$VKTX
Viking Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000156459023001685 Filed on February 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.529M $4.105M $16.12M
YoY Change 158.24% 54.15% 50.65%
% of Gross Profit
Research & Development $11.01M $16.18M $54.23M
YoY Change -12.32% 64.29% 20.57%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $20.54M $20.28M $70.36M
YoY Change 26.42% 62.13% 26.35%
Operating Profit -$20.54M -$70.36M
YoY Change 26.42% 26.35%
Interest Expense $1.034M $724.0K $1.589M
YoY Change 571.43% 370.13% 129.62%
% of Operating Profit
Other Income/Expense, Net $1.006M $1.488M
YoY Change 608.45% 115.03%
Pretax Income -$19.53M -$19.56M -$68.87M
YoY Change 21.29% 58.3% 25.24%
Income Tax $1.000K
% Of Pretax Income
Net Earnings -$19.53M -$19.56M -$68.87M
YoY Change 21.29% 58.3% 25.24%
Net Earnings / Revenue
Basic Earnings Per Share -$0.25 -$0.90
Diluted Earnings Per Share -$0.25 -$0.26 -$0.90
COMMON SHARES
Basic Shares Outstanding 78.42M 76.69M 76.83M
Diluted Shares Outstanding 78.35M 76.83M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.7M $155.5M $155.5M
YoY Change -26.63% -23.07% -23.07%
Cash & Equivalents $18.36M $36.63M
Short-Term Investments $117.3M $118.9M $118.9M
Other Short-Term Assets $13.80M $11.56M $11.56M
YoY Change 64.33% 37.15% 37.15%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $149.5M $167.0M $167.0M
YoY Change -22.68% -20.66% -20.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.346M $1.418M $1.418M
YoY Change -17.52% 5572.0% 5572.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $81.00K $71.00K $71.00K
YoY Change -16.49% -34.86% -34.86%
Total Long-Term Assets $1.427M $1.489M $1.489M
YoY Change -17.47% 1011.19% 1011.19%
TOTAL ASSETS
Total Short-Term Assets $149.5M $167.0M $167.0M
Total Long-Term Assets $1.427M $1.489M $1.489M
Total Assets $150.9M $168.5M $168.5M
YoY Change -22.63% -20.0% -20.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.799M $8.529M $8.529M
YoY Change 21.8% 490.65% 490.65%
Accrued Expenses $11.85M $13.42M $13.42M
YoY Change 45.42% 82.96% 82.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.65M $21.95M $21.95M
YoY Change 38.88% 150.02% 150.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.181M $1.260M $1.260M
YoY Change -20.74%
Total Long-Term Liabilities $1.181M $1.260M $1.260M
YoY Change -20.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.65M $21.95M $21.95M
Total Long-Term Liabilities $1.181M $1.260M $1.260M
Total Liabilities $16.83M $23.21M $23.21M
YoY Change 31.92% 164.38% 164.38%
SHAREHOLDERS EQUITY
Retained Earnings -$311.6M -$292.0M
YoY Change 30.86%
Common Stock $453.1M $445.3M
YoY Change 4.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.795M $6.795M
YoY Change
Treasury Stock Shares $2.193M $2.193M
Shareholders Equity $134.1M $145.3M $145.3M
YoY Change
Total Liabilities & Shareholders Equity $150.9M $168.5M $168.5M
YoY Change -22.63% -20.0% -20.0%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$19.53M -$19.56M -$68.87M
YoY Change 21.29% 58.3% 25.24%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$24.64M -$10.93M -$48.40M
YoY Change 134.03% -11.53% 1.7%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.198M $7.260M $54.75M
YoY Change 35.76% -73.51% 44.24%
Cash From Investing Activities $2.198M $7.260M $54.75M
YoY Change 35.76% -73.51% 44.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.795M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.184M 10.75M 4.163M
YoY Change -183.58% 22770.21% -39.49%
NET CHANGE
Cash From Operating Activities -24.64M -10.93M -48.40M
Cash From Investing Activities 2.198M 7.260M 54.75M
Cash From Financing Activities 4.184M 10.75M 4.163M
Net Change In Cash -18.26M 7.083M 10.52M
YoY Change 31.21% -53.11% -483.07%
FREE CASH FLOW
Cash From Operating Activities -$24.64M -$10.93M -$48.40M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y1M6D
CY2022 dei Document Annual Report
DocumentAnnualReport
true
CY2022 dei Document Period End Date
DocumentPeriodEndDate
2022-12-31
CY2022 dei Entity Address Address Line1
EntityAddressAddressLine1
9920 Pacific Heights Blvd
CY2022 dei Trading Symbol
TradingSymbol
VKTX
CY2022 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2022 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2022 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2022 dei Entity Small Business
EntitySmallBusiness
true
CY2022 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2022 dei Icfr Auditor Attestation Flag
IcfrAuditorAttestationFlag
false
CY2022 dei Entity Shell Company
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CY2022Q2 dei Entity Public Float
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CY2023Q1 dei Entity Common Stock Shares Outstanding
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CY2021Q4 vktx Prepaid Clinical Trial And Preclinical Study Costs
PrepaidClinicalTrialAndPreclinicalStudyCosts
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q4 us-gaap Liabilities Noncurrent
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1260000
CY2021Q4 us-gaap Liabilities
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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CY2022 dei Entity Incorporation State Country Code
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DE
CY2022 dei Entity Incorporation Date Of Incorporation
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2012-09-24
CY2022 us-gaap Use Of Estimates
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<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements relate to accounting for accruals for our clinical and preclinical efforts and stock-based compensation. Actual results could differ from those estimates.</p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.</p>
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.07
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.07
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.01
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.01
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.01
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.06
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.04
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.33
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.32
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
508000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
80000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
56180000
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
43829000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15292000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
11049000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
4691000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3747000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
13353000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
8919000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
242000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
161000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
90266000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
67785000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
89869000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
67778000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
397000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
7000
CY2022Q4 vktx Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
397000
CY2021Q4 vktx Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
7000
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
0
CY2021Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
0
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
397000
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
7000
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
89900000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
67800000
CY2022 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
Specifically, this limitation may arise in the event of an “ownership change,” which is defined by Section 382 of the Code as a cumulative change in ownership of the Company of more than 50% within a three-year period. If the Company undergoes one or more ownership changes in connection with any future transactions in its stock, the Company’s ability to utilize net operating loss carryforwards to offset federal taxable income, if any, could potentially result in increased future tax liability to the Company. An ownership change under Section 382 of the Code occurred during the year ended December 31, 2018.
CY2022 vktx Percentage Of Cumulative Change In Stock Ownership
PercentageOfCumulativeChangeInStockOwnership
0.50
CY2022Q4 vktx Net Operating Loss Carry Forward Domestic Limited Based On Ownership Change
NetOperatingLossCarryForwardDomesticLimitedBasedOnOwnershipChange
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
CY2021Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
CY2018Q2 vktx Operating Lease Option To Extend Term
OperatingLeaseOptionToExtendTerm
P3Y
CY2021Q4 vktx Operating Lease Option To Extend Term
OperatingLeaseOptionToExtendTerm
P5Y

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