Viking Therapeutics reported its financial results for the third quarter ended September 30, 2024, on October 23, 2024. The company announced a net loss of $24.9 million, or $0.22 per share, for the quarter. This compares to a net loss of $22.5 million, or $0.23 per share, in the corresponding period of 2023.
Research and development expenses increased to $22.8 million for the three months ended September 30, 2024, from $18.4 million in the same period of 2023. This increase was primarily driven by higher expenses related to manufacturing for the company's drug candidates, stock-based compensation, and regulatory services. General and administrative expenses also rose to $13.8 million from $8.9 million year-over-year.
Despite the increased operating expenses, Viking maintained a strong financial position, holding cash, cash equivalents, and short-term investments of $930 million as of September 30, 2024. This robust cash balance provides the company with significant resources to fund its ongoing clinical programs and achieve multiple important milestones.
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