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VKTX on Nasdaq

Viking Therapeutics

In its 2026 annual report the company says: “We are a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders.”5 It was founded in 2012.1 It is headquartered in San Diego.1 Its shares trade on Nasdaq under the symbol VKTX.1

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Last updated Oct 21, 2026.

Overview

2012Founded1

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  • TickerVKTX on Nasdaq1
  • Industrybiotechnology industry1
  • HeadquartersSan Diego1
  • Websitewww.vikingtherapeutics.com
  • Incorporated inDE4
  • Business address9920 Pacific Heights Blvd, Suite 500, San Diego, Ca4
  • Filer categoryLarge accelerated filer4
  • Legal formCorporation3
  • LEI529900IVC72YPFA25M373
  • StatusActive3
  • LEI statusIssued and current3
  • Registered address251 LITTLE FALLS DRIVE, 19808 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 52172153

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We are a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-56.3%Return on equity6

Financial statements

Revenue789106$0 in 2025
02019: $0$020192020: $0$020202021: $0$020212022: $0$020222023: $0$020232024: $0$020242025: $0$02025
Operating income789106-$393.3M in 2025+1103% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M02019: -$32.7M-$32.7M20192020: -$42.7M-$42.7M2020+31%2021: -$55.7M-$55.7M2021+31%2022: -$70.4M-$70.4M2022+26%2023: -$100.8M-$100.8M2023+43%2024: -$150.9M-$150.9M2024+50%2025: -$393.3M-$393.3M2025+161%
Net income789106-$359.6M in 2025+1295% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M02019: -$25.8M-$25.8M20192020: -$39.5M-$39.5M2020+53%2021: -$55.0M-$55.0M2021+39%2022: -$68.9M-$68.9M2022+25%2023: -$85.9M-$85.9M2023+25%2024: -$110.0M-$110.0M2024+28%2025: -$359.6M-$359.6M2025+227%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Revenues$0$0$0
Research and development$345.0M$101.6M$63.8M
General and administrative$48.4M$49.3M$37.0M
Total operating expenses$393.3M$150.9M$100.8M
Loss from operations-$393.3M-$150.9M-$100.8M
Amortization of financing costs-$56.0K-$94.0K-$88.0K
Interest income, net$33.7M$40.9M$15.0M
Realized gain on investments, net$55.0K$112.0K$0
Total other income, net$33.7M$41.0M$14.9M
Net loss-$359.6M-$110.0M-$85.9M
Unrealized gain (loss) on securities$1.1M-$173.0K$742.0K
Foreign currency translation gain (loss)$47.0K-$226.0K-$29.0K
Comprehensive loss-$358.5M-$110.4M-$85.2M
Basic net loss per common share-$3.19-$1.01-$0.91
Weighted-average shares used to compute basic net loss per share112.7M shares109.0M shares94.3M shares
Diluted net loss per common share-$3.19-$1.01-$0.91
Weighted-average shares used to compute diluted net loss per share112.7M shares109.0M shares94.3M shares

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Corporate structure

Viking Therapeutics sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Viking Therapeutics

  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Viking Therapeutics, latest Apr 30, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Viking Therapeutics, latest Mar 27, 2026 (4 filings since Feb 13, 2024)
  • FMR LLC Filed SCHEDULE 13G/A on Viking Therapeutics, latest Nov 5, 2025 (5 filings since Apr 10, 2023)
  • BlackRock Filed SCHEDULE 13G/A on Viking Therapeutics, latest Apr 23, 2025 (6 filings since Feb 3, 2022)
  • VIKING GLOBAL INVESTORS LP Filed SC 13G/A on Viking Therapeutics, latest Nov 14, 2024 (3 filings since Nov 2, 2023)
  • State Street Corporation Filed SC 13G/A on Viking Therapeutics, latest Oct 18, 2024 (4 filings since Feb 14, 2022)
  • MILLENNIUM MANAGEMENT LLC Filed SC 13G/A on Viking Therapeutics, latest Jan 12, 2024 (2 filings since Jan 3, 2023)
  • LIGAND PHARMACEUTICALS INC Filed SC 13D/A on Viking Therapeutics, latest Mar 30, 2023 (2 filings since Feb 9, 2023)
  • ArrowMark Colorado Holdings LLC Filed SC 13G/A on Viking Therapeutics, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • Viking Therapeutics San Diego, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Viking Therapeutics reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$85.0K6 Dec 31, 2025$1.0M6 Dec 31, 2024−91.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$165.8M6 Dec 31, 2025$26.7M6 Dec 31, 2024+521.6%
Marketable securities, current$539.9M6 Dec 31, 2025$875.9M6 Dec 31, 2024−38.4%
Debt securities available for sale$539.9M6 Dec 31, 2025$875.9M6 Dec 31, 2024−38.4%

Properties, in its own words

Our facilities consist of office space in San Diego, California. We lease approximately 7,940 square feet of space and sublease approximately 6,307 square feet of space for our headquarters in San Diego, California. We amended our lease in October 2025 and commencing April 1, 2026, we will be vacating our current space, and we will be leasing approximately 25,062 square feet of space in the same building under an amended agreement that expires on November 30, 2031. We believe that our existing facilities are adequate to meet our current needs, and that suitable additional alternative spaces will be available in the future on commercially reasonable terms.

Item 2 of the 10-K filed Feb 11, 2026.5

Leadership

Who has led Viking Therapeutics, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Brian Lian2015–now

President

  1. Brian Lian2015–now

Chief financial officer

  1. Michael Morneau2015–2018
  2. Greg Zante2021–now

Chief operating officer

  1. Michael Dinerman2015
  2. Marianna Mancini2021–now
201520202025
Board members and other officers (12)

Timeline

  1. Sep 28, 20268-K Entered a material agreement; New debt or obligation30
  2. Sep 22, 20268-K Other events31
  3. Jul 29, 20268-K Results of operations32
  4. May 26, 20268-K Shareholder vote33
  5. Apr 29, 20268-K Results of operations34
  6. Feb 11, 20268-K Results of operations35
  7. Oct 22, 20258-K Results of operations36
  8. Aug 19, 20258-K Regulation FD disclosure37
  9. Jul 23, 20258-K Results of operations38
  10. May 27, 20258-K Shareholder vote39
  11. Apr 23, 20258-K Change of auditor; Other events40
  12. Apr 23, 20258-K Results of operations41
  13. Apr 28, 2015New chief executive Brian Lian becomes CEO14
  14. 2012Founded Founded1

Calendar

Coming up

  1. Oct 28, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.81) a share, on Oct 22, 2025.42

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results32
  2. Apr 29, 2026Reported quarterly or annual results34
  3. Feb 11, 2026Reported quarterly or annual results35
  4. Oct 22, 2025Reported quarterly or annual results36
  5. Jul 23, 2025Reported quarterly or annual results38
  6. Apr 23, 2025Reported quarterly or annual results41
  7. Feb 5, 2025Reported quarterly or annual results43
  8. Oct 23, 2024Reported quarterly or annual results44

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

293 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 106 insider forms, 29 large holders, 97 other. The latest 20:

  1. Sep 28, 20268-K EDGAR
  2. Sep 25, 2026424B5 EDGAR
  3. Sep 25, 2026424B5 EDGAR
  4. Sep 24, 2026FWP FREE WRITING PROSPECTUS EDGAR
  5. Sep 24, 2026305B2 APPLICATION FOR DESIGNATION OF A NEW TRUSTEE EDGAR
  6. Sep 23, 2026424B5 EDGAR
  7. Sep 23, 2026424B5 EDGAR
  8. Sep 22, 20268-K EDGAR
  9. Aug 7, 20264 EDGAR
  10. Aug 7, 20263 EDGAR
  11. Jul 30, 2026S-3ASR EDGAR
  12. Jul 29, 2026144 EDGAR
  13. Jul 29, 2026144 EDGAR
  14. Jul 29, 2026144 EDGAR
  15. Jul 29, 20264 EDGAR
  16. Jul 29, 20264 EDGAR
  17. Jul 29, 20264 EDGAR
  18. Jul 29, 202610-Q EDGAR
  19. Jul 29, 20268-K EDGAR
  20. Jun 3, 20264 EDGAR

The 293 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

63 open-market trades by officers, directors and large owners since October 2021: 4 buys and 59 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 29, 2026Lian BrianPresident & CEOSale148,517$33.32$4.9MForm 4
Jul 29, 2026ZANTE GREGChief Financial OfficerSale21,217$33.47$710.1KForm 4
Jul 29, 2026Mancini MariannaChief Operating OfficerSale18,217$33.47$609.7KForm 4
Mar 10, 2026Aubuchon Neil WilliamChief Commercial OfficerBuy4,475$33.50$149.9KForm 4
Jan 5, 2026ZANTE GREGChief Financial OfficerSale57,661$32.90$1.9MForm 4
Jan 5, 2026Mancini MariannaChief Operating OfficerSale57,661$32.97$1.9MForm 4
Jan 5, 2026Lian BrianPresident & CEOSale233,409$32.96$7.7MForm 4
Jan 2, 2026FOEHR MATTHEW WDirectorSale16,000$35.11$561.8KForm 4
Oct 28, 2025Mancini MariannaChief Operating OfficerSale6,185$35.00$216.5KForm 4
Oct 28, 2025Lian BrianPresident & CEOSale38,989$35.01$1.4MForm 4
Oct 28, 2025ZANTE GREGChief Financial OfficerSale6,185$35.00$216.5KForm 4
Oct 27, 2025Rowland Charles A JrDirectorSale60,000$35.57$2.1MForm 4
Jul 3, 2025Lian BrianPresident & CEOSale26,889$27.80$747.5KForm 4
Jul 3, 2025ZANTE GREGChief Financial OfficerSale4,266$27.76$118.4KForm 4
Jul 3, 2025Mancini MariannaChief Operating OfficerSale4,266$27.77$118.5KForm 4
Mar 31, 2025Rouan Sarah KathrynDirectorBuy1,240$24.15$29.9KForm 4
Mar 31, 2025Rouan Sarah KathrynDirectorBuy1,240$24.15$29.9KForm 4
Jan 6, 2025Lian BrianPresident & CEOSale194,490$42.74$8.3MForm 4
Jan 6, 2025Mancini MariannaChief Operating OfficerSale54,215$42.75$2.3MForm 4
Jan 6, 2025ZANTE GREGChief Financial OfficerSale50,309$42.75$2.2MForm 4

All 63 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Brian LianPh.D.$672.0K$21.3M54
2025Marianne Mancini61$540.0K$5.2M54
2025Greg Zante55$521.0K$5.1M54
2024Chief Executive Officer$640.0K$14.3M54
2024Chief Operating Officer$490.0K$4.7M54
2024Chief Financial Officer$475.0K$4.7M54
2023Chief Executive Officer$615.0K$12.6M54
2023Chief Operating Officer$465.0K$3.5M54
2023Chief Financial Officer$455.0K$3.5M54

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC6,335,756$247.2M0.0%+311,003
BlackRock, Inc.6,189,649$241.5M0.0%−690,641
State Street Corp5,606,394$218.7M0.0%+1,210,837
Vanguard Capital Management LLC5,053,663$197.1M0.0%+41,161
Vanguard Portfolio Management LLC4,484,263$174.9M0.0%+19,965
Two Sigma Investments, LP3,937,414$153.6M0.1%−494,728
Morgan Stanley3,486,040$136.0M0.0%+472,112
Ameriprise Financial Inc2,156,083$84.1M0.0%+477,338
Geode Capital Management, LLC2,097,981$81.9M0.0%+15,914
American Century Companies Inc1,816,050$70.8M0.0%−262,527
D. E. Shaw & Co., Inc.1,605,994$62.6M0.0%−70,719
Bnp Paribas Financial Markets981,700$38.3M0.0%+441,201
Citadel Advisors LLC951,515$37.1M0.0%−310,706
Goldman Sachs Group Inc942,841$36.8M0.0%−17,729
UBS Group AG936,055$36.5M0.0%−411,417
Jpmorgan Chase & Co915,185$36.4M0.0%+429,482
Jane Street Group, LLC899,558$35.1M0.0%+150,609
Susquehanna International Group, Llp816,367$31.8M0.0%+110,558
Raymond James Financial Inc794,660$31.0M0.0%−1,280,743
Vanguard Fiduciary Trust Co732,047$28.6M0.0%+21,635
Charles Schwab Investment Management Inc730,690$28.5M0.0%−5,775
Pictet Asset Management Holding SA682,909$26.6M0.0%−13,392
Vestal Point Capital, LP680,000$26.5M0.6%−234,147
Northern Trust Corp626,719$24.4M0.0%+53,443
Eversept Partners, LP602,922$23.5M1.3%+363,812

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Viking Therapeutics is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARViking Therapeutics, Inc.2
  • CIK0001607678
  • Employer ID (EIN)46-10738775
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 312
  • Industry code (SIC)2834 Pharmaceutical Preparations2
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
  • Business address9920 Pacific Heights Blvd, Suite 500, San Diego, CA2
  • Phone858-704-46602
  • Shares outstanding116,652,937 as of Jul 15, 202612
  • Public float$3.0B as of Jun 30, 20255
  • AuditorCBIZ CPAs P.C., Costa Mesa, California PCAOB ID 199; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceMay 22, 20142
  • Filings649 in all: 4 (195), 8-K (109), 144 (50), 10-Q (35), SC 13G/A (28), CORRESP (26), 424B5 (20), 3 (17)2
    All 42 form types

    SC 13G (17), UPLOAD (15), DEFA14A (13), 10-K (11), DEF 14A (11), S-1/A (11), S-8 (11), S-8 POS (11), EFFECT (9), SC 13D/A (6), CT ORDER (5), S-1 (5), SCHEDULE 13G/A (5), 424B3 (4), ARS (4), S-3 (4), 3/A (2), 4/A (2), 424B4 (2), 8-A12B (2), CERTNAS (2), FWP (2), S-1MEF (2), S-3ASR (2), SCHEDULE 13G (2), 25-NSE (1), 305B2 (1), D (1), DEFR14A (1), DRS (1), PRE 14A (1), S-3/A (1), S-3MEF (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 11, 2026
    Quarterly report (10-Q) Jul 29, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Sep 28, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.00001 per shareVKTXThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 11, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Viking Therapeutics names in Item 1A of its 10-K filed Feb 11, 2026: 77 risks under these headings, as written.5

  • You should consider carefully the following information about the risks described below, together with the other information contained in this Annual Report on Form 10-K and in our other public filings in evaluating our business. If any of the following risks actually occurs, our business, financial condition, results of operations and future growth prospects would likely be materially and adversely affected. In these circumstances, the market price of our common stock would likely decline.
  • Risks Relating to Our Business
  • We are a clinical-stage company, have a limited operating history and are expected to incur significant operating losses during the next stages of our corporate development.
  • We are substantially dependent on technologies we licensed from 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.
  • We are dependent on the success of one or more of our current drug candidates and we cannot be certain that any of them will receive regulatory approval or be commercialized.
  • If development of our drug candidates does not produce favorable results, we and our collaborators, if any, may be unable to commercialize these products.
  • We expect to continue to incur significant research and development expenses, which may make it difficult for us to attain profitability.
  • Given our lack of current cash inflows, it is expected that we may need to raise additional capital; however, it may be unavailable to us or, even if capital is obtained, may cause dilution or place significant restrictions on our ability to operate our business.
  • Our drug candidates may cause undesirable side effects that could delay or prevent their regulatory approval or commercialization or have other significant adverse implications on our business, financial condition and results of operations.
  • Our efforts to discover drug candidates beyond our current drug candidates may not succeed, and any drug candidates we recommend for clinical development may not actually begin clinical trials.
  • We may expend our limited resources to pursue a specific product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • Delays in the commencement or completion of clinical trials could result in increased costs to us and delay our ability to establish strategic collaborations.
The other 66 risks
  • Results of earlier clinical trials may not be predictive of the results of later-stage clinical trials.
  • If we experience delays in the enrollment of patients in our clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.
  • We intend to rely on third parties to conduct our preclinical studies and clinical trials and perform other tasks for us. If these third parties do not successfully carry out their contractual duties, meet expected deadlines, or comply with regulatory requirements, we may not be able to obtain regulatory approval for or commercialize our drug candidates and our business, financial condition and results of operations could be substantially harmed.
  • Our drug candidates are subject to extensive regulation under the FDA, EMA or comparable foreign authorities, which can be costly and time consuming, cause unanticipated delays or prevent the receipt of the required approvals to commercialize our drug candidates.
  • Even if our drug candidates receive regulatory approval in the U.S., we may never receive approval or commercialize our products outside of the U.S.
  • Even if any of our drug candidates receive regulatory approval, our drug candidates may still face future development and regulatory difficulties.
  • The FDA, EMA and comparable foreign authorities actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • If our competitors have drug candidates that are approved faster, are marketed more effectively, are better tolerated, have a more favorable safety profile or are demonstrated to be more effective than ours, our commercial opportunity may be reduced or eliminated.
  • We, or any future collaborators, may not be able to obtain or maintain orphan drug designation or orphan drug exclusivity for our product candidates.
  • We are subject to a multitude of manufacturing risks, any of which could substantially increase our costs and limit supply of our drug candidates.
  • We rely completely on third parties to manufacture our preclinical and clinical drug supplies, and our business, financial condition and results of operations could be harmed if those third parties fail to provide us with sufficient quantities of drug product, or fail to do so at acceptable quality levels or prices.
  • We and our contract manufacturers are subject to significant regulation with respect to manufacturing our drug candidates. The manufacturing facilities on which we rely may not continue to meet regulatory requirements.
  • Any collaboration arrangement that we may enter into in the future may not be successful, which could adversely affect our ability to develop and commercialize our current and potential future drug candidates.
  • If we are unable to develop our own commercial organization or enter into agreements with third parties to sell and market our drug candidates, we may be unable to generate significant revenues.
  • The commercial success of our drug candidates depends upon their market acceptance among physicians, patients, healthcare payors and the medical community.
  • If we fail to obtain and sustain an adequate level of reimbursement for our potential products by third-party payors, potential future sales would be materially adversely affected.
  • Current and future legislation may increase the difficulty and cost of commercializing our drug candidates and may affect the prices we may obtain if our drug candidates are approved for commercialization.
  • Disruptions at the FDA, the SEC and other government agencies caused by funding shortages, government shutdowns or global health concerns could negatively impact our business operations and regulatory interactions.
  • We are subject to “fraud and abuse” and similar laws and regulations, and a failure to comply with such regulations or prevail in any litigation related to noncompliance could harm our business, financial condition and results of operations.
  • If we face allegations of noncompliance with the law and encounter sanctions, our reputation, revenues and liquidity may suffer, and any of our drug candidates that are ultimately approved for commercialization could be subject to restrictions or withdrawal from the market.
  • Our business may be impacted by actions of the current U.S. administration, including executive orders, policies, new legislation and judicial decisions.
  • Compliance with global privacy and data security requirements could result in additional costs and liabilities to us or inhibit our ability to collect and process data globally, and the failure to comply with such requirements could subject us to significant fines and penalties, which may have a material adverse effect on our business, financial condition or results of operations.
  • We are subject to certain U.S. and foreign anti-corruption, anti-money laundering, export control, sanctions, and other trade laws and regulations. If we fail to comply with these laws, we could be subject to civil or criminal liabilities, other remedial measures and legal expenses, be precluded from developing, manufacturing and selling certain products outside the United States or be required to develop and implement costly compliance programs, which could adversely affect our business, results of operations and financial condition.
  • Governments outside the United States tend to impose strict price controls, which may adversely affect our revenue, if any.
  • If we fail to retain current members of our senior management and scientific personnel, or to attract and keep additional key personnel, we may be unable to successfully develop or commercialize our drug candidates.
  • We will need to increase the size of our organization and may not successfully manage our growth.
  • We are exposed to product liability, non-clinical and clinical liability risks which could place a substantial financial burden upon us, should lawsuits be filed against us.
  • Our research and development activities involve the use of hazardous materials, which subject us to regulation, related costs and delays and potential liabilities.
  • We rely significantly on information technology and any failure, inadequacy, interruption or security lapse of that technology, including any cybersecurity incidents, could harm our ability to operate our business effectively.
  • Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information and personal data.
  • Our employees and consultants may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • Business disruptions such as natural disasters could seriously harm our future revenues and financial condition and increase our costs and expenses.
  • We may engage in strategic transactions that could impact our liquidity, increase our expenses and present significant distractions to our management.
  • Our employment agreements with our officers and certain other employees may require us to pay severance benefits to any of those persons who are terminated in connection with a change in control of our company, which could harm our financial condition or results.
  • The impact of the ongoing conflict between Russian and Ukraine, instability in the Middle East and Venezuela, uncertainty regarding Greenland and other geopolitical conflicts on the global economy, energy supplies and raw materials is uncertain, but may prove to negatively impact our business and operations.
  • Unstable market and economic conditions may have serious adverse consequences on our business and financial condition.
  • We are subject to economic, political, regulatory and other risks associated with international operations.
  • Our international operations may subject us to greater than anticipated tax liabilities.
  • Risks Relating to Our Intellectual Property
  • We may not be successful in obtaining or maintaining necessary rights to our drug candidates through acquisitions and in-licenses.
  • If we fail to comply with our obligations in the agreements under which we in-license intellectual property and other rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose intellectual property rights that are important to our business.
  • We may be required to pay milestones and royalties to Ligand in connection with our use of the licensed technology under the Master License Agreement, which could adversely affect the overall profitability for us of any products that we may seek to commercialize.
  • We may not be able to protect our proprietary or licensed technology in the marketplace.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection for licensed patents, pending patent applications and potential future patent applications and patents could be reduced or eliminated for non-compliance with these requirements.
  • We may infringe the intellectual property rights of others, which may prevent or delay our drug development efforts and prevent us from commercializing or increase the costs of commercializing our products.
  • Any claims or lawsuits relating to infringement of intellectual property rights brought by or against us will be costly and time consuming and may adversely affect our business, financial condition and results of operations.
  • Changes in U.S. patent law or the patent law of other countries or jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • We may not be able to protect our intellectual property rights throughout the world.
  • We may be unable to adequately prevent unauthorized disclosure of trade secrets and other proprietary information.
  • We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties.
  • We may be subject to claims challenging the inventorship of our licensed patents, any future patents we may own and other intellectual property.
  • If we do not obtain additional protection under the Hatch-Waxman Amendments and similar foreign legislation extending the terms of our licensed patents and any future patents we may own, our business, financial condition and results of operations may be materially and adversely affected.
  • Risks Relating to Ownership of Our Common Stock
  • The market price of our common stock may be highly volatile.
  • An active trading market for our common stock may not be sustained, and you may not be able to resell your common stock at a desired market price.
  • Our management owns a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • Our internal control over financial reporting may not meet the standards required by Section 404 of the Sarbanes-Oxley Act, and failure to achieve and maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, could have a material adverse effect on our business and share price.
  • As a result of operating as a public company, we may incur significantly increased costs and our management and other personnel will be required to devote substantial time to new compliance initiatives.
  • If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, our stock price and trading volume could decline.
  • Sales of a substantial number of shares of our common stock in the public market by our existing stockholders or future issuances of our common stock or rights to purchase our common stock, could cause our stock price to fall.
  • Our management will continue to have broad discretion over the use of the proceeds we received from our prior financings and available cash, and might not apply the proceeds in ways that increase the value of your investment.
  • We are at risk of securities class action litigation.
  • Our ability to use our net operating loss carryforwards may be subject to certain limitations.
  • Changes in tax laws could adversely affect our business and financial condition.
  • We may never pay dividends on our common stock so any returns would be limited to the appreciation of our stock.
  • Provisions in our amended and restated certificate of incorporation and our amended and restated bylaws, as well as provisions of Delaware law, could make it more difficult or expensive for a third party to acquire us or change our board of directors or current management.
  • Our amended and restated bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
  • The timing and amount of any repurchases under our stock repurchase program are subject to a number of uncertainties.

Legal proceedings

From time to time, we may be party to lawsuits in the ordinary course of business. We are not presently a party to any legal proceedings, the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business, operating results or financial condition.

In December 2022, we filed suit against Ascletis Bioscience Co., Ltd., Gannex Pharma Co., Ltd., Ascletis Pharmaceuticals Co., Ltd., Ascletis Pharma Inc., and Jinzi Jason Wu, or the Ascletis Defendants, in the Southern District of California, San Diego division, alleging, among other things: (1) violation of the Defend Trade Secrets Act; (2) violation of the California Uniform Trade Secrets Act; (3) breach of contract; (4) breach of the implied covenant of good faith and fair dealing; and (5) tortious interference with contract. In a related action, we also filed suit against the same Ascletis Defendants in the International Trade Commission, or the ITC, for unlawful and unfair methods of competition. These legal proceedings arise at least in part from the misappropriation of our trade secrets.

The opening of Item 3, Legal Proceedings.5

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