Viking Therapeutics, Inc. (NASDAQ:VKTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(f) On January 19, 2018, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Viking Therapeutics, Inc. (the “Company”), authorized and approved the payment of cash bonuses in the amount of $110,000 to Brian Lian, Ph.D., the Company’s President and Chief Executive Officer, and $52,500 to Michael Morneau, the Company’s Chief Financial Officer (each, a “Bonus” and, collectively, the “Bonuses”). The Bonuses were awarded based on the Compensation Committee’s assessment of the Company’s achievement of corporate performance objectives for the 2017 bonus program for the Company’s named executive officers that were adopted by the Compensation Committee in March 2017.
The Compensation Committee determined that the bonus amount to be awarded to Dr. Lian for 2017 was equal to 25% of his base compensation (representing 50% of his target bonus for 2017 of 50% of his base compensation). The bonus amount awarded to Mr. Morneau for 2017 was equal to 17.5% of his base compensation (representing 50% of his target bonus for 2017 of 35% of his base compensation).
The Bonuses were not included in the Summary Compensation Table included in the Company’s Registration Statement on Form S-1, as amended, filed with the Securities and Exchange Commission on January 9, 2018 (the “Registration Statement”) because the amounts of the Bonuses were not determined and not calculable as of the time of the filing of the Registration Statement. Dr. Lian’s total compensation for the fiscal year ended December 31, 2017, as reported in the Registration Statement, was $756,946, and his recalculated total compensation for the fiscal year ended December 31, 2017, including his Bonus, is $866,946. Mr. Morneau’s total compensation for the fiscal year ended December 31, 2017, as reported in the Registration Statement, was $433,330, and his recalculated total compensation for the fiscal year ended December 31, 2017, including his Bonus, is $485,830.
About Viking Therapeutics, Inc. (NASDAQ:VKTX)
Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company focuses on the development of therapies for metabolic and endocrine disorders. The Company’s clinical program, VK5211, is an orally available drug candidate, which is in Phase II clinical trial for acute rehabilitation following non-elective hip fracture surgery. VK5211 is a non-steroidal selective androgen receptor modulator (SARM). Its second program is focused on the development of orally available small molecule thyroid hormone receptor beta agonists. Its two molecules are VK2809 and VK0214. VK2809 is an orally available, tissue and receptor-subtype selective agonist of the thyroid beta receptor that is entering Phase II development for the treatment of patients with hypercholesterolemia and fatty liver disease. It is developing VK0214 for the treatment of X-linked adrenoleukodystrophy (X-ALD). It has a pipeline with approximately three additional programs targeting metabolic diseases and anemia.
