Viking Therapeutics (VKTX) 28 Oct 202020 Q3 Earnings call transcript

Welcome to the Viking Therapeutics 2020 Third 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 call is being recorded today, October 28, 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

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

to the thyroid as our an beta of and recent everyone financial will receptor programs well our as Thanks, overview an I Stephanie and VKXXXX. on with developments results, update progress listening program, begin third an operations. by and webcast phone. update lead we provide on pipeline thanks quarter will Today, our with or agonist on hormone

in confirmed steatohepatitis and non-alcoholic quarter, During Phase Xb the continued we enrollment biopsy third VOYAGE fibrosis. of our patients study in

our were U.S. As of sites the the end clinical of of for majority patient the open quarter, enrollment.

impact coronavirus-related site disruptions operations. So, continue to

safety, to we healthy of quarter, of we the the by a beta second respect trial of announced and development. in VKXXXX, hormone are initiation September, In our receptor of advancing pharmacokinetic we this U.S. subjects. the during internationally clinical to completion VKXXXX number currently milestone thyroid agonist, a evaluate of in compound sites tolerability X enrollment profile of continue the in half and to XXXX. expanding first into clinical We in and the With Phase the significant process the third expect achieved

we patients to a study, completion in plan initiate X-linked Xb adrenoleukodystrophy. this study Phase Following of with

to on excited X-ALD suffering review third are activities detail approved currently will additional our important as quarter patients We financial program we therapeutic development advancing options. have provide our after results. with be I no this

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

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

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

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

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

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

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

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

I held XX, September totaling as of at million concludes million and investments $XXX.X and sheet, to turn cash, now This December back to cash XX, my financial will XXXX. balance call review the XXXX, Brian. compared $XXX.X equivalents short-term Viking the to Turning over

disorders of update VKXXXX thyroid fibrosis. with Thanks, agonist beginning of Clinical as program, VKXXXX that of the the have molecule demonstrated receptor orally potency, including Greg. I receptor tissue, lead in has now the an metabolic available liver to-date selectivity, small benefits data on for that our that VKXXXX treatment development NASH. may compelling NASH profile and an selectivity recent tolerability possesses a well provide safety our will for hormone activities, subtype. beta and as range is provide

Our stems of On Phase well as B with the triglycerides, other content part non-alcoholic such our in objectives. VKXXXX in trial and measures the completed statistically in achieving also hypercholesterolemia. liver results These VKXXXX liver apolipoprotein significant in from this reductions. evaluating lipoprotein lipids, study’s A, XX-week and demonstrated disease efficacy fat patients significant as resulted as LDL fatty cholesterol, improvements main enthusiasm plasma X exploratory treatment experienced reductions program previously in receiving for data that

any maintained in among significant reported a or durable, fat were the EASL. Liver reported this demonstrated period third patients receiving X International achieved in oral or completion content at the results week the without The study. serious newly treatment follow-up were adverse presented weeks data these quarter, additional VKXXXX Importantly, Conference, being trial that statistically presentation in reductions VKXXXX an from events XX-week were data patients In of after with liver XX, that experienced at treated the placebo.

to week fat patients patients reduction placebo. at among maintained in a liver content VKXXXX Specifically, significant XX% XX% receiving a reduction compared statistically XX median treated

patients of dose or daily Week patients to treated of of Additionally, maintained content at than of relative X a VKXXXX equal VKXXXX XX% of XX. experiencing a Notably, receiving milligrams XX, reduction XX% fat maintained from greater defined the XXX% week response as liver response, baseline.

NASH or greater In week the the among overall new reductions underlying addition results subgroups factors, results, XX, in regardless of or these treatment study of efficacy compared and to above the promise index XX demonstrated including liver risk data this normal, ethnicity. Hispanic than in new a presence content findings durability hypertension VKXXXX receiving equal levels these of of study, ALT analyses VKXXXX support mass fibrosis. NASH as of common body fat and to durability of from baseline including high-risk significant of liver placebo, for patients the The to

these In a we believe the double-blind, to risk. multi-center important Phase lipids of indicate advantage VKXXXX elevations tolerability this up NASH as content trial of results, change trial proton assess to compared Based safety treated setting the with broad study efficacy, we assess baseline the in observed receiving This to lipid of benefits assessed known in may designed biopsy-confirmed lead on with arms. to The compared setting, to fat magnetic fibrosis, well cardiometabolic from patients as measures is as that addition, in subjects last FX targeting with efficacy Xb mechanisms will cardiovascular an NASH. increase fibrosis. endpoint group initiated fraction week year, may subjects randomized, on approximately positive key in XX%, VKXXXXX the and placebo-controlled XXX the liver study imaging is VOYAGE Phase patients evaluate X the fibrosis. to resonance called to Primary as in placebo. XX The and of enrollment FX as five across and includes with FX VKXXXX study target treatment in density patients fat by population to

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

The sites During sites patients despite open the open to our headwinds enroll U.S. are imminently. in created continued the COVID we of the and the quarter, expect majority we to for by ex-U.S. pandemic. U.S. enrollment

sites plan In ultimately for XX globally. a sites enlist add plan over we further enrollment to addition, with to

molecule in measures receptor, thyroid is adrenoleukodystrophy, for an in We for of improvement thyroid vitro studies, of during to first hormone the or hormone turn expect to now receptor potential VKXXXX, was our possesses to half second X-ALD. program, in potently selectivity in only preclinical VKXXXX available shown VKXXXX, will treatment the beta benefit leading to small VOYAGE like activate I X-ALD. In subtype. that agonist suggest XXXX. receptor that complete X-linked VKXXXX, several enrollment the clinical potential beta

of durable initiation have been both long multiple a findings, objectives the Additional treatment by The VKXXXX orphan double-blind, safety quarter, very sending of include reduction dose as a of the initiate the continue of in strong to designation of a to of Phase and financial carefully it acids programs, data in in XB the in of tissue. these this expect X-ALD. VKXXXX. important with tolerability maintain X-ALD. XXXX. oral FDA is plasma In clinical trial, X vivo multiple patients significant and randomized, the and from single important of further the multiple has as of volunteers. a and VKXXXX VKXXXX in and the study In doses. administration of Investigators assess will of study ascending part identification the that single-ascending the to produces and is successful development third as trial setting study dose single of of following doses VKXXXX, to Upon of the for we half manage begin we demonstrated a ongoing for in we resources. first chain our first-in-human plan Phase With the fatty drug and also placebo-controlled, currently oral This announced two study result study the VKXXXX evaluation of granted completion position pharmacokinetics primary clinical well X-ALD. doses We of healthy studies cash

the was stated VKXXXX execution balance focus are in provides ended majority continued open this in we $XXX we additional Greg Xb the third the well clinical months. cash for milestones. the and the In planned as Phase additional the ongoing sites runway the clinical patients complete fibrosis, on of million with clinical programs. in NASH As VOYAGE to the In both sites enrollment and with believe our number of conclusion, evaluating our our trials financial approximately during to as two third of coming open primary in plan quarter we and trial discussion, XX-week quarter required our

quarter We were for important we program adrenoleukodystrophy, the move pleased respect clinic. first to VKXXXX the into in very in half this to With XXXX. expect complete to third X-linked enrollment the of

for X of plan half currently the trials executing study in single XXXX. support as in multiple patients study a a are dose and of key with Phase ascending these To joining We other for Operator? third to as initiate the prepared as Phase to concludes well X-ALD call ascending Xb objectives, today. continue questions. judiciously remains and will for quarter. number of end a our of strong first at us million the the open Thanks and $XXX cash now we manage we comments This our balance, again which

from Lee Thank go you. from ahead. Securities. [Operator Our Instructions] Please Joon first question comes Truist

factoring on placebo – Brian. a into ALTs fat EASL, are updates the whereas enrolling I that am I which for was higher guess study? ALT baseline specifically higher that second Was group. saw with that durability in the patients question. patients data the you were question Thanks this based in VOYAGE in stratification frequency to question around Xb the more at effects data the Hi, of notable in – all weeks patients for additional or the that I is that robust you that saw your Phase and XX is the in you. development taking And have B durability suppressed the think all it you in for change my on going the earlier Phase VOYAGE? you at given of that line taking in elevated effects more this how presented you the might does and liver terms Thank the dosing? reduction the with plans the ALT demographics of baseline thanks powering strategize

Joon. Thanks Hey, questions. the for

factors, consistent in ALT, wasn’t fat fat, – so glucose question? another and as look be changes much that seemed that typical the as difference XX-week hypertension As NASH at, higher for study. it looked And just we as And We phenotype was didn’t there well the you didn’t overall were baseline on but for that second well, at all that our very BMI, anything. as at assumptions. could histologic or far second the to across just of XX-week powering we was We I any powering use in what liver looking study, that so might about think your identify pretty change those assumptions when your subgroups baseline baseline in represent as powering really efficacy. subset liver that there we we slide interesting every risk question, for had far the thought assessments

Durability.

we finding. Yes, the or X changes. pretty our it’s doesn’t plans, Durability. understanding data that’s a just think for kinetics It into of useful interesting, liver no, that fat scientific feed future interesting Phase development dosing, anything. it indicates necessarily really change a pursue but strategy thing, type might that intermittent be able need It sustained don’t really is it an you didn’t but of to you

the durability good on the be to based mechanism there of expected initial We the and robustness signal.

Thank you.

Joon. Thanks,

Archila from The Derek from Stifel. ahead. next Please go question comes

congrats and for and thanks questions. my guys Hey, on taking the progress

Just from us. two

still of half kind and right I Just XXXX. enrollment saying thoughts guiding know the on to now, first the completing recruitment of you are by

want regulatory have some I how are the going think to we where your in sense with comments the I of I Phase conversations of kind just did data just open and potentially – having some take Thanks. seem a they end of timeline sometime just we see your on Xb to in the X-linked challenges enrollment? does So much what get think adrenoleukodystrophy are into competitors more with site? of some then of worsening kind we want get to like from that. your of effect to for where your and could So sense COVID conditions you the in second that the and And towards XXXX? a give pathway that study us reg of looks EU,

thanks, Derek. Yes,

the in as challenges. Phase understate the Xb enrollment don’t far I the As want to study,

are time with It’s a we it like didn’t sound super having I really difficult. it. really, make to so And mean easy

in site pretty still this first maintaining plan And for get in thing, the I things And open to looking the of have half We the registration on know possible to think look country. the we for back talk FDA study. April, the won’t functionally in we registration more we through the very in we not have we it’s of endpoints I right that the everybody, very complete then the the that if and we at we could into when operations very, very, compared they parts at As but think enrollment there and surges statewide and ‘XX well, it’s first of ongoing later certain the half year, and to sites, of then patients look still sort now would patient year, we the in if the half operations dose portion X-ALD, possible in don’t first individual change multiple difficult now. March but difficult next expecting the are the that oriented, difficult. hit until data in that path And as provided the psychologies biomarker site interesting go this but but to What’s we far steps we those more weighs the about in oriented, really earlier see pipeline, are would despite year. year. to the be don’t to are could screening I And of operations, expect sure saw next think lockdowns know we across like. it’s we be conversations. of certainly what can hope like we it’s but do XXXX board

Thanks progress. congrats and again Terrific. on the

Derek. Thanks,

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

Ryan obviously, publication? for data this for on Seedhouse. week Phase Hi, from presenting get is a you for having any want are a timeline update Brian, XX And just data year? to presenting guys I any the Steve additional planning potentially or Hey, this on study, Xa the

No, to ASLD XX-week we preparation We things now. of are a the right bigger do Most on Ryan. not study. anything the journals are in going prioritizing Thanks, at have manuscript have COVID

that do down bit, that has to maybe relatively in slowed submit it little term. So, near but process we a intend

to-date that think from publication. in presented could As data maybe that I be we no there, have to but everything far we additional the as more study, data, useful additional could pretty have some there plans present much

Brian. Thanks,

Thanks.

go question ahead. Luchini comes next Please from Mathew The BMO. from

the Thanks the for progress. questions guys. congrats taking and on Hi,

guess, couple to be first up. that opening a sites going on for are I just me. So, ex-U.S. the

opening than near-term when last last kind a those quarter like of on the little think this quarter. of just perhaps I to update more connected up we kind bit were

expect seems then And year? actually that sites if wondering the that the release? that just press a please end were should of medical comes Are data there that from how two. those would to you should it online to until bottlenecks secondarily prevented be those data, conference coming just XXXX it communicated when there some SAD/MAD Yes, out – we sort? enough on for on for the like of we So, expect be any holding

thanks, Sure. Matt. Hey,

due So submit of we items, come had online. have couple to yes, ex-U.S. on than been slower administrative hoped Primarily to documents. we sites, a had the those to

much planned. than we stuff. a hard how administrative I minor substantial major of we communication that in those that between of liaison a us here documents couple regulatory will more required pretty resubmission was document So, originally sites and And is could some typos it also agencies, correct that opening little I imminently. know, judge would to just regulatory of just there. with had kind really of timelines say, delayed had play don’t but COVID bit to those related timeline one But but we European slow a nothing be the our to for European It’s it’s

think So, we track I are there. on

really we a if I press try want in XXXX, conference later though. but interesting, to driven of to of depending good save a disclosure MAD As press might we we question year in what far on minimally release, VKXXXX we on and anything conference, or like, exciting the see I would and release, SAD but minimally, think be I that strategy, a the results something there the will say to hope what first on data, would data the for mean, to a that as those is half have look some might submit the but

I much. we I three we year. the Okay. thinking And two so the get thinking the expecting that, we should back guess can be and little just maybe Xb, perhaps bit the forward one, or quite has least up picked year expenses With flat now last a start with how operating as had last about to of quarter or one anything queue. into you numbers, as just loose of say, if on up been wondering And at been Thanks I Phase otherwise, both step so $XX. this had a quarters more then things could, will

bit to the here. trial Hey, but increase Matt. yes, we from do a them as flat, Greg, have expect little to here continues they continue think, been Yes, I along.

here. into So, read think think I up through nothing flatness I to to this going pick the will point, it forward continue

be estimates, And think the we going but on certainly try to pick it’s always to conservative up. I

for questions guys Okay, congrats great. Thanks and on progress. the the

Matt. Thanks,

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

trial Brian. for anything there test place excluding if COVID, know and is had anything place treat COVID would for is the kind question, in the of who protocol trial VOYAGE have in trial that do to just Hi, put want patients endpoints been have affected I a have by I a to the if patients any during that rationale place? positive into put constitute what for that for there you you like during

to We like treat no Yes, are COVID or the thanks, participate, longer a pneumonia no can from in of pneumonia completing sick Michael. then flu If from longer they from It’s would would you discontinue, situation. in that but that’s that gets or so different this great – treat context willing would question. them no no someone preclude specific the they injury participate study. some this different sort

those is injury nothing or COVID-specific withdrawal just treated that there as discontinuation to potential or another withdrawal. illness lead it’s procedures, might So in

potentially after the consider post-op Would tested in taking you have analysis positive that fact? Okay. stratify to a patients

there a I be look we think would how sure. number know patients the responded those could relative to that meaningful Yes, certainly at COVID-free but patients, don’t there, I

Okay, thank you.

Thanks.

from comes Bautz Zacks. question next The from ahead. David Please go

combined about we into heard good trial? moving talk X/X I other Hey, to a trial. compounds if their why could everyone. separate X go Brian, remind us you afternoon wondering with just Phase NASH was chose Phase companies instead instead of doing And a you Phase of X a have directly

published be good then biopsy planning calls And guidance a X, to the Phase had suggested might XX-month compelling got idea. have were you Well, of the for X we do to but that to wanted importantly propose we to when I originally as Phase guidance some on but biopsy calls certainly the prior not for and David. rationale X/X, we long-term sort said otherwise. Phase And unless a before, We thanks Yes, biological was a find XXX% was – organizations, that. a that no support consistent. have was single that’s didn’t well. plan. Maybe was other I think most not I that to experience. these our It It KOL could absolutely there exception think have different data

So, it do like feedback we a from we end wanted but sounds that I biopsy structure the real and called great no idea. it, to. day, have guidance proposed didn’t positive the of the to for had data the the at those who we

Okay. is in some And look patients? healthy see just is PK for there XXXX, and in I you other understand the a in you assay volunteers at into I or before if curious target individuals these am study you move drug are if hitting to that the biomarker could

David. question, good Yes,

and the evidence I engagement target come from to LDL cholesterol. think triglycerides will So changes

individuals We but most are of unclear very data, of long healthy that because long levels very acids. the at also low chain looking will some useful generate it’s chain have those fatty fatty acids, really

see that to at certainly be clear you there. by But and the think all I changes the will any engagement not and triglycerides. target change it’s answered So, that LDL looking would those are we

Okay, great. taking question. for the Thanks

David. Thanks,

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

you arms, Good am have doses, previous tested dose and the what provide you trying This study? you the just congrats more the lower that thanks will questions. get to is I the might Phase the Xa [ph] afternoon current is and to which of in expectations VOYAGE lower dose versus is what taking do or have be this trials higher for assumptions which for

thanks Hey, the for question.

those in Phase look of similar. saw XX or seemed doses, we it if so, us day Xb those other where they the the just all Xa, overlaps at data, with of So, milligram on that to fat. every dosing you pretty And the of higher as XX% the all the data, dose, were at reduction or look XX% Phase liver we totality that

so room that therapeutic likely to And had some exposures still benefit. felt we calm see we and down

identify to dose minimally we the of understand doses. dose, also the better to so some effective response, those and added lower And

the Certainly, And you the to so I not we to little a expect at that looked down there. But or out will will to reason all questionable reason more that a the efficacy was find the doses X you those that when coming doses indistinguishable when see in in doses. get fact would down just due the totality. doses spread it’s much see for the for the But, was certainly down, milligram of pretty study. in we higher the whether coming major effect think and

Maybe first half X you help would to Phase trials subsequent of yet? design this that to dose year, the and year how a RDR have least this just, at [indiscernible] option loading the trials I subsequently regard next next certainly dose let’s in maintain talked or mean, about the whether could that loading be think although we data of had contemplating with there whether data, say, we that

maintenance actually little VOYAGE an had as considered question. sort enough was. We dose loading study. It was it Trial interesting the it’s complicated. will be a of the difficult Yes, in dose just

a not design. decided to we So, implement sort of that

know I the that we think but I lower want would not benefit choose that, sure if at in like the from to something to is would we do X, we what that, looking am were doses. Phase histologic

at if high So, we about for a them reduction induce on liver you thought dose. weeks then starting somebody a lower robust a to dose XX transition fat to

pursue term talked something make idea. is we that longer But there call. to need that it’s to were generates low to some interesting a want we data about that really sure see immediately. think it I the And make dose I it would internally. here that not we will am just the you if You sure and histologic would benefits so to do

the Okay, great. Thanks a lot and again, on progress. congrats

Yale. Thanks,

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

fat on of findings, predictive questions. Brian. on liver then curious of measured maybe go on NASH your assuming wondering recent VOYAGE if the And fibrosis the taking fat is a could Congrats suggesting I you study and Thank reduction comment studies progress. could as soon study. in if liver comment X-ALD? improvement, on And VKXXXX level MRI-PDFF and thanks you. for some reduction in initiate Hey, that you could both I registrational comment the was how target well, X on you by the am of Phase resolution your

Thanks, Jay.

have reduction, With sure trial mean, to it well, reported, the the from more a study. with would Nash, at second resolution supportive question, regression But initiate first we or of need and would a And reduction are of the would able probability if higher I is would we timeframe. the that. target fibrosis. sort registration fat the fat But and question it we more probably of how on have the the that seems we not went indicates liver least be FDA a that data to, XXXX and in everything the everything. resolution liver be design for the soon input just like

most have that greatly were other that that it compounds other liver and reduction Now, XX%, the I the the data increase a for important compounds anti-inflammatory supportive mechanism, target notion that means, you lipotoxic of for the odds mean, of data, study, some or benefits but a more that’s the if really would seeing reduce load, you say fat, might to of in relative be XX% on see I you histologic pure fat back content, Flint the to by to fibrosis wouldn’t that that going expect when seem features. liver regression lead to

questions. for Great. Thanks taking the

Jay. Thanks,

William Please Blair. from go ahead. question Hsieh Andy from Next comes

you my Thank questions. Great. taking for

to mentioned said maybe also you think looking and at European XX region, sites U.S. quarter, you in to something the gave are about and breakdown closer I you between Brian, kind you X X. EU, a of So last

XX XX kind that from we this be that that sites ratio to fact same you the roughly should in think the increased geographic distribution? the is sites quarter, how projection would given that think So I of about

Yes, far will the I ratio and think will sites consistent. think sites. there be any additional U.S. ex-U.S. in overweights underweights don’t as in pretty the be I as

Now, be I going it’s there. pretty think stable to

about kilo. weight X.X and presentation, X the loss Okay. minus And the EASL probably placebo study, arms was the is end plus across at you if then then the all of the for look dosing at

that, that or data do with is significant to what of of pretty interpretation that you you or that given are how data? think So, short clinically do about just curious about the going piece treatment your period

a observation us. it’s lost that’s – on that’s not an Yes,

We you see, a I mechanism don’t early because to obviously thyroid at proxy have at ends alpha studies, you for think want of loss really The to weight data, look It’s it. noticed small activation. when loss sort this here. of these sort in the is interesting generally, but least weight pretty are see

if pronounced so weight a have you pretty see compound, And a loss. you non-selective

not significant have any hoping one reasons little And so of all but loss, arms see to from we were do the weight we that was placebo. this do, of the delta

it We that’s will real if see in thanks – the for but that’s or noticed VOYAGE we and that certainly not, study pointing out.

don’t I know….

longer significant, will don’t but clinically I we see know it’s time Andy, over Yes, a period.

Yes, all okay. enough. thanks for on quarter. this congrats my Yes, fair Cool. and Yes, progress the Thanks. taking questions

Andy. Thanks,

Capital. [Operator Instructions] The from go next question from Henry comes Scott ahead. Please ROTH

durability get XX-week of how context a reduction, just a would to a to normalize? Brian, long question a fat of liver treatment? trying take X upon to expect how ending afternoon. good you in weeks sense the patient’s interpret would and the liver when typically rebound place on Just of you Thank content

I question. we good a this interesting it’s that’s one a the And also been I that’s that, somewhat don’t would after weeks. the it see I long in ever similar that’s stay kinetics to don’t How been reported extrapolation, X to if X literature, really returning. anywhere. analogs. if sort And data is X suggest you Yes, I demonstrated it’s fat going know, know that I know, know. for done it be don’t liver would been could months, linear on of really do off longer, know really FGF of with that was but don’t just why it check the of take? think

Okay. And XX get with look updates in trial? beyond future? data we at that the weeks will you Will

No.

For the the XX-week study, was the visit. XX-week last visit

And see getting than we little involved on is hit that is data? focusing Okay. it we And program, on Phase sense effort the think Can placebo-controlled. certainly you it? in the main going the this typically X randomized that you then Phase shifting healthy doesn’t what into trial markers Phase this earlier, this with should typical intent out there I give But X, gears to anyone. more of Xa do more and of X-ALD obviously but a lot us hurt be more are of when just hopefully the patients, a is

Thanks, Scott.

know that I don’t more complicated in So, little it’s anymore it’s design. complicated, maybe that stack

it’s sort multiple pretty cohort that design It’s that’s So, behind cohort. to but we dose do X X patients subjects simultaneously one not or SAD, unheard structure per of a and an ascending the there. of and a MAD MAD the simple with SAD

means. unusual any highly it’s So not by

signals will but pharmacodynamic We those some of long and much that the we be as potential hormone you are tolerability at effect at long fatty axis, We look to early sorts safety, of wouldn’t the also the them just fatty as will typically acids. would very at look panel, LDL, we out on the but everything very still things, of on see looking chain chain acids, interest. of at expect well Trigs, liver looking thyroid obviously

Okay, you great. Thank the color. for

Scott. Thanks,

comes ahead. from The Please Julian BTIG. next from go question Harrison

Hi, thanks progress. congrats on and question my for steady taking the

development severe Phase plan a On first, informed will for or what screening cerebral make subset? I with well that’s if and evolving at be whether on AMN Thanks. think if the curious X-ALD do more at to this might you enough Xb the next point am not out you to you be to data year, broaden decision

Julian. Thanks, Yes.

study, serious they be XX-day patients cerebral more I think won’t are we other involvement. better So, options. That’s and off in with a phenotype the considering targeting

monitor population AMN with the will target markers. just the and We male adult

I cases more don’t think cerebral among Moving are forward, common I children. the know,

at further study, the the something the And population. the be we as a the quite same look would probably of registration bit we so I probably that think adult out be would which population which that target than would study, more XX-day

you. Got helpful. That’s it. Thank

Thanks, Julian.

session. no remarks. closing are Stephanie This queue. I questions conference any to our like to Diaz back the over for more question-and-answer concludes would the in turn There

participation for you and look your afternoon. the in months. Thank Bye-bye. you again again We a forward continued updating support coming good of to Therapeutics. Have Viking

The conference attending you for today’s now has Thank concluded. presentation.

now disconnect. You may