Viking Therapeutics (VKTX) 25 Oct 232023 Q3 Earnings call transcript

Welcome to the Viking Therapeutics Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded today, October 25, 2023. I would now like to turn the conference over to Viking's Manager of Investor Relations, Stephanie Diaz. Please go ahead, Stephanie.

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

Brian CFO. President is Greg CEO; today Viking's Zante, me Lian, and Viking's and Joining

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

of to differ statements as could results Commission and update Securities Forward-looking statement performance.These encourage no subject revise cause results only Lian the reported date, call and these to an today. speak concerning or company filings to of initial as obligation Brian future to with the considered other and that uncertainties for now and turn any materially his will should are risks of the comments. forward-looking be matters. review and statements undertakes the today's over I Exchange adversely made I company's and all you actual not indication to

the provide nine recent or the of good momentum programs third the Thanks, phone to in on third during by continued results Today, build on and operations.During our the everyone the progress established webcast. quarter with first dialed our and first afternoon we'll and for on to XXXX, year. review of Stephanie, an and listening update financial months half clinical quarter, Viking the

of initiated with for one treatment the Study, steatohepatitis evaluating our the positive fibrosis.Also, GLP-X evaluating Phase obesity, evaluate oral trial during nonalcoholic dual the data reminder, VKXXXX, from biopsy-confirmed six As a agonist, phase to GIP company X of company of first formulation novel the first and trial six potential a Xb receptor and VKXXXX in and clinical VKXXXX. the during VOYAGE months patients from months, our XXXX, the Phase announced a

on through clinical initiation interest $XXX in approximately during the stock, results these of of of third company in to with advanced phase program continued the of venture gross evaluate the to and with our positive safety milestones. and us of to VKXXXX, study use development exceeded expectations, trial announced for key recently the efficacy company allowing study plan Finally, quarter, of that this the one this upsize VKXXXX raising obesity.We public patients proceeds X results million and successful the than achievements closed pipeline into the quickly details and months that first activities more quarter the provide following expected. offering a for advancement programs Phase common the our we the operations our Building XXXX. from our after on enrollment complete our nine of review and development further third financial I'll we trial

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

ended and XX, consultants, increased XXXX salaries and for results to for that XX, in Thanks, over related were decreased expenses compensation, Securities Brian. was and Commission, expenses In the expect September and stock-based million months partially our to for expenses for the and ended quarter I'd development $XX months comments, the to months go period over conjunction net period in XXXX. legal net increase a for like XXXX. loss third results corresponding stock-based which now refer the XXXX. participants XX, with due studies, by million, general increased primarily for Exchange of the increase or quarter.Our expenses per for to reported and to XX-Q to consultants, ended beginning September million nine offset three expenses the due for recommend loss in to nine and Viking's Form $X.X of XXXX. development related September primarily administrative clinical XXXX in Viking September now $X.X three September my today. net XXXX, XX, The the XX, $X.XX to I'll the per due the previously, a same period with compared The ended was manufacturing ended with period file the offset XXXX by three to studies, general to $XX.X months XX, and the XXXX, the compared the candidates.Our primarily for increase were increase preclinical our drug compensation, to we benefits.For benefits, in and September loss filing salaries to $XX.X third-party research related and The same compared services, to administrative income share interest million, million, months three compared patent $XX.X increased our third-party same in noted share, the results $X.XX research XXXX.I'll million, and expenses in go was ended partially and months or expenses

$XX $XX.X were salaries ended million Our to related to million, to costs decreased increase studies, increased third for ended primarily The in period in September service general development per reported for $XX.X to manufacturing benefits, by concludes compared party and benefits, the in clinical Viking was nine expenses preclinical for period loss in September the research per and the The same Viking million, net the $XX.X to expenses and and increase to the and our and primarily sheet, ended to income, XXXX. and compared held was investments nine salaries of share, same compensation, months due regulatory increase cash to $XX.X my compensation, same expenses compared a term XXXX XX, services, stock-based of to $XXX expenses general related administrative partially interest in for a party candidates, stock-based net $XX.X was This to million, period $XXX increased months the of studies.Our the and share over and XXXX expenses cash, for consultants.For offset in net $X.XX XXXX. consultants as million period to compared months million and loss XX, due primarily third development period related the The the short XXXX. expenses financial or expenses XXXX. increased equivalents legal million nine were patent and XXXX, by in during Brian. administrative now review, September of call $X.XX turn or due I'll offset million the to the compared December corresponding loss to research XXXX, back XX, balance and increase September XX noted XXXX.Turning partially previously drug XX, at

evaluate single and of liver enrolled men a the Glucagon-Like VKXXXX. results or weight dose measures a The company. exploratory which our and pharmacokinetic Thanks, which Greg. I'll receptor demonstrated Peptide agonist on update is Insulinotropic designed newest fat.The compound VKXXXX clinical dual to this ascending well tolerated potential VKXXXX an that pharmacokinetics. single and of was X as for study, impact is favorable profile and today program, Phase begin study compounds dose of of ascending Receptor stage tolerability including VKXXXX GIP single the ascending on study evaluated GLP-X we at dose safety, Polypeptide the with X from the Glucose-Dependent treatment well year, the multiple or doses being that this safe of portion and announced displayed positive and healthy body obesity.Earlier were metabolic preliminary as the its women is and

the reductions adjusted fat plasma levels up among ranging the XX% featured and XXX after in highlighted with Obesity to XX at events highlighted demonstrated X%. therapeutic these in baseline. liver from adverse Society. Following body baseline also new adverse positive VKXXXXs effect this week days.In X.X%. reductions multiple and weight fatty cholesterol demonstrated day reached as of receiving subjects women reported for potential events Cohorts oral These Statistically from in were portion reductions the on XX%. per reductions moderate, lipid of this doses presentation to may as liver various of significant VKXXXX tolerability XX and VKXXXX weekly doses the exposures. time VKXXXX Phase excellent in of with VKXXXX tolerability administered.In presentation related volunteers, weight from benefit of or this reported upto also body the with received placebo dose treatment of study, XX% at approximately weight VKXXXX these in liver size to well demonstrated compared half-life or Despite reported as and of total four of to subjects with All lipids.Notably, portion maintained and encouraging placebo, and healthy impact The was after weekly or ascending safety follow trial demonstrated These fat earlier study the on moderate. activity. VKXXXXs mild subcutaneous to limited, lipids. findings, XX%. reductions meter differences XX% results body the cholesterol obesity an also VKXXXXs VKXXXX forms in were once VKXXXX The XX squared. cohorts XX produced approximately of VKXXXX fat this up sample in hours relative mass a liver ranging study plasma signs non-alcoholic in was mean safety up meeting liver days with subjects annual men to normal loss to clinical the weight observed single of and baseline gastrointestinal VKXXXX, baseline obesity a placebo kilograms tolerability minimum prior the of patients the week, indicate of last XXX healthy demonstrating also results LDL safety disease. of enrolled fatty and mild month receiving encouraging body mean up plasma XX% X demonstrating disease, The and as dose improved reductions index Though data of encouraging and Among presentation point up

primary up who VKXXXX the XX with study will the compared among to adults at or overweight of double with in X multicentre during is In third once of for encouraging XX reduced administered addition, blind up is trial trial with condition. placebo our to from change weight XX initiated Viking in VKXXXX ascending VKXXXX evaluated adults Phase will apolipoprotein dose prior milligrams related designed X the by the loss trial study, evaluate patients multiple quarter to to pharmacokinetics of percent XX%.Following comorbid The the dose evaluate milligram to plasma weekly that compared week-XX body from Phase baseline in doses to were safety controlled study. subcutaneously study, to was placebo. results evaluating B VENTURE Phase VENTURE of randomized, one tolerability, X weeks.This are weight The trial and as XXX with patients The weight obesity, assess approximately endpoint enroll the top treated the efficacy levels least VKXXXX, obesity. a the

exploratory and will we this study Secondary of week, fully enrolled. efficacy measures.Earlier safety range announced a and endpoints now the evaluate that VENTURE additional is

size that to addition, clinician interest, patients. enrollment to we from and In patients due the announced has the original XXX increased target been at heightened patient XXX trials

line in subcutaneous and formulation oral continuing body significant small reductions of and in longer with the the from year, positive reductions VKXXXX's double with as liver the significant include experienced of earlier. We atherogenic of minimum indicate expect These VKXXXX-treated studies of multiple as of and formulation evaluate is experiencing kilograms fat previous announced content. Phase top proteins, cardio-protective It that beta among mass the treatment, have NASH XXXX.I'll quarter, are changes have moderate. arms. available Earlier currently benefits.The this as or to is available and and hepatic Xb and patients with these Enrollment that primary treatment weight the study and XX safety, is Peroxisomal we achieved our is in this to belief study novel results a the X-linked of demonstrated portion clinical the study adverse serve third adverse treatment least X also dose VKXXXX tolerability VOYAGE compounds line now results the in nausea, the we associated trial the we hormone in The in the demonstrated Phase a prior lipid This to quarter VKXXXX-treated placebo extension acids. patients of evaluated greater the study have squared. an clinical compared of VKXXXX orally VENTURE findings half of diarrhea, small The pursuing content frequency, Xa VKXXXXs days. statistically thyroid placebo.The an biopsy in the among this XX encouraging this fat of with markers. this the compound. candidate that patients study NAFLD year, long agonist in study. were molecule update its XX oral hormone VKXXXX with I term lowering as receptor progress daily will beta changes Phase of blind this treatment NASH.In announced data tolerability fatty Phase XX that of establish by reduction tolerability genetic thyroid tissue statistically baseline the selected potential been among of VKXXXX will due VKXXXX, initiation study to XXXX.In very of is receiving report multiple the first a liver events study VKXXXX first mild fat to LDL which as data significant treatment same the cardiovascular other density by in fibrosis. XX% as transporter are VOYAGE receiving properties, days pharmacodynamic patients or an is XX% The tolerability VKXXXX studies, primary the the study which a an evaluating ascending fat VKXXXX Consistent that XXXX. Discontinuations increased X-ALD a cholesterol, single events data expect consistent XX% demonstrated well and agonist pharmacokinetics similar as first histologic weeks study, receptor combined efficacy advanced Rates report in caused profile. vomiting randomized, triglycerides, of from Phase NASH.Additionally, expect balanced half per rare that is to features as also fibrosis. risk. in a an of liver prior isoform of orally X-ALD.Like report to placebo The oral to to volunteers a both for doses X of objective of liver receive we disable VKXXXX a proton baseline the dosing. the magnetic receiving provide evaluating tablet endpoint, for ongoing NASH of now reinforced results to well a debilitating evaluation and dose resonance histologic a all of our fat VKXXXX reported we most or continued Xb controlled study oral in VKXXXX. Phase were and has ranged review treated VKXXXX metabolic Xb assessed Subjects body and discussed with endpoints gastrointestinal the Exploratory once our in among of the safety of following fraction improvement top is VKXXXX study correlated the patients on is to its after related receptor. in with in best-in-class in XX% therapeutic with with formulation Earlier from VOYAGE and VKXXXX.Importantly, study, evaluate study safety, well VKXXXX likelihood by provide level mutations is and addition median is for study is of as VKXXXX index reduction. study low from relative VKXXXX as of third under adrenoleukodystrophy, stool of this being This in VOYAGE up excellent patients meter healthy for at function chain of disorder successfully portion of and from biopsy-confirmed change liver to with compared imaging, assessed placebo. relative XX% XX week who to from molecule patients patients

adrenomyeloneuropathy in a Phase patients subjects is The efficiently of half-life very pharmacokinetics or to result, a evidence is form long the who and VKXXXX The study most multicenter This healthy chain no to fatty once anticipated VKXXXX X-ALD, or of As the plasma demonstrated enrollment is apolipoprotein onset for dependent of the enrolling reductions cardiovascular accumulation B with evaluating currently with disorder. tolerability nine with the form dose to contribute And of study patients metabolize AMN. lipoprotein study XX a of and received to profile, orally of and these conclusion, administered at is controlled months GI A. year-end.In and which progression primary very believed patients compounds prior Subjects Viking. the accumulation observed demonstrated of study safety with extraordinarily placebo study vital exposures, the an dose continues LDL AMN, a also X the expect the are VKXXXX trial triglycerides, VKXXXX daily once dosing. acids. no events levels the of safety, includes assessment in or acids. we double-blind, reported, an study in common serious to unable Xb objectives in by signs effects, and This changes cholesterol, enroll, X-ALD.In year chain experienced and treatment VKXXXX encouraging also in first male busy fatty and Phase the of adult days. are randomized, long related evaluate to consistent signals complete been have exploratory adverse measures.Viking daily tolerability side no for

treatment evaluating quickly Our announced years the has the and two than of XXXX. for ago, obesity program, was less VKXXXX in newest matured program

Phase reported and VKXXXX, tolerability early we year, of which demonstrated the exciting the of X of months and the nine safety results signals efficacy. trial first first the encouraging During of

formulation initiated trial complimentary which expand the the trial we benefits. VKXXXX, longer term X quarter, clinical initiated oral of we VENTURE evaluating the evaluate for to VKXXXXs opportunity novel the also Phase this therapeutic.In X a believe market Phase may third We

million, treatment XXXX. And continues, VKXXXX program in adrenomyeloneuropathy aggressively we pipeline, advance we our study We with formulations clinical look anticipate carefully third we've are $XXX this this to year, top of VKXXXX, and the data the line very our quarters. milestones study call subcutaneous data evaluating the approximately excited to in and with data again robust respect reaffirmed Operator? XX-weeks significant for of by announced from the first liver today. this in enrollment results study assessed made biopsy in creating respect the benefits finances This maintain year-end.Importantly, coming which to Phase VOYAGE sheet Thanks with and by Xb and on a the very demonstrated lipids.The we for once we VKXXXX to joining concludes for continuing, of oral reporting plasma program. questions. with additional with And VOYAGE progress changes and operating now reductions in continue extends our drive prepared ahead manage we The cardioprotective expect we reductions we'll report as for data histologic VKXXXX's much believe our half runway fat, for forward program during hepatic the comments balance strong XXXX. along beyond us, from best-in-class open value potentially the both each to the ability patients of through is With programs. to our earlier completing after our

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

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

to disclosed or line the trial a VKXXXX, XX-week the based this study week, top enrollment time of Phase in frame. For the we'd February expect come X March the on from sometime completion VENTURE earlier

follow-up. quarter have Any why of expect in quick So, first And year. reason we data quarter shouldn't a of XX? I first next

precise We're on to that. to more because like half. it know Hey, to guiding clean date Joon, up are or database first the put thanks. Hard than extra that there things the things never in you really a if

to but enrollment. completed guide We doesn't too right detailed Your now. timeline just be would crazy, cautious seem I

Is delayed And, to? wondering Yes. And over enrollment. you in it possibly you. be enthusiasm or of addition Thank that can the quarter to be next due year? the first met the on congrats due Oral to on could cohort on may that another reasons elaborate delay the those? an the why just Or VKXXXX, what

No we'd Yes, really it's more more Joon. thanks, that. slowly like. Nothing going than than just

the those not the can we to is reached at The any point in that haven't this of point. of We point. add cohorts, protocol we're making flexible decisions additional but

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

a wanted on potency On or the sort the really the I XXXX whether Oral if Can pharmacology injectable there? conviction to expect of your is the translating of versus is have study, you the sense clinically and formulation just current you'd of comment as updated ask formulation relative oral holding up. you if

thanks blinded think, and Well good should study we we now. mechanism the get right the Steve. absorbed We if to think is hold exposures. the drug well We're

So any any really metrics just it's comment ongoing. We don't on efficacy those of or or have just further tolerability yet.

of you're that specifically, the Okay. with Oral your at the Thanks for where terms this way study, how And cohorts, progress up thinking all? the urgency just to obviously, did, are sort of overall comment dose in you your planned that, you X can change executing on of Phase evolved strategy Has enrolling or Study relative levels? are of your on like where following VENTURE the number study? of just Brian. you does sort generally the it And

forward along well. execution filled parallel the good specific the delays single No. a really the on it of come there. is study I entire if, delay timeframes, a the really of to and type patient VENTURE, to it's a sequential It's it's study. that's example, for staggered completely No. just a enthusiasm or Phase think, site in have in And where we'd VENTURE day that subject different for and opposed not to and really than it's multi-center cohort high cohort and The a enrolled moving It's study. quickly, It's And in a a you really study. interest as of like. move Study type But X the a question. have study, reason cohorts slower a the are there. just

obviously just hot is is Got aware these lastly, mean, of this of and drugs. types it. space everyone And I right now

I available So of lot it's course. products, the But enroll wouldn't not also of shocking competing fast. and studies a guess there's trial totally that so commercially

So in past wanted seven of I what learned the six anything the what weeks, And of you it terms so noted, anything call you or just Or that just in to out? there on general exceeded awareness the how you expectations is specific would is just expand much? mechanism?

Yes, no, thanks. It's sites a great more point. the And we all from could investigators, enroll. had enthusiasm the were available everybody, we surprised people the than with and

I the think we drugs that to the weight contribution and supplies. some there I'm And media extensive it's due of partly semaglutide shortages see from is coverage Tirzepatide loss sure from today.

So the that both commercial here, I and of hyper-awareness of those think combined shortages. sort

early? to of of suspect, this Is players as it words, just room you In product. enrolled the between Do if an like with patients distinguish like be leaves by other for guys investigators and market drugs? too it a room speed that really Because just an all sense be product. of is course. different of there's have for or Because which would seems you you going we big the plenty experimental experimental that that implied a lot a it's the the don't as even

are investigators mechanisms of the think I Yes, certainly. the differences in aware

GLP-X of mechanism I'm loss sure the this has that GLP description. part the On the of not in agents. patient awareness agonists there. attractive awareness weight general being so drug a There And side, is is

different to patients. that the sure So But excited think at a patients this as necessarily candidate I don't I'm from dual extent, view a point. it some single

just the duals evolve the high-level more that from I it's get we coverage. think in of time a sort media over as awareness general I But singles. from today data versus will think

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

Madrigal share the gears to to it? the for doing patients similar and patients NASH NASH over you failure to Akero's FGFXX talk outcome cirrhotic about drug Can on Maybe is you moment. study? If an NASH of consider FX and studying way would any thoughts with a shift

FGFXX it's Yes Jay. to I'm good mechanism. Hi, a And close the not question. super

don't the person So advanced always ask and best liver disease is FX sicker from state. the far failures in I'm there. is it's Maybe patient They're the and not before. that it our a earlier. that FX seen has if more just been different But have in just speculative understanding was The That's different. been just have don't the further I success. now at will biopsy on a But a right there But of have probability that to to a going forward to know. just decisions would higher data versus We've probably drive longer cirrhotics we comment.We study, non-cirrhotics. just indication look in any our in decision. data support to

Okay. All right.

investors for And in on then congrats like you'd out the AASLD getting look late reasonable. Sounds for breaker Anything highlight at to to VKXXXX. for that presentation?

Those diabetics also data presentation. advanced sizes the to FX versus patients more versus be on see the Well, study around in would Jay. as is sorts FX thanks, Diabetics We'll study. report efficacy non-diabetics effect there Yes, subsets. prior are have that we XX-week will differential in the any things be some didn't disease. of at looking if incremental because data in

question next ahead. go Samimy The with Stifel. from Annabel Please comes

back a Hi. big more just wanted look picture. pull I and to bit little

oral competitive new guess, naturally very the that and potency given we others, based some your compares higher the expectations which and other they of being dual the see were the So X? GLPs, to by set recent the profile agonists also the favorably the I I benchmarks of injectable, we're Phase might seeing in of set. for benchmarks relatively modest on have are what reset you around I guess what think

could versus are expectations possibly agonists related more So for dual to your single this? around can modest molecule-size some context like Thanks. question bioavailability? you impact And put agonists a that

Thanks, Annabel.

the is mechanism dual that competitive think we really mechanism. a So

think don't phase looking move in in to studies. tolerability think being they're sufficient I or and in that time, safety, are XX-day second Whether should over it's that days, I these PK of compared probably know. and and a a allow X than for efficacy something almost XX takes excess you keep X.But at effectively like that don't Registration studies and to develop, good And not I agonist placebo, XX in monoagonist. years the it registration if treat. are we mind days. probably, to see mean, to addition days to that's would still obesity takes to We're phase ways safety important studies, exceed into mechanism there's to it least have to really a would weeks. evident the tolerability It be reason XX be I treat and longer forward X% XX X% of the in

So comparisons, non-competitive. but being worried all too mechanism I we're the our understand not about

Yes, mechanism. the about the not I'm non-competitiveness of worried

think dual if pretty agonists about I'm one I if reasons that just cautious of conservative for or an wondering had are you your molecule getting any larger is oral reservations the more the expectations. into formulation, a strong.

levels generally sub-Q. than No, the just no. It's exposure lower oral from peptides are

would of just signal to days, other to some the that think looking are tend And a we've exposures seeing kind a seen I And XX Are level what lower the for we're is over acceptable? we lead But long-term. loss? that's of tolerability So efficacy of as in there? well. settings weight

some market, cited growth will heterogeneous, the the opportunity? then in And meaningful impact a eat market on Is on of or is but thoughts large anti-obesity it into market. the enough. what NASH? the that of the these your mean, and have recognizing NASH, reductions very are we're KOLs for it of potentially I on products Okay, some more I fair guess, impactor

XXXX with on Just shown your own to for content that's even shown, thoughts also NAFLD hear your fat patients. that, reductions liver has want compound

impact about think the I'm the So to how just considering market. trying on you're

really heterogeneous it's Yes, a market.

patients. diabetics non-obese patients You and obese non-diabetics, and have

heavy and fibrosis fat, fibrosis. and and patients lot not with of have liver you a fat a who have liver of patients have lot You

possibility backbone it combination are don't agonists address do So of leads that agonists think single to necessarily triple of and directed I to sort GLP-Xs really expanding that more dual don't features an and targeting and that directly. that opportunity where precludes the drugs specific liver therapies. NASH, for do the might as therapy, the multiple more think of I lead looked type being a but at of that of use of

agents of histology awareness NASH combination who patients could as other some So with respond NAFLD liver increase a GLP-X I see the the more might agent in with maybe help well not more or dual of think some agonists. earlier patients actually that from using a might GLP-Xs in in on in use directed

Okay, it. what And you I then if patent last question products? one your Could may. got situation is remind both with us

the with estate run was IP the agonists, XXXX. dual Well, beyond

the mid-XXXX With XXXX to frame. multiple I thyroid for XXXX VKXXXX, have now. the we would The matter agonist, expire think patents of time the composition compound that beta in range in the

think XXXX to for five five-year this May least But one. XXXX, additional have it. XXXX extension a I we on patents to I believe, it's with at out expire that begin

go from Joe from comes question Please Pantginis Wainwright. HC next Our ahead.

lot what GLPs. Brian, I to of as a And these quote have specifically, latch here "Emerging drugs about time. comment no a your the the profile" mean, hyperawareness the need they're want or look, to for about the longer studies there's around on used you. periods to growing I notion of AE of

emphasize, really this question, evolves, can a Obviously, it anything helpful own AE you've appears has you So better now moment you studies a similar little why and or regard as the of an be think, it right But XXXX any plans more to I as what us, to you profile? like changed to progress? disclosed. with it's color can well I add your emphasis out coming believe a how thinking for would field guess, might development your take as earlier has in

Yes thanks, Joe.

agonist of we've seen dependency our an dose the to to in activated, GLP-X dose high AEs. really is highest there there VKXXXX the and some early a some really data mild dose the really of agonist dose experience the talk is But might right it's so to looked when is simply moderate. on in comments a say to nausea, over see the lot didn't on Tolerability like actually too GI the But with X definitively. cohort was that lowest allow The then for dual really offset part were outstanding. We effects what think most is set, mechanism.Really side came AEs, small I it tolerability nausea now. that, Phase data when time set part cohort should if in to it's And the sorts and of early true, hard AEs. a those monoagonist. vomiting. much the that but where tolerability better relative a like GLP-X GIP make to is with tolerability is evidence the GIP dual separate that induced to encouraging

field in any on has evolving? views on how been been the alterations Any mind your plans? Have based development there

metal plans. both full no. we'd No to now. oral ahead pedal both. steam on slow a more program than right but our little it's the like, to on The changes programs is No, We're

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

for baseline presentation, you So, just looking regarding have if I'm obesity especially week age. the curious characteristics, at thoughts

the XX, placebo, obesity some across, underestimate Does for in XX average XX? XX favor for We've at age that seen the size placebo imbalances the highest of Looking dose. studies. and several age, effect

and though. imbalances know women in than I that's had also in more don't men and really of hard more metrics. after a call if think, there we'll the then that discern able was Yes, it and some good of some Phase based question, study. – But age differences on those and X It's men, on make were women cohorts a any than to any I weight, the better to be

Great. okay. Yes,

half. the you to we'll that, first reduction curious VENTURE that in related So for or about, liver expectations the out read just fat how frame for expectations study

was attractive so numbers did at the although not see Well, we're really changes. VENTURE at weight doing with bit were but That We're just liver not doing really MRI not the liver impressive, body weight the just reductions, X four VENTURE, reduction trial. fat, we looking we're we're looking Phase in and more but body We at the four a the study, after in study. XX% nearly in small than expected doses, higher VENTURE fat doses. in in the relative MRI

of I'm to obviously can you the And like for just lot capacity Got class. there's either X a maybe on Phase for attention or Xb it, Phase curious, manufacturing, lastly related comment okay. press is, and drug a study? XXXX's CMC it where

it's clinical question much drug we the capacity next be If a higher, constraints term. supplies, different thanks, the that because we're any foresee today. but would problem on. an we spending the lot launching year, time a near no Yes don't were absolutely area and foresee to We great be demands for of would be

the We various scalability are place looking And more available think now would than available time I compound I today. looked I enhance for scale we think the And think us. and are to and yields a we to this have timelines be approaches shorten probably would I commercially, don't challenge syntheses. we're options they large have don't where constraints be by supply several at think otherwise would that

Please next comes of from Smith ahead. question The go Partners. Leerink Thomas

generated if Just preclinical present plans bit a data form this for the preclinical before there's maybe now expected near that's X on XXXX, of to you've these or get of now oral in the of compound. was think for I quite the you any some term, data opportunities data in I Phase wondering we QX.

oral from about quiet data formulation. thanks, We've the pretty the Yes been Tom.

and between plans X any don't between quarter. And to present animal this so Phase first at now, data the in now readout the have data we point

XXXX, another showed reduction liver about combination potential your just remind know And in you data XXXX. with on there us data Brian, in strong it. any obesity just thinking got I XXXX? some of you're own you either guess question I at And XXXX generating whether NASH? fat Can how week. or with alone you're Okay, considering

requirement We we baseline didn't XX see well, in was the GLP-Xs, an reductions. and think with we can MRI a we have X impact. did we study, the I did but there if the some Phase it percent know Yes just MRIs some for here see to

you'd though agonists And proof-of-concept It it out that much NASH. agonist.And how dual compound. move was better. timeline's But mono that mono also, to that compares I and to I see are what agonist to data with that sort we've so a seen. a in the with so time don't something seen the to hoped know triple it it had we there. was so neighborhood. agonist And favorably favorably of that it think today did there, about lot the think But to We any we've we I And the see we we does think have a GIP compare the and good far. treatment that of wanted kind just compares even that longer plan GLP-X into shorter window feel it something

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

obesity consideration? data well say that study on VENTURE the in or week just as the potential curious impact Again, future, lipid in the if as that's good, on the in patients obesity also your obesity does statin not obesity, I'm looks the X the more necessarily sub-cohort of the Phase selecting data sorry, would data, week terms into of let's plasma lipid,

Not in this consideration at point.

effects you think in interesting that. were allow dose to statin plasma I or a reduce the of really might like something lipid the that they

plasma a subsequent was really nice a study. this pure And point. Study obesity at reductions of to obesity the a saw kind is that We study. in And lipids. be anticipate a will and on there. it the finding. really obesity board studies pure any neat across So was subsets But VENTURE not the for It we now, focus

Okay, great.

question Just one more here.

all injectors at first future of XXXX, that currently do the And guys shortage in do What's see specific used have in how some your again, the that you terms In any least study? there's you issues? thoughts? in

yes. Yes,

of some people an we to would auto-injector. And studies and the clinic. form Fortunately, to are that. where of we This models syringe some looking are trial anticipate time the in of But next through is have use sort work a the at injectors. dosed early trial we vial

to the all readout great. early progress And forward and on year. next congrats Okay, look

of go ahead. question Justin Our from comes Zelin Please next BTIG.

Brian. Congrats progress on Hey, the here.

Just wanted to both and data you've XXXX. from ask XXXX seen promising

the of then a thoughts treatment hear a on to NASH. quick just potential in current And wanted your both Just using agents study follow-up.

thanks, thinking that of be could time on different combined. these We lot a They're formulations. Justin. about spent how Yes

also, different little formulation more And combination we up-front extensive agent. is so if agents. on work to requirements just then other And a it's with pursue unapproved two a tox the the were is

as on front that extensive more well. So

say combination. about high-value don't But really now. have right a we anything it's it I potentially think So further to

it think I the though useful be could future. in very

developing with Obviously you move might an Right. for modalities, on then me. hear injectable. how sense multiple to current oral to market both oral to Maybe think just and That you're makes injectable an do and start evolve. then in an your maintenance? an thoughts might And patients that

oral We resistance as a it's option The to using products, seeing more injectable intensive an maybe them some with and injectable. where might starting or feel little start intrusive, with like start whatever really. doesn't an loss Yes. to different they the somebody view want because you mentioned lower weight

one that's So option.

weight where usage. of a lot to The and bucket oral an so be we injectable more to big maintenance, think use. another want side lost who's a someone temporary That's of great other the flip transition then might an on about for other the would longer-term is, opportunity.And

some summer like weight an Somebody or that. for lose to event something wants upcoming or

think I a there would be opportunity great there.

uses need will same does likely not oral sub-Q different. the the be the the because as So efficacy

and areas products application. have So they're I of complementary think complementary nicely completely

our I remarks. over question-and-answer closing This turn like conference any session. would back concludes for Diaz now to Stephanie to the

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

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

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