA and plan to initiate Phase 3 development upon completion of that dialogue. The Phase 1 study of the oral tablet formulation of VK2735 demonstrated excellent safety and tolerability and positive signs of clinical activity.
Speaker Change: The Venture Phase II study of VK2735 demonstrated up to an approximately 15% reduction in body weight from baseline following 13 weeks of dosing by weekly subcutaneous injection.
Speaker Change: as well as promising safety and tolerability. We're currently planning for an end of phase two meeting with the FDA and plan to initiate phase three development upon completion of that dialogue.
Speaker Change: The Phase 1 study of the oral tablet formulation of VK2735 demonstrated excellent safety and tolerability and positive signs of clinical activity. We expect to initiate a Phase 2 trial for this program later this year.
Brian Lian: We expect to initiate a Phase 2 trial for this program later this year. And the recent readout from our Phase IIb voyage study of our thyroid hormone receptor beta agonist, VK2809, in NASH demonstrated that up to 75% of VK2809 treated patients achieved NASH resolution with no worsening of fibrosis. Up to 57% achieved at least a one-stage improvement in fibrosis with no worsening of NASH, and up to 50% achieved both the resolution of NASH and improvement in fibrosis.
Speaker Change: And the recent readout from our Phase IIb voyage study of our thyroid hormone receptor beta agonist, VK2809, in NASH demonstrated that up to 75% of VK2809-treated patients achieved NASH resolution with no worsening of fibrosis.
Speaker Change: Up to 57% achieved at least a one-stage improvement in fibrosis with no worsening of NASH, and up to 50% achieved both the resolution of NASH and improvement in fibrosis. We plan to schedule an end-of-phase 2 meeting with the FDA later this year to discuss the development path for VK2809.
Brian Lian: We plan to schedule an end of Phase 2 meeting with the FDA later this year to discuss the development path for VK2809. With respect to our Orphan Disease Program, VKO-214, we recently completed enrollment in a Phase 1b study in patients with the adrenomyeloneuropathy form of the disease and expect to announce data from this trial later this year. Finally, during the second quarter, Viking presented promising preclinical data from a series of new internally developed dual agonists of the amylin and calcitonin receptors at the annual meeting of the American Diabetes Association.
Speaker Change: With respect to our Orphan Disease Program, VKO-214, we recently completed enrollment in a Phase 1b study in patients with the adrenomyeloneuropathy form of the disease and expect to announce data from this trial later this year.
Speaker Change: Finally, during the second quarter, Viking presented promising preclinical data from a series of new internally developed dual agonists of the amylin and calcitonin receptors at the annual meeting of the American Diabetes Association.
Brian Lian: We believe these compounds have the potential to add value to our pipeline, both as single agents and in combination with other mechanisms. Finally, to support Viking's maturing pipeline, the company ended the quarter with a strong balance sheet of $942 million, providing the runway needed to execute key milestones for each program.
Speaker Change: We believe these compounds have the potential to add value to our pipeline, both as single agents and in combination with other mechanisms.
Speaker Change: Finally, to support Viking's maturing pipeline, the company ended the quarter with a strong balance sheet of $942 million, providing the runway needed to execute key milestones for each program.
Operator: This concludes our prepared comments for today. Thanks very much for joining us, and we'll now open the call for questions. Operator. We will now begin the question and answer session. To ask a question, you may press star then 1 on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys.
Speaker Change: This concludes our prepared comments for today. Thanks very much for joining us, and we'll now open the call for questions. Operator?
Speaker Change: We will now begin the question and answer session. To ask a question, you may press star then 1 on your touch-tone phone.
Speaker Change: If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster.
Operator: If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. Our first question comes from Joon Lee with Truist Securities. Please go ahead. Good afternoon.
Speaker Change: Our first question comes from Joon Lee with Truist Securities. Please go ahead.
Brian Lian: This is Asim on for June. Congratulations on the quarter, and thanks for taking the question. So per the written response from the FDA, has the FDA made any commentary on phase three design or what the phase two conversations with center around? And just to make sure I heard correctly, is monthly dosing under consideration for phase three? And just one more question, you know, based on what you've seen so far in terms of tolerability for the oral route, are you considering additional cohorts beyond 100 milligrams? Thank you.
Speaker Change: Good afternoon, this is Austin Monford-June, congrats on the quarter and thanks for taking the questions.
Speaker Change: So, per the written response from the FDA, has the FDA made any commentary on Phase 3 design or what on the Phase 2 conversations with the Center around?
Speaker Change: And just to make sure I heard correctly, is monthly dosing under consideration for the Phase III? And just one more, you know, based on what you've seen so far in terms of tolerability for the oral, are you considering additional cohorts beyond 100 milligrams? Thank you.
Brian Lian: Hi Austin, thanks for the questions. At the end of phase two meeting, one of the primary goals of that dialogue was to understand if, you know, we were okay to go forward into phase 3, and we feel, based on the feedback, that we are okay to go forward. As far as trial design and things like that, that would be discussed more in a subsequent meeting and end of phase 2 meeting. And as far as the details of, what you know, doses and frequencies.
Speaker Change: Hi Austin, thanks for the questions.
Speaker Change: The end of phase two meeting, one of the primary goals of that dialogue was to understand if
Speaker Change: you know, if we were
Speaker Change: We are okay to go forward into Phase 3. And we feel based on the feedback that we are okay to go forward. As far as trial design and things like that, that would be discussed more in a subsequent meeting, an end-of-Phase 2 meeting. And as far as the details on what...
Brian Lian: We're just not in a position to outline trial design at this point. For oral dosing, we're at 100 milligrams right now. The dose level review team generally meets upon completion of cohorts and makes a recommendation whether or not to proceed.
Speaker Change: You know, doses and frequencies, we're just not in a position to outline trial design at this point.
Speaker Change: With the oral dosing, we're at 100 milligrams right now.
Speaker Change: Dose level review team generally meets upon completion of cohorts and makes a recommendation whether or not to proceed so
Operator: Hard to say if we would proceed; we haven't had the completion of this cohort yet. Our next question comes from Steve Seedhouse with Raymond James. Please go ahead.
Speaker Change: Hard to say if we would proceed. We haven't had completion of this cohort yet.
Speaker Change: Thank you.
Speaker Change: Thanks.
Speaker Change: Our next question comes from Steve Seedhouse with Raymond James. Please go ahead.
Brian Lian: Thank you for taking the questions. Having completed the 60 and 80 milligram oral cohorts in phase one and moved to 100 milligrams, I guess the inference there is safety and tolerability were acceptable. But can you just elaborate on that inference, what you've seen through 80 milligrams, and if you're also seeing a dose response on weight loss through 80 milligrams? I see. Thanks. We're blind
Steven James Seedhouse: Thank you for taking the questions. Having completed the 60 and 80 milligram oral...
Steven James Seedhouse: cohorts in the phase one and moved to 100 milligrams, I guess the inference there is safety and tolerability were acceptable, but can you just elaborate on that inference, what you've seen through 80 milligrams, and if you're also seeing a dose response on weight loss through 80 milligrams?
Brian Lian: Oh, we've got a little background noise there. We're blinded to the data, so hard to comment on weight changes. But tolerability seems to be continuing to be very encouraging. I'll just say that. On that trial, can you clarify just the titration scheme of those 60, 80, and 100 milligram cohorts? What's the starting dose, and what are the titration steps there?
Speaker Change: We're blinded to the to the data so hard to comment on
Speaker Change: on weight changes.
Speaker Change: continuing to be very encouraging. I'll just say that.
Speaker Change: Okay.
Speaker Change: On that trial, can you clarify just the titration schema of those 60, 80, and 100 milligram cohorts? What's the starting dose and what are the titration steps there?
Brian Lian: Yeah, no, good question. Typically, what we've done is we started each cohort with the highest dose from the prior cohort. So the 40 milligrams started at 20 for a week and then went to 40. The 60 started at 40 and then went to 60, and then the 80 started at 60 and then went to 80.
Speaker Change: Yeah, no good questions. We typically what we've done is we've started each cohort with the highest dose from the prior cohort so the the 40 milligram started at 20 for a week and then went to 40 the 60 started at 40 and then went
Brian Lian: That's the typical approach that we've used as we escalate in doses. Okay, and just, um... Regarding phase three, since you're now able to move directly into that, wanted to clarify, do you have enough drug on hand? and enough cash to fully complete the Phase 3 program that you intend to propose to FDA for an obesity indication. Yeah, another great question.
Speaker Change: to 60 and then the 80 started at 60 and then went to 80. That's the typical approach that we've used as we escalate in doses.
Speaker Change: Okay, and just...
Speaker Change: Regarding phase 3, since you're now able to move directly into that, I wanted to clarify, do you have enough drug on hand?
Speaker Change: and enough cash to complete the fully complete the phase 3 program that you intend to propose to FDA for an obesity indication.
Brian Lian: Yeah, we do have enough supply on hand to meet really all of our planned clinical trials with both the subcu and the oral. So we won't, we won't be needing. We're always making material, but we won't be needing any further material to complete the planned studies. Thanks very much. Thanks, Jeeves.
Speaker Change: Yeah, another great question. Yeah, we do have enough supply on hand to meet really all of our planned clinical trials with both the sub-Q and the oral, so we won't we won't be needing
Speaker Change: We're always making material, but we won't be needing any further material to complete the planned studies.
Speaker Change: Thanks very much.
Operator: Our next question comes from Jay Olson with Oppenheimer. Please go ahead. Oh, hey, thanks for providing this update and taking the questions. Can you please comment on how many phase three studies you're thinking of running for subcube? 735.
Steven James Seedhouse: Thanks, Steve.
Speaker Change: Our next question comes from Jay Olson with Oppenheimer. Please go ahead.
Brian Lian: Thank you for explaining how much each study might cost. And I guess, since you were considering phase 2B versus phase 3, I guess what were some of the deciding factors in... Selecting to go ahead straight to phase three. Thank you.
Jay Olson: Oh hey, thanks for providing this update and taking the questions. Can you please comment on how many Phase 3 studies you're thinking of running for sub-Q
Speaker Change: 2735.
Speaker Change: and also how much each study might cost.
Speaker Change: And I guess since you were considering Phase 2B versus Phase 3, I guess what were some of the deciding factors?
Speaker Change: selecting to go ahead straight to phase three. Thank you.
Brian Lian: For the clinical path in Phase 3, the guidance requires two studies and a minimum of 4,500 people in those studies, with at least 3,000 exposed to the drug. As far as the specifics of the trials we plan to conduct, I think it's early to disclose those details, but we would be looking to the guidance for the overall design strategy there. Oh, the cost.
Speaker Change: Thanks, Jay. Yeah, for the clinical path in Phase 3, the guidance requires two studies and a minimum of 4,500
Speaker Change: people in those studies with at least 3,000 exposed to the drug.
Speaker Change: As far as the specifics of the trials we plan to conduct, I think it's early to disclose those details, but we would be looking to the guidance for the overall design strategy there.
Gregory S. Zante: Yeah, Greg. You want to talk about the cost, too? Yeah, Jay. I think with respect to the cost, the Phase III registration program for SubQ would be around $300 million, for me to guide. Okay, great, thank you. And if I could please sneak in one more question on the oral phase 2 study, since that's expected to be 13 weeks of treatment. Is it fair to assume that a pivotal study could be started following the completion of the oral phase 2 study? A good question. It's too early to say.
Speaker Change: I may have forgotten your name.
Gregory S. Zante: Oh, the cost. Yeah, Greg, you want to talk about the cost? Yeah. Yeah, Jay. I think with respect to the cost, the phase three registration program for SubQ would be around $300 million.
Speaker Change: conforming the guidance.
Speaker Change: Okay, great, thank you. And if I could please sneak in one more question on...
Speaker Change: the Oral Phase 2 Study.
Speaker Change: since that's expected to be 13 weeks of treatment.
Speaker Change: Is it fair to assume that a pivotal study could be started following the completion of the oral Phase 2 study?
Brian Lian: We're kind of in the process of designing phase two, but I think it's too early to call that. Okay, great. Thanks so much for taking the question. Thanks a lot, Jay. Our next question comes from Annabel Samimy with Stiesel. Please go ahead.
Speaker Change: Good question. It's early to say. We're kind of in the process of designing the phase two, but I think too early to call that.
Speaker Change: Okay, great. Thanks so much for taking the questions.
Jay Olson: Thanks a lot, Jay.
Jay Olson: Our next question comes from Annabel Samimy with Stiefel. Please go ahead.
Operator: Hi, thanks for taking my question. And the 60 to 80 milligrams, you know, made clear that the safety and tolerability were holding up and then allowed you to move into the 100 milligrams. What are the thresholds to stop dosing for oral?
Anna Balsamini: Hi, thanks for taking my question and on the 60 to 80 milligram you've made clear that
Anna Balsamini: The safety and tolerability were holding up and it allowed you to move into the 100 milligram. What are the thresholds to stop dosing for the oral? I guess that's my first question. And the second is related to the Phase III program. Can you talk about...
Brian Lian: I guess that's my first question, and the second is related to the phase three program. Can you talk about some of the exploration that you feel that you need to do versus want to do with both the oral and the injectable, I guess, as it relates to titration, dose finding, and I guess the, the administration profile you mentioned, there's going to be potential for monthly. So, does this all need to be conducted within phase three, or are you doing any side exploratory phase twos in conjunction with that?
Speaker Change: Some of the exploration that you feel that you need to do versus want to do with both the oral, with the injectable, I guess as it relates to titration, dose finding, and I guess the administration profile you mentioned.
Speaker Change: There's going to be potential for monthly. So does this all need to be conducted within the phase three or are you doing any side exploratory phase twos in conjunction with that? So if you can just clarify that, that would be great.
Brian Lian: So, if you can just clarify that, that would be great. With the dose escalation studies with the oral formulation, stopping in a Phase I study is driven by Adverse Events, or a plateau on exposures, or a plateau on some other metric that you deem important.
Speaker Change: Yeah, thanks Annabel. With the dose escalation studies with the oral formulation, normally the
Speaker Change: stopping in a phase one study is driven by a
Speaker Change: Adverse Events or a Plateau on Exposures or
Speaker Change: A plateau on some other metric that you deem important. And so the decision to continue escalating is driven by the
Brian Lian: And so the decision to continue escalating is driven by the dose level review team, and they've not indicated any reason to stop escalating. We do plan to start a Phase II study later this year. So at some point, there needs to be a decision to proceed on to phase two. We're not at that stage right now, and it's hard to say when we would get to that stage.
Speaker Change: Dose Level Review Team, and they've not indicated any reason to stop escalation. We do plan to start a Phase II study.
Speaker Change: So, at some point, there needs to be a decision to, you know, proceed on to the phase two. We're not at that stage yet.
Speaker Change: and David C. We are at the stage right now and it's hard to say when we would get to that stage, but we do plan to start the phase two later this year. With respect to the overall phase three strategy and
Brian Lian: But we do plan to start phase two later this year. With respect to the overall phase three strategy, you know, strategy and doses and titration schedules and the cadence of titration and also the cadence of overall dosing, it's just too early to discuss that right now.
Speaker Change: doses and titration schedules and the cadence of
Speaker Change: Titration, and also the cadence of overall dosing. It's just too early to discuss that right now. We're designing the phase three program right now, but it's, you know, we have to have the end of phase two meeting and then outline the path forward from there.
Brian Lian: We're designing the phase three program right now, but we have to have the end of phase two meeting and then outline the path forward from there. Okay, and then I guess I can ask another question related to the other program that you have. We hear or understand that a lot of potential partners are more interested in next-generation drugs, so when we hear something like that, what are some of the things that we can do to make sure that we, You know, with the Geo... You have a dual agonist. So where do you think that fits into the mix of next-generation drugs? And you have DACA.
Speaker Change: Okay, and then I guess if I can ask another question related to the other program you have. So we hear or understand that a lot of potential partners are more interested in next generation drugs. So when we hear something like that, you know, with
Speaker Change: You have a dual agonist. So where do you think that fits into the mix of
Speaker Change: next generation drugs. And, you know, you have a DACA. How important is it to move that forward as a potential next generation for, you know, and explore different combinations or explore, you know,
Brian Lian: How important is it to move that forward as a potential next-generation for... and explore different combinations or explore exactly where it stands relative to some of the other novel mechanisms in development? So how are you thinking about you versus potential future novelty that you have in your portfolio and where you stand in the mix? Yeah, yeah, thanks, Annabel. It's always hard to know what defines the next generation. It seems like most of the oral agents today are based on older scaffolds.
Speaker Change: So how are you thinking about your novelty versus potential future novelty that you have in your portfolio and where you stand in the mix?
Annabelle: Yeah, yeah, thanks Annabel. It's always hard to know what defines the next generation. Seems like most of the oral
Brian Lian: So what defines the next generation is a little murky to us. The backbone here has been GLP-1 agonists that have additional activities added on to them, whether it's a GIP or glucagon or amylin. I think having a GLP-1-GIP agonist with the potential to add amylin agonism on top of it could represent the really best in industry efficacy profile. So that would be an
Speaker Change: The backbone here has been GLP-1 agonists that additional activities added on to, whether it's a GIP or glucagon or amylin.
Speaker Change: I think having a GLP-1-GIP agonist with the potential to add amylin agonism on top of it could represent really best in industry efficacy profile, so that would be an attractive
Brian Lian: But we've already seen, you know, earlier this year, really good data from the amylin monoagonist mechanism. So I think that program has a couple different areas that can be explored as a single agent and in potential combination with other mechanisms. Okay, great, thank you. Thanks, Janabel.
Speaker Change: area to explore, but we've seen already, you know, earlier this year, really good data from the amylin monoagonist mechanism. So I think that program has a couple different areas that can be explored as a single agent and in potential combination with other mechanisms.
Operator: Our next question comes from Roger Song with Jeffreys. Please go ahead. Great, thanks for the update and then picking up on a question. Maybe just a follow-up on the partnership discussions. Understanding you have an open door policy for potential partners, but given this new development FDA allows you to proceed into Phase 2 directly versus you need to do it in Phase 2, do you think that will change the conversation you have been having with potential partners? Any comments will be helpful, and I have a follow-up.
Speaker Change: Great, thank you.
Annabelle: Thanks, Janabel.
Speaker Change: Our next question comes from Roger Song with Jeffreys. Please go ahead.
Roger Song: Great, thanks for that update and then picking up a question.
Speaker Change: Maybe just a follow-up on the...
Speaker Change: The Partnership Discussions, understanding you have opened up policy for
Speaker Change: the potential partner. But given this new development, FDA allows you to proceed into Phase II directly versus you need to do another Phase II.
Speaker Change: Do you think that will change the conversation you have been having with the potential partners? Any comments will be helpful, and I have a follow-up.
Brian Lian: Yeah, sure. Thanks, Roger. No real additional comment to add on, on, you know, partner discussions, and we've been consistent with our receptivity to Interests and Opportunities, and we remain so.
Roger Song: Yeah, sure. Thanks, Roger.
Speaker Change: Additional comment to add on, you know, partner discussions. We've been consistent with our
Speaker Change: Receptivity to interests and opportunities and we remain so. You know in the meantime we're well capitalized and focused on execution of the development programs.
Brian Lian: In the meantime, we're well-capitalized and focused on execution of the development programs, and I think, in our view, continued execution will continue to add value to the pipeline. I think that's all we can say at this point. Yep, understood. And then another key topic is related to scalability, particularly for your now you have two formulations, sub-Q and ORO, particularly with the ORO, understanding you have been having discussions with, I know, various CDMOs. Can you just remind us then what the scale of the investment in terms of the dollar and the time to be able to build a capacity to potentially meet a commercial demand as an ORO peptide Yeah, a good question, Roger.
Speaker Change: I think, in our view, continued execution will continue to add value to the pipeline.
Speaker Change: I think that's all we can say at this point.
Speaker Change: Yep, understood. And then another key topic is related to the scalability, particularly for your...
Speaker Change: Now you have two formulations, sub-Q and ORO, put together with the ORO. Understanding you have been having discussion with various CDMOs, can you just remind us then what...
Speaker Change: What the scale of the investment in China will be?
Speaker Change: Dollar, and Time to be able to build the capacity to potentially meet commercial demand as an oral peptide, also considering your dosing is going even higher with the good tolerability.
Brian Lian: I mean, in answer to Steve's question, we currently have enough API to get through all of our planned clinical studies with both the sub-Q and the oral. And we continue to, you know, engage with suppliers for both the raw materials and the finished product. And we certainly expect to be able to supply the initial commercial demand at the appropriate time. But what the CapEx requirement is, it's probably a better question for the CDMOs or the companies that are building out their own facilities.
Roger Song: Yeah, good question, Roger. I mean, in answer to Steve's question, we currently have enough API to get through all of our planned clinical studies with both the sub-Q and the oral.
Roger Song: And we continue to, you know, engage with suppliers for both the raw materials and the finished.
Roger Song: Product, and we...
Roger Song: certainly expect to be able to supply the initial commercial demand at the appropriate time. What the CapEx requirement is it's probably a better question for the CDMOs or the companies that are building out their own facilities. At this point...
Brian Lian: At this point, our supply will be derived from CDMO sources, though, so the CAPEX from Viking is limited. Got it. Thank you, Brian. Thanks, Roger. Our next question comes from Andy Shea with William Blair. Please go ahead.
Roger Song: Our supply will be derived from CDMO sources though, so the CAPEX from Viking is limited.
Speaker Change: Got it. Thank you, Brian .
Roger Song: Thanks, Roger.
Speaker Change: Our next question comes from Andy Shea with William Blair. Please go ahead.
Operator: Thanks for taking our questions. So, Brian, I'm curious about your strategic positioning for the AMBLEN program. I'm just curious about what areas you would like to potentially position this asset.
Andy Shea: Thanks for taking our questions.
Andy Shea: So Brian , I'm curious about your strategic positioning for the AMLIN program.
Andy Shea: I'm just curious what areas you would like to potentially position this asset. Would it be increasing the magnitude of weight loss and type 2 diabetes or the preservation of lean body mass? So that's question number one.
Brian Lian: Would it be kind of increasing the magnitude of weight loss and type 2 diabetes or the preservation of lean body mass? So that's question number one. I'd also like to take your temperature on two topics, if you don't mind.
Brian Lian: One is on titration. If you look across the landscape, it seems like other companies are exploring more rapid titration with kind of a more aggressive step up. Is that something that is worth exploring for the 2735 program? And the other topic is really about the monthly dosing that you just mentioned. You know, obviously, with the half-life, at the end of the cycle, the drug level would be pretty low.
Speaker Change: I'd also like to take your temperature on two topics, if you don't mind. One is on the titration. If you look across the landscape, it seems like
Speaker Change: Other companies are exploring more rapid titration with kind of a more aggressive step up. Is that something that is worthwhile exploring for the 2735 program?
Andy Shea: And the other topic is really on the monthly dosing that you just mentioned.
Speaker Change: Obviously, with the half-life, at the end of the cycle, the drug level would be pretty low. I'm just curious if you can talk about that delta when you go from the end of the cycle to the next cycle, that increase and its...
Brian Lian: Just curious if you can talk about that delta when you go from the end of the cycle to the next cycle, that increase relevant to the AE profile. And I have two really quick check-in questions. Sure, sure. I'll try to remember these, but you may have to repeat one or more.
Speaker Change: relevant to the AE profile. And I have two just really quick checking questions.
Speaker Change: Sure, sure. I'll try to remember these, but you may have to repeat one or more. So with the the amylin compound, a really interesting mechanism that as a standalone I think has a lot of promise.
Brian Lian: So with the amylin compound, a really interesting mechanism that as a standalone, I think has a lot of promise, and in combination, I think also has a lot of promise, and we think, you know, both are worth exploring where they would actually position in the overall landscape. It's early to say, but to the extent maybe you could spare GLP-1 use or not and see even further improvements in efficacy, we just don't know yet what that profile will look like, so we'll have to follow where the data lead us. As far as the...
Speaker Change: And in combination, I think, also has a lot of promise, and we think, you know, both are worth exploring. So thank you.
Speaker Change: Where they would actually position in the overall landscape, it's early to say, but to the extent maybe you could spare...
Speaker Change: We just don't know yet what that profile will look like so we'll have to follow where the data lead us. As far as the
Brian Lian: I think our tolerability profile and the PK profile would lend themselves to alternative treatments. We did the three-week in the Venture Study, which looked really promising. I think we could probably go to two weeks. Certainly, we could use four weeks, and maybe that would lead to an even further improvement in tolerability. So we're not yet at a position to... (inaudible) That next dose might not be expected to result in any toler
Speaker Change: I have a question on the different titration approaches. I think our tolerability profile and the PK profile would lend themselves to alternative
Speaker Change: titration cadences.
Speaker Change: But we did the three-week in the venture study, which looked really promising.
Speaker Change: I think we could probably go to two weeks, certainly we could use four weeks, and maybe that would lead to an even further improvement in tolerability. So we're not yet at a position to...
Speaker Change: to say one way or another what's the preferred titration scheme, but I think we could probably go faster. With respect to the...
Speaker Change: the monthly dosing you're right as you as you dose monthly by the end of the month now keep in mind that the the half-life is you know
Speaker Change: [inaudible]
Speaker Change: That next dose might not be expected to result in any tolerability challenges. We won't know until we get into a study using it.
Brian Lian: We won't know until we get into a study using it. Generally, with these mechanisms, tolerability is observed early, and if you get through those first few weeks, tolerability tends to wane, at least with the injectables.
Speaker Change: It seems like generally with these mechanisms, tolerability is observed early, and if you get through those first few weeks, tolerability tends to wane, at least with the injectables.
Brian Lian: And tolerability issues seem to wane. So if you're within the therapeutic plasma levels for, you know, 28 days or 30 days, and you're just raising those levels a little bit, it seems like you would reduce the risk of tolerability challenges, but again, hard to say at this point. Yeah, that's super, super helpful. And then Greg, maybe just one quick one.
Speaker Change: And tolerability issues seem to wane. So if you're within the therapeutic...
Speaker Change: plasma levels for 28 days or 30 days, and you're just raising those levels a little bit, it seems like you would reduce the risk of tolerability challenges, but again, hard to say at this point.
Brian Lian: So for the 300 million cost that you mentioned, does that include a cardiovascular outcomes trial? And then I guess the monthly doses that Brian you're talking about, I'm assuming that you're talking about that in the context of the phase two study and not phase three. Andy, on the cost side, the $300 million is for the Phase III registration program, not any outcomes, additional studies for that. And then with the monthly, yeah, we haven't decided what the next study will look like with the monthly at this point. That's very helpful. Thank you so much.
Speaker Change: Yeah, that's super, super helpful. And then, Greg, maybe just one quick one.
Gregory S. Zante: So for the $300 million cost that you mentioned, does that include a cardiovascular outcomes trial? And then I guess the monthly dosing that Brian , you're talking about, I'm assuming that you're talking about that in the context of a phase two study and not a phase three study.
Speaker Change: Andy, on the cost side, the $300 million is the Phase III registration program, not any outcomes, additional studies for that.
Speaker Change: Got it.
Brian Lian: And then with the monthly, yeah, we haven't decided what the next study will look like with the monthly at this point.
Speaker Change: Okay, that's very helpful. Thank you so much.
Operator: Thanks, Sandy. Our next question comes from Mike Oles with Morgan Stanley. Please go ahead. Hi, this is Rohit on behalf of Mike. Thanks for taking our questions. Just in terms of dose escalating for oral VK2735s, is there a point where tablet size and available supply become an issue and how high you can dose the drug? Thanks. Yeah, no, it's a good question. Probably.
Andy Shea: Thanks, Andy.
Andy Shea: Our next question comes from Mike Oles with Morgan Stanley . Please go ahead.
Rohit: Hi, this is Rohit on for Mike. Thanks for taking our questions. Just in terms of dose escalating for oral VK2735s, is there a point where tablet size and available supply become an issue in how high you can dose the drug? Thanks.
Brian Lian: We're not there just yet. But yeah, I think those are considerations that need to be taken into account when you dose up with oral. As a maintenance therapy, after target weight was achieved, that likely dramatically reduces the actual requirements of API, and if the dosing were able to be less frequent, that also would dramatically reduce the API demand. So there are a lot of moving parts in trying to project the API demands moving forward. Our next question comes from Justin Zelin with BTIG. Please go ahead.
Speaker Change: Yeah, no, it's a good question. Probably. We're not there just yet, but yeah, I think those are considerations that need to be...
Speaker Change: I think, you know, moving forward, if the oral was used as a, you know, as a, you know,
Speaker Change: As a maintenance therapy after
Speaker Change: target weight was achieved. That likely reduces dramatically the the actual requirements of API.
Speaker Change: And if the dosing were able to be less frequent, that also would dramatically reduce the API demand. So a lot of moving parts there in trying to project the API demands moving forward.
Speaker Change: Thank you.
Speaker Change: Our next question comes from Justin Zelin with BTIG. Please go ahead.
Operator: Hi Brian, thanks for taking the question and congrats on the progress here. Maybe just the decision to move to a monthly dosing regimen, including that in the move forward program, was that based on the PK PD at PD data that you've seen thus far and do you think you'll be able to present that data perhaps at a BCD week? Yeah, no, thanks, Justin. Yeah, it is based on the PK profile. The PK profile does suggest that monthly is feasible. We won't know until we actually do a study, but at least what it looks like today is it's feasible.
Justin Reid Zelin: Hi Brian , thanks for taking the question and congrats on the progress here. Maybe just the decision to move to a monthly dosing regimen, including that in the Move Forward program, was that based off of the PK PD data that you've seen thus far and do you think you'll be able to present that data perhaps at OBCD week?
Speaker Change #101: Yeah, no, thanks Justin. Yeah, it is based on the PK profile. The PK profile does suggest that monthly is feasible. We won't know until we actually do a study, but at least what it looks like today is it's feasible.
Brian Lian: Great, thanks for taking my question. Thanks, Justin. Our next question comes from Thomas Smith with Hootly Rank Partners. Please go ahead.
Speaker Change #102: Great, thanks for taking my question.
Speaker Change #102: Thanks, Justin.
Speaker Change #102: Our next question comes from Thomas Smith with Lear Inc. Partners. Please go ahead.
Operator: Hey guys, good afternoon. Thanks for taking the questions and congrats on the progress. So you're going to have multiple phase 3 programs ready to start here pretty much in the near term. I know you've previously talked about having a partner, potentially for NASH.
Thomas Jonathan Smith: Hey guys, good afternoon. Thanks for taking the questions and congrats on the progress. So you're gonna have.
Thomas Jonathan Smith: Multiple phase three programs ready to start here pretty much in the near term. I know you've previously talked about having a partner.
Brian Lian: Can you just provide an update on how you're thinking about business development and partnerships across obesity and NASH, and I guess your appetite to execute on these programs on your own? Yeah, thanks, Tom. I mean, we're capitalized to proceed with all of these programs, fortunately. With the obesity program, we will be moving aggressively into a phase three development program as soon as possible. With the NASH program, the plan there is to have an end of phase two meeting and receive feedback and understand what the current thinking is around registration paths and what we've been saying or what we've been, preferring with that program really is to work with a larger party together on a registration path. So that remains the preference for the NASH program.
Speaker Change #104: Potentially for NASH. You just provide an update on how you're thinking about business development and partnerships across obesity and NASH. I guess your appetite to execute across these programs on your own.
Speaker Change #105: Yeah, thanks, Tom.
Speaker Change #106: All of these programs, fortunately.
Speaker Change #107: With the Obesity Program, we will be moving aggressively into a Phase 3 development program as soon as possible. With the NASH Program, the plan there is to have an end-of-Phase 2 meeting.
Speaker Change #108: We've received the feedback and understand what the current thinking is around registration paths, and what we've been saying, or what we've been
Speaker Change #108: preferring with that program really is to work with a larger party together on a registration path. So that remains the preference for the NASH program.
Brian Lian: Got it. That makes sense. And then I just wanted to ask one question, just one...
Speaker Change #109: Got it. That makes sense. And then I just wanted to ask one, just on...
Brian Lian: Sort of the earlier, maybe preclinical work you have ongoing in obesity. I mean, you're going to move the DACA program into the clinic next year. Seems like a pretty quick turnaround from preclinical to getting that into the clinic. You just talked about some of the other targets that you, I guess, may be interested in, but more about, you know, how much preclinical work you have ongoing with respect to some of these targets and how we could think about the potential cadence or the timing for advancing some of these earlier efforts into the clinic. Yeah, no, thanks, Tom. We're pretty, pretty busy, and pretty much everybody's stretched pretty thin.
Speaker Change #110: sort of the earlier, maybe pre-clinical work you have ongoing in obesity. I mean, you're going to move the DACA program into the clinic next year. Seems like a pretty quick turnaround.
Speaker Change #110: from preclinical and getting that into the clinic.
Speaker Change #111: You just talked about some of the other targets.
Speaker Change #112: We're going to talk a little bit about some of the other areas that you may be interested in, but more about how much preclinical work you have ongoing with respect to some of these targets and how we can think about the potential cadence or the timing for advancing some of these earlier efforts into the clinic.
Brian Lian: We do have other programs that we haven't disclosed that I think will, over time, add further value to the pipeline. So it remains a pretty active preclinical development component of the company's activities. But we generally don't disclose targets and that work until we're a little bit closer to the decision to move into the clinic. Got it, understood. Thanks for taking the questions. Thanks, Tom. Our next question comes from Yale Gen with Laidlaw and Company. Please go ahead.
Speaker Change #112: Yeah, no thanks, Tom. We're pretty...
Speaker Change #113: Pretty busy and pretty everybody's stretched pretty thin we
Speaker Change #114: We do have other programs that we haven't disclosed that I think will, over time,
Speaker Change #114: add further value to the pipeline.
Speaker Change #115: So it remains a pretty active, preclinical development remains a pretty active component of the company's activities. But we generally don't disclose targets in that work until we're a little bit closer to the decision to move into the clinic.
Speaker Change #115: Got it. Understood. Thanks for taking the questions, Chris.
Tom: Thanks, Tom.
Speaker Change #117: Our next question comes from Yale Gen with Laidlaw & Company. Please go ahead.
Operator: Good afternoon, and thanks for taking the questions and congrats on all the progress. The first one is in terms of the oral... [inaudible] Yeah, thanks, Yale. We will present all of the data that we have at the time, and I would expect the 100 milligram cohort to be included. And as far as the phase two doses are concerned, we haven't decided yet. So we need to complete the ongoing cohorts and understand, you know, get unblinded on the data and understand what the profile looks like before we select those doses.
Yael Zhen: Good afternoon and thanks for taking the questions and congrats on all the progress. I got two questions here. The first one is in terms of the oral 2735 for the
Yael Zhen: VCT week readouts. Do we anticipate that will also include the 100 milligram as well? And so would that be also use that as a basis for your 13-week study? Then I have a follow-up.
Speaker Change #122: Yeah, thanks, Gail. We will present...
Speaker Change #118: All of the data that we have at the time, and I would expect the 100 milligram cohort to be included. And as far as the phase two doses, we haven't decided yet. So we need to complete the ongoing.
Speaker Change #118: cohorts and understand, you know, get unblinded on the data and understand what the profile looks like before we select those doses.
Brian Lian: Okay, great. That's helpful. And the next question here is basically, for the end of Phase 2 meetings, what do you anticipate to bring to the table in terms of the sort of subjects you want to discuss, Lisa, at this point? And thanks. Well, with the target population, normally that's pretty well defined by the guidance. It's a BMI of at least 30 or at least 27 with at least one weight-related comorbidity
Speaker Change #120: Okay great that's helpful and the next question here is basically for the end of phase two meetings, what do you anticipate to bring on the table in terms of the sort of subjects you want to discuss at least at this point?
Brian Lian: And then in the second study, it's generally overweight people with type 2 diabetes. So those would be, broadly speaking, the target populations for the Phase III program. Okay, great. That's very helpful. I appreciate that. Thank you all. This concludes our question and answer session. I would like to turn the conference back over to Stephanie Diaz for any closing remarks. Thank you all for dialing in today and for your continued support of Viking Therapeutics. We look forward to speaking with you again soon. Thank you, and have a good afternoon. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
Speaker Change #123: Thanks.
Speaker Change #121: Well, with the target population, normally that's pretty well defined by the guidance. It's a BMI of at least 30 or at least 27 with one...
Speaker Change #121: with at least one weight-related comorbidity. And then in the second study, it's generally overweight people with type 2 diabetes. So those would be the, you know, broadly speaking, the target populations for the phase 3 program.
Speaker Change #124: Okay, great. That's very helpful. I appreciate that.
Speaker Change #124: This concludes our question and answer session. I would like to turn the conference back over to Stephanie Diaz for any closing remarks.
Stephanie Diaz: Thank you all for dialing in today and for your continued support of Viking Therapeutics. We look forward to speaking again soon. Thank you and have a good afternoon.
Speaker Change #125: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.