Viking Therapeutics, Inc.

What they do

Viking Therapeutics develops novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. Its lead candidate, VK2735, is a dual agonist of the GLP-1 and GIP receptors being developed in subcutaneous and oral formulations for obesity and other metabolic disorders. The company also has a Dual Amylin and Calcitonin Receptor Agonist (DACRA) program and initiated a Phase 1 study of amylin receptor agonist VK3019. Viking has no approved products and has generated no revenue.

Revenue drivers

• VK2735 subcutaneous (obesity) — Lead program; no revenue to date. Phase 3 VANQUISH-1 and VANQUISH-2 trials are fully enrolled, with Phase 2 VENTURE data showing up to 14.7% mean weight reduction at 13 weeks.
• VK2735 oral (obesity) — Phase 2 VENTURE-Oral Dosing trial met primary and secondary endpoints; Phase 3 oral studies expected to begin in the fourth quarter of 2026. No revenue to date.
• Early-stage pipeline (DACRA, VK3019) — DACRA program for obesity (IND planned for first quarter of 2026) and amylin receptor agonist VK3019 in a Phase 1 trial. No revenue to date.

Recent performance

Viking reported no revenue for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025. Annual net loss widened to $359.6 million in 2025 from $110.0 million in 2024, with diluted EPS of -$3.19 versus -$1.01. Operating cash flow was -$278.7 million in 2025 compared with -$87.8 million in 2024. As of June 30, 2026, total assets were $521.9 million, total liabilities were $113.6 million, and shareholder equity was $408.3 million. The company reported a quarter-end cash position of $502 million in its second-quarter 2026 release.

Strategy

Viking is advancing VK2735 into late-stage development, with Phase 3 VANQUISH-1 and VANQUISH-2 trials fully enrolled and Phase 3 oral VK2735 trials expected to begin in the fourth quarter of 2026. The company is also running a maintenance dosing study of VK2735, with data expected in the third quarter of 2026. It expanded its obesity portfolio with a Phase 1 trial of amylin receptor agonist VK3019 and plans an IND for its DACRA program. Viking also appointed Hubert Chen, M.D., as chief medical officer and is expanding internal infrastructure.

Risks

• No product revenue — Viking has generated no revenue in any reported period and depends on external financing to fund operations.
• Clinical/regulatory failure — VK2735 and other candidates remain unapproved; the FDA may limit approval to specific populations or require a REMS or post-marketing requirements.
• Cash burn — Net loss widened to $359.6 million in 2025 and operating cash outflow was $278.7 million, increasing dependence on capital markets.
• Competition — Management states oral VK2735 is positioned to potentially become the first orally available dual GLP-1/GIP agonist to reach market, implying competitive pressure from existing GLP-1 mono-agonist oral products.

Outlook

Management expects Phase 3 oral VK2735 trials to begin in the fourth quarter of 2026 and maintenance dosing data to be reported in the third quarter of 2026. The Phase 3 VANQUISH-1 and VANQUISH-2 subcutaneous trials are fully enrolled and advancing. Viking also plans to advance VK3019 in Phase 1 and file an IND for its DACRA program.