VKTX — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-29

• ranging up to approximately 5.3%. Oral VK2735 demonstrated encouraging safety and tolerability following 28 days of once-daily dosing.

• The following table summarizes our research and development expenses for the three months ended June 30, 2026 and 2025 (in thousands, except % change).

• The increase in research and development expenses during the three months ended June 30, 2026, compared to the same period in 2025, was primarily due to increased expenses related to clinical studies of $67.5 million, salaries and benefits of $1.3 million, stock-based compensation of $1.1 million, a…

• The following table summarizes our general and administrative expenses for the three months ended June 30, 2026 and 2025 (in thousands, except % change).

• The increase in general and administrative expenses during the three months ended June 30, 2026, compared to the same period in 2025, was primarily due to increased expenses related to third-party consultants of $3.9 million, legal and patent services of $1.4 million, and salaries and benefits of $0…

Text removed vs the prior filing · source: 10-Q · 2026-04-30

• treatment with oral VK2735. Cohorts receiving VK2735 demonstrated dose-dependent reductions in mean body weight from baseline, ranging up to approximately 5.3%.

• transporter, known as ABCD2. Various preclinical models have demonstrated that increased expression of ABCD2 can lead to normalization of VLCFA metabolism. Preliminary data suggest that VK0214 stimulates ABCD2 expression in an in vitro model and reduces VLCFA levels in an in vivo model of X-ALD.

• Comparison of the Three Months Ended March 31, 2026 and 2025

• The following table summarizes our research and development expenses for the three months ended March 31, 2026 and 2025 (in thousands, except % change).

• The increase in research and development expenses during the three months ended March 31, 2026 as compared to the same period in 2025 was primarily due to increased expenses related to clinical studies of $103.2 million, manufacturing for our drug candidates of $1.8 million, consultants of $1.7 mill…

Text added vs the prior filing · source: 10-Q · 2026-07-29

• All of our interest-bearing securities are subject to interest rate risk and could change in value if interest rates fluctuate. Substantially all of our investment portfolio consists of marketable securities with active secondary or resale markets to help ensure portfolio liquidity, and we have impl…

Text removed vs the prior filing · source: 10-Q · 2026-04-30

• type of instrument. These instruments principally include securities issued by the U.S. government and its agencies, investment-grade corporate bonds and commercial paper, and money market funds. These investments are denominated in U.S. Dollars and none are held for trading purposes.

• All of our interest-bearing securities are subject to interest rate risk and could change in value if interest rates fluctuate. Substantially all of our investment portfolio consists of marketable securities with active secondary or resale markets to help ensure portfolio liquidity, and we have impl…

Text added vs the prior filing · source: 10-Q · 2026-07-29

• There has been no change in our internal control over financial reporting during the three months ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Text removed vs the prior filing · source: 10-Q · 2026-04-30

• During the quarter, we completed the implementation of a new accounting system. As a result, certain internal controls over financial reporting were modified, and new controls were implemented. We are continuing to evaluate the design and operating effectiveness of these controls.

• Except as described above, there were no changes in internal control over financial reporting during the three months ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-07-29

• On April 24, 2026, Ligand notified us that Ligand is purporting to terminate Ligand’s license of the TR-Beta Program to us under the Master License Agreement. The TR-Beta Program includes our VK2809 and VK0214 product candidates. On May 19, 2026, Ligand filed a complaint against us in the Superior C…

Text added vs the prior filing · source: 10-Q · 2026-07-29

• Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission, or the SEC, before making an investment decision regarding our common stock.

• *We are substantially dependent on technologies we licensed from Ligand Pharmaceuticals Incorporated, or Ligand, and if we lose the license to such technologies or our master license agreement with Ligand, or the Master License Agreement, is

• terminated for any reason, our ability to develop existing and new drug candidates would be harmed, and our business, financial condition and results of operations would be materially and adversely affected.

• On April 24, 2026, Ligand notified us that Ligand is purporting to terminate Ligand’s license of the TR-Beta Program to us under the Master License Agreement. The TR-Beta Program includes our VK2809 and VK0214 product candidates. On May 19, 2026, Ligand filed a complaint against us in the Superior C…

• To receive regulatory approval for the commercialization of our core metabolic and endocrine disease assets, VK2735 subcutaneous, VK2735 oral, VK3019, VK2809, VK0214, VK5211, VK0612 and our earlier-stage assets, our DGAT-1 and EPOR programs, or any

Text removed vs the prior filing · source: 10-Q · 2026-04-30

• Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under…

• *We are substantially dependent on technologies we licensed from Ligand Pharmaceuticals Incorporated, or Ligand, and if we lose the license to such technologies or our master license agreement with Ligand, or the Master License Agreement, is terminated for any reason, our ability to develop existing…

• On April 24, 2026, Ligand notified us that Ligand is purporting to terminate Ligand’s license of the TR-Beta Program to us under the Master License Agreement. The TR-Beta Program includes our VK2809 product candidate. We believe Ligand has no right under the Master License Agreement to terminate the…

• To receive regulatory approval for the commercialization of our core metabolic and endocrine disease assets, VK2735 subcutaneous, VK2735 oral, DACRA, VK2809, VK0214, VK5211, VK0612 and our earlier-stage assets, our DGAT-1 and EPOR programs, or any other drug candidates that we may develop, adequate …

• develop and market ourselves. Our inability to fund our business could lead to the loss of your investment. Our future capital requirements will depend on many factors, including, but not limited to:

Text added vs the prior filing · source: 10-Q · 2026-07-29

• Effective July 29, 2026, we voluntarily terminated that certain At-The-Market Equity Offering Sales Agreement, dated July 28, 2021, as amended by that certain Amendment No. 1 to At-The-Market Equity Offering Sales Agreement, dated as of July 26, 2023, or the Prior ATM Agreement, that we entered into…

• On July 29, 2026, we entered into an At-The-Market Equity Offering Sales Agreement, or the New ATM Agreement, with Stifel, Nicolaus & Company, Incorporated, Piper Sandler & Co., Cantor Fitzgerald & Co., Oppenheimer & Co. Inc. and Canaccord Genuity LLC, each, a New ATM Agent and together, the New ATM…

• The New ATM Offering will terminate upon the earlier of (a) the sale of all of the shares, or (b) the termination by written notice from us to the New ATM Agents. Each New ATM Agent has the right to terminate the New ATM Agreement with respect to itself by written notice to us. We also have the righ…

• Under the terms of the New ATM Agreement, each New ATM Agent will be entitled to a commission at a fixed rate of 3.0% of the gross sales price of shares of our common stock sold through such New ATM Agent under the New ATM Agreement. We agreed to provide indemnification and contribution to the New A…

• The foregoing description of the New ATM Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the New ATM Agreement, a copy of which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.

Text removed vs the prior filing · source: 10-Q · 2026-04-30

• Aggregate Number of Shares of Common Stock to be Sold Pursuant to Trading Arrangement

• Brian Lian, Ph.D., President, Chief Executive Officer and Director

• The trading arrangement permits transactions through and including the earlier to occur of (a) the date that all shares subject to the trading arrangement have been sold and (b) the date listed in the table.

• As previously disclosed, on February 10, 2026, Marianne Mancini provided us with notice that she would be retiring and therefore resigning from her role as our Chief Operating Officer, effective April 30, 2026. On April 27, 2026, Ms. Mancini notified us of her decision not to retire and to rescind h…

• On April 24, 2026, Ligand notified us that it is purporting to terminate Ligand’s license of the TR-Beta Program to us under the Master License Agreement, effective as of May 4, 2026. The TR-Beta Program includes our VK2809 product candidate. We believe Ligand has no right under the Master License A…