Viking Therapeutics (VKTX) 24 Apr 242024 Q1 Earnings call transcript

Welcome to the Viking Therapeutics First Quarter 2024 Financial Results Conference Call. [Operator Instructions]

As a reminder, this conference call is being recorded today, April 24, 2024. I would now like to turn the conference over to Viking's Manager of Investor Relations, Stephanie Diaz. Please go ahead, Stephanie.

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

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

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

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

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

the During announced results pipeline key company's of the programs. Viking X quarter, first from positive

at agonist, GIP points all primary weight our to in evaluating end First, and end reductions all dual with receptor and secondary compared significant as demonstrating in VKXXXX study, obesity, Phase II placebo. achieved point VENTURE patients doses GLP-X statistically successfully body its our

from an safety tablet loss following quarter, VKXXXX. study formulation oral trial I dosing. encouraging XX well the clinical Phase the weight a Also demonstrated once-daily promising of days company as of This announced tolerability as and results during evaluating

of into later these company advance further The programs development to both plans this year.

VOYAGE study biopsies the fibrosis. hormone thyroid evaluating in first receptor IIb the the the VKXXXX, company and beta in the Phase during addition, NASH completed agonist, novel quarter, final In with patients

the from to study expect results later report this We biopsy this quarter.

completed will quarter, proceeds Viking These and strengthened the balance aggressively of company's develop our sheet million. pipeline. to of the plans during funds common Finally, raising support public substantially a approximately gross our stock, $XXX offering

I'll further our activities details after review quarter development XXXX. for on financial we the provide results and operations of our first

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

participants $XX.X primarily months for increased million ended manufacturing the Thanks, I'll over file to filing later conjunction studies, Exchange that expect compensation, million $XX to first my XXXX. salaries our go stock-based refer XXXX. and for expenses development quarter comments, drug we the our for XX-Q The X in to which In Brian. due now to and were today. Viking's XX, Securities period to XXXX, and Research I'd same by increase results with March with Form consultants. for like third-party recommend and March was to Commission, services preclinical provided XX, ended related expenses the candidates, the compared clinical benefits studies,

expenses patent consultants, administrative salaries to to due $XX was and services. expenses XXXX, expenses were by for services XX, third-party for to $X.X to increased March ended offset the compared related and partially increase benefits related primarily period General same million stock-based months The legal XXXX. by the provided and compensation, in million decreased X and

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

million the of short-term XX, XX, $XXX balance $XXX and to million to sheet Turning at March compared December cash, cash XXXX. XXXX, held as of investments Viking equivalents

reflects from gross on of proceeds which First XXXX. quarter of receipt the balance public company's million $XXX X, March offering, closed

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

Thanks, Greg.

The XXXX results as and X eventful an clinical of key received first quarter trials. quarter was from the we reported

trial, Our programs evaluating of evaluating and favorable in year. look Both into and in forward were advancing tolerability development patients further studies tablet And formulation safety I Phase with subcutaneous Phase VKXXXX trial VKXXXX both an healthy demonstrating weight VENTURE and II volunteers. obesity. our we to later loss oral successful, these promising clinical of this

results each press from February calls, in As you separate we XX briefly takeaways review these comments, the for details. and recently prepared I'll releases studies conference refer our my XX March on of reviewed have and more to key

the of provide I'm will subcutaneous of to addition, first for further In our in on update call. the VKXXXX obesity. detail happy an Q&A formulation I portion provide

subcutaneous weeks. atrophic Phase weekly as glucose-dependent I a glucagon pharmacokinetics study announced and dual GIP we ascending results a dose from positive single the of This the for ascending is VKXXXX the receptor study demonstrated a VKXXXX and of or receptor. peptide-X, insulin XXXX, polypeptide, promising GLP-X or dose In agonist like administered first quarter of X the and safety, injection VKXXXX. of multiple tolerability when

randomized, In Viking days on tolerability, double-blind, addition, and VKXXXX administered study to the efficacy of trial subjects X.X% Based called signs from up trial of loss weeks. to multicenter the plateau. in the the with weight pharmacokinetics Phase evaluate for results, subcutaneously VKXXXX XX once trial weekly in baseline was obesity. safety, VENTURE XX positive no patients weight that II study VENTURE these initiated after evaluated placebo-controlled loss with demonstrated a The

in VKXXXX VENTURE Viking top end weight end patients compared the achieved reductions trial positive This doses secondary the announced first demonstrating primary results body line quarter, successfully with all and its placebo. at In from all point with points study. receiving

weight significant up patients from statistically weight placebo, demonstrated mean reductions relative to point, XX.X%. as For reductions VKXXXX to well the significant body mean statistically ranging in ranging primary body as baseline to XX.X% up in end receiving

compared XX differences significant were at treated Weight for extended and study. period were did course of this all was throughout through XX-week believe maintained loss to this treatment the VKXXXX loss suggests weeks not observed beyond show the Statistically in be progressive weight starting evidence through further week cohorts study. X and of the all of plateauing. doses placebo that achieved We could dosing

development mild on over the study of characterized majority with trial moderate. VKXXXX VENTURE treatment be the showed VKXXXX. treatment-emergent as VENTURE to Viking this the II quarter well Phase next or results, in prior safe of later the Based as XX-week Phase FDA well I steps events the discuss being tolerated plans results meet as and the Additionally, with to adverse to

VKXXXX. is could potential incorporate tablet this the formulation, an extension formulation Last attractive of developing the as company we with oral to see important obesity, subcutaneous of of overall for tablet formulation. previously I evaluation program. for opportunity of In study addition formulation subcutaneous novel to a our believe represent an year, and Phase also the tablet We reported an expansion a an the the we treatment initiated option patients

to XX double-blind, a once administered and index Primary study study XX for kilograms this objective in meter is the a with VKXXXX of tolerability minimum evaluate days. squared. body adults healthy placebo-controlled daily per a of randomized, is as portion safety oral of The mass tablet

metrics. and Secondary the in other and measures, pharmacodynamic of include body well changes weight objectives VKXXXX exploratory evaluation as orally administered an including of pharmacokinetics various as

During oral that XX the first quarter, be data we initial and to from to safe was tolerability, VKXXXX shown to doses for reported up With titrated tolerated and up once-daily study. well this were at safety milligrams. days the following to XX respect dosing

for clinically events adverse as Among with meaningful majority, as adverse VKXXXX, mild reported in or subjects VKXXXX were Overall, moderate events subjects receiving compared all differences mild. with were with reported treatment-emergent the XX% among placebo. reported gastrointestinal treated severity no

Importantly, in this been events have study. reported serious to date, no adverse

in tolerability, placebo reductions weight, from and in the highest from to up of safety weight Subjects reductions demonstrated were to up exploratory baseline reductions body significant receiving addition VKXXXX ranging dose-dependent compared baseline. baseline. Body statistically In weight dose reached assessment weight body was and at to conducted. oral evaluated. and with in change Placebo-adjusted body X.X% X.X%

weight XX-milligram dose the and the loss XX-day with levels during was progressive addition, window XX-milligram plateau In at of observed. this no study

weight signal excellent Given escalation. the the along profile promising is loss dose pursuing observed this Viking with in study, far, thus further tolerability

a weight and believe loss addition, the of the lack for at benefits the cohorts, from encouraging longer we higher In dosing XX anticipated plateau might periods. be dose that days trajectory further on of based

as this initiate II Phase with study study proceeding Details be expect design plans patients get To this study to year. to we a end, are obesity, closer we with later will we provided trial on and in this initiation. for

advanced turn of agonist the as most receptor. tissue NASH of small orally VKXXXX to beta as available is thyroid and molecule for an VKXXXX I the receptor for our liver well clinical hormone the is will of now program, selective that the fibrosis. isoform treatment

Last results trial randomized, study multicenter of is VKXXXX. biopsy-confirmed VOYAGE the double-blind, fibrosis. tolerability line May, IIb a of placebo-controlled safety in The and and we from VKXXXX designed announced with efficacy, assess international positive the NASH to top patients Phase study VOYAGE

fibrosis. measured proton fraction by as as Enrollment at imaging included and fat with FX fat well liver patients as FX least X% magnetic density resonance

reported liver week XX relative fat to VKXXXX reductions after Last had liver The May, among compared endpoint demonstrating this baseline patients median in with XX% fat from significant that patients study baseline primary XX content in as we from treated VKXXXX its achieved with placebo. with weeks. successfully ranged from statistically XX% change receiving to

fat. of greater efficacy reduction at of This NASH. of with least a In histologic likelihood benefit receiving in liver addition, experienced to up in XX% XX% level VKXXXX is associated patients

VKXXXX LDL benefits. the As in results statistically these We atherogenic and VKXXXX-treated cholesterol, believe achieved prior also to provide in cardioprotective indicate that longer-term triglycerides reductions studies, potential has significant lipoproteins. patients

of The patients initial receiving VKXXXX events were data profile. to further establish as adverse or VOYAGE tolerability also and XX% treatment-related moderate. promising VKXXXX's safety mild reported among served

placebo adverse and VKXXXX among VKXXXX-treated balanced to diarrhea, demonstrated rates nausea, excellent and In vomiting Discontinuations due compared low of tolerability arms. gastrointestinal placebo. stool to events patients particular, treatment similar and observed with were among frequency

These new week FX was data FX at patients presented without in among or for Annual type Viking study having of at diabetes fibrosis. from ranged with data which of XX% liver type without baseline among or X type demonstrated to observed XX%, comparable Liver Among either the fat Study reductions well diabetes diabetes. Meeting additional Diseases. XX, reductions patients to November, American with this as patients from the robust X those Association fat X Last liver as reductions the the from

FX FX either the XX% with VKXXXX demonstrated liver of Thus, FX type X also up or in liver presence with fat patients these to reducing Treatment neither reductions the liver fibrosis presence from ranging FX that nor indicate or diabetes approximately reductions impact fibrosis potent efficacy meaningfully VKXXXX's in baseline. with among of fat fat. results

remain quarter, and During histology report biopsies this in we the study on final completed from study track the this later to first quarter. VOYAGE the data the

of now in of selected molecule hormone receptor. for evaluated is available being I'll function thyroid Ib a mutations is genetic debilitating a caused long agonist, hormone receptor second by provide patients peroxisomal small currently rare of in is beta the acids. thyroid and disable our VKXXXX, that orally brief VKXXXX metabolic is that update disorder, an X-ALD. transporter X-linked Like beta trial a a adrenoleukodystrophy chain the on fatty VKXXXX, or Phase that isoform with very the which also X-ALD is

to dosing. fatty these volunteers, with healthy prior very dose-dependent patients compounds study believed I result, cholesterol, metabolize long-chain reductions onset the evidence unable to VKXXXX experienced efficiently VKXXXX of of acids and B a lipoprotein accumulation and In a As and and progression A. no contribute triglycerides, consistent the once-daily to of is X-ALD. Subjects the who half-life demonstrated apolipoprotein accumulation, in received LDL Phase in exposures, are anticipated

which X-ALD, disorder. being no and and is observed or VKXXXX multicenter an common in no double-blind, adult of form cardiovascular the of vital encouraging patients signs dose-related trial or treatment form VKXXXX patients the ongoing adverse events in serious study with The demonstrated profile safety signals a with adrenomyeloneuropathy also Ib most AMN. with placebo-controlled randomized, male of conducted the for study effects, GI Phase side or reported tolerability AMN This is is measures.

long changes chain objectives evaluate study report results in primary daily levels orally very plasma trial safety, of the expects top from of The mid-XXXX. for days. to in also includes an fatty of this pharmacokinetics tolerability The and the VKXXXX are once assessment XX company of study to acids. exploratory administered The line the

underwritten of offering $XXX company common quarter, proceeds completed during gross stock. public an Finally, first The were this Viking successfully the approximately the from to offering million.

a As our the moments runway. our $XXX which, in million programs funds end This have few quarter, significantly the Greg balance of the to these strengthened cash, through sheet milestones. the provides as indicated develop company approximately with our clinical aggressively extending ago, held important resources of

an first as of from X subcutaneous reported XX during of dosing conclusion, study obesity clinical data body In reduction tolerability. XX% baseline the and quarter, by program, II Viking promising safety in from approximately demonstrated VKXXXX. lead as positive trials Phase our weeks up to The key well weight VENTURE injection following weekly

oral We to of weight regulators of programs, excellent initiate each expect of X.X% discuss following with mean VKXXXX plan of year. signs The Phase clinical of of up baseline clinical safety and study later meet path and with activity the I formulation further with forward tolerability dosing. days reporting tablet each this and positive XX loss to subjects to for from we oral these to the demonstrated trials

profile. in and data potent successfully plan this also with study receptor achieved efficacy later The endpoint fat, this beta Phase thyroid VKXXXX our primary data along of tolerability fibrosis of initial We report the favorable VOYAGE hormone from study from liver VKXXXX's NASH and the quarter. and IIb reducing affirmed its safety agonist to biopsy-confirmed

reporting to histologic assessed on changes study We treatment the weeks recently later VOYAGE forward biopsies in look quarter. after this XX data completed of and the final

the we to To a quarter data VKXXXX ended midyear. of announce our company Ib sheet with million. Finally, study expect from $XXX pipeline, the of balance strong treatment our the Phase adrenomyeloneuropathy for maturing support of

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

question Joon first Lee comes [Operator with from The Instructions] Truist.

about Sarcopenia GLP. some companies to and quarter. the are a adding of lot on Congrats getting talking is days these attention SARM

as You your thoughts certainly SARM and a XXXX in Any add-on And on share strategy? an experiences of general. with have back have sarcopenia I follow-up. bringing

to or of has -- understand of popular thanks changed. yes, is, it have Yes, really or for the survival, which clinical actually in are to what impact I for loss muscle and be typically Joon, whether and function the kind always what or hard the significance we feeling an the approval. used It's that on getting in conversation, think, question. said more hasn't

to be But we're SARM be -- a setting, in considered good extent XXXX really exercise it's more the something useful. the that so muscle relevant compound the to it is point most diet potent pharmacologic that aware versus regular the clinically of. losses could that's And setting

Okay.

what can on oral? or you update VKXXXX on to tend where are your to forward that, for Looking you the and criteria dose dosing the update the you oral with stopping that maximum the test us

of to the It's some or and escalation planning some ongoing Joon. get or plateau dose exposures are weight sort reason either for on stopping issue. we a maybe Yes. plateau Thanks, or -- still the a on change a to until we tolerability continue some

middle the additional when we'll so about probably we more to And that the have data cohorts. say the of from year have around

tirzepatide And and At it expectation a the state, be what than percent would your greater VKXXXX it Great. around tirzepatide? mark. similar basis question. one stay half loss final would for weight steady to that Or Is drive year is thinking. your

you about what... were talking -- the on Sorry, overall or the

subcutaneous. injectable, for say, Yes, let's

For are the given higher. the significantly seems it that any subcutaneous. Well, dose, at exposures

the profile. I given greater meaningful hard in have without or on to tolerability And we change so dose in think -- view, say. it would any board without load whether at a our comparable But be better should

So see a how I have think making a before would translates, longer to call on study that. we that

from The next question Jefferies. comes Roger with Song

third Phase that you dual fibrosis the on GLP-X evidence There's This do program the recent think the is later agonist maybe of develop. and Or III general how to then shown into you NASH question, of to both kind Kambiz XX-week Maybe a histology on some translatability VKXXXX, GLP-Xs, final into glucagon and thyroid as will and the endpoints And have GIP MRI-PDFF what's agonist and GLP-X into yourself? beta do program for Roger. are dual -- of been potentially you partner? result kind the intend planning move market improvement.

thoughts So will that on will develop market just how really and your helpful. be

Yes. Thanks, Kambiz.

odds relative the with liver So improvement, improved generally, led reduction shown to to benefit. of has translatability exceptions for histologic histologic liver to that above fat has been XX% There reducing it are some particularly compound fat, out a that think try fat to examples to of liver that. generally, more of situation compound when more And precise histologic I not. reduction than by to are improvement. that proving you translate it's But there threshold

us was in range It show resolution showed comparator the the in teens think recently thyroid some the that agonist I did would in NASH best -- for somewhere fibrosis. the approved. be it other for improvement and

So range extent think to improvement. we at fat NASH better be we be liver that or for sort a the the would and would I of reduction, similar have fibrosis looking resolution

With seem is yes, the market, like there rapid it expansion overall the GLP-X does respect utilization. to a of

had drugs, some of And uptick on probably create does so headwind we've new for approved NASH. that NASH an but not drug the

do, to going how see be first to think So it's there. I really important few the that now quarters we mature

it. of is people there to backlog a maybe And clinicians it try waiting and of waiting to prescribe a backlog

There's I GLP-Xs project. are So unknown the getting middle is there, it's utilization. and in to more hard a question think more But skipped. it right now, true that I

Yes.

program on of your to or it secret search solo for NASH III Phase maybe some intend Just do plans kind partner?

Great. Yes. yes. Yes,

then agency and any and registration the view we'll think suggestions the for the but Phase And a the see receive to the we'll program, hard but the have. data look II data from FDA current of for with this looking schedule is, we endpoints partner a year first. get look be like, So without -- what might plan trial study, do with have the design I and having into meeting later say probably the an -- we're at we'll to VOYAGE data the to

from The Stifel. next question Samimy Annabel with comes

I on oral. have the X

you of dose a balancing, issues which doses therapies shown the push current How the pretty own the now. you around supply already with that weight metrics. loss for the that, has are think respectable when lot problems oral, capacity have about manufacturing manufacturers their you how the right high questions So versus some additional getting given

So know thought in with into I just want to going that you're if this mind.

having the And development position of later-stage do IV to designing. even have of perspective, the at on but given from weight additional trials your space that or into without already payer there evolves that some sleep kind be some can of CV kidney second in Are I competitively benefits is, to subpopulations as minimum it's Phase the you're guess, sort hypertension drugs risk yourself that programs additional are or trials now having, a or late-stage idea or at disease least trials, and baking loss the you any apnea. a whether metric

those So for questions are now. my

Annabel. Thanks, Yes.

question, are second the in important. the as obesity populations mentioned successes For the really on indication, primary of early subsets that you but mostly the those just all probably focus we'll or and

though, a on So that the at cardiovascular Phase loss to have looking the we might indication weight plasma to for that could that primarily, dyslipidemia or with maybe a read through program. we're the effects at extent look benefit something cohort III the add lipids like

of this state. isn't do to very massive just there. it. demand terminal existing have it's a aware see loss the now consider supply We We I know We're the on don't weight where recently a there that, this think compounds of for in things. side, stage is right attention and be We couple that overwhelming from issue. approved manufacturing the ramp-up being in capacity. contractor is been and manufacturing, companies just there we're the And to paid acute in area respect yes, acutely With quite to an a these space,

challenge, next not years. in so probably will to but evolve supply state, few And we're the think. Still we I going shortage I be think a the over a think don't difficult dynamics permanent

next Olson Jay The comes from Oppenheimer. question with

Congrats on you for this providing all thank the update. progress, and

support should then I thoughts kind And what in -- you'll XQ? question, data Phase have VKXXXX, the on to data then subcu do of we what expect think For And a if study? frequent latest had less enough IIb you are dosing? follow-up I And could. your

Thanks, Jay. Yes.

final So we'll received we -- data yet. haven't study the from the

looking thing, corporate the PK for be important of I of and for data, exposure understand. think, some maybe That would for X proper last X of the after be presentations. data, earnings we after weeks dose. would trickle some data presentation the what's would sort form lipid So the us to updates And into or the it

have look it But data in some medical therapeutic the dose, and dosing, into PK the to a would period if the like of respect that a with range we receive, feasible will and that less probably in looks later after year, we conference. frequent that's trial. a be to incorporate And presentation maybe a at at would part subsequent we last we're that strategy a will

the So data out coming set. really PK important data of

on latest Great. Okay. thoughts Phase IIb study? a And

FDA meeting yes, this a C Phase quarter. later to going IIb have study, with we're Type the

to able study, we be Phase start timing the hope IIb a would next be the And that later to would but in would look quarter probably that to fourth start the seems we study. so year, to likely, study for

if And ask question. could Great. I one more Okay.

presented seeking oral to injectable both additional turn for potential a you already you've a like data partner positive or transaction. the cards what Given VKXXXX before would strategic and over

And I'm potential more us others data But it have gating gating meaningful necessarily sure now. always I is helpful conversations not mandatory Well, not to it's like the to programs right don't -- larger view again, I see but to that's a But partners, for for as evolve. we data think as to partners conversations. don't with us. generally, requirement meaningful have more think a

with Hsieh comes William Blair. question from Next Andrew

on II really the the I update potential done an for maybe maybe is directions. X really talks is for all long the on the study, you can duration with from have upcoming GLP the maybe you dose subcutaneous date? provide this Phase One how based can to you've study on talks, that So one GLP us first framework regarding

of like secondarily, a program, a [indiscernible] question then to the on loss And of it the pretty you in just seeing get derisking importance maximum plateauing it's important consistent plateauing. see is how mostly the data view terms the just to weight

Thanks, Yes. Andy.

IIb performed plateaued right For the we've plateau, what to semaglutide were prior from with now, studies that the seen the Phase being and not initiated. tirzepatide had studies registration

assessment studies. So how hard know Phase when IIb really the to a that the currently the FDA drugs it's did judge in will not their of plateau approved reach

learn that's of to things the in C upcoming a bit hope meeting. So the about little Type one we

the With coverage, the talk. finished chronic tox we're with

toxicity a study or have limitation don't wise on tox duration. we GLP So limitation

the dose candidates as could of X think Ilb. And the as likely I Phase X we'd we probably duration long So for or like. would X be most months months

just if we're talking agency I'm Got Since it. the you'd or curious the discussion the helpful. have action around about midyear? any upcoming to discuss with like items questions you That's with FDA, lingering

disclose we're and going not going design question the to in and we're to to your Phase conversations, about III. the ideal back Well, but nature duration prior duration the study of understanding interested

those So questions. key are all

it. Got

NASH dispute, data we're lastly, then up. obviously, expecting the Gannex And coming Okay.

curious that we IP should sort there's So of anticipate dispute any with procedural if things there. the

Yes.

litigation. dispute but speculate to this that on quarter, sometime ongoing expect hard it's So we a would since ruling

from The with Raymond Steve James. comes Seedhouse next question

Steve. on for is This Nick

supply specify for to gaining question a are potential the a on Are issue able related oral higher would XXXX. factors have this doses commercial most materials Annabel's or be manufacturing. up only of of formulation? what to the to ramp you We And

Yes. Thanks.

look an because issue it's think approved to we are drugs currently at doses. start the difficult that When shortages. I all for of

supply to So all needed the doses, I great to is overall, solid-phase they're where the I With -- shortage. think solvents, materials. chain, what mean, and for is today. -- fill finish the it's synthesis whatever respect relevant throughout

now. right a shortfall So pretty thorough it's

incentive be high going terminal that's out at opportunity, But compounds. a again, this we to to When for don't problems. state pretty figure the that you of think these market class look is

The Thomas Partners. [Operator Smith Instructions] question Leerink with from next comes

what on expect line Just ahead are endpoints, can for to say, histology perhaps you X you of and to have receive us -- later what comment versus at the improvement And at the remind VOYAGE expectations fibrosis medical meeting? your or data available data NASH can sets a resolution. top readout, presentation you on expect you study that the

Yes, yes. Thanks, Tom.

on improvement hurdles, the those with similarly, sort digits, always be not placebo. But be a set. show worsening of are NASH, resolution expecting the would the numbers would be hurdles would NASH -- So data we've that just we're I patients the if I low the double we with smaller. versus although fibrosis, significance key rate with what in statistical because is delta And mid-teens that looking of for proportion treated thought to for a low without for of can X-point

available would those data components to well, when, the primary are be respect that With we'll the what receive. and of

kind reads, better, paired of take We later to little data biopsy thing little will that evaluate. longer unchanged a bit NASH be of treatment what end at or those on worse receiving a the since period, someone's probably the is

Understood. That's clarify, helpful. just higher that expect dose And do you can data data dose some is add incremental cohort oral any you we that's then before study? it or just XXXX, from cohorts from you available to see additional for once the the higher could report possible ongoing

more of latter. the Probably

want report what have the would than just drip We rather cohort. So data study is when completed we by probably cohort out. kind don't of we to

The next question with Jen Yale from comes Laidlaw & Co.

presented conferences. the Brian, at on will about medical XXXX you're later talking be that

in anything mind this point are thinking? curious at Just you that

Phase the Last a so and seem like presented I Yale. that we Week Thanks, at candidate. would year, Yes. data good Obesity

We presentation. good but seem that would haven't candidate data like submitted for a anything

is for before subcu in Okay. And a One studies. bridging study more here. you the X already of anticipate any are follow-up you between the on heading That's version, working are auto-injector, here helpful. to guys do you And is that PK question things that kind that? is secondly pivotal

Yale. question, Yes. Great

type gating let going pen device. that's of available not And but that the clinical using be will to be would study, a the we're next prior initiation to We hope we factor.

So study and transition with if is not plan and then we would to vial syringe on start device the the ready, auto-injector. the to

But that do point, you or need study for data that be supportive? start you that? later even anticipate could Or PK earlier bridging at whether you a you think one that before

we be I when do think we I a mean, requirement But to point. this Well, a we to don't bridging at not study what no, That's I would think would. transition we if people. we're don't would need going contemplating. that's have

on further. the progress Congrats

next with comes question The Justin Zelin from BTIG.

fibrosis, on mentioned the the just few fibrosis mentioned Brian, if here. study And in VOYAGE us study? you a I for that follow-up. be is Can patients to a a in you have show progress. the there might powered study you the just for difference Congrats remind

on And the It But in resolution designed rates. show larger NASH wasn't Justin. not have Thanks, Yes. study. It's powered bit in a that I'm we not around on quite than It was we NASH XX% fibrosis. this power. the generally on a fibrosis resolution. sure to delta it since XX% ever was disclosed powered approximately requires range end

don't I because yet. asked ask I'll maybe And think any helpful. That's have others Understood.

here for X-ALD, success in for XXXX a Just expectations view be Phase what the Ib. on your would

Yes. Yes.

compound, and So somewhere we ApoB XX% range [indiscernible]. range previously the with that reduction for shown LDL the have in XX% on in

long-chain reductions healthy also prior reduction. look volunteers. healthy they're really we they very in lipid we acids -- have kind It's don't in I to see acids, but long very the experience. and the we chain because did chain fatty long Phase of know fatty in it's So volunteers, and they're fatty And very abnormalities at effective some acids tough looked at

somewhere see that pretty probably interesting, if than X-linked gating would that fatty adrenoleukodystrophy. can very teens to in further hopefully, the consider on the So be reduction, would factor high long acid be mid- to in more development but that, chain we the

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

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

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

You may now disconnect.