Viking Therapeutics announced its financial results for the fourth quarter ended December 31, 2017.
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Research and development expenses for the three months ended December 31, 2017 were $3.0 million compared to $2.6 million for the same period in 2016.
The increase was primarily due to increased activities related to our VK2809 clinical development program.
General and administrative expenses for the three months ended December 31, 2017 were $1.4 million compared to $1.1 million for the same period in 2016. The increase was primarily due to increases in salaries and benefits-related expense.
For the three months ended December 31, 2017, Viking reported a net loss of $4.1 million, or $0.14 per share, compared to a net loss of $3.6 million, or $0.18 per share, in the corresponding period in 2016.
The increase in net loss for the three months ended December 31, 2017 was primarily due to the increase in research and development expenses and general and administrative expenses noted previously.
Research and development expenses for the twelve months ended December 31, 2017 were $13.7 million compared to $9.0 million for the same period in 2016.
The increase in research and development expenses was primarily related to increases in expenses related to clinical trial activity for our VK5211 and VK2809 programs and preclinical efforts for our VK0214 program, third party manufacturing of our clinical-stage drug candidates, as well as regulatory and other consulting services provided by certain third-party consultants.
General and administrative expenses for the twelve months ended December 31, 2017 were $5.3 million compared to $4.8 million for the same period in 2016.
This increase was primarily due to increases in salaries and benefits-related expense, offset by a decrease in non-cash stock compensation expense.
For the twelve months ended December 31, 2017, Viking reported a net loss of $20.6 million, or $0.79 per share, compared to a net loss of $14.7 million, or $0.90 per share, in the comparable period in 2016.
The increase in net loss for the twelve months ended December 31, 2017 was primarily due to the increase in research and development expenses and general and administrative expenses noted previously as well as a decrease in the change in fair value of debt conversation feature liability.
At December 31, 2017, Viking held cash, cash equivalents and investments totaling $20.6 million.
In February 2018, Viking sold an aggregate of 12,650,000 shares of its common stock resulting in gross proceeds of $63.3 million before deducting underwriting discounts and commissions and other offering expenses.
As of February 28, 2018, Viking had 50,898,802 shares of common stock outstanding. ■