Viking Therapeutics (VKTX) 26 Apr 232023 Q1 Earnings call transcript

Welcome to the Viking Therapeutics First Quarter 2023 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, April 26, 2023. 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 CEO; is me President Brian CFO. Joining Viking’s Lian, and Zante, and Greg

made lines Private Forward-Looking about its Statements I caution the including Safe today, begin, statements like of under and Reform XX, during the development Act provisions comments XXXX, U.S. April contain we regarding call Litigation this activities, Viking’s will Before XXXX, milestones. expectations Harbor time conference Securities would that to of

that uncertainties results and cause risks considered to subject are and performance. reported statements to results and as future materially should could differ of Forward-looking actual be an adversely indication not

These forward-looking and to other of Exchange the revise today’s to or these and statements update the Commission Company’s any concerning filings review the all with today. of Securities you date, Company statement and matters. undertakes encourage obligation only speak no made as I

comments. his I will Lian Brian now for to turn call over initial the

or Thanks, update Stephanie, and the of progress afternoon dialed we to and webcast. first everyone and our clinical by with good recent operations. review an financial provide the results listening XXXX Today, quarter for on on will our programs phone in

at quarter multiple was XXXX first exciting with an across The progress important announced clinical time of programs. Viking

in in top to lead in endpoint the Phase With fibrosis, expect treatment enrollment from of announced Xb study agonist early we we respect NASH VOYAGE data of and announce in to beta our second our XXXX. receptor the thyroid of this completion and VKXXXX, trial hormone for the line the quarter primary quarter,

dose of data our X in of compound, healthy VKXXXX receptor dual the month, first clinical ascending GLP-X dose we for volunteers. study Phase announced to GIP from respect With program, last clinical a ascending the multiple treatment potential disorders, newest and agonist, study single this metabolic our and

to initiate discuss of with II pounds a XX weight plan we’ll XX treatment. patients VKXXXX of observed mid-XXXX. in days following minutes, encouraging the were with study mean of a results up We in few in As loss to Phase obesity

trial a study of this novel compound. of oral the initiation clinical beta adrenoleukodystrophy to the the compound Phase announced enroll to for and receptor expect new evaluating continues study we second hormone program, the this results report evaluate a from of X-linked half novel Xb thyroid third year. agonist, to we addition, treatment our clinical to VKXXXX, in the of on-going With this our respect In formulation the

also the plan gross our activities approximately our completed of Late financial on I’ll and public continued the further for first raising details key after we of stock, in clinical common of to proceeds use each advancement we results. provide we milestones. development XXXX quarter our that operations million the quarter, through of offering successful review $XXX programs

Chief Zante, to that, Viking’s call turn Greg For the over Officer. I’ll Financial

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

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

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

of net per loss XX, of loss XXXX. net XX, XXXX, $X.XX noted period partially increase increased share compared corresponding share or to the was and primarily X loss to income the of offset million in same a to reported for For of period compared previously, administrative the Viking March million net general $XX.X the loss net a share ended or and The X $XX.X XXXX, $X.XX XXXX. due expenses in March by per months months the increased ended per interest

proceeds Turning to At The end gross approximately XX, our cash cash the the quarter cash completed cash, as and was in XX, sheet. investments the a resulting completion for including short-term cash, offering million. that XXXX, stock, equivalents $XXX Viking this balance Pro million balance of QX and held the million compared account short-term of totaling forma, to at XXXX first end not $XXX December X, equivalents $XXX.X of million public on does March XXXX. of quarter of were common of closed XXXX. offering, approximately and $XXX.X April company’s investments

This review, and turn financial concludes call I’ll over now my Brian. back the to

Greg. Thanks,

in Phase an As was XXXX opening data mentioned a in the In the the agonist, program, my will results, company. time broaden more quarter X and VKXXXX. recent clinical the served value our with healthy discuss detail in dual of our comments, positive receptor study incretin exciting diseases of to diversify in metabolic presence volunteers have pipeline, our from which shortly, weeks, newest These Viking. I we announced further first increasing at

clinical progress NASH the overview with and our beginning our begin now I’ll of from very strength, VKXXXX for fibrosis. quarter with second are and data. financial programs, clinical a optimism of We momentum, pleased upcoming compound, an provide to position for

evaluating points content hypercholesterolemia secondary of up lipids. receiving selected as patients successfully liver in thyroid well VKXXXX receptor plasma fatty to in VKXXXX least for is in small disease, reductions treated demonstrating XX% mean of relative and experienced liver fat tissue reduction content. end Cohorts and liver in with VKXXXX liver experienced reduction the primary and significant nonalcoholic patients with available that liver of its VKXXXX trial relative both molecule XX% XX% the as a fat at fat achieved receptor. XX-week hormone prior and A beta agonist isoform Xa is the an orally Phase

majority durable were disturbances events dosing. the reported fat compared of when among X Importantly, was promising placebo. and weeks with VKXXXX-treated the remaining nausea safety and of VKXXXX. the lower responders No patients with completion tolerability treated patients demonstrated after study of also such diarrhoea rate GI and reductions adverse in serious the liver to This as of patients were

thyroid other of plasma it’s this demonstrated correlated which VKXXXX’s triglycerides elevations one hormone and and note development receptor programs risk. is activation atherogenic cardiovascular patients a evaluating most of treatment. therapeutic all believe important that been important with increased studies LDL to ability Perhaps It have reduce is number NASH lipids, We unique have cholesterol, of with the following provides the of of its NASH. beta benefits meet to proteins, additional for benefits including with compound

that in treatment VKXXXX fat offer NASH. In study and believe Xa contrast, oral XX-week a lipids significant broad established for these tolerability a reduction of route patients best-in-class Viking’s VKXXXX’s in it and benefit. lipid-lowering reductions We excellent combined of as liver robust may administration, Phase properties with safety, experienced cardioprotective the its suggesting therapeutic

least and fibrosis. promising X% FX with assess fat tolerability resonance as density Phase The Based as trial Phase is target VKXXXX Xa patients well fraction the in NASH the population from to imaging magnetic with patients fibrosis. at by on as liver proton measured multicenter safety trial, FX of double-blind, trial biopsy-confirmed efficacy, VOYAGE fat content includes initiated company Xb and designed a and placebo-controlled, international the our the results randomized, study. This

in fibrosis have baseline they The patients fat changes treated endpoint of to the least week XX% from may to with will patients VOYAGE in evaluate also Up additional X as that to FX primary patients risk at placebo. of XX VKXXXX compared provided possess receiving study liver factor.

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

the look the to top quarter first trial’s second the this primary results, endpoint including in enrollment line quarter, the study of and During of year. completion we we sharing announced during forward VOYAGE

following we turn from at the mono I’ll dual now administered data receptor same newest various agonist obesity, same the compound believe a of our a peptide-X, called by program program, for of diseases. has period disorders, potential the GIP glucose-dependent sensitivity glucagon-like compared treatment the time. polypeptide, of rare to in glucose obese highlighted when insulin demonstrated or as metabolic as mice agonist the and clinical for insulinotropic dual with NASH compounds and GLP-X and VKXXXX is or which the improvements to our control certain such among dose GLP-X treatment diet-induced weight in Initial receptor. agonist loss, a vivo Viking’s VKXXXX,

GLP-X among monoagonist. In larger addition, the observed a were observed animals our reductions in those liver animals among treated fat relative with treated to compounds content generally with

portion these healthy in and dose ascending multiple trial single VKXXXX. ascending data, men other single we of The single evaluated study ascending women dose Phase of initiated escalating VKXXXX. on preclinical of doses the vivo X and a and clinical enrolled and dose Based

study, meter enrolled dose mass and portion of minimum received index multiple In squared. dose XX ascending weekly the healthy kilograms XX ascending The multiple once of a VKXXXX subjects with per women the days. body men for portion

the of signs During demonstrating from clinical pleased we with a results positive safety, the quarter, VKXXXX benefit. to this and promising first study PK announce predictable profile were tolerability,

humans. the were demonstrated and characteristics that from takeaways PK dose single tolerated portion of and were profile study compound’s in VKXXXX the ascending Key that the favorable single of doses safe well

Following therapeutic doses, XX hours, from XXX the exposures. to excellent XX single T-MAX approximately hours XXX subcutaneous a demonstrated and VKXXXX ranging of to half-life

to demonstrated demonstrated body receiving encouraging of and portion All clinical study, Cohorts X.X%. tolerability ranging multiple in In receiving VKXXXX reductions VKXXXX VKXXXX demonstrated body to placebo, dose activity. signs to baseline from up reductions also weight in relative weight mean ranging XX-day the cohorts ascending of the safety positive and up X%. mean

improved Statistically after administered. XX significant maintained dose XX or follow-up the last placebo to day was point, VKXXXX of differences at the compared were time days

or and were adverse dosing. adverse reported events Importantly, moderate. reported observed VKXXXX encouraging as moderate also mild were gastrointestinal-related of repeated and safety following or events as XX% XX% tolerability mild demonstrated of

believe levels that tolerability In addition, escalation statistical improvements to we achieved dose all windows, though placebo, treated relative with cohorts and titration demonstrated all VKXXXX from this glucose in higher further indicates achieved significance. We doses plan longer study studies. evaluate to plasma cohorts data the in be subsequent not may with

results believe on of for study, positive Turning to the announced Phase we overall program’s plan oral X value in Phase X we VKXXXX. described, the our of with of a utility. the patients tablet study in trial a X initiate Concurrent expansion formulation the plans VKXXXX. the significant formulation clinical to also future X We with Phase in just announcement evaluate mid-XXXX. generated a obesity the initiation of to Based represents an and data potential tablet Phase the

study suggests benefits provide In to subcutaneous oral data patients. dosing, to levels formulation the oral forms formulation the VKXXXX we date expect is and an oral further to vivo attractive that reach treatment VKXXXX of moment oral or via a this may to dosage program. unique and ability subcutaneous the of creates be potential achieved and discussed plasma extends study either ago. The of of both The therapeutic X extension select Phase the important options

of plasma results glucose. We to include is dosing. tolerability randomized, days. and The objective second per evaluate have This could body XXXX. available is of who in will endpoints the portion of study body of oral the the in for following XX pharmacokinetics healthy Subjects squared. changes volunteers, double-blind, believe XX half study days placebo-controlled mass the oral this Exploratory study and of doses VKXXXX kilograms daily a index study in receive from a potentially safety, minimum primary of be the XX weight meter

receptor available on currently I small clinical X-linked VKXXXX. in orally update evaluated an Xb a agonist, our candidate, and adrenoleukodystrophy beta clinical will third it hormone is in being second or Phase trial X-ALD. now with is patients This molecule thyroid provide Viking’s

acids resulting with transporter often impaired, peroxisomal Patients function disorder. to unable are progression rare is compounds very X-ALD accumulation these have chain of a the the of When of of X-ALD metabolic mutations the efficiently fatty chain function and fatty to long to is impact acids. metabolize onset a that believed very contribute genetic and transporter is long patients fatal and X-ALD.

Subjects who Phase and XXX no reductions accumulation consistent volunteers, evidence with B a demonstrated once-daily dose-dependent In healthy a lipoprotein exposures, received VKXXXX apolipoprotein a. of triglycerides, VKXXXX X and study experienced than more LDL cholesterol, dosing. in anticipated in prior half-life

signals VKXXXX observed with no also safety measures. tolerability events vital GI demonstrated serious reported or an and side cardiovascular adverse encouraging effects, no or dose-related and for signs profile treatment

days. of X-ALD. study with of the in the affecting results, administered these of adrenomyeloneuropathy Phase trial AMN the multicenter Following for in with are VKXXXX form Viking once is most and adult patients male objectives Xb Phase of of form initiated The orally XX evaluate or daily a XX% the patients of approximately Xb The VKXXXX study AMN. randomized, double-blind, pharmacokinetics the X-ALD primary safety, placebo-controlled, common tolerability AMN is to study favorable patients.

results study in also fatty of enroll, The acids. assessment chain expect exploratory this and initial very of to year. to long changes an we This includes report later plasma levels study continues the

Moving first we happy to offering and to gross a other quarter, continue We were enthusiasm of corporate proceeds updates. of Late common public investors their successful stock, completed advancing see grateful programs. from million. in as approximately and receptivity are pipeline the support we raising our the for $XXX

existing As discussions forma pro partners. the quarter strength our with approximately in This Greg for Viking earlier, and offering, new position of balance potential enables further and a places pipeline end the million. was to mentioned $XXX in programs, both company cash in invest of corporate

with in patients the the to NASH this quarter study fibrosis, of be study quarter. the In an Viking. report exceptional data and announced VKXXXX enrollment expect completion we We and of conclusion, later of the XXXX in of to VOYAGE endpoint for primary for first quarter proved

We GLP-X, to obesity from in also data exciting safety tolerability a our receptor study U.S. agonist, reductions initiating X We demonstrated human GIP the mid-XXXX. Phase weight. announced first promising and dual look in forward in and body VKXXXX,

we in study also in by program, the our reporting study a this continued patients which of of we our of further announcing initiation VKXXXX year. expect year. we We this with using tablet the formulation Phase an from toward the the With and study results reach Xb oral end to adrenomyeloneuropathy program enrolling anticipate the later data report expanded from

quarter offering common successful of through strengthened significantly million. of in resulted balance a the our proceeds stock, $XXX which sheet in we over Finally,

beyond to and providing outlined here. grateful in they’re well and of updates extends runway feel We available. be look in additional current clinical each Our position the catalysts fortunate as to we’re forward the

the today. again open us, Operator? This for for questions. now comments and Thanks prepared concludes our we’ll joining for call

question Raymond first comes go from Please Today’s James. with Seedhouse Instructions] [Operator Steven ahead.

on GLP-X, so much Great. oral the questions. of I the formulation Thanks taking for the a had few GIP.

any First, data. haven’t shared just you preclinical

could at I? So in and exposure I to terms would could with are the you would at of like humans? be achieve also to of something doses in be titration if is ultimately in in levels the get well? efficacy what Or or what you compound, peak that general, essentially as wanted then be of that injectable itself you specifically sort lend the ask, to this expectation expectations looking the would flat potency a to that equivalent And Phase schema would

Hey questions. Steve, thanks for the

the oral might a and on who oral. subcu exposures observed for someone first consider an or formulation XX formulation. with With I are maintenance the with achieve an exposures, want someone with setting doesn’t yes don’t in for that injectable I think there. we transition a level start where to proven the has formulation, the to subcu different or get maybe maybe I think we’ll something the potentially almost Maybe be It’s who BMI the to but product. or that would start don’t you adequately with expect XX a I’ll same addressed wrong, be oral then

But own the is So a it lot that different ways there’s exposures could used. of probably with same the What’s that see my oral. won’t guess the we question? second be

yes. Titration,

upcoming yes, we in the study. So titrate will

So up. subsequent the titrate and cohorts dosing will first cohorts, flat

Okay.

pills, multiple X that So give I -- just you tablet it’s that X just of case? dose dose in guess,

That’s right. Yes.

flat. of through dose. as then would I X.X titrate a first cohorts, you week remaining The is you X X.X the then that’s they be be mg dose week. go And cohort And the kind per and up first will mean then up. and higher on there, from weeks

data really Obviously, oral given That’s a can just treated have I on is option. one been in that couple program. there’d X, interesting imagine gather And dosing enormous just on many A and decade because that of mentioned already maintenance do? they the if injectables. incretin. going how you one on type and Thanks. more you injectable I towards the next Okay. Phase be patients you could. using see coming of start gravitating group in be with program how take the more I’m then you’re or curious people some are after to just to maintenance patients I it’s likely if the having on them

just the thanks. study, what if see subcu. In Yes. No, formulation this we’re provide to trying exposures and really compared to will levels

we’re I this is going be turn So out. transition the the think really and interesting, and first important in see one, those future, the would how but type studies to really just just exposures

guys biomarkers the MRI-PDFF weren’t you Phase are think collecting for other line. maybe And top data, least I there there ready were then and Okay. you were that initial at the re-injectable X, in some

-- guidance So there you’ve we keep there from the term injectable coming Thanks. beyond eye can that you you out the clinical Should would here in have the any just place line that comment an is announced data. on in for? should already near be oral -- data other either that the with study top

liver more be of but Yes. at have We’ll imminent later Thanks, we don’t Obesity Steve. we reporting number a in did probably potentially year, you’re But right, have any in in there. a the fat the near-term, study. biomarkers little Week, data bit nothing

Alright, Brian. thanks

Thanks Steve.

And next from Please Securities. Joon ahead. Truist Lee comes question our with go today Thank you.

on volunteer how study Hey the thanks the progress. was. of question for profile from taking the tolerability our stood was What VKXXXX out key congrats and really healthy

there better as Phase a XXXX possibly study with X function small better loss? of be So Or why is being study? the have weight may that And is and hypotheses some a just tolerated to -- is a that follow-up. I mechanistic

Yes. thanks Thanks Joon,

wasn’t that tolerability as you tolerability small interesting was looking there in a went a was dose-related with at change just small really study, was so maybe It know. could really up. What we’re the don’t argue I numbers. that So you

the cohorts. had I cohort think tolerability, good really, earlier than dose of the better highest really actually some

thing in lead So know to in people have improved sustained tolerability about if on GLP-X effect can recruitment one arrest a might arrest mechanistically, I without recruitment. being that have talked you

I know it explain maybe necessarily could in -- know an with would But efficacy don’t increase anything it. I that You nausea. mechanistically without see obvious was issues otherwise, don’t that

other historically to VKXXXX trial and diabetes. head least plans any to And trials Lee done have GLPs, of Fair for enough. at Novo against to their drugs? head have Do a you both do obesity heat of

question. great Yes,

this a Phase it’s do I an program, important not comparator I further for compare. just just we think something but placebo. really will it. have But X active future idea the upcoming through good as move in think It’s the to how see they that’s

Thanks for taking the Okay. question.

Thanks Joon.

today Thank from question Please comes Samimy you. with Stifel. our next ahead. Annabel And go

Hi, thanks my taking for question.

already So I some you X. that good already, like considering about have mean, It within it looked titration period like tolerability. very some weight you’re want loss XX the I ask weeks. good to had for Phase looks you

So why we that kind I you guess what I’m further would of to push be titration at? and wondering looking want might schedule

question. So way any changing I same, GLP-X this more have same you or exact are as And exposure? balance you in the you molecule between the as target GIP I I oral the don’t if first then And that’s have is guess into one XXXX, guess, the follow-up. the go

fewer Annabel, before, know any differences cohorts. molecule, so It’s this compound same the there we’re we’re subcu. in and Yes. And the XX-day if study we really the don’t dosed because tolerability, doing in with and the are not we’ve oral titrating in

we subcu, have going that titrate. But be here and titrate. we titrated have and in then obvious is to nothing then cohorts did we first the suggests were flat first flat and cohort to X So the the we dosing,

know subcu, study. the but tolerability effects. tied agonism And in we think is just to side to GI GLP-X was point, promising that really I And really, and it’s nausea first the your

we control So to want best just for try as that possible. to as

on be results do to good with higher of tolerability? you competitive you’ve it if guess, more the pretty attained as I specific, you feel like why is to need dosing some sort go

In the oral about? are you talking

in Phase X. the No, for injectable

put XX we to was going considering we’re and get tolerated go because to better. cohort yes, was the think were anything well injectable, reason to the XX-day up XX. study, milligrams the increasing maybe with X, XX-milligram into that necessarily we don’t the Phase here don’t We I But titrate the won’t I up there. stop will the adding until there’s very anything XX-milligram study just the but work and But to it. know the that we and XX to In -- decided dose think that pushing we’ll to we’re

I as Okay. things little but pretty mean, a the KOLs brought reduction, And to, one the then a up they able fibrotic that some they program. year NASH they one. of I of were surprised guess, not good you validation bit we if I spoke can there show improvement to competing ask were from was But VKXXXX. have that some that also as just early on

process you do fat about would with effect fibrotic downstream reduction? holds Were you within reduction superior liver more same it’s a from seemingly how surprised XX for So think fat expect And this? if you yourself really the of voyage? weeks, the the given your in that up

Well, I know. don’t

whether -- and the traditionally fibrosis know fat I I reduction, think published in show not animal to think difficult load we to we improvement in guess. don’t that’s yes mechanism or anywhere. improvement know collagen more I is but models, secondary and reduction end that point on, improvement I in a seen mean the endpoint the fibrosis. that demonstrates and no, And haven’t

is short suggests weren’t more should actually you in we’ve mechanism. surprised. a and with So do could guess everything animals totally NASH improve that I metabolic it’s both. window should this resolution we But that a and too fibrosis. It targeting help argue seen it

take out will Any how Okay. this $XXX one you to? Great. If about can squeeze I in more. long thoughts million

Brian point well exact years to all and wouldn’t certainly, as programs. well certainly our earlier, Annabel, but the beyond. covered, X well year, in beyond catalysts beyond development we’re out an X Hi mentioned Yes. We

Great, Okay. thank you.

Annabel. Thanks

Oppenheimer. at Thank Jay you. And our ahead. from next Please comes Olson go question today

VKXXXX. can MRI, about And the follow-up see about talk line results on if the follow-up, Can to update. the we talk tolerability we Congrats LDL of and could, It then then just I for should an guess, progress, like besides I potentially molecule. you what thank VKXXXX? the a on that’s Maybe seems you cholesterol your just top please. PDFF? GI just change important in And levels? feature you in had Will see I expect sort a for of all

Sure. Thanks, Jay. profile and report panel, we has by -- safety trigs have initial The get likely the if with the Lp(a) to fat PDFF liver The MRI well then Lipid been data, we GI atherogenic and the as proteins, would so and to those a LDL, as tolerability. as plan we’ll date and ApoB, excellent. well

the haven’t population, exceptionally But really we for yet. to that can’t different there’s us with It’s We don’t well anything sure tolerated. seen data, have think reason see in there’s placebo. any lead nothing compound. And GI to the we a that would would sort believe would that there differences the so signal but from of no VOYAGE I be

for the endpoints what most Thank helpful. if frame should see That would super other watching, That’s Great. investors differentiating regards to any look you Okay. then help as safety like you. resmetirom? best case tolerability? be MRI-PDFF And then what And great. you important and be including from that points with we and would might a maybe could us scenario

saw showing XX% better. a Phase would internal a expect our is into there’s precedent the reduction But if Well, just fat. that that I’m Thanks, hurdle higher mean see of hurdle. I liver treatment using level populations. groups a not often benefit. We Obviously, that XX%, is higher larger suggests to If really we’re because a reduction see probability nice that XX% study. we in I of mean success sure histologic think we lot efficacy Xa can that Yes. the penalty think in reductions in it’s study study I this be would see translates larger and a a you of Jay.

there’s of plenty multiple the to NASH. think of mechanism room coexist same in I for

switching. among be probably and they’re I there think will products differentiation

outstanding, efficacy our and think profile our strong has is exceptionally I been far. tolerability so

think where would I be competitively. comfortable we’re So with we

look the Excellent. questions forward Thank much taking so the you seeing results. we’ll for and to

very Thanks Jay. much

our you. from William ahead. Andy next today with comes Hsieh Please And Thank go question Blair.

congratulations question on the and the taking for all Thanks this achievements quarter.

you liver from in Brian, about a couple dual least the these candidates, in at preclinical mentioned model XXXX. fat times including So the activities of agonist

these observation So if an was settings? just by from design preclinical advance as that to I’m candidates clinical that you observe you curious or it’s

Andy. this thanks, It’s mechanism, -- probably there the weight most from sensitivity. are think insulin liver -- insulin -- no liver, the change tied I and It’s Yes. sensitivity to fat because improving in is receptors loss

another I weight monoagonist But necessarily more see than comparable It’s liver fat. don’t to always there’s better we typically on a direct than effect animals, So think data, to loss. generally interesting tied GLP-X in agonist. better did dual really and a

So potential we’re really excited about the there.

I at think that the mouse. obese models we looked were generally diet-induced the

see weight the loss, weight fat’s driven an lower, liver body since effect as you by large interesting characteristic. pretty your or but wouldn’t effect is probably skinnier you’re if lower, So is

Got the contribution observed a study the from? that’s lean coming We’ve investors X body is fat proportion or the mass. weight from it. relative handle have from gotten Phase loss from either about of about questions weight some you loss Do good

DEXA this We do We in any don’t. scans didn’t study.

just We predominantly you weight, lose study. in So it unfortunately look cut we weight. when we the that relative start animals, of that didn’t in do conducted. in other you and into it’s studies not this didn’t And studies from in a but have been think don’t the we I change muscle, reduction fat saw in shown amount see But we at certain do we to the any that of animal a muscle.

the X Is Phase at look that study? that you Great. in something

XX-week It’s a no. currently, Not study.

study. we’d It longer-term in we upcoming scans do a don’t So the look have study. be a at plan DEXA to in something might

from about in sense? Got it. maybe could formulations lastly, amount you the helpful. And relative versus terms kind these help subcu, of X dosing us a oral formulation That’s think of Got the then on for it.

Yes. The oral bit higher. will push up a little

We’re oral. going to go milligrams -- I think to with the plan XX is the

huge and Phase -- to dose a not for amount the than the X the planned phase So higher subcu.

it. Got

all answering our for awesome. questions. Well thanks Okay,

Thanks a lot Andy.

& [Operator Yale comes Instructions] Please go Jen Laidlaw question Our ahead. of from next Co.

and and for thanks the afternoon profit the so on taking question congrats far. Good

quick few a Just questions.

The first one probably is housing.

SG&A that quarter, the situation? be prior this terms a higher significantly In anticipate Should of to we quarters. that in is onetime than seems first generally normal a or

Yes. it forward. to you some to due be be -- run that expect moving That’s wouldn’t expect really forward. and moving something to should moving to of see not That’s and expenses the forward, Thanks,. legal rate reduced due is timing primarily you those should

again about overall Great. us a sort the in view that to can you Phase design? Anything anticipate the study you of here Okay. of give follow-up And about do question XXXX a you review Could for what terms study? study. X

Yes. is lowest XX with dose a right It’s flat the titration The now XX the targeting duration. cohorts. weeks milligrams, The in stepwise dosing do in a and higher we’ll dose XX-week and then is study design dosing up in cohort titrated study top dose there.

at weeks you’d body there. So be endpoint X at be weight. the in The I change top to for, think, will X the dose end primary

big in size? of how terms might And be study the

XXX that, haven’t XXX but say would target to or I or would be the so we disclosed Yes, XXX there.

nevertheless, expansions. mind also -- about hand, last is be contemplate going Maybe that Great. explored there forward? be the to know with some the that pipeline That’s I but you you you anything your here very question want additional focused, mentioned cash might could in helpful. in that was

in of on, that an bring the of spend ones things we’re typically forward. as as area disclosed, and programs some haven’t time Yes, possible nascent these little show but we we we working have on we but money promise, lot a

have I good more is them. think as that. And things about XXXX mature appropriately, say of example we’ll a to

congrats. Thanks great. Okay, again lot a and

a Thanks lot, Yale.

BTIG. Justin Please our Zelin go from today next comes question with ahead. And you. Thank

Hi, Maybe the for a X thanks for the and on just agonist follow-up on all Phase question the the congrats taking progress. dual here.

You Will continue active follow-ups. have longer-term XX have here? I past data? weeks to mentioned the And another of dosing. look you XX and for the follow further study Would we weeks up towards some patients to

follow-up that’s period through in I would second that I weeks study, question, answer study next of yes, to believe, this plan The come subsequent from first. we the Yes. To not study longer, or weeks. XX get this longer a the study, X but is data think

back period, follow-up -- at back, XX here. after think and is well, last times the COO. in Marianne nodding the come come agreement week XX-week I Marianne, you multiple I think our So but treatment you is

the anyway, duration. that’s So

X you the the that Or tell? anything was profile too seen data is that early notice might tirzepatide it different we’ve appeared there from be compound. Phase data, in Great. that suggests did what curious set And if just anything to the yet? that in I’m from PK/PD with

a we’ve Yes. we hard for It’s weren’t tirzepatide seen is because those population comparisons looked the different published population in But -- I head-to-head the at. very the obviously, do a see, of absence in and a compound later to think, difficult our make the comparisons than make longer just life, half improved. that I are really to again, they head-to-head set. sorts exposures data think T-max, those We of

dual the study? one agonist question. road, ask down see do combination Further I’ll in potentially run XXXX the And potential NASH the and to Great. with last a a you any

if it’s much But think something that, we we talked it I when on about. have Yes, not do to and were if talk data about we it. like something we’ve

Great. Thanks for the taking questions.

Justin. Thanks

question Thank go Please Rahman Group. next And with Maxim from you. Naz our ahead. today comes

my taking question. for thanks guys, Hi

the What XXXX? half are the on all quickly initial GLP-X issues timing potential for really Just guys any I studies the gives recruiting seeing data various any confidence of on competition patients or you oral. Like guess, the, with of second you on-going?

obesity ever. get largest We can second we Luckily, the data feel is think that. market in half. We the about Yes. the confident

we many at but we don’t issues shouldn’t competitive with had So have this know, I recruiting, problems point. haven’t

sites How for Australia? all the study also this there? Right. And in are are sites many

Australia. single Yes. the multiple study, the ascending will a dose It’s an same dose Phase in here States. earlier and site single study study, it’s the of site. ascending It’s actually in The United be the extension X

I you of rates Got like, like it. studies? when like higher initially seeing, injectable or guess, interest I versus enrollment you your rates started Are faster guess,

question. I think there. don’t to I know it’s maybe the too early say that to answer

taking my for Thanks questions. it. got Alright,

Naz. Thanks

ladies Diaz this to over you. And concludes closing for and I’d back gentlemen, remarks. to question-and-answer Thank session. turn Stephanie the our any conference like

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

call. all presentation. you concludes today’s conference attending today’s for Thank you. We thank This

now You may have and day. your disconnect wonderful a lines,