Viking Therapeutics (VKTX) 29 Jul 202020 Q2 Earnings call transcript

Welcome to the Viking Therapeutic 2020 Second Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode.

Following management’s prepared remarks, we will hold a Q&A session. [Operator Instructions] As a reminder, this conference call is being recorded today, July 29, 2020. I would now like to turn the conference over to Viking’s Manager of Investor Relations, Stephanie Diaz. Stephanie. ahead, go Please

you participating thank today’s all and in for call. Hello

Viking’s today President CEO; is me President of Brian Vice Joining Senior Lian, and Zante, and Finance. Greg

these could this caution we made company, contain will you which from obligation company’s of his initial any of all XXXX, within differ the to number statements matters. comments Before concerning like and undertakes of revise statements today, to assumptions, to other now involve Brian? meaning no comments. uncertainties. the and Securities Act I’ll and the over I’d made XX, today. Brian company a turn begin, forward-looking Actual Exchange during risks, the Securities Lian or update conference the these XXXX, call Commission the filings of call to July for statement beliefs results that with the encourage and concerning I review of current the

Thanks, we’ll ongoing I’ll the Stephanie, XB XXXX as and thanks update operations. VOYAGE by well our second and related reviewing pipeline as and an status on financial the to of provide study. phone. programs of quarter results, developments an by on our our or webcast progress overview recent begin to of everyone listening trial Today, Phase

XXXX. trial with a first this provide confirmed few the steatohepatitis currently anticipate VOYAGE this enrollment despite compared biopsy and sites patients receptor non-alcoholic more evaluating reporting for in in disruptions trial We VKXXXX our color two is agonists, and small I’ll fibrosis. study the half with As on months in fewer enrollment, ago. of are in and reminder, of are screening more open in the continues minutes. sites a beta molecule patient thyroid completion operational ongoing hormone and today pandemic Enrollment

molecule a second beta During treatment for great which with thyroid adrenoleukodystrophy. as developing we X-linked potential small the also made we’re our progress VKXXXX, receptor quarter, agonist,

We filed recently on following FDA of an first results. these studies we initiate the that second review our financial human report to to detail in we the to provide activities molecule. after quarter development the studies IND pleased additional We’re plan with initiate important our I’ll this IND. clearance of

the Finance. turn Vice Zante, I’ll Greg Viking’s that, Senior over President call to Greg? For of

In for second Brian. my first to financial we conjunction recommend and June six additional and details. Exchange participants with today like Securities Form with to that quarter will the the XX-Q Thanks, Viking’s for expect I’d comments, later to ended the which results second over Commission, file refer go our over results. months will I I XXXX. now quarter go for XX, filing

June benefits, Our increased for the XXXX manufacturing studies, to development to clinical and related ended months increase $X.X million, salaries our expenses and the was to our for The related stock-based expenses primarily research drug studies compared third-party XX, preclinical by compensation, due by same period $X.X three for to and XXXX. partially in consultants. offset and provided candidates, were expenses decreased million services

$X.X to the related legal administrative by were travel. and consultants primarily compared in expenses and services insurance The partially was expenses same XXXX. three for increased increase XX, months to June $X.X for expenses, related million Our by XXXX third-party general provided ended million, decreased compensation, stock-based expenses the expenses offset to and period due to

the months $X.XX The due to reported was the ended second research noted for quarter as XXXX interest of in quarter rates XXXX. For throughout first $X.XX net the per previously, expenses and well as the XXXX. XXXX. during prevailing compared our XX, a income million the million administrative June of share, in the of and of go $X.X the second to period I’ll as June a to ended decreased three share Viking now share per XXXX, development corresponding loss months of and interest for the increase net over loss of primarily and or net loss results months $X.X net or in compared due loss per XX, XXXX, to three increases interest in rates general decline six

Our decreased research salaries June expenses expenses benefits increase to XXXX. for increased months studies, same expenses and $XX.X were the XX, clinical ended partially primarily million, offset the period candidates, $XX.X million to studies. in compensation, services and for drug due by stock-based six third-party compared to preclinical provided development The XXXX and consultants related related manufacturing for our to and by was

XX, the by for expenses to administrative third-party million $X.X partially insurance period professional travel. decreased services due increase June primarily same increased expenses consultants, legal was the related and $X.X to and million, stock-based to six ended The were and in expenses expenses, provided months general XXXX compensation, related Our expenses by offset for compared to fees XXXX.

loss six XXXX, XXXX, XXXX. or as XX, Viking half to was of research income due the loss decline compared prevailing months share, general share well interest a the compared in as for $XX.X loss throughout the expenses rates and of XXXX increase during increases to the the $XX.X rates ended in administrative XX, June $X.XX $X.XX development of net noted half primarily to the million in period ended net six of in as due million and to decrease share first net corresponding XXXX. and or the and For per The interest months previously, per reported interest a net per first June in loss

concludes $XXX now turn to Brian. short-term cash, cash common Turning review to and Viking stock investments outstanding. over At and I’ll balance sheet. my the call shares the XXXX had June financial This of back XX, totaling XX,XXX,XXX million and held equivalents

for recent Thanks, Greg. provide treatment I’ll now with of on NASH. our beginning our the update an VKXXXX development lead program, activities,

receptor in of as disorders, suggesting VKXXXX is small hormone range as orally beta subtype, including selectivity As therapeutic agonists tissue, molecule the NASH. the thyroid potential possesses receptor reminder, available liver metabolic of a an that promising for well a

content, a cholesterol, meeting patients efficacy in in statistically triglycerides, disease, and discussed, also trial X reductions. liver secondary in as improvements previously fat liver reductions as B produced measures well we hypercholesterolemia Phase XX-week non-alcoholic exploratory with in significant and fatty As (a) other evaluating significant LDL as with efficacy resulted plasma lipoprotein study’s in apolipoprotein and VKXXXX the endpoints. lipids treatment primary such On VKXXXX

from Study Liver the receiving Diseases possess Importantly, of with initial events study an profile, reported placebo. to or serious The VKXXXX VKXXXX the Association meeting highlighted AASLD in among safety the showed study at adverse of and tolerability the data encouraging annual were for patients no this or XXXX. American

at milligrams the at X Conference International daily were in the XXXX. Additional or data, dose of including presented Liver efficacy EASL low

data indicated upcoming have we further will occur VKXXXX results on EASL XXth oral from view, differentiating Friday, will landscape. current In NASH for at the to suggests through in As August the this that presentation our XXth. held VKXXXX be study August thus a possesses several selected development which on format meeting, The presentation our XXXX obtained virtual from last call, far XXth. quarterly characteristics relative August been the

believe development safety of with NASH. combined for today. it liver observed programs measures promise mode In improvement in the addition to targeted place encouraging suggests broader histologic The and of most landscape potent patients compounds tolerability in action among on for VKXXXX’s to and to-date, route other the cardiometabolic additional promising in NASH administration, lipid liver oral the suggest benefits fat, which potential efficacy features, reductions we

endpoint fibrosis. Given study controlled multicenter and in five Phase the biopsy and daily, placebo of the daily, XX additional eligible study, other population NASH baseline treatment encouraging The patients milligrams Xb with efficacy, up we’ve XX% This primary patients targeting every confirmed the designed as with X randomized, arms, safety X VOYAGE findings day as is last day, week the possess efficacy safety trial in well other milligrams study assess placebo. initiated VKXXXX FX enrollment. as from year receiving The subjects evaluate of is approximately liver and content, to enrollment magnetic the of compared VKXXXX, NASH. proton the XX-week with treated fibrosis. resonance evaluate imaging, including in includes will called as which blind, the across for patients XX-week a change FX to we must study the FX to VKXXXX assessed subjects risk placebo. target X density be the and XX factors Phase to by in from to double fraction with The tolerability every XXX of milligram relative fibrosis, FX fat of and X.X to patients fat setting milligrams study study

after objectives assessed changes evaluation include by weeks therapy. XX of Secondary hepatic histologic biopsy of

later We we sites remain are patients the outside and in in United currently on track open to study U.S. this this quarter. enrolling the States

site indicated pandemic. pause we study monitor activities restrictions in in reported Coronavirus last comment put or our continue we’re plan reiterate update, place to sites update, pandemic. from context we trial activities the the important quarterly enrollment closely sites our required last ongoing Since execution. of of To continued we update, last to the in to in that our have loosen for never an we defer in encouraged that many to earlier our any this the As

virtual months. sites in-person of and site months We for prior in engagement the -- further and more than anticipate coming payment in open activities patient expansion have today

treatment forward now year, further sites, exceeded continue of we will that over window sites outside the to this dosing later track endpoints third study enable efficacy we quarters, evaluation to we’re globally. respect in XX VKXXXX the report XX-week fourth has sites to addition, of and expansion and In to of in that pleased and U.S. safety in both the With plan open clinical histologic this look on NASH. remain target on months and completion the the six

anticipate Like now the to on VKXXXX small first available hormone of beta is we’ve our possesses for that previously molecule VKXXXX receptor thyroid provide agonist completion we VKXXXX, I next receptor like in indicated, program. enrollment the year. half orally would an As in selectivity of an subtype. continue VOYAGE update

produces is for disease and plasma therapeutic toxicities ABCDX. disease are treatment or potential in for is an encouraging This chain the X-ALD tissue. play findings in both in degenerative We’re a defect believed suggest long and are because as to a plasma the characteristic the treatment VKXXXX defect target levels it very in fatty IND neuromuscular fatty move potential The to chain are can demonstrated result receptor is by the have in a of Data important The thyroid which from caused X-ALD we and long treatment with pleased pharmacologic is eager benefit development and program. developing that X-ALD VKXXXX transporter which very To in no clinic. that important reduction acid tissue increase filed motor VKXXXX These acids metabolism. X-linked initiate for that for a in very we’re models serious of we role an report fatty in the this to potential intervention adrenoleukodystrophy believed end, into this cerebral of chain neuron to called long to acids, recently disease. proximal to clinical beta VKXXXX vivo the X-ALD. of contribute exists. setting

Following in patients with first IND, followed human clearance of the be to we a by initiate initiation X-ALD. to in the study plan VKXXXX, of of studies proof-of-concept

details We more will study on trial initiation. design upon provide

our we VKXXXX maintain continue to manage VKXXXX, a advanced cash position. strong As financial we resources both and and carefully

the believe clinical $XXX stated the sufficient key continue with future. which second a achieve we the make NASH With milestones increased runway the conclusion, drive fibrosis, expect our number Phase VKXXXX VKXXXX VKXXXX are to progress and VOYAGE to in that coming open to both Greg earlier, million evaluating months. trial and with we in actively forward quarter adding of respect with provide As currently our in number patients new and exciting enrolling both outside within will of In look we cash, and value we’ve that to the creation sites confirmed sites the biopsy approximately we Xb will programs. in and ended U.S.

third completion anticipate the and passed treatment treat we adrenoleukodystrophy, X-linked continue report milestone trial an subjects half enrollment quarter. We first VKXXXX of for respect this for XX-week We’re for filed we to and we XXXX. expect the that also the the IND six-month initiate the program dosing to of of to in clinical duration. plan With in currently to recently happy development

concludes to resources our critical advance quarter, our the have second through we cash This ensure carefully call for today. us open the continued again that our to comments manage programs joining for we to Thanks key the for optimally during and we’ll questions. now prepared Operator? milestones. the Finally,

excuse Lee, question SunTrust. Please go -- Joon [Operator Instructions] The first from me, John comes ahead. of

Brian, questions. you’re you my threshold that taking and the now for I your thanks passed beyond and patients? going did in study, hear afternoon VOYAGE Good in Hi. treating six-month correctly that have

Yes. That’s correct. Joon. Hi,

Great.

-- much puts pre -- that rest. at that put the So, pretty question

other your they to great then, disciplining all not the last I hear. that a question the VKXXXX? that That’s benefit changed peer month, and is, plans Okay. CRL when -- or Intercept development company believe had the we’ve have approval. And What what received stated one did that of -- if at this, are your and for does CRL on thoughts FDA justified risk how developed come

on Thanks, question CRL with discussions It’s may nature not have Joon. complicated of and have of FDA. Yeah. a the or had the or really insight a don’t Intercept I the any lot may

unchanged. are As our far our as plans, plans

Phase study with registration And X complete We’re VOYAGE the data plan guidance going is unchanged and and outs those for endpoints. the currently, the trial. read to then

strategy not main now. look focus we altering our all. study. completing forward That’s So the right to We VOYAGE at are the

if profile of as In at nearly it review compare what with VKXXXX if down conviction -- and the line? won’t concerned that your can your VKXXXX as -- look you OCA, this as process to that view, look you to comes you as a when you source be of point the

apples a different They to B there Well, did longer study. Yeah. with bit it’s larger -- It’s acid. little are folic oranges. a mechanism a

on a now focused Xb We’re study. Phase

and registration We’re they’re months. mechanisms. tough looking different the make because as But at just endpoints both different comparison at that molecules XX targeting to receptors just it’s endpoints secondary different

report the is, last be should the when next we Yeah. data additional EASL at you question on? what then month, And focusing Understand.

from higher with baseline and then from patients of report data visits that the We’ll also we’ll thing. of higher the LT, data that XX-week Yeah. of in study report sort some patients, BMI, subsets

data So an set. it’s I think interesting

we -- presenting forward look to it’s So it.

Great.

thanks and to Looking congrats it and much. forward so

a lot, Joon. Thanks

from Markets. question next ahead. Morabito go comes Please Capital Chardan Michael The of

ex-U.S. the Hi, plan any more guys. detail Thanks to you for the taking go was into wondering if open. on I questions. you could that sites

You the said be globally? finished? be those of mix about time the and how once of ex-U.S. versus what sites will XX you think many by said patients of is you the do non-U.S. the Do all U.S. know done, and versus in U.S. will study

Yeah. And The potentially to moving tranche around one, should about to that’s to we’ll sort maybe we XX. of had to of mix one, the there, well. be but originally targeted at mix to broad closer closer ex-U.S. at three to XX least, ex-U.S. up one. but and But primarily be three four U.S., as least little that a

you when you in sites, And so has patients equal in U.S. the arms the ex-U.S. study? all five be of to relatively the do expect enroll ex-U.S. versus

it the regard. will are well sites I yeah, would they study. the the -- obviously so. But, study. have Well, -- patients more a expect more randomized U.S. U.S. in they’re that in should from balanced be It’s

Okay.

do of with competitors your run of an some hinted -- some to seen And there’s endpoint Phase that would weeks data at trial based on able trials a that be you of that may XX-week data, that chance they than have you a less from think their be to you’ve any X? registrational will that run shorter be able to-date, the XX than

it’s a I we So question. know. good don’t --

haven’t data XX longer weeks. We than generated any

the have only therapy. We of The from data patients follow-up received weeks XX the visits. XX-week

data it’s XX-month So, hard we that answer just right to now. we’ll have in our once determination make hand. But

the for taking Thanks Okay. question.

Thanks, Michael.

Matt The Capital. next go BMO question Luchini ahead. comes from Please of

thanks and Hi. on Good progress. congrats afternoon my taking and for the question

how perspective, you’re -- enrollment So from optimistic an progressing. it on things are VOYAGE pretty sounds like enrollment

terms the it a actually pulling a enrollment Can mark. still wondering, side of Thank continuation continue secondarily good appreciate given then side? more did last guidance more that through is and we pass point saw it while it And is patients sort quarter? of on U.S. commentary gating And news no FDA actually we maybe you. the on the that factor VOYAGE come month comment, dosing somewhat is just was move back six ex-U.S. just your or news bless you so, or off of to the I that in a I’m it’s

Thanks Yeah. Matt.

in on tox FDA second the we and was requested that reached at we question, threshold. was So months. XX-week check cleared requirement six six-month submit never trial any with timeframe at trial data to was to proceed some our were the there The a that before subject any XX-month that

U.S. there for onboard. receive So there enrollment each the enrollment, never model time sites check the With FDA. respect We those ex-U.S. didn’t or to wasn’t out didn’t of sites any anything get expect one. assumptions modeling and sort we one one have in of it for completion it of a And we outlined encompasses and in there. the or, from do the a okay, to was We that then enrollment from us.

combination So be of the come both they’re U.S. to U.S. and today. and that’s of ex-U.S., but it’s least contribution our a from both going expectation at patients will important contributors,

given PDFF say? to terms half end Okay. we a it still do initial first data, closer is think of the to all early it’s the And expecting too in should you that, that really or of second tail or event half of the just be say

I think early to it’s say.

it report say. we it, it’s as but soon early We will to as have

narrow window to narrow there clinical have lot that the broad environment. a and reflects current some uncertainty pretty we’re don’t of that think in But today. in We I down the -- going

Understood.

would Just for thought taking ask. I Thanks the questions.

Matt. Thanks,

from Raymond Seedhouse comes James. of Steve ahead. go next The Please question

you. Thank Hi.

the phenotype obviously on in on looking will wondering and very I’m you’ve activation well long is if function long curious we something one selection drug you’ve the on. shown Thanks. of macrophages influence mechanism chain VKXXXX much of a -- few out fatty know clinical optimize that? And the with particularly effect the about I’m is pathology the because looked on at about clinic first influence and at acids, program. immune congrats cerebral and they may times hash that, actually maybe that highlighted is you’ve you look in disease, it how driver to the mechanism X-ALD, key just just a question thyroid in or on of response. off, the if there the macrophages and Just improve, also hormone understanding as addition macrophage patient heading at chain cell I for My signaling the very and that guess and fatty is this acids. upcoming like trial towards which

transport Yeah. mechanism The Thanks, And really discarded. they’re fatty the gap on to a it And long and where receptor to does into regulatory chain the serve them effect Steve. by ABCDX. expression of tied is thyroid that known transporter for fills beta sort is very the proximal metabolized on called having brings of the non-functional transporter as it a a acids is left that’s process ABCDX. what

All the ABCDX, that of mutations in renders gene non-functional. these suffer patients for which from transporter

so vivo shown ABCDX, in seen and very from fatty models. in in long which result And should in in we’ve reduction what a the regulating we’ve patients, that’s chain acids fibroblasts

We haven’t looked at effects. the inflammatory signaling

expanding subsets initial I the but focus important target it the And -- we a show will cerebral here think would at cases, the there, really be the benefit AMN of side. is it likely into if initial the that an way is adult we way question, look we more consider then at we the can population. the the this look on

Okay.

clinic? I’ll That’s just, plan you molecules, the of in that. that Phase new walk ask helpful. X clinical maybe molecule through the initial if of and sort in that appreciate since with here just could volunteers more initially and Maybe a one I Okay. healthy is it’s the the

a we design. Yeah. it’s be Yeah. -- so Thanks. a -- It’s going call to it Yeah. stack a

study. once clean So dose look you two the your ascending then the into ascending safety-wise, start dose at single you that dose study the started. begin dose cohort or the portion that And lowest single things if multiple-ascending

the AMN. multiple-ascending read the be because some will would in which got later portion the obviously study with have to data will of with the then single few one doses And get the for come those what portion when we ascending so look first. study, like we is XX-day select the dose will target cohorts patients dose, XX-day second And on through there study. patients we’ve a And

Thanks Brain. appreciate it. Terrific. I

Steve. Thanks,

comes ahead. of question Jay Please go next from The Olson Oppenheimer.

for versus X-ALD? differences versus what into add those clinic. VKXXXX. the I’ll Thanks moving differences my and are you in Hey. the VKXXXX just remind did VKXXXX, congrats determine clinical that Oh! to development programs how follow-up taking us respective Maybe Can the to profiles PKPD you questions. between lead the the NASH to key for

Thanks Jay. Yeah.

Cmax the there VKXXXX are different pattern substitution chemical selective beta So has half-life higher in also in has the anyway on better And the rings shorter a different structures, which VKXXXX. aromatic animals it receptor. is is and

the it’s a them So always the in it profile run side. NASH. does That at that, on we When side-by-side it’s which model, early in VKXXXX different looks pretty seemed than also said, a -- just and X-ALD. We better to it the perform very well for do common knockout just is got animal together model X-ALD, data work ABCDX studies looked PD NASH. in the when effective we VKXXXX for

NASH. it to So VKXXXX we sense speed already for and full there make had in seemed more

X-ALD. led to So pursue the that’s to decision what

maybe you. a study can expect you you X-ALD registrational Thank That’s proof-of-concept on what then Great. very when for and And helpful. timing X-ALD? comment in endpoints to are Okay. the of initiate the

Yeah.

fatty And the data half hopefully and But available, XX but difficult studies yet. the data to hope endpoints upcoming first be certainly have So it’s dose single function. time We I to the data yet in registrational that just The focus XXXX have FDA from likely approved determine some and with in to approved to-date. that changes XXXX. hard expect have the started proof-of-concept no in to of the will there’s clinical be We’ll long at very in haven’t very would endpoint multiple-ascending the sometime we’ll -- we discussion look we no work. at chain would But therapeutic when hand. on once days. acids sometime since

the taking Okay. Great. for again Thanks questions.

Jay. Thanks,

question next from The Please Yale ahead. & go Jen of comes Laidlaw Company.

Good taking questions. the for afternoon thanks and

on terms talking the maybe study In more of -- the about next VKXXXX, in data? half of year healthy talk to able volunteers about the be PK the terms released, be of you first clinical would you the data in of as before follow-up

I say, would a data study. want to don’t action I started Yale, that be having the looks probably, have of think yeah, we today to like. Yeah. commit to the without reasonable some that profile would course pretty once I But, yet would talk about what

Okay. or question talking Great. elaborate if bit in were here, And you then hear maybe clinical just on yet -- could lower I a correctly some more the misheard? that which one that more meeting I little dose, just about you

No. lower anything We’ll placebo out the -- as all like separate well. and or The well, cohorts then doses doses, at the X three Oh! we yeah, two that. mg and XX the didn’t look mg the

Okay. Great.

congrats smoothly. forward Thanks moving again and things Okay.

Yale. lot, a Thanks

ahead. Henry go Scott Capital. from ROTH Please comes question of next The

you you Thank -- in noticing noticing maybe are noting I good at just changes if curious nothing all, different guess, any afternoon. dropout or anything and VOYAGE you’re the first trial, COVID-XX there? given rate

visits. clinic loosening do FDA phone when We drug from someone’s we can of to otherwise interesting house. were can ship kind criteria that the the Yeah. haven’t visits of allowed But that. like expected. of had been issues would accommodations answer make to that -- any That’s the is in a really they you of But may operating some part maybe And general we you have some no. The question.

just a bit and remain the fortunate. make that a So for But, easier we it lot that is atypical were of in to might study. patients stuff little yeah,

or seen yet. dropouts anything haven’t surgeon just any We

flat to this just throughout we certainly half? higher QX increase on model, And trajectory Okay. about R&D the the that come to year. as just the Should then I general, sites OUS QX that volume start see line? over thinking and in perhaps was Great. just to pretty shifting mean, second

will here. over I Greg that pass to

Scott. Yeah. Hey,

We I think, the last we I versus first XX% little in versus for OpEx the think. here think, half it XX% the year. tick-up half, be a I had the would second commented, bit call should up last at year wise that to

it a little half. But could tick-up think versus think in relative half -- it I I first be will than that. the the less second bit

a just And on loss, what’s on in could -- know since got driving those bounce the adjustments other I in around, on don’t to Great. the comprehensive all what’s you number case? you me the going of seems tell that really Okay. if line, I briefly, just valuation going gain that

Yeah. It’s of we and a in have. that just churn activity lot really the investments

lot a going so what’s been that’s there. in that activity area, it’s So on really of

taking you for Great. Thank the Okay. question.

Thanks Scott.

Hsieh comes Please question of The next from Blair. Andy William go ahead.

Thanks Great. healthy. Oh! staying for is and doing questions. well taking everybody Hope my

I’ve a So VKXXXX. follow up on

X-ALD expect that in study, the that generalizability potentially could AD/ME PK/PD X-ALD healthy kind significant of portion initial X us terms volunteers healthy Do patients data terms of of gather? educate between you in So limit or terms sort of Phase the [ph] the first you volunteers, differences maybe any and with on patients in of the of of metabolism. their

question. interesting Yeah. Thanks, Andy. It really

metabolism notable but in changes. PK for there don’t any far we’ll changes with significant population and we differences in So studies and see. to been I dramatic wouldn’t the healthies, reported haven’t just expect be in versus any there VKXXXX, fibrates, I expect in any example don’t or with wait statins -- patient

predictive be volunteer population, somewhat So the the have patient we for think would healthy determine to the data that. to really do we study would that but

from you guess, combination even And about curious in a data there Okay. preclinical research maybe in on in of -- was doing space, I quarter, your developments kind are the you with that the space. things combining FGFXX just VKXXXX. just generated VKXXXX interested background, about so and one the for past NASH potentially mentioned insight. the I pipeline the of you’re in in rationale. remember lot new Thanks notable other question, One maybe one is

curious where about in you So that process? just are

and question. for thanks the Yeah

have nicely that We mechanisms activation might of looked on and work beta with that we different at well combinations play think very compliment elements thyroid are NASH, VKXXXX. there and some

data. to any interest those an of But comes us But on we today some of the I’ll work. We not the of I haven’t think say. report we’re area though in will to position comments just time It is make data. any reported when that

Okay. Fair progress. all enough. congratulations Great. Well, Good for luck. thanks the and the taking on questions

a lot, Thanks Yeah. Andy.

next from BTIG. The Please ahead. comes Instructions] go [Operator of Julian Harrison question

for and my study the here. Thanks Hi. taking congrats progress on question

one me. Just for

for ahead looks year. next Looking VOYAGE, track for on XX-week readout at your which

possibly be that VKXXXX Beyond and Thanks. we get to is Pro-CX glimpse activity steatosis? limited readout of potential like biomarkers MRI-PDFF, anti-fibrotic or can a going most ELF to just of to likely

is plan it to Thanks to the Right focus on of Yeah. But now and really to the thanks endpoint be think in comes at that the for the We timeframe. have Julian. But I if MRI. at focus what right XX-week the would But look decide think study. most we’ll other least now But at interesting when question. data we share, do for communicate. things that’s primary the the important the MRI-PDFF that. we’ll

Got it. much. Thanks very

Thanks.

next from Please The you. next -- with Mamtani go question ahead. comes Mayank B.Riley FBR. thank The

questions taking progress. and the on congrats for my Thanks

Just have quick questions data quick a on two I question. then VOYAGE and

don’t mean start [inaudible] liver not overwhelming back So but your Any correlating fat given have pivotal? wait comments your on after there evidence, also histology, with that? I and is you just -- a just and for taking the on NGM. scenario we PDFF, of a for a step now histology planning really

Phase begin sort for sizing, the about as dosing have the X is magnitude want our would identify think of to that Well, planning data and start we once soon actually that effect, thing. have that But of the as to plan. Yeah. we we to

the given a the But can’t long-term too part to guidance data So data do that requires plan available. X. of much we histology once Phase -- XX-week are prior certainly that’s you the

on Phase to data definitely year. into planning we’ll So to part X. of next those going groundwork an prior collect is need But laying for important that our

Got it. the proportion VOYAGE? in sites, what sites how south And then are on many site, of for the

West the We’ve question. a a -- lot of We me. It’s that have That’s layout I fair Yeah. portion. have do have got good proportion Coast. do lot in a of not a front have in I just in the me. on front I the Midwest. don’t

mid-Atlantic have sort some the in We region. of

So total. a XX we’ve to got is the -- plan have

these think the states contraction and site to availabilities. interesting what’s And we resurgences, do appear of is seen so haven’t there be where in even I rapid

on if for But, live a study But were, they available just for open the sorry, think I in don’t have in number. I far a more in -- the contraction say, signup is up willingness sites than to have Houston, show more March newer timeframe. patient’s been NASH to the they the hotspots example. at of these some and

think sites though. diversified well are So I the pretty that geographically

then on about then to the Got color my comment the the it. that, declines question, it treatment data, you think any as could fairly going Anything off the you’d is on on saw you that? with beyond specific, anything any that be with ALT also just And last drug? what or docs would consistent be on preclinical filed there was you liver comment anything work, the on you that intestine And that comment findings the could cardiac helpful? corresponding, the

Sure.

months the XX detailed there nothing with lot of and full datasets, margins there. with notes highlight was comfortable analysis to which And profile, the the been always of tissue we all obviously, included So submitted we’ve comfortable of types. a really

Yes, there. So to know. question, lot of the With I other don’t your respect XX-week not day, add yeah. oh, to color there a is

don’t much liver but, have have subpopulations into well. yes, are, the to of data, the some markers, fat data date a all we’ll So what of markers different on at number we’ll that. get as I want the looks XX-week too

data. to look question forward Okay. and Great. Thanks for taking my that

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continued again months. the look in you and again coming you updating support We for Thank Viking Therapeutics. forward of participation to

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