Conference Call Scheduled for Wednesday, October 28, at 4:30 p.m. Eastern Time
, /PRNewswire/ -- Viking Therapeutics, Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced that the company will release financial results for the third quarter of 2026 after the market close on Wednesday, October 28, 2026.
The company will host a conference call to discuss financial results and general corporate updates beginning at 4:30 p.m. Eastern Time on Wednesday, October 28, 2026. To participate in the conference call, please dial (844) 850-0543 from the U.S. or (412) 317-5199 from outside the U.S. In addition, following the completion of the call, a telephone replay will be accessible until November 4, 2026, by dialing (855) 669-9658 from the U.S. and Canada, or (412) 317-0088 and entering conference ID #1882451. Those interested in listening to the conference call live via the internet may do so by visiting the Webcasts page of Viking's website at https://ir.vikingtherapeutics.com/webcasts-presentations. An archive of the webcast will also be available on the Webcasts page of the company's website for 30 days.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company advancing a next-generation portfolio of therapies for obesity and metabolic disease. Guided by deep expertise in metabolic biology and rigorous science, Viking is developing innovative treatments to help people achieve meaningful, lasting health improvements by treating obesity first. The company's lead program, VK2735, is a dual glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptor agonist in development in both subcutaneous and oral formulations for obesity. VK2735 is currently being evaluated in Phase 3 clinical studies for obesity, along with maintenance dosing strategies designed to support long-term weight management. Viking is also advancing additional obesity programs, including VK3019, an amylin receptor agonist, VK2809, an orally available thyroid hormone receptor beta agonist for metabolic and liver disease, and VK0214 for the rare genetic disorder X-linked adrenoleukodystrophy (X-ALD).
For more information about Viking Therapeutics, please visit www.vikingtherapeutics.com.
Společnost Viking Therapeutics zahájila dvě studie 3. fáze perorálního přípravku VK2735: jednu pro léčbu obezity a druhou pro dospělé s diabetem 2. typu s obezitou nebo nadváhou; po 20% míře ukončení léčby ve 2. fázi snížila maximální dávku na 55 mg.
Biopharmaceutical company trial results are full of uncertainty; just ask Viking Therapeutics (VKTX +1.60%) investors, who have been on a bit of a roller-coaster ride with the company's key weight loss drug, VK2735, in its oral formulation. Still, the latest announcement of the initiation of two phase 3 trials creates a lot of promise for investors. Here's why.
Viking Therapeutics and VK2735 As a reminder, Viking already has the weight loss drug in two phase 3 trials in subcutaneous (injectable) form, namely for obesity (VANQUISH-1) and adults with type 2 diabetes who have obesity or are overweight (VANQUISH-2). It's also undergoing a smaller maintenance trial to test a combination of an initial subcutaneous VK2735 dose followed by an oral VK2735 maintenance dose, following a successful maintenance trial using subcutaneous VK2735 as the maintenance dose.
Image source: Getty Images.
The development of subcutaneous and oral formulations of VK2735 is part of Viking's dual-formulation strategy. That's why it recently announced the initiation of phase 3 trials for oral VK2735 for obesity (SUNRISE-1) and adults with type 2 diabetes with obesity or weight issues (SUNRISE-2)
Viking Therapeutics and oral VK2735 As with all oral medications, there are concerns about safety and tolerability. As such, investors were delighted with the exemplary tolerability data coming from the phase 1 oral VK2735 trial (MAD) in 2024. The 28-day MAD trial involved 37 treated patients, of whom "mild nausea was reported in five (14%) VK2735-treated subjects," with no vomiting, and only one reporting diarrhea. According to the press release, "no clinically meaningful differences were reported for GI-related adverse events among subjects treated with VK2735 compared with placebo."
While phase 1 trials tend to be small, tolerability is generally excellent. That's why investors were shocked by the safety and tolerability results from the phase 2 oral VK2735 (VENTURE-Oral) trial.
In common with MAD, the 13-week VENTURE-Oral showed good efficacy, but unfortunately, it had a 20% discontinuation rate due to adverse events among treated participants. The result caused the stock to crash.
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Why investors have cause for optimism over the phase 3 oral VK2735 trials First, the phase 2 trial appeared to have a difficult cohort, with 13% of the placebo group also discontinuing due to an adverse event.
Second, the phase 2 trial used a relatively aggressive titration, with 13 weeks of daily oral dosing. The phase 3 trial will be over 68 weeks. In addition, as CEO Brian Lian disclosed during a Morgan Stanley conference, in phase 2, "we had dosed people with 4 tablets, and they were a little bit larger tablets. That wasn't a great experience for some people." Management is focused on reducing the tablet size and count for the phase 3 trial.
Third, management has lowered the maximum dosing in the phase 3 trial. Whereas phase 1 had dosing from 2.5 mg to 40 mg, phase 2 was more aggressive, going from 15 mg to 120 mg, and phase 3 is designed to dose at 27.5 mg, 35 mg, and 55 mg doses.
All told, the combination of a potentially easier trial cohort, longer, less aggressive titration (treated patients have more time to adjust), and less aggressive dosing may well yield a more favorable phase 3 outcome.
Viking Therapeutics testuje injekční i perorální VK2735 ve 3. fázi klinických studií; ve 2. fázi vedl k průměrnému úbytku hmotnosti až o 14,7 % za 13 týdnů.
Viking Therapeutics (VKTX +1.60%) has grown in prominence over the past five years. If you had invested $1,000 in the stock in mid-October 2021, you'd have about $4,185 today, given the company's average 33.15% annual return over this period. The biotech is now entering an important period during which it could make significant clinical and regulatory progress with its most advanced pipeline candidates. How will the stock perform over the next five years? Let's try to determine how much $1,000 invested in Viking Therapeutics today could be worth by 2031.
Image source: The Motley Fool.
Viking could become a leader in the weight loss market Viking Therapeutics is looking to dip its toes into what is perhaps the hottest area in the biotech industry right now: chronic weight-management medicines. The leading drugs in this field are posting strong sales, and analysts expect the market to grow significantly over the next five years. Viking Therapeutics' leading candidate, subcutaneous (SC) VK2735, is undergoing a pair of Phase 3 studies.
SC VK2735 is a dual GLP-1 and GIP receptor agonist, meaning it mimics the action of both gut hormones to help control satiety and blood sugar. SC VK2735 posted excellent Phase 2 clinical trial results, achieving a mean weight loss of up to 14.7% in 13 weeks. We should have data from its ongoing Phase 3 studies within a year or so. Viking Therapeutics is also developing an oral version of VK2735, which recently started Phase 3 clinical trials. Why is this important?
Oral medicines are more convenient than injectable ones for many patients. That's why approved oral weight loss drugs that hit the market this year have helped attract brand-new patients who had never taken GLP-1s before. Viking Therapeutics is also looking to address another problem. Many patients, after losing weight with GLP-1 medicines, end up regaining much of it.
A few weeks ago, the company reported positive results from a weight loss maintenance trial. Patients initially lost up to 18.7% of their body weight after a 21-week induction phase with SC VK2735. They then switched to taking the medicine every other week or monthly for 12 weeks (it is normally taken weekly). Patients in the every-other-week group maintained up to 97% of their weight loss, compared with up to 90% in the monthly group and only 61% in those who switched to a placebo. Viking will also test various maintenance regimens with the oral version of VK2735.
In addition, the biotech began Phase 1 clinical trials for another weight-loss medicine, VK3019, earlier this year. VK3019 mimics the actions of amylin (which reduces appetite) and calcitonin (which helps lower blood calcium levels). The hypothesis is that combining these two hormones into a single drug could suppress appetite and induce strong weight loss. Perhaps Viking Therapeutics will also experiment with combining VK2735 and VK3019 into a medicine targeting four distinct metabolic pathways.
We don't know that for sure, but Viking's clinical progress has been impressive, and if all goes well, the company could become a leader in weight loss in the next five years and outperform broader equities.
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A wide range of possible outcomes Viking Therapeutics' performance over the next few years will largely depend on its leading candidate's clinical progress. The market will likely expect SC VK2735 to post a mean weight-loss efficacy of at least 20%, if not closer to 25%. If SC VK2735 can pull off, say, a 24% mean weight loss in its ongoing Phase 3 studies while also showing reasonable tolerability, Viking Therapeutics' shares will soar. And given how fast the weight-loss market is growing, SC VK2735's sales could reach blockbuster status.
Assume Viking Therapeutics earns approval for this product by early 2029, generates $1 billion in revenue by 2031, and is expected to rack up $1.5 billion in 2032. If the company is valued at 4x forward sales by then, its current market cap of $3.2 billion will rise to $6 billion by 2031, amounting to annualized returns of 13.4%.
So, $1,000 invested in the stock would be worth about $1,875. Those are great returns, but there is plenty of uncertainty and lots of complications. Viking's leading candidates may flop in Phase 3 studies -- or they may fall a bit short of expectations. The competitive landscape could become more crowded as more pharmaceutical leaders enter the market, or it might not grow as fast as expected.
Some of those potential headwinds would send the stock price down significantly; others might not, but they would limit its upside. Further, even if Viking avoids most of them, the company is currently burning through cash and will likely need additional funding. It may resort to dilutive means of financing. That's something else investors should consider. All that to say, Viking looks like a promising stock, but there is plenty of risk involved. Investors should keep that in mind before initiating a position.
Viking Therapeutics (VKTX -8.04%) wasted no time raising cash after the release of a successful maintenance trial, which strengthened the investment case for the stock. Viking raised more than $316 million in a stock offering at $35 per share and $258.75 million in convertible senior notes for gross proceeds of $575 million.
Why Viking Therapeutics needs the cash Clinical trials don't come cheap, and definitely not for the kind of large phase 3 trials that Viking is currently undertaking for its GLP-1 and GIP agonist, VK2735. The company is already undertaking 78-week phase 3 trials for VK2735 in subcutaneous (injectable) form in obesity (Vanquish-1) and adults with type 2 diabetes and obesity (Vanquish-2). In addition, management recently announced the initiation of 68-week phase 3 trials for VK2735 oral in obesity (Sunrise-1) and in "adults with type 2 diabetes who are obese or overweight" (Sunrise-2).
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In addition, Viking is currently undertaking the second part of the maintenance trial in which an initial 21-week subcutaneous dose of VK2735 will be followed by 12 weeks of a range of oral VK2735 maintenance doses.
The duration and size of these trials, as well as the company's lack of revenue, mean Viking is likely to burn cash until at least 2030, according to the Wall Street consensus from S&P Global Market Intelligence.
Clearly, Viking needs the cash not only to fund all the VK2735 trials but also to ensure the ongoing development of the rest of its pipeline, including an amylin agonist, VK3019 -- a class of weight-loss drugs that can be taken by patients who can't tolerate GLP-1 agonists or in combination with them. Eli Lilly and Novo Nordisk are also developing amylin agonists.
Image source: Getty Images.
A stock to buy? In the near future, investors are waiting for the second part of the maintenance trial. Given that it includes VK2735 oral as a maintenance dose, it's arguably much more important to the company's dual formulation strategy than the first part of the trial. Those results will hit in 2027, as will the Vanquish-1 and Vanquish-2 trials, although much later in the year, with Sunrise-1 and Sunrise-2 likely in 2028.
Given that CFO Greg Zante told investors in July that "our guidance remains intact that we have cash into 2028," the $575 million in cash will also support any commercial development of VK2735 and the company's ongoing pipeline development. In reality, the company's future pivots on the clinical success of VK2735. Still, the recent cash raise derisks the stock and enables management to continue to try to generate value for investors.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Eli Lilly and Novo Nordisk. The Motley Fool recommends Viking Therapeutics. The Motley Fool has a disclosure policy.
Viking Therapeutics zahájila klinický program SUNRISE fáze 3 pro perorální přípravek VK2735 při léčbě obezity; dvě studie zahrnou každá 560 dospělých účastníků a budou trvat 68 týdnů.
SUNRISE -1 and SUNRISE-2 Studies to Evaluate Oral VK2735 in Obese Adults with and without Type 2 Diabetes
, /PRNewswire/ -- Viking Therapeutics, Inc. (Viking) (NASDAQ: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced the initiation of the SUNRISE Phase 3 clinical program for oral VK2735, the company's dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors. VK2375 is being developed in both oral and subcutaneous formulations for the potential treatment of various metabolic disorders such as obesity.
The SUNRISE Phase 3 program includes two studies evaluating oral VK2735: one in adults with obesity and another in obese or overweight adults with type 2 diabetes. Each study is a randomized, double-blind, placebo-controlled, multicenter trial designed to assess the efficacy and safety of VK2735, with patients receiving once-daily oral VK2735 for 68 weeks. SUNRISE-1 and SUNRISE-2 will each target enrollment of 560 adults. SUNRISE-1 will include obese (BMI ≥30 kg/m2) or overweight (BMI ≥27 kg/m2) adults without type 2 diabetes who have at least one weight-related comorbidity. SUNRISE-2 will enroll adults with type 2 diabetes who are obese or overweight. Participants in both trials will be randomly assigned to one of four treatment groups receiving once-daily VK2735 doses of 27.5 mg, 35 mg, 55 mg, or placebo.
The primary endpoint of both trials is the percent change in body weight from baseline for participants receiving oral VK2735 as compared to placebo after 68 weeks of treatment. Secondary and exploratory endpoints will evaluate a range of additional safety and efficacy metrics, including the percentage of patients who achieve ≥ 5%, ≥ 10%, ≥ 15% or ≥ 20% body weight reduction from baseline.
"Advancing the oral tablet formulation of VK2735 into Phase 3 is an exciting step toward expanding Viking's portfolio of therapeutic treatments for obesity," said Brian Lian, Ph.D., chief executive officer of Viking. "Oral VK2735 represents the most advanced oral dual GLP-1/GIP agonist in clinical development and has the potential to be positioned as either an induction therapy or in the maintenance setting, increasing the treatment options available to patients and clinicians. Obesity is a chronic disease that often requires long-term treatment, making convenience and ease of use important considerations for supporting patients throughout their treatment journey. We believe a once-daily oral therapy could offer a flexible dosing option that may support improved treatment adherence over time. Oral VK2735, together with our subcutaneous formulation, which is currently in the Phase 3 VANQUISH registration program, could provide clinicians and patients with greater choice in selecting an approach to weight loss and long-term management that best meets the needs of individual patients."
In 2025, Viking announced positive top-line results from the Phase 2 VENTURE-Oral Dosing study of the oral tablet formulation of VK2735 in obesity. The study successfully achieved its primary and secondary endpoints, with patients receiving once-daily oral VK2735 demonstrating clinically meaningful reductions in body weight compared with placebo. For the primary endpoint after 13 weeks of treatment, patients receiving oral VK2735 demonstrated statistically significant, dose-dependent reductions in mean body weight from baseline of up to 12.2%. Differences compared with placebo were statistically significant for all doses greater than 15 mg starting at Week 1 and were maintained throughout the study. Weight loss was progressive through Week 13 with no evidence of a plateau. Up to 97% of patients receiving oral VK2735 achieved at least 5% weight loss, and up to 80% achieved at least 10% weight loss, compared with 10% and 5% of patients receiving placebo, respectively.
Oral VK2735 also demonstrated encouraging safety and tolerability in the Phase 2 VENTURE-Oral study, with 98% of reported drug-related treatment-emergent adverse events (TEAEs) characterized as mild or moderate. Gastrointestinal (GI)-related events were the most commonly observed TEAEs and were consistent with the known effects of dual GLP-1/GIP receptor agonists. Across VK2735 treatment cohorts, GI-related events generally occurred early in treatment and subsided with continued dosing. Progressive dose escalation in 30 mg increments enabled participants to advance rapidly to higher dose levels while maintaining an encouraging tolerability profile.
In addition to the SUNRISE Phase 3 program, Viking is currently conducting a maintenance dosing trial of oral VK2735 and two Phase 3 studies evaluating subcutaneous VK2735 (VANQUISH-1 and VANQUISH-2). The VANQUISH trials are randomized, double-blind, placebo-controlled, multicenter trials designed to assess the efficacy and safety of subcutaneous VK2735 dosed weekly for 78 weeks. The VANQUISH-1 study is fully enrolled with approximately 4,500 adults who do not have type 2 diabetes and who have obesity (BMI ≥30 kg/m2) or are overweight (BMI ≥27 kg/m2) with at least one weight-related co-morbid condition. The VANQUISH-2 study is also fully enrolled with approximately 1,000 adults with type 2 diabetes who have obesity or are overweight. Patients in both trials are being randomized to one of four weekly VK2735 treatment arms of 7.5 mg, 12.5 mg, 17.5 mg, or placebo.
Correction Note: The company's press release issued on October 6, 2026, entitled, Viking Therapeutics Announces Initiation of VK2735 Oral Maintenance Dosing Clinical Trial in Patients with Obesity, incorrectly stated that the trial would be evaluating, "weekly oral doses." The trial will be evaluating maintenance dosing options including daily oral doses, monthly subcutaneous doses, every-other-week subcutaneous doses, or placebo.
About GLP-1 and Dual GLP-1/GIP Agonists
Activation of the glucagon-like peptide 1 (GLP-1) receptor has been shown to decrease glucose, reduce appetite, lower body weight, and improve insulin sensitivity in patients with type 2 diabetes, obesity, or both. Semaglutide is a GLP-1 receptor agonist that has been approved by the U.S. Food and Drug Administration and is currently marketed in various dosage strengths and forms as Ozempic®, Rybelsus®, and Wegovy®. More recently, research efforts have explored the potential co-activation of the glucose-dependent insulinotropic peptide (GIP) receptor as a means of enhancing the therapeutic benefits of GLP-1 receptor activation. Tirzepatide is a dual GLP-1/GIP receptor agonist that has been approved by the U.S. Food and Drug Administration and is currently marketed in various dosage strengths and forms as Mounjaro® and Zepbound®.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company advancing a next-generation portfolio of therapies for obesity and metabolic disease. Guided by deep expertise in metabolic biology and rigorous science, Viking is developing innovative treatments to help people achieve meaningful, lasting health improvements by treating obesity first. The company's lead program, VK2735, is a dual glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptor agonist in development in both subcutaneous and oral formulations for obesity. VK2735 is currently being evaluated in Phase 3 clinical studies for obesity, along with maintenance dosing strategies designed to support long-term weight management. Viking is also advancing additional obesity programs, including VK3019, an amylin receptor agonist, VK2809, an orally available thyroid hormone receptor beta agonist for metabolic and liver disease, and VK0214 for the rare genetic disorder X-linked adrenoleukodystrophy (X-ALD).
For more information about Viking Therapeutics, please visit www.vikingtherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding Viking Therapeutics, Inc., under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its clinical and preclinical development programs, anticipated timing for reporting clinical data and cash resources.Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely and reported results should not be considered as an indication of future performance.These risks and uncertainties include, but are not limited to: risks associated with the success, cost and timing of Viking's product candidate development activities and clinical trials, including those for VK2735, VK0214, VK2809, and the company's other incretin receptor agonists; risks that prior clinical and preclinical results may not be replicated; risks regarding regulatory requirements; and other risks that are described in Viking's most recent periodic reports filed with the Securities and Exchange Commission, including Viking's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Reports on Form 10-Q, including the risk factors set forth in those filings.These forward-looking statements speak only as of the date hereof.Viking disclaims any obligation to update these forward-looking statements except as required by law.
Oppenheimer zvýšil cílovou cenu společnosti Viking Therapeutics ze 100 USD na 120 USD a ponechal doporučení „outperform“ díky vyšší odhadované pravděpodobnosti úspěchu přípravku VK2735.
Oppenheimer analyst Jay Olson recently raised his price target on Viking Therapeutics (VKTX -0.93%) stock to $120 from $100 and maintained an outperform rating. Given that the stock price at the time of writing is merely $28.50, hitting the price target would represent a quadrupling in the share price. It's an exciting prospect, so here's some of the reasoning behind the bull case for the stock.
Wall Street divisions over Viking Therapeutics and VK2735 Before getting into the details of the bull case, it's worth noting that there's a wide range of opinions on the stock on Wall Street, and on its lead pipeline drug, VK2735, a GLP-1 and GIP agonist.
According to Visible Alpha's current price targets for the stock, analysts at Canaccord and Raymond James are just shy of Oppenheimer's target, an H.C. Wainwright analyst is at $102, and a further three analysts are in the $70 to $90 range.
A Goldman Sachs analyst, Richard Law, has the lowest target of $38 on the stock. This target is understood to emphasize that the second part of the maintenance trial (where oral maintenance doses of VK2735 will be tested) is more significant for the company than the recently completed first part. That first part only tested injectable VK2735 maintenance doses for 13 weeks after an initial injectable treatment over 21 weeks.
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The last point is a fair one, not least because the phase 2 data from the oral dosing trial were disappointing for safety and tolerability , with 20% of treated patients discontinuing treatment due to an adverse event. Since a major selling point of VK2735 is its potential to be used as a dual combination therapy (for example, rapid weight loss with an initial injectable treatment followed by a more convenient oral dose), it's fair to argue that the currently running, second part of the maintenance trial is more important. Results are due in 2027.
That said, Viking's management will have learned a lot from the phase 2 oral VK2735 trial (VENTURE-Oral). It will make adjustments (potentially reducing tablet size, titration aggressiveness, and dose size) in the phase 3 oral trial (beginning in the fourth quarter) and in the current maintenance trial.
Oppenheimer's price target hike When analysts model biotech companies, they typically estimate their drugs' peak sales, discount cash flows from those sales, and then multiply them by a "probability of success" (PoS) to produce an adjusted expected value. This is used to model the stock and create a price target.
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It follows that when a drug receives positive data from a trial, as Viking recently did with the maintenance trial, it's induced to raise the PoS and may raise the ceiling on peak sales due to a stronger belief in its commercial potential.
Indeed, Olson reportedly raised his estimate for PoS from 80% to 90% after the maintenance study's results. It's a high PoS, but not out of the ballpark of the Visible Alpha Wall Street consensus for VK2735's PoS of 76.5%.
Nevertheless, raising a PoS for VK2735 while nudging up sales estimates is a perfectly valid reason to raise the stock price target.
Why Viking Therapeutics investors have reason for optimism Furthermore, Wall Street estimates for VK2735 look reasonable. The consensus calls for unadjusted sales of $1.5 billion in 2030, rising to $6.5 billion in 2035. The most similar approved drug to VK2735 is Eli Lilly's (LLY +0.08%) tirzepatide (Mounjaro for diabetes and Zepbound for obesity, only available in injectable form), for which analysts expect about $80 billion in total sales (almost $52 billion for Mounjaro and $28.5 billion for Zepbound) in 2030.
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Since the phase 2 VK2735 subcutaneous trial (VENTURE) produced a mean weight loss of 14.7% at its maximum dose after just 13 weeks, compared to a phase 3 tirzepatide (SURMOUNT-1) trial that produced a mean weight loss of 20.9% at its maximum dose after 72 weeks, this suggests (but does not conclude) that VK2735 may generate a steeper velocity of weight loss.
If this hypothesis is confirmed in the phase 3 subcutaneous VK2735 trial, alongside good tolerability data over a long period, with good data from the second part of the maintenance trial, then investors have a strong reason to believe VK2735 can take market share from tirzepatide. $80 billion in 2030 is a very large number to take a small share from.
That outcome would justify Oppenheimer's optimism.
Viking Therapeutics zahájí ve čtvrtém čtvrtletí studii fáze 3 perorálního přípravku VK2735; ve studii fáze 2 vedl ke snížení hmotnosti až o 12,2 % za 13 týdnů.
The market for weight loss drugs continues to move fast, and one of the main arenas for competition right now is how those medicines are formulated. For a lot of people, taking a daily pill is less burdensome than taking a once-a-week injection, which is why drug developers are working on porting their injectables over to the oral route.
Viking Therapeutics (VKTX +2.81%) doesn't yet have approval for its injectable candidate, VK2735, but it does have decent data, which is why its oral formulation of the same molecule is about to enter late-stage testing. Given this setup, is now a good time to buy Viking's stock?
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The next phase is on the way, but competition will become an obstacle VK2735 activates the receptors for two gut hormones, GLP-1 and GIP, as does Eli Lilly's Zepbound. Citing feedback from an end-of-phase 2 meeting with the FDA, Viking plans to start phase 3 trials of the pill in the fourth quarter.
In phase 2 testing, patients taking the pill lost up to 12.2% of their body weight over 13 weeks, compared with just 1.3% in the placebo group. But 20% of patients receiving VK2735 quit over side effects, versus 13% on placebo. And in the top-dose cohort, 38% stopped treatment -- indicating that the candidate may struggle against competitors deemed by prescribers to be less likely to cause burdensome side effects.
Viking says the doses it plans to test showed no meaningful difference from placebo in gut side effects. But phase 2 showed a clear dose-response relationship between weight loss and side effects, so it's very likely that lower, more tolerable doses lead to less weight loss.
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Lilly's commercialized weight-loss pill, Foundayo, led patients to experience 11.1% weight loss after 72 weeks of treatment, versus 2.1% for placebo, and side effects caused only 5% to 10% of users to stop. What's more, the trial ran about five times longer than Viking's phase 2 despite having a much lower discontinuation rate due to side effects.
There may be a niche in the market to explore if Viking's candidate proves more effective over short time frames despite being more unpleasant. But it's also true that many patients will prefer a slower option that's less uncomfortable, like Foundayo.
The shot could be the bigger prize Viking's injectable formulation of VK2735 appears to be more potent than the pill, with patients achieving up to 14.7% weight loss after 13 weeks of weekly shots in a phase 2 trial.
In a separate phase 1 study, 13 patients who remained on weekly 17.5-mg doses through week 33 lost 21.7% of their body weight. Interestingly, a subgroup of patients who switched to monthly shots maintained 90% of their weight loss over 12 weeks, versus 61% for placebo. If those results are borne out, it could be a point of favorable differentiation from the competition.
VK2735's injectable is scheduled to conclude its phase 3 testing in July 2027. If the results resemble those of phase 2, VK2735 could become a credible alternative to Zepbound. Monthly dosing could set it apart, but the phase 3 trials only test weekly dosing.
So a lot is riding on those results for Viking's stock. But even if the biotech produces positive results for its jab and gets it approved and commercialized, and eventually does the same for its pill form, it'll still be trying to enter a crowded market that's increasingly cornered by the incumbents.
Viking's stock is still worth buying based on its data today and what it could stand to gain if it succeeds, but investors should be aware that it'll have a hard time gaining commercial traction, given what we know about how its candidates perform today.
Key Takeaways Viking launched a study testing oral and injectable VK2735 maintenance regimens for obesity.Earlier results showed every-other-week and monthly dosing retained about 90% and 85% of prior weight loss.VK2735 remains Viking's lead obesity candidate, with oral phase III development planned for late 2026. Viking Therapeutics (VKTX - Free Report) announced the initiation of a clinical study evaluating oral maintenance dosing of its lead obesity candidate, VK2735.
The study, which is designed to enroll approximately 195 adults with obesity, will evaluate whether weight loss achieved with weekly subcutaneous (SC) VK2735 can be maintained using oral tablets or less frequent injections.
All participants will initially receive weekly SC VK2735 or placebo for 21 weeks. After the induction period, patients who received the drug will transition to different maintenance regimens, including daily or weekly oral doses of VK2735, monthly or every-other-week subcutaneous VK2735 or placebo. The study will evaluate safety, tolerability and pharmacokinetics, while exploratory measures will assess changes in body weight through week 33.
The oral formulation could provide an important convenience advantage if it successfully maintains weight loss. A data readout from this study is expected in 2027.
Year to date, the company’s shares have lost 19.4% against the industry’s 3.6% growth.
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Earlier Results Support Maintenance Potential for VKTXViking’s newly launched study is the second part of its two-part weight-maintenance program, expanding VK2735 beyond weekly injections. The initiation of part 2 follows encouraging results from part 1 of the maintenance study announced last month. During the 21-week induction phase, patients receiving weekly SC VK2735 achieved approximately 16% to 19% weight loss compared with a 0.1% decline for placebo.
Notably, much of the weight loss was maintained after a reduction in injection frequency. Patients switched to every-other-week dosing retained about 90% of their previous weight loss, while those receiving monthly dosing retained roughly 85%. By comparison, patients switched to placebo retained about 61% of their prior weight loss.
These findings suggest that VK2735 may have potential not only as a weight-loss treatment but also as a maintenance therapy that could reduce dosing frequency after initial weight loss is achieved.
VK2735 Remains the Key Pipeline Driver for VKTXVK2735 is the company's lead obesity candidate and primary value driver. It is an investigational novel dual GLP-1 and GIP receptor agonist, being developed in both subcutaneous and oral formulations, positioning it as one of the more promising late-stage obesity therapies currently under development.
The company is conducting two late-stage studies — VANQUISH-1 and VANQUISH-2 — evaluating VK2735 SC for 78 weeks. VANQUISH-1 is evaluating the drug in adults without type II diabetes (T2D) who have obesity or are overweight with at least one weight-related co-morbid condition. VANQUISH-2 is assessing its efficacy in obese or overweight adults with T2D. Data from these studies are not expected before 2027.
Both studies are testing weekly doses of 7.5 mg, 12.5 mg and 17.5 mg against placebo. The phase III program is expected to provide important data on the long-term efficacy and safety of VK2735 in different patient populations.
Viking is on track to start late-stage studies of oral VK2735 by the end of this year, following encouraging phase II VENTURE-Oral results.
Competition in Targeted Markets Remains a ConcernViking is developing the candidate as a potential alternative to established GLP-1 products marketed by pharma giants Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) . Both companies are already marketing oral and injectable obesity treatments. Lilly markets injectable Zepbound and oral Foundayo, while Novo Nordisk markets injectable Wegovy and its oral Wegovy pill.
The competitive landscape is also evolving rapidly. Lilly recently reported results for EloraTZP, an investigational combination of eloralintide, a selective amylin receptor agonist and Zepbound. Data from a phase IIb study showed that all EloraTZP combinations met the primary and secondary endpoints, delivering substantial weight loss and A1C reductions at 48 weeks. LLY plans to advance the candidate into phase III development in the fourth quarter of 2026.
Meanwhile, Novo Nordisk has submitted CagriSema to the FDA for weight management. The once-weekly treatment combines semaglutide with cagrilintide, a long-acting amylin receptor agonist. A final decision is expected before this year’s end.
VKTX's Zacks RankViking currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Viking Therapeutics po silných výsledcích studie pro lék VK2735 emitovala nové akcie a nyní se obchoduje pod emisní cenou 35 USD. Rozředění sníží zisk na akcii zhruba o 7,2 %.
Viking Therapeutics (VKTX -6.41%) stock soared after the release of excellent top-line results from a maintenance study of its weight-loss drug VK2735, and the company promptly moved to ultimately raise $575 million via a supplementary public offering of common stock ($316.2 million worth at $35) and $258.8 million in convertible senior notes. However, the stock now trades below the $35 price of this latest common equity offering. Is it worth buying?
On balance, the answer is: If you were bullish on the stock before the top-line results came out, it makes sense to buy it now, too.
Image source: Getty Images.
Let's run some simple numbers. At the time of writing, Viking's stock is up only 8.4% from the day before the results announcement. However, the share count before the stock offering was 116.6 million, and the company closed on another 9 million shares. The increase in share count dilutes existing shareholders, and you can pencil in a rough reduction in earnings per share of about 7.2%, or 0.928 of its previous level.
However, the share price rose 8.44%, so earnings per share per dollar invested at the current share price have also changed. You can calculate this by dividing 0.928 by 1.084 (the increased share price), which gives 0.856, a 14.4% reduction.
In plain English, assuming the same earnings, the earnings yield per dollar invested at today's price will be 14.4% lower.
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So is Viking Therapeutics stock a buy? While the top-line results were excellent, they didn't include the oral pill (which will come in the second part of the trial), but they were good enough to somewhat de-risk maintenance dosing with injectable VK2735. That's a major plus in itself and justifies the de facto 14.4% loss in earnings power per dollar (assuming unchanged earnings) for investors, both before and after the results release and the subsequent common stock offering.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool recommends Viking Therapeutics. The Motley Fool has a disclosure policy.
Viking Therapeutics oznámila, že u VK2735 činil průměrný úbytek hmotnosti asi 16 % až 19 % za 21 týdnů a po přechodu na méně časté dávkování si pacienti udrželi až 97 % ztráty.
Investors looking to capitalize on the rapidly expanding weight loss drug market have increasingly more options. Eli Lilly (LLY -2.33%) and Novo Nordisk (NVO -1.04%) are still the leaders, but several other drugmakers are making significant clinical headway. One of them is Viking Therapeutics (VKTX +2.48%), a clinical-stage biotech. Viking Therapeutics was having a fairly uneventful year until recently, when it posted highly encouraging results from a clinical trial, sending the stock soaring by more than 30% in one day. Let's look deeper into these results and determine what they could mean for Viking's prospects.
Image source: The Motley Fool.
Viking makes a case for maintenance dosing Let's start with some background on how GLP-1-based weight loss medicines work. By mimicking naturally occurring hormones such as GLP-1, which promotes satiety, these medications help patients feel fuller for longer, leading them to eat less and aiding weight loss.
However, many people gain the weight back after stopping treatment, partly because of the return of food noise. Several companies are looking for ways to help people keep the weight off. Viking Therapeutics tested various doses of its leading anti-obesity candidate, VK2735, administered subcutaneously every other week or monthly (VK2735 also mimics the action of the GIP hormone).
The results were impressive. Patients lost an average of about 16% to 19% of their weight over 21 weeks, after which they switched to less frequent dosing. Those taking the medicine every other week maintained up to 97% of their weight loss three months after switching to this new dosing schedule, and patients taking it monthly maintained up to 90% of their weight loss. Those taking a placebo maintained only 61% of their weight loss over the same period. These results suggest that patients may not need to continue weekly injections to maintain most of their previously achieved weight loss.
They could, potentially, switch to a more convenient dosing schedule. There is also an important opportunity here for Viking Therapeutics to steal some of its competitors' patients. Suppose someone loses a significant amount of weight with Wegovy or Zepbound but is worried about gaining it back once they stop treatment. This person may be able to switch to Viking's VK2735 on an every-other-week or monthly regimen and receive 12 or 26 doses per year instead of 52 -- that's a huge difference.
The caveat here is that these results apply only to patients who initially lost weight on VK2735, so we can't extrapolate these results to patients who lost weight on Zepbound or Wegovy. Also, the study was fairly small, with only about 180 patients. That was enough to provide proof-of-concept evidence, but Viking Therapeutics will need similar successes in larger clinical trials.
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There are more catalysts ahead Viking Therapeutics plans to run a second part of this study, in which it will test oral maintenance dosing regimens using an oral formulation of VK2735. The company is also testing subcutaneous VK2735 in two Phase 3 studies, and it should start late-stage clinical trials for oral VK2735 by the end of the year. Viking Therapeutics' shares may have soared after its recent clinical win, but there is plenty more upside ahead, provided the company can deliver further successes in ongoing and upcoming studies.
The recent data once again highlighted just how promising VK2735 is. Even beyond the maintenance results, the first part yielded a robust mean weight loss of roughly 16% to 19% over 21 weeks (versus 0.1% for those taking a placebo). That said, there are potential risks to consider. One of them is share dilution. After Viking's shares soared following its clinical win, the company announced a capital raise that included issuing new shares. This move was hardly surprising. Clinical-stage biotech companies that generate no revenue and are consistently unprofitable have only so many options to raise funds.
But investors should keep that in mind: there could be more dilutive funding rounds in the future following clinical trial successes. Also, the weight-loss market will become increasingly competitive in the coming years. And finally, Viking has yet to post excellent results for its leading candidate in a Phase 3 clinical trial. And if data from its ongoing late-stage studies fall short of expectations, the stock will fall off a cliff and will have a lot of trouble recovering. The bottom line: Viking Therapeutics is a risky stock.
The company could deliver market-beating returns over the next five years if it establishes itself as a notable player in the anti-obesity space, but there is also a very real possibility that it will destroy shareholders' wealth over this period. Invest accordingly.
Viking Therapeutics uzavřela navýšenou nabídku akcií a konvertibilních dluhopisů, která jí přinesla hrubý výnos zhruba 575 milionů USD. Čistý výnos má podpořit vývoj a komercializaci programů VK2735 a VK3019.
Gross Proceeds to Viking Approximately $575 Million
, /PRNewswire/ -- Viking Therapeutics, Inc. (Nasdaq: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced the closing of its concurrent upsized public offerings of 9,035,714 shares of common stock, at a public offering price of $35.00 per share, and $258.75 million aggregate principal amount of 2.00% convertible senior notes due 2032 (the "notes"), which included the full exercise by the underwriters of the common stock offering of their option to purchase an additional 1,178,571 shares of common stock, and the full exercise by the underwriters of the note offering of their option to purchase an additional $33.75 million aggregate principal amount of notes. The gross proceeds to Viking from the offerings were approximately $575.0 million, before deducting underwriting discounts and commissions and offerings expenses.
Morgan Stanley, J.P. Morgan, Jefferies, Leerink Partners and William Blair acted as joint book-running managers for the note offering. Morgan Stanley, J.P. Morgan, Jefferies, Leerink Partners, William Blair and Raymond James acted as joint book-running managers for the common stock offering. Oppenheimer & Co. acted as lead manager and Canaccord Genuity, H.C. Wainwright & Co., B. Riley Securities, Maxim Group LLC and Laidlaw & Company (U.K.) Ltd. acted as co-managers for the common stock offering.
Viking estimates that the aggregate net proceeds from the offerings were approximately $547.8 million, after deducting the underwriting discounts and commissions and Viking's estimated offering expenses. Viking intends to use the net proceeds from the offerings for the continued clinical development, advancement and commercialization of its VK2735 program, the continued clinical development and advancement of its VK3019 program and for other general research and development, working capital and general corporate purposes.
The offerings were made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the "SEC"). Each offering was made only by means of a prospectus supplement relating to that offering and an accompanying prospectus. An electronic copy of the final prospectus supplement for each offering, together with the accompanying prospectus, is available on the SEC's website at www.sec.gov. Alternatively, copies of these documents can be obtained by contacting: Morgan Stanley & Co. LLC at 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected] and [email protected].
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biotechnology company advancing a next-generation portfolio of therapies for obesity and metabolic disease. Guided by deep expertise in metabolic biology and rigorous science, Viking is developing innovative treatments to help people achieve meaningful, lasting health improvements by treating obesity first. The company's lead program, VK2735, is a dual glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptor agonist in development in both subcutaneous and oral formulations for obesity. VK2735 is currently being evaluated in Phase 3 clinical studies for obesity, along with maintenance dosing strategies designed to support long-term weight management. Viking is also advancing additional obesity programs, including VK3019, an amylin receptor agonist, VK2809, an orally available thyroid hormone receptor beta agonist for metabolic and liver disease, and VK0214 for the rare genetic disorder X-linked adrenoleukodystrophy (X-ALD).
Forward-Looking Statements
This press release contains forward-looking statements regarding Viking Therapeutics, Inc., under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about the expected amount and intended use of the net proceeds. Forward-looking statements represent Viking's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are risks described under the caption "Risk Factors" in the final prospectus supplements for the offerings and risks relating to Viking's business, including those described in Viking's most recent periodic reports filed with the Securities and Exchange Commission, including Viking's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q, including the risk factors set forth in those filings. The forward-looking statements included in this press release speak only as of the date of this press release, and Viking does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Viking Therapeutics oznámila u VK2735 22% upravený pokles hmotnosti ve 33. týdnu u kohorty s týdenní dávkou 17 mg po 21 týdnech, následovanou udržovací dávkou 17,5 mg, bez plató. Při méně častém udržovacím dávkování si pacienti udrželi 97 % a 90 % ztracené hmotnosti dosažené ve 21. týdnu.
Viking Therapeutics (VKTX -3.24%) stock surged this week on results from a maintenance study of its key pipeline obesity treatment, VK2735. The top-line results led to a slew of Wall Street upgrades and helped support the case for VK2735 as a potential long-term obesity treatment, and the company promptly announced a $400 million capital raise, which it increased to $500 million the following day.
Three key numbers from the report GLP-1 and GIP agonist, VK2735, has the potential to carve out a niche in the highly competitive weight-loss market by delivering rapid weight loss and serving as a maintenance therapy, either subcutaneously (injectable) or orally. This study focused solely on injectable doses: a weekly dose for 21 weeks, followed by weekly, biweekly, or monthly maintenance dosing.
Image source: Getty Images.
First, a 22% adjusted weight loss at week 33 in the cohort taking a weekly 17mg dose for 21 weeks, then a weekly 17.5 mg maintenance dose over 12 weeks, with "no plateau observed." This data compares favorably with the rapidity of weight loss achieved by rival drugs.
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Second, the cohort taking the weekly 21-week dose of 17.5mg who switched to a biweekly 17.5mg maintenance dose over 12 weeks maintained 97% of the weight loss achieved at 21 weeks.
Third, the cohort taking the weekly 21-week dose of 17.5mg who switched to a monthly 17.5mg maintenance dose over 12 weeks maintained 90% of the weight loss achieved at 21 weeks.
The latter two results indicate potential for maintenance therapies to help patients sustain weight loss over time, and the first provides further evidence that VK2735 can deliver rapid weight loss.
Where next for Viking It's exciting data, and investors will look forward to the second part of the study, in which an oral maintenance dose will be trialed. In addition, Viking already has VK2735 (subcutaneous) in a Phase 3 trial and expects to commence VK2735 (oral) in a Phase 3 trial by the end of this year.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool recommends Viking Therapeutics. The Motley Fool has a disclosure policy.
Viking Therapeutics klesá po navýšené nabídce za 500 milionů USD, kterou nacenila na 35,00 USD za akcii. Výtěžek má jít na další vývoj programů pro obezitu a metabolická onemocnění.
Two biotech stocks are getting crushed while the sector benchmark climbs, and the reasons behind each selloff could not be more different. Understanding what separates a deliberate corporate move from pure micro-cap chaos is the key to reading both situations…
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Two biotech names are moving sharply lower Thursday morning while the sector benchmark grinds higher, a split move that puts the day’s action on the companies themselves rather than on any broader rotation. Viking Therapeutics (NASDAQ:VKTX | VKTX Price Prediction) is under pressure after pricing an upsized financing before the open, and Jaguar Health, Inc. (NASDAQ:JAGX) is sliding harder still with no fresh disclosure behind it. Each name is carrying its own loss.
Viking Therapeutics stock is at $35.60, down 15% in morning trading. Meanwhile, Jaguar Health stock is at $6.70, down 25%.
The sector backdrop is constructive rather than defensive, which is why neither decline scans as a group event. The iShares Biotechnology ETF (NASDAQ:IBB) is priced at $207.30, up 0.3%. For broad-market context, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) trades at $765.18, down 0.3%.
Viking Therapeutics Prices Upsized Offering Viking Therapeutics priced an upsized $500 million offering of common stock and convertible senior notes, at a public offering price of $35.00 per share of common stock. The company grew the raise from a previously announced deal, and said it intends to use the net proceeds for continued clinical development of its obesity and metabolic disease programs and for general corporate purposes.
The reaction from Viking Therapeutics holders is the plainest kind of dilution response. Viking Therapeutics chose to sell more equity than the market was first told to expect, and holders repriced what they already owned in the session that followed. Convertible notes add a second layer of eventual share creation on top of the common stock component, which sharpens the near-term supply picture even as the raise strengthens the balance sheet.
That the offering for Viking Therapeutics follows a run of constructive clinical news doesn’t soften today’s arithmetic. A larger raise at a fixed offering price is a mechanical drag when it clears, and a well-funded clinical program is a separate consideration from the day’s price reaction. The pressure on Viking Therapeutics may reflect both effects at once.
Jaguar Health Moves Apart From Its Sector Jaguar Health has no fresh same-day catalyst tied to this session’s move. Earlier this month, Jaguar Health effected a reverse stock split at a ratio of 1-for-15 to support compliance with Nasdaq listing standards, and that action is background rather than the current driver.
Jaguar Health’s micro-cap profile is doing most of the talking here. With a market value in the low single-digit millions, Jaguar Health can move on modest order flow, and today’s slide has landed without an accompanying disclosure to anchor it. Reverse splits at this scale also tend to invite follow-through selling as post-split share counts settle into new hands.
The gap between the two names matters for how investors read the day. Viking Therapeutics is falling on a specific corporate action, while Jaguar Health is falling on the mechanics of a very small float. Neither move is a signal about the biotechnology fund, which is trading slightly higher, or about broad U.S. equities, which are trading slightly lower.
What to Watch Next Viking Therapeutics faces one unresolved question. How quickly does demand absorb the new supply, and does the stock stabilize once the offering settles into secondary trading?
Traders can watch for follow-through in Viking Therapeutics stock relative to the biotech benchmark through the close, since same-session offering reactions often overshoot before finding a level. The direction of the biotechnology fund into the afternoon offers a useful cross-check on whether the drag on Viking Therapeutics is company-specific or sector-linked.
Jaguar Health stock presents a different setup. Any fresh disclosure from Jaguar Health tied to financing, listing status or the crofelemer program could change the character of the move quickly, and there is nothing on the wire today to lean on. Momentum can dominate a name this small until new information arrives.
Investors weighing exposure to either name should treat Viking Therapeutics and Jaguar Health as high-volatility positions with distinct risk drivers. Viking Therapeutics stock carries clinical and financing risk against a large addressable obesity market, while Jaguar Health sits deep in penny-stock territory with a long history of dilutive capital actions. Modest position weights look appropriate for their allocations to either name, and readers who like a little speculative exposure can see the sizing and exit rules we spelled out in a free speculation playbook.
Contact [email protected] for any questions or corrections.
Viking Therapeutics plánuje dvě samostatné veřejné emise: 200 mil. USD v akciích a 200 mil. USD v seniorních konvertibilních dluhopisech splatných v roce 2032. Výnosy chce použít na vývoj a komercializaci programů VK2735 a VK3019.
, /PRNewswire/ -- Viking Therapeutics, Inc. (Nasdaq: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced its intention to offer, subject to market and other conditions, $200.0 million of common stock and $200.0 million aggregate principal amount of convertible senior notes due 2032 (the "notes") in separate public offerings registered under the Securities Act of 1933, as amended. Viking also expects to grant the underwriters of the common stock offering a 30-day option to purchase up to an additional $30.0 million of common stock, and expects to grant the underwriters of the note offering a 30-day option to purchase up to an additional $30.0 million aggregate principal amount of notes solely to cover over-allotments. The completion of the common stock offering will not be contingent on the completion of the note offering, and the completion of the note offering will not be contingent on the completion of the common stock offering.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the note offering and the common stock offering.
The notes will be senior, unsecured obligations of Viking, will accrue interest payable semi-annually in arrears and will mature on October 15, 2032, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Viking will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Viking's election.
The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Viking's option at any time, and from time to time, on or after October 22, 2029 and on or before the 25th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Viking's common stock exceeds 130% of the conversion price for a specified period of time. The notes will also be redeemable, in whole and not in part, for cash at Viking's election at any time if the principal amount of the notes then outstanding is less than 15% of the aggregate principal amount of the notes issued in this offering (including any additional notes issued pursuant to any exercise of the underwriters' option to purchase additional notes). The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
If certain corporate events that constitute a "fundamental change" occur, then, subject to a limited exception, noteholders may require Viking to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.
The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the note offering.
Viking intends to use the net proceeds from the note offering, together with the net proceeds from the common stock offering, for the continued clinical development, advancement and commercialization of its VK2735 program, the continued clinical development and advancement of its VK3019 program and for other general research and development, working capital and general corporate purposes.
The offerings are being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the "SEC"). Each offering will be made only by means of a prospectus supplement relating to that offering and an accompanying prospectus. An electronic copy of the preliminary prospectus supplement for each offering, together with the accompanying prospectus, is available on the SEC's website at www.sec.gov. Alternatively, copies of each preliminary prospectus supplement, together with the accompanying prospectus, can be obtained by contacting: Morgan Stanley & Co. LLC at 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected] and [email protected].
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biotechnology company advancing a next-generation portfolio of therapies for obesity and metabolic disease. Guided by deep expertise in metabolic biology and rigorous science, Viking is developing innovative treatments to help people achieve meaningful, lasting health improvements by treating obesity first. The company's lead program, VK2735, is a dual glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptor agonist in development in both subcutaneous and oral formulations for obesity. VK2735 is currently being evaluated in Phase 3 clinical studies for obesity, along with maintenance dosing strategies designed to support long-term weight management. Viking is also advancing additional obesity programs, including VK3019, an amylin receptor agonist, VK2809, an orally available thyroid hormone receptor beta agonist for metabolic and liver disease, and VK0214 for the rare genetic disorder X-linked adrenoleukodystrophy (X-ALD).
Forward-Looking Statements
This press release contains forward-looking statements regarding Viking Therapeutics, Inc., under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about the anticipated terms of the notes being offered, Vikings ability to complete the offerings on the anticipated terms or at all, the timing and size of the proposed offerings and Viking's intended use of the proceeds. Forward-looking statements represent Viking's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Viking's common stock, risks described under the caption "Risk Factors" in the preliminary prospectus supplements for the proposed offerings and risks relating to Viking's business, including those described in Viking's most recent periodic reports filed with the Securities and Exchange Commission, including Viking's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q, including the risk factors set forth in those filings. Viking may not consummate the proposed offerings described in this press release and, if the proposed offerings are consummated, cannot provide any assurances regarding the final terms of the offerings or the notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Viking does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Akcie Viking Therapeutics vzrostly o 26,5 % po pozitivních topline výsledcích studie udržovacího dávkování jejího GLP-1/GIP agonisty VK2735. Ostatní velcí hráči v oblasti obezity se téměř nepohnuli.
Viking Therapeutics surged more than 26% on fresh GLP-1 maintenance data while every major obesity peer from Eli Lilly to Novo Nordisk barely registered a pulse, raising a pointed question about whether this catalyst belongs to Viking alone or signals…
Viking Therapeutics (NASDAQ:VKTX | VKTX Price Prediction) traded at $38.08, a session gain of 26.5%, as of 11:42 a.m. ET on September 22, 2026, after the company released positive topline results from the maintenance dosing study of its lead GLP-1/GIP agonist VK2735. The move was almost entirely Viking’s own; the rest of the obesity complex barely twitched.
What Viking Reported Viking’s September 22, 2026, release covers a randomized, double-blind, placebo-controlled trial of VK2735 in adults with obesity. Participants took weekly subcutaneous induction dosing, then transitioned to less frequent maintenance regimens including every-other-week and monthly schedules. CEO Brian Lian previewed the design in July, saying the study “is designed to explore the effects of various maintenance regimens, including monthly and every other week dosing.” The company framed the data as validating multiple maintenance schedules, a commercially significant finding because patient adherence is a well-known weakness of injectable GLP-1s. These are company-reported topline results and have not yet undergone peer review or regulatory review.
Prior Phase 2 work set the bar. VENTURE showed up to 14.7% mean body weight reduction after 13 weekly subcutaneous doses; VENTURE-Oral delivered up to 12.2% at 13 weeks, with up to 80% of subjects reaching at least 10% weight loss.
Obesity Peers Barely Moved A prior 24/7 Wall St. piece argued a Viking catalyst would lift the wider small-cap obesity basket, naming Structure Therapeutics (NASDAQ: GPCR) as the clearest secondary beneficiary. However, Structure traded at $36.56, down 0.7% on the session, extending a 47.4% year-to-date decline — even with oral aleniglipron showing placebo-adjusted mean weight loss of 16.3% at the 180 mg dose at 44 weeks, and Phase 3 trials ACCOMPLISH-1 and ACCOMPLISH-2 already dosing.
Eli Lilly (NYSE:LLY) added 1.1% to $1,177.43, in line with recent drift. Lilly’s Q2 Mounjaro sales hit $9.94 billion, up 91%, with Zepbound at $4.93 billion, up 46%. Novo Nordisk (NYSE:NVO) slipped 0.7% to $39.54, deepening a 32.5% one-year decline as the company works through list-price cuts of about 50% for Wegovy and 35% for Ozempic effective January 1, 2027. Traders interpreted the move as company-specific validation of a single asset, not a sector-wide signal.
Does This Strengthen the Buyout Case? Strong data cuts both ways. It hardens Viking’s standalone posture, which already includes $502 million in cash at quarter end and both VANQUISH-1 and VANQUISH-2 fully enrolled. It also raises the price of any transaction. A June 24/7 Wall St. listicle argued Viking had the leverage to wait on its own timeline. Today’s data strengthens that leverage rather than resolving it. No reporting supports acquisition talks.
What to Watch Next Lian has said oral VK2735 Phase 3 initiation is expected in Q4 2026, positioning it, in his words, to “potentially become the first orally available dual GLP-1/GIP agonist to reach market.” Viking has also flagged an oral maintenance component to follow. Watch the Q4 oral Phase 3 start and the 78-week VANQUISH readouts.
Contact [email protected] for any questions or corrections.
Viking Therapeutics uvedla, že v malé studii pacienti při týdenní léčbě VK2735 zhubli v průměru o 21,7 % tělesné hmotnosti. Akcie firmy před otevřením trhu vyskočily o 40 %.
Viking Therapeutics (VKTX.O) said patients shifted to a less frequent dosing regimen of its experimental obesity treatment showed superior weight loss maintenance to those on placebo, in a study, sending its shares up 40% before the bell.
The company said on Tuesday that patients who switched to an every-other-week dosing of VK2735 maintained up to 97% of the weight they had lost during an initial 21-week treatment period, while those on a monthly dosing retained up to 90% of their prior weight loss over the following 12 weeks.
Oppenheimer analysts said, ahead of the data, that VK2735's competitive advantage may lie in its "long-term persistence, flexibility, convenience and continuity of care," rather than solely the extent of the initial weight loss.
The obesity market is dominated by treatments from pharma majors Novo Nordisk (NOVOb.CO) and Eli Lilly (LLY.N), which are locked in a battle for market share through effective and convenient treatments including injections and pills.
By developing both injectable and oral versions of VK2735, Viking is seeking to carve out a place for itself in the fast-growing sector by offering more flexible dosing options that could reduce treatment burden.
Analysts expect the obesity market to reach $100 billion in annual sales by 2030.
In a small study group that continued weekly treatment for 33 weeks, patients lost an average of 21.7% of their body weight, Viking said.
It said that it plans to study oral maintenance dosing in a future part of the trial.
Wall Street je na Viking Therapeutics výrazně optimistická: konsenzuální cílová cena je 90,89 USD proti zhruba 30 USD za akcii. Klíčem má být lék VK2735 na hubnutí.
Viking Therapeutics (VKTX -1.44%) is a much-loved stock on Wall Street. It's trading at around $30 a share at the time of this writing, but the analyst consensus target price on Visible Alpha is $90.89, with nine brokers rating it the equivalent of a buy and only one with a neutral rating on the stock.
The case for buying Viking Therapeutics stock Investors are hoping Viking's dual GLP-1 and GIP agonist, VK2735, can break into the effective duopoly on weight loss drugs held by Eli Lilly's (LLY +0.15%) Zepbound (tirzepatide) and Novo Nordisk's (NVO -1.93%) Wegovy (semaglutide). VK2735 and tirzepatide are dual agonists, while semaglutide is a mono-agonist targeting the GLP-1 receptor. I'll return to this point in a moment.
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Two key factors suggest VK2735 could carve out a very profitable share of the market. The first is that it's being developed as a dual formulation therapy, opening up the possibility of initial weight loss from taking subcutaneous (injectable) VK2735 before switching to a more convenient oral VK2735 dose for maintenance. In addition, as an Oppenheimer analyst recently noted, oral VK2735 could also be taken after initial dosing with injectable tirzepatide and semaglutide. The second factor is the potential for a steeper onset of weight loss from VK2735.
These potential benefits encourage Wall Street analysts to model a consensus of $141 million in revenue in 2028, rising to $1.3 billion in 2030, with the vast majority coming from VK2735, according to S&P Global Market Intelligence. It's a large figure when compared to the current market cap of $3.5 billion.
Image source: Getty Images.
A steeper onset of weight loss? Comparing the tirzepatide phase 3 results with those of VK2735 in phase 2 suggests it may have an advantage in delivering weight loss quicker than its already approved and marketed rival.
Company
Clinical Trial
Drug Name/Formulation
Peak Weight Loss (Max Dose)
Time to Peak Results
Eli Lilly
phase 3 (SURMOUNT-1)
tirzepatide/subcutaneous
20.9%
72 weeks
Viking Therapeutics
phase 2 (VENTURE)
VK2735/subcutaneous
14.7%
13 weeks
Data source: Company presentations.
Before getting too excited by the data, readers should note that these are significantly different trials. The VK2735 trial had more aggressive titration and a much smaller population (176 vs. 2,539) than the Eli Lilly trial. Still, the VK2735 results are impressive, and the ongoing 78-week phase 3 trial (VANQUISH-1) may reveal a higher weight loss ceiling for VK2735 than for tirzepatide over a similar duration. For reference, the phase 3 VANQUISH-1 maximum dose will be 17.5mg, compared to the 15mg maximum dose in the phase 2 VENTURE trial in the table, which could result in even greater peak weight loss.
VK2735 dual formulation strategy As noted above, subcutaneous VK2735 is already in phase 3 trials with results due in late 2027, and Viking plans to commence an oral VK2735 phase 3 trial in the fourth quarter. The latter is crucial to the case for a dual formulation strategy.
Viking needs to demonstrate efficacy and, crucially for an orally administered treatment, safety and tolerability. Unfortunately, the tolerability of oral VK2735 is in question following disappointing data from the phase 2 oral VK2735 (VENTURE-Oral) trial, which 20% of participants discontinued due to an adverse event.
Image source: Getty Images.
The bulls will argue that the 13-week trial's titration was probably too aggressive. Furthermore, note that 13% of participants receiving a placebo also dropped out due to an adverse event, suggesting there may have been other factors at play.
Indeed, CEO Brian Lian spoke at a recent Morgan Stanley Healthcare conference and said, "We're coming down a little bit in dose in the phase 3 study." He also said the company was "focused on reducing the tablet size, reducing the tablet count, and really kind of on the middle of that dose response curve."
While the exact design of the trial hasn't been disclosed yet, these comments indicate that Viking's management is making adjustments to the phase 3 trial in light of the tolerability data from phase 2.
What's next for Viking Therapeutics? Investors will get more data with the imminent release of results from a small phase 1 maintenance trial, but the really key data is in the phase 3 trials, which will give results in late 2027 (subcutaneous) and possibly 2028 (oral). In particular, oral VK2735 needs to overcome the tolerability issues that dogged the phase 2 trial.
It's a crowded market with new drugs in development, but it's also a massive market, and as Lian noted, Viking can have a "much smaller portion of the market" and still be hugely successful. And with the company funded until 2028, Viking and VK2735 are a bet that Wall Street is willing to back.
Viking Therapeutics uvedla, že její lék na obezitu VK2735 ve fázi II vedl po 13 týdnech k přibližně 15% úbytku hmotnosti od výchozí hodnoty. Dva programy fáze III, VANQUISH-1 a VANQUISH-2, jsou plně zařazeny a data se očekávají ve druhé polovině roku 2027.
Viking Therapeutics, Inc. (VKTX) Morgan Stanley 24th Annual Global Healthcare Conference September 14, 2026 3:20 PM EDT
Company Participants
Brian Lian - President, CEO & Director
Neil Aubuchon - Chief Commercial Officer
Conference Call Participants
Michael Ulz - Morgan Stanley, Research Division
Presentation
Michael Ulz
Morgan Stanley, Research Division
All right. Good afternoon, everyone, and thanks for joining us at the Morgan Stanley Global Healthcare Conference. I'm Mike Ulz, one of the biotech analysts here. It's my pleasure to introduce the team from Viking Therapeutics. To my immediate left is Brian Lian, CEO. To his left is Neil Aubuchon, Chief Commercial Officer; and to his left is Greg Zante, CFO.
But before we get started, I just need to read a quick disclaimer for important disclosures. Please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. [Operator Instructions] And maybe with that, Brian, I can just hand it over to you to make some introductory comments, and then we can go into Q&A.
Brian Lian
President, CEO & Director
Sure. Sure. No. Thanks a lot to Morgan Stanley for the invitation. We've got a great schedule and really happy to be here. We really appreciate it. So a lot happening at Viking this year. We have 2 ongoing -- the main program is in obesity. It's a peptide we call VK2735, completed Phase II study and showed approximately 15% weight loss from baseline after 13 weeks. We advanced it into Phase III development.
We have 2 ongoing Phase III trials today. One is called VANQUISH-1 in patients with obesity and one is called VANQUISH-2, and that's in patients with obesity and Type 2 diabetes. Both trials fully enrolled and both likely to read out data toward the second half of 2027. We have -- those are weekly subcutaneous injections. We've got another formulation of the same compound. It's
Analytici u Viking Therapeutics čekají cílovou cenu kolem 92 USD, což znamená potenciál růstu o 162 % proti současné ceně. Skeptici ale upozorňují na silnou konkurenci a riziko selhání klinických studií VK2735.
According to Yahoo! Finance, the consensus price target from analysts for Viking Therapeutics (VKTX +2.62%) is about $92, which indicates potential upside of 162% from its current stock price. It's a significant opportunity, but is it justified? Here's the lowdown from the skeptics' perspective.
Viking Therapeutics' prospects The investment case for the stock rests on its lead drug candidate, VK2735, a dual GLP-1 and GIP agonist in development for obesity and type 2 diabetes. The two key advantages VK2735 may have over its rivals are a steeper rate of weight loss and the promise of a dual-formulation therapy (oral and subcutaneous). The combination of these two advantages would mean that patients could achieve significant weight loss with a subcutaneous (injectable) dose, followed by a more convenient oral maintenance dose.
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These properties mean VK2735 could win market share in a crowded field, and investors are looking forward to the results of its phase 3 trials of VK2735 in subcutaneous formulation (likely in the second half of 2027) and VK2735 in oral formulation (set to commence later this year with results likely in 2028/2029). In addition, investors are awaiting the imminent results of a small (180 adults) phase 1 maintenance trial designed to evaluate dosing regimens.
As with clinical-stage biopharmaceutical companies, there are two key considerations for investors to ponder, both of which pose risks for Viking Therapeutics. The first is competition from rival drugmakers and its possible impact on the market potential of Viking's pharmaceuticals. The second is Viking's success in its clinical trials, as that will also determine the value of its pipeline.
The obesity and type 2 diabetes treatment market is highly competitive, with drugs already within VK2735's class of drugs, including oral formulations. Moreover, much larger peers like Eli Lilly (LLY -0.88%), Novo Nordisk (NVO -1.92%), and Amgen are already developing next-generation or differentiated treatments.
Image source: Getty Images.
Focusing on the more lucrative obesity market, the list of already approved drugs includes Eli Lilly's Zepbound (tirzepatide), which has the same mechanism as VK2735, and an oral tablet, Foundayo (orforglipron). Novo Nordisk has semaglutide approved as an injectable (Wegovy) for obesity and as an oral tablet (Rybelsus) for diabetes, with additional oral formulations for obesity in development.
Looking ahead, Eli Lilly plans to file for FDA approval of its GLP-1, GIP, and glucagon agonist, retatrutide, in early 2027, following several successful phase 3 trials. Novo Nordisk has CagriSema (which combines semaglutide and another drug) and an experimental drug, Amycretin, in phase 3 trials.
This is a highly competitive market, and it could be even more competitive by the time Viking completes its phase 3 trials for VK2735.
Clinical trial data There is no end to reasons for trial failures. In the case of VK2735, it could come down to the safety and tolerability of the drug in oral form.
Image source: Getty Images.
The stock crashed last summer after phase 2 results for VK2735 (oral) revealed a 20% discontinuation rate due to adverse events in the treated group. Oral formulations always have to answer the questions around potential gastrointestinal issues.
Any issue with the tolerability of VK2735 (oral) will threaten not only the market potential of the oral formulation itself but also its use as a maintenance dose in Viking's dual-formulation approach.
Where next for Viking Therapeutics There's no doubt the company faces significant competitive and clinical trial risks, and investors are hoping Viking calibrates any titration issues with the oral formulation in the phase 3 trial. In the near term, the results from the phase 1 maintenance trial will provide indicative data on the potential dual-formulation strategy. A successful result may cause some skeptics to reconsider their position.
Viking Therapeutics je téměř 66 % pod svým vrcholem z počátku roku 2024. Nejbližším katalyzátorem jsou brzké výsledky 180členné fáze 1 a oznámení zahájení orální fáze 3 ve 4. čtvrtletí.
Viking Therapeutics (VKTX -5.02%) stock is down almost 66% from its early 2024 peak and down about 8.4% so far in 2026. While there's little the company can do regarding the drug development programs of larger peers like Eli Lilly and Novo Nordisk, Viking has a mix of near- and long-term catalysts in its pipeline that could meaningfully rerate the stock.
Viking Therapeutics and VK2735 The company's lead drug candidate is VK2735, a dual GLP-1 and GIP agonist in development in subcutaneous and oral forms to treat obesity and type 2 diabetes. VK2735 has two potential advantages over rival drugs, including Eli Lilly's Zepbound/Mounjaro (tirzepatide), Foundayo (orforglipron), and Novo Nordisk's Ozempic/Wegovy (semaglutide).
Image source: Getty Images.
The first is that VK2735 is being developed as a dual-formulation therapy, allowing patients to take it as a subcutaneous (injectable) formulation, followed by a more convenient oral maintenance dose. The second is that clinical trial evidence suggests it can achieve a steeper rate of weight loss than tirzepatide or semaglutide. As such, it offers the prospect of swifter weight loss and the convenience of a rapid shift to an oral dose.
However, as ever with clinical trial data, it needs to be qualified and put into context. If you've read the linked article, you'll note that I'm comparing phase 2 data for VK2735 with phase 3 data from Eli Lilly and Novo Nordisk offerings. These are not head-to-head trials, and it's the phase 3 data from the VK2735 trials that really matter. Still, the data is impressive and part of what investors are basing their hopes on.
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Viking Therapeutics' pipeline All of which leads me to the key catalysts for the stock, starting with the long-term catalysts:
The 78-week phase 3 trials of VK2735 (subcutaneous) are ongoing, with results unlikely until the third quarter of 2027. The phase 3 trials of VK2735 (oral), which are set to commence in the fourth quarter of 2026, aren't likely to yield results until 2028 or even 2029. Clearly, the key results from these trials are still some time away, and the stock is likely to remain volatile until they are released. Still, there are some near-term catalysts for the stock that investors need to be aware of.
Management needs to announce the initiation of the oral phase 3 program in the fourth quarter. Viking has a 180-subject phase 1 maintenance dosing trial that is due to report results imminently.
Image source: Getty Images.
The maintenance trial (a 19-week subcutaneous dose or placebo, followed by 12 weeks across a range of doses, including oral dosing) will provide data that could help support a dual-formulation strategy. For example, the phase 2 trial results for VK2735 (oral) included some disappointing safety and tolerability data, which caused the stock to crash in the summer of 2025. Some positive news on tolerability in the transition from subcutaneous to oral applications would improve sentiment toward the stock and VK2735.
What really matters is the phase 3 trial results relative to rivals', and they won't come for a while. As such, any disappointing news from the maintenance trial needs to be put into context, as does any positive news. The debate over Viking Therapeutics won't end with the phase 1 results, but they are likely to impact the stock price in the near term.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Eli Lilly and Novo Nordisk. The Motley Fool recommends Viking Therapeutics. The Motley Fool has a disclosure policy.
Akcie Viking Therapeutics v červenci klesly o 18,6 %, protože investoři řešili financování studií. Firma měla na konci čtvrtletí v hotovosti a ekvivalentech 502 milionů USD a podala registrační dokumentaci k nabídce a prodeji až 500 milionů USD kmenových akcií.
Shares in Viking Therapeutics (VKTX -0.60%) declined by 18.6% in July, according to data from S&P Global Market Intelligence. The decline came during a slow month for newsflow in its pipeline, as investors began to fret about the company's financial position.
Viking Therapeutics' quiet month The healthcare company delivered its second-quarter earnings report at the end of the month and confirmed that its phase 3 trials for its weight loss drug VK2735 in subcutaneous (injection) form were fully enrolled and proceeding in line with management's plans, and also that it continued to expect its phase 3 trials for VK2735 (oral) to begin in the fourth quarter. Finally, on VK2736, management confirmed that the phase 1 maintenance trial will report results this quarter.
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As a reminder, VK2735 is being developed as a dual-formulation therapy, in which an initial injectable dose can be followed by an oral maintenance dose. It's an exciting possibility because VK2735 has demonstrated the ability to produce a steeper velocity of weight loss than its peers in previous trials.
While all the above is good news, it's not really significant new news, and didn't serve as a catalyst to send the stock higher. Instead, the market focused on the cash needed to fund these trials. Viking's cash usage was about $96 million in the quarter, and it ended the quarter with $502 million in cash and equivalents, down from $706 million at the end of 2025.
Moreover, the company filed a registration statement with the Securities and Exchange Commission (SEC) outlining that it had entered into an agreement to offer and sell up to $500 million of its common stock. In addition, it may offer preferred stock, debt securities, warrants, and other instruments to raise cash .
Image source: Getty Images.
What it means to investors The cash burn and SEC filing are a reminder to investors that lengthy phase 3 trials don't come free, and not only is there a risk that VK2735 trial data may disappoint, but also that commercial prospects may be blunted by competitors' success in trials. There's also a risk that existing shareholders' claims to future earnings and cash flow will be diluted by future equity raises.
That said, management did say it had "cash into 2028" on the earnings call, and the phase 3 trial for VK2735 subcutaneous should report results by then. As such, Viking Therapeutics doesn't necessarily need to raise cash before major catalysts occur, but given the SEC filing, it's safer to assume it will. Still, that shouldn't detract from the company's potential to become a significant player in the weight-loss drug market.
Viking Therapeutics vykázala za druhé čtvrtletí čistou ztrátu 128,1 mil. USD, tedy 1,10 USD na akcii, proti 65,6 mil. USD před rokem. Firma zároveň pokračuje v posunu programu VK2735 do fáze III a disponuje 502 mil. USD v hotovosti, peněžních ekvivalentech a krátkodobých investicích.
Viking Therapeutics Faces Timeline Risk—But Upside Could Be HugeViking Therapeutics NASDAQ: VKTX reported a wider second-quarter loss as the company increased spending to advance its obesity pipeline, including its lead dual GLP-1/GIP receptor agonist, VK2735, through Phase III development in injectable and planned oral formulations.
The company reported a net loss of $128.1 million, or $1.10 per share, for the three months ended June 30, compared with a net loss of $65.6 million, or $0.58 per share, a year earlier. Research and development expense rose to $115.8 million from $60.2 million, driven primarily by clinical-study costs, employee compensation, stock-based compensation and third-party consultants. General and administrative expense increased to $16.9 million from $14.4 million.
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3 Companies at the Forefront of the GLP-1 Pill WarsFor the first six months of 2026, Viking reported a net loss of $286.5 million, or $2.47 per share, versus a loss of $111.2 million, or $0.99 per share, in the prior-year period. The company ended the quarter with $502 million in cash, cash equivalents and short-term investments, down from $706 million at Dec. 31, 2025.
VK2735 Phase III Trials Fully Enrolled President and Chief Executive Officer Brian Lian said Viking’s Phase III VANQUISH program for subcutaneous VK2735 continued to progress as planned during the quarter. Both trials are fully enrolled.
Viking Therapeutics: The High-Stakes Weight Loss ContenderVANQUISH 1 is studying VK2735 in adults with obesity and enrolled about 4,500 participants by November 2025. VANQUISH 2, which is studying adults with obesity and type 2 diabetes, enrolled about 1,000 participants and completed enrollment in the first quarter of 2026.
The randomized, double-blind, placebo-controlled studies are evaluating once-weekly subcutaneous doses of 7.5 milligrams, 12.5 milligrams and 17.5 milligrams over 78 weeks. The primary endpoint is the percentage change in body weight from baseline compared with placebo. Secondary and exploratory measures include the proportions of patients achieving at least 5%, 10%, 15% and 20% weight loss.
Each VANQUISH study also includes an extension period in which participants may continue treatment, including participants initially assigned to placebo.
Lian cited prior Phase II results from the VENTURE study, where weekly VK2735 produced mean body-weight reductions of up to 14.7% after 13 weekly doses, with no signs of a plateau, according to the company. Viking said the treatment was generally well tolerated in that study, with most treatment-emergent adverse events described as mild or moderate.
Oral Program Planned for Fourth Quarter Viking continues preparations to begin a Phase III program for its oral tablet formulation of VK2735 in the fourth quarter. Lian said the oral program will include two trials that generally mirror the injectable VANQUISH program, though the studies are expected to be smaller and shorter in duration.
In Phase II testing of oral VK2735, participants receiving once-daily tablets achieved mean body-weight reductions of up to 12.2% after 13 weeks, Viking said. The company reported that all doses above 15 milligrams showed statistically significant differences versus both baseline and placebo beginning at week one. Up to 80% of subjects in treatment groups achieved at least 10% weight loss, compared with 5% of placebo-treated subjects.
Lian said the company expects to disclose full details of the Phase III oral program, including dose selection, when the trials are initiated. He said Viking believes the program could position VK2735 as the first oral dual GLP-1/GIP agonist to reach the market, if successful.
Maintenance-Dosing Data Expected This Quarter Viking also expects to report results later this quarter from a maintenance-dosing study of injectable VK2735. The study is evaluating weekly, every-other-week and monthly regimens following an initial weekly treatment period.
The study is designed to assess safety, tolerability and pharmacokinetics, while exploratory endpoints include changes in body weight from baseline and during the maintenance period. Lian said the trial is nearing completion and could help guide dose selection for VANQUISH extension studies expected to start in late 2026 or early 2027.
During the question-and-answer session, Lian said Viking would aim to provide separate tolerability data for the initial induction period and the maintenance period, though granular weekly data may not be available with the initial topline release. The company uses a compressed titration schedule in the maintenance study to reach the maintenance phase sooner than it would with less-frequent dosing from the outset.
After the injectable maintenance cohorts are completed, Viking plans to continue the study with oral maintenance regimens. That portion is expected to conclude in the first half of 2027.
Earlier-Stage Obesity Pipeline Expands During the quarter, Viking began a Phase I single-ascending-dose trial of VK3019, an investigational dual amylin and calcitonin receptor agonist for obesity. The randomized, double-blind, placebo-controlled study is enrolling healthy adults with a body mass index of at least 27 and is evaluating the safety, tolerability and pharmacokinetics of single subcutaneous doses.
Lian said Viking views VK3019 as having potential both as a standalone treatment and, potentially, in combination with VK2735. However, he said decisions about advancing the program will require data from a multiple-ascending-dose Phase I study, which the company expects to have in the 2027 timeframe. A combination product would not enter clinical testing before next year at the earliest, he said.
The company also expanded its leadership and commercial infrastructure. Viking appointed Neil Aubuchon as chief commercial officer in the first quarter, named Hubert Chen, M.D., chief medical officer during the second quarter, and subsequently appointed Dorothy Gemmell to its board of directors.
Management said it expects cash use to taper from the current period as the company moves beyond the heaviest spending phase of its subcutaneous Phase III trials. Viking reiterated that it expects its cash position to fund operations into 2028.
About Viking Therapeutics (NASDAQ:VKTX)Viking Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders. Headquartered in San Diego, California, the company's pipeline leverages small-molecule approaches to target hormone signaling pathways implicated in conditions such as non‐alcoholic steatohepatitis (NASH), dyslipidemia, type 2 diabetes and muscle wasting disorders.
The company's lead programs include VK2809, a thyroid hormone receptor‐beta agonist designed to reduce liver fat and improve lipid profiles in patients with NASH and dyslipidemia, and VK5211, a selective androgen receptor modulator (SARM) aimed at enhancing muscle mass and function in individuals with muscle wasting conditions.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Viking Therapeutics uspořádala konferenční hovor k hospodářským výsledkům za 2. čtvrtletí 2026. Společnost zároveň upozornila na výhled, časové plány a milníky.
Viking Therapeutics, Inc. (VKTX) Q2 2026 Earnings Call July 29, 2026 4:30 PM EDT
Company Participants
Stephanie Diaz
Brian Lian - President, CEO & Director
Gregory Zante - Chief Financial Officer
Conference Call Participants
Steven Seedhouse - Cantor Fitzgerald & Co., Research Division
Ryan Deschner - Raymond James & Associates, Inc., Research Division
Michael Ulz - Morgan Stanley, Research Division
Hardik Parikh - JPMorgan Chase & Co, Research Division
Biren Amin - Piper Sandler & Co., Research Division
Tsan-Yu Hsieh - William Blair & Company L.L.C., Research Division
Annabel Samimy - Stifel, Nicolaus & Company, Incorporated, Research Division
Jay Olson - Oppenheimer & Co. Inc., Research Division
Yale Jen - Laidlaw & Company (UK) Ltd., Research Division
Fiona Shang - Jefferies LLC, Research Division
William Wood - B. Riley Securities, Inc., Research Division
Jeet Mukherjee - BTIG, LLC, Research Division
Gregory Renza - Truist Securities, Inc., Research Division
Daniel Brims - Lake Street Capital Markets, LLC, Research Division
Presentation
Operator
Good day, and welcome to the Viking Therapeutics Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] And as a reminder, this conference call is being recorded today, July 29, 2026. I would now like to turn the conference over to Viking's Manager of Investor Relations, Stephanie Diaz. Please go ahead, Stephanie.
Stephanie Diaz
Hello, and thank you all for participating in today's call. Joining me today is Brian Lian, Viking's President and CEO; and Greg Zante, Viking's CFO. Before we begin, I'd like to caution that comments made during this conference call today, July 29, 2026, will contain forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its development activities, time lines and milestones.
Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely, and reported results should not be
Viking Therapeutics zahájila fázi 1 s VK3019, injekčním kandidátem na hubnutí bez GLP-1. Cílí na amylin a kalcitonin, s preklinickým úbytkem hmotnosti až 8 % proti kontrolám.
The human appetite has more than one off switch, and drugmakers like Eli Lilly (LLY +0.76%) and Novo Nordisk (NVO 2.25%) are doing their darndest to identify and develop a medicine to target every single one.
On June 24, Viking Therapeutics (VKTX +1.95%) announced a phase 1 trial for one of its candidates that's attempting to flip one of those as-yet unmedicated appetite switches. That marks its first obesity candidate working outside the incretin pathway that includes GLP-1, or glucagon-like peptide-1, the hormone behind Ozempic and Wegovy and one of two hormones behind Zepbound and Mounjaro.
Let's take a look at this program and determine whether it's really going to be a threat to Novo Nordisk and Eli Lilly.
Image source: Getty Images.
This hormone is already a hot target Amylin is a hormone produced in the pancreas that is released with insulin after a meal, activating receptors in the brain stem that promote the feeling of fullness, and also slowing stomach emptying. That pathway is adjacent to the one that the GLP-1 medicines use, so it could technically be targeted by a combination therapy affecting both.
VK3019, Viking's new candidate, is a dual amylin and calcitonin receptor agonist. Additionally targeting calcitonin activation is meant to yield metabolic effects amylin alone does not; preclinical animal model data showed that the combination led to up to 8% weight reduction against controls.
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The new phase 1 trial, announced on June 24, is being conducted in adults with a body mass index of 30 or above, and the candidate is formulated as an injection. If Viking's dual targets work as desired, the company could be on the way to producing a leading next-generation weight loss candidate -- but its bigger competitors are way ahead of it.
Eli Lilly reported phase 2 results for eloralintide, an amylin receptor agonist, in November 2025; across dosing arms, patients experienced mean weight reductions of 9.5% to 20.1% after 48 weeks, against a loss of 0.4% with placebo. Phase 3 is already in progress.
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Novo Nordisk has gone even further. Its candidate cagrilintide produced 11.8% weight loss against 2.3% for placebo over a 68-week period; its phase 3 program began in late 2025. A combination drug program called CagriSema, which contains cagrilintide plus semaglutide (the active ingredient of Ozempic and Wegovy), was submitted to the U.S. Food and Drug Administration (FDA) in December, with review expected this year.
The combination approach is popular, too So Viking Therapeutics won't be the first to market with its amylin program, even if its clinical trials go swimmingly.
But Viking already owns VK2735, a dual agonist of the GLP-1 and glucose-dependent insulinotropic polypeptide (GIP) receptors that's in phase 3 trials. Pairing it with an amylin candidate like VK3019 could deliver the results that would keep the company relevant in the next round of the competition in weight loss drugs. And, as a pre-revenue biotech, it wouldn't even need to win that much of the market for its shares to see meaningful gains.
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The catch is that Lilly is already running that exact play. A phase 1 study of eloralintide administered with tirzepatide (Mounjaro, Zepbound) has completed, and a phase 3 trial adding eloralintide to a weekly incretin is enrolling now. Viking is thus trying to assemble what both incumbents built years ago.
That means VK3019 is going to need to be substantially more effective or more pleasant to take if the biotech is going to secure a large share of the market. It's certainly possible -- but it's very risky to bet on it.
Viking Therapeutics čeká na aktualizace k programu VK2735 proti obezitě; data z pozdních studií VANQUISH-1 a VANQUISH-2 nejsou očekávána dříve než příští rok. Firma zároveň plánuje výsledky SC maintenance ve 3. čtvrtletí 2026.
Key Takeaways Viking Therapeutics' Q2 report is expected to spotlight updates on its VK2735 obesity pipeline.VKTX is advancing late-stage VK2735 studies, with key data not expected before next year.VKTX plans SC maintenance results on VK2735 in Q3 2026 and late-stage oral program initiation in Q4 2026. We expect investors to focus on updates related to Viking Therapeutics’ (VKTX - Free Report) pipeline when it reports second-quarter 2026 earnings. In the last reported quarter, the company’s earnings missed expectations by more than 44%.
Since the company lacks a marketed drug in its portfolio, no revenues are expected to have been recorded. The Zacks Consensus Estimate for earnings is pegged at a loss of $1.21 per share.
Factors Likely to Shape VKTX’s Upcoming ResultsInvestor focus will likely be on pipeline updates. Viking Therapeutics’ lead candidate is VK2735, which is being developed to treat obesity.
The company is conducting two late-stage studies (VANQUISH-1 and VANQUISH-2) on the subcutaneous (SC) formulation of VK2735. While VANQUISH-1 is evaluating the drug in obese adults with at least one weight-related co-morbid condition and without type II diabetes (T2D), VANQUISH-2 is assessing its efficacy in obese or overweight adults with T2D. Data from these studies is not expected before next year.
Investors will likely be seeking updates on the ongoing maintenance dosing study on VK2735, which was initiated last year. This study is evaluating multiple regimens — monthly SC, weekly oral and daily oral dosing — to determine whether the initial weight loss achieved with weekly SC dosing can be sustained. The company had previously announced that it would report SC maintenance results in the third quarter of 2026, followed by oral maintenance results in the first half of 2027.
Investors will also likely be interested in seeking updates from VKTX on the study design for the late-stage program on the oral version of VK2735. Viking Therapeutics had previously announced plans to start the program in the fourth quarter of 2026.
VKTX’s Earnings Surprise HistoryThe biotech firm’s performance has been dismal over the past four quarters. Its earnings missed estimates in each of the trailing four quarters, delivering a negative average surprise of 36.70%.
VKTX Stock PerformanceYear to date, shares of the company have gained more than 3% compared withthe industry’s nearly 2% growth.
Image Source: Zacks Investment Research
What Our Model Predicts for VKTXPer our proven model, companies with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), #2 (Buy) or#3 (Hold) have a good chance of delivering an earnings beat. This is not the case here. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Viking has an Earnings ESP of 0.00% and a Zacks Rank #4 (Sell) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks With Favorable CombinationsHere are some drug/biotech stocks that have the right combination of elements to beat on earnings this time around:
Absci Corporation (ABSI - Free Report) has an Earnings ESP of +15.22% and a Zacks Rank #2 at present.
Shares of ABSI have skyrocketed about 136% year to date. The company’s earnings beat estimates in one of the trailing four quarters, while missing the mark on the other three occasions. Agenus delivered an average negative surprise of 17.58%. Absci will report second-quarter 2026 earnings on Aug. 11, after market close.
Edgewise Therapeutics (EWTX - Free Report) has an Earnings ESP of +13.28% and a Zacks Rank #2 at present.
Shares of EWTX have surged 54% year to date. The company’s earnings beat estimates in three of the trailing four quarters while missing out on one occasion, delivering an average surprise of 5.06%.
VKTX přitahuje spekulace o převzetí díky rozšiřující se obezitní pipeline, včetně VK2735 ve fázi III a nového kandidáta VK3019. Další údaje o udržovacím dávkování VK2735 čekají ve 3. čtvrtletí 2026, následované orálními daty v 1. pololetí 2027.
Key Takeaways VKTX is attracting takeover speculation as its expanding obesity pipeline boosts strategic appeal.Viking Therapeutics advanced VK2735 into late-stage studies and added obesity candidate VK3019.VKTX expects key VK2735 maintenance dosing data in Q3 2026, followed by oral data in H1 2027. Although Viking Therapeutics (VKTX - Free Report) isn’t officially on the auction block, investors are increasingly viewing it as a potential acquisition target. This perception stems from the company's rapidly expanding obesity franchise, driven by the late-stage development of VK2735, the addition of a new obesity candidate and an upcoming clinical data readout that could further bolster investor confidence.
Why Is Everyone Talking About VKTX?The renewed takeover speculation isn't driven by reports of an imminent deal. Instead, it reflects Viking's growing strategic value as the company continues to strengthen and diversify its obesity pipeline.
VK2735 remains the company's lead obesity candidate and primary value driver. This dual GLP-1/GIP receptor agonist has delivered encouraging efficacy across both subcutaneous (SC) and oral formulations, positioning it as one of the more promising late-stage obesity therapies currently under development. While the SC version is currently being evaluated in two phase III studies, the oral formulation is on track to enter late-stage development later this year.
Viking has further strengthened its obesity franchise with the initiation of a phase I study evaluating VK3019, a novel dual amylin and calcitonin receptor agonist. The addition of a second obesity candidate demonstrates the company's strategy of building a broader franchise rather than relying on a single asset.
Investors are also closely watching an upcoming data readout from an ongoing maintenance dosing study on VK2735, which could serve as another important catalyst. The study is evaluating multiple maintenance regimens, including monthly SC, weekly oral and daily oral dosing, to determine whether the weight loss achieved with weekly SC treatment can be sustained over the long term. Viking expects to report SC maintenance data in the third quarter of 2026, followed by oral maintenance data in the first half of 2027.
From the viewpoint of large-cap biotech/pharma companies looking to strengthen their presence in the fast-growing obesity market, Viking Therapeutics represents an attractive strategic asset. Acquiring the company would allow a potential buyer to significantly accelerate its obesity pipeline compared with developing a therapy from the ground up. Such a deal could also benefit VKTX, as the clinical-stage biotech could leverage a larger partner's commercial infrastructure, manufacturing capabilities and global distribution network to maximize the reach of its obesity portfolio following potential regulatory approvals.
Competition Heating Up in the Obesity SpaceThe obesity market has garnered significant attention in recent years, as both Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) dominate the space with their respective blockbuster obesity drugs, Zepbound and Wegovy. The obesity market in the United States is expected to reach $100 billion by 2030. To capitalize on this opportunity, both companies have expanded their manufacturing capacity while continuing to invest heavily in next-generation obesity therapies.
Although competition initially centered on once-weekly injectable therapies, the focus has increasingly shifted toward more convenient oral alternatives. Earlier this year, Novo Nordisk launched an oral version of Wegovy, while Eli Lilly introduced Foundayo, marking a significant step toward improving patient convenience and broadening access to obesity treatment.
The competitive landscape is now evolving beyond traditional GLP-1 therapies. Both companies are advancing next-generation candidates designed to deliver greater efficacy and improved patient convenience through multi-target mechanisms. Among them, Eli Lilly's retatrutide, a triple agonist targeting the GLP-1, GIP and glucagon receptors, has demonstrated approximately 28% weight loss in late-stage studies—an efficacy level previously associated primarily with bariatric surgery.
Novo Nordisk is advancing its next-generation obesity pipeline. It has submitted a regulatory filing seeking approval for CagriSema injection, a follow-up drug to Wegovy, while another candidate, amycretin, has shown strong weight-loss efficacy in a phase II study and is expected to enter late-stage development soon.
VKTX’s Price Performance, Valuation and EstimatesShares of Viking Therapeutics have outperformed the industry year to date, as seen in the chart below.
Image Source: Zacks Investment Research
From a valuation standpoint, VKTX is trading at a premium to the industry. Based on the price-to-book value (P/B) ratio, the company’s shares currently trade at 9.24 times trailing book value, higher than the industry’s 3.69 times. The stock is also trading above its five-year mean of 4.35.
Image Source: Zacks Investment Research
Estimates for Viking’s 2026 loss per share have widened from $4.67 to $4.70 in the past 60 days. During the same timeframe, loss estimates for 2027 have increased from $4.40 to $4.47.
Image Source: Zacks Investment Research
Viking Therapeutics currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Viking Therapeutics testuje VK2735 na hubnutí a diabetes; pokud klinické zkoušky uspějí, firma by mohla být koupena větším farmaceutickým hráčem. Kandidát ve fázi 2 ukázal až 14,7% úbytek hmotnosti za 13 týdnů.
The short, but glib, answer to the headline question posed for Viking Therapeutics (VKTX 0.32%) investors is "no," because the likelihood is that the $4.6 billion market cap company will be bought up by a larger pharmaceutical company if it has success in its clinical trials, and particularly with its lead drug candidate VK2735. Still, that doesn't mean the company can't deliver substantial value to investors. Here's why.
A competitive market for VK2735 VK2735 is a dual GLP-1/GIP agonist in development for weight loss and diabetes management. It's part of a growing and popular class of drugs that already dominate the weight loss market, thanks to blockbuster drugs like Eli Lilly's (LLY +1.35%) Zepbound (tirzepatide) and Novo Nordisk's (NVO +3.29%) Wegovy (semaglutide).
Image source: Getty Images.
At which point, investors are entitled to ask how Viking can hope to grab market share in a competitive market. It's a market where Eli Lilly and Novo Nordisk already have blockbusters, have oral weight loss pills approved, and continue to develop new drugs in the GLP-1 class.
What makes VK2735 different Viking's VK2735 has a couple of qualities that set it apart from the competition.
First, it's in development as a dual-formulation therapy. This raises the potential for it to be initially administered as an injectable to rapidly lose weight, then shifted to a less intrusive, more convenient oral dose for maintenance.
Second, VK2735 has demonstrated, in both injectable and oral form, an ability to significantly reduce weight loss. Note that the mid-teens percentage baseline weight loss in the two phase 2 VK2735 trials occurred at 13 weeks, compared to much longer periods for the Eli Lilly and Novo Nordisk oral offerings.
This raises the prospect of rapid weight loss over, say, a few months using the injectable form, before switching to the oral form for maintenance or to continue weight loss. This sort of option might be more attractive for many over taking oral pills for a year and a half to produce similar results.
Company
Clinical Trial
Drug Name
Formulation
Peak Weight Loss
Time to Peak Results
Current status
Novo Nordisk
Phase 3
Wegovy (semaglutide)
Oral
16.6%
64 weeks
Approved December 2025
Eli Lilly
Phase 3
Foundayo (orforglipron)
Oral
12.4%
72 weeks
Approved April 2026
Viking
Phase 2
VK2735
Subcutaneous
14.7%
13 weeks
Phase 3 results due mid to late 2027
Viking
Phase 2
VK2735
Oral
12.2%
13 weeks
Phase 3 results due late 2028 or early 2029
Data source: Company presentations.
To that end, Viking is conducting a phase 1 maintenance study in which participants will take injectable VK2735 for 19 weeks before moving to a maintenance dose, including weekly, biweekly, and monthly injectable dosing, as well as daily and weekly oral dosing. The results from the subcutaneous dosing are due for release in the third quarter of this year, but investors will have to wait until early 2027 for the oral dosing data.
The bears' viewpoint The glass-half-empty view holds that, aside from the phase 1 maintenance data, it won't be until late 2027 that Viking starts reporting phase 3 results for subcutaneous VK2735, and until 2028 for oral VK2735. Investors will need to be patient, and a lot can happen in that time.
In addition, the phase 2 oral trial has questionable safety and tolerability data, with a 20% discontinuation rate due to adverse events in the treated group, compared with 13% in the placebo group.
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A stock to buy? The bullish case argues that the titration in the phase 2 oral trial was too aggressive (note the 13-week dosing period) and that the phase 3 data will likely improve on it after management adjusts the titration. In addition, the phase 1 maintenance trial is expected to be successful and demonstrate the potential of the dual-formulation approach.
All told, there's a lot to like about Viking Therapeutics, and it wouldn't be surprising to see a larger company move in if the phase 1 maintenance trial data are good.
Viking Therapeutics zahájila fázi 1 studie VK3019, nového agonisty receptorů amylinu a kalcitoninu, u zdravých dospělých s BMI alespoň 30. Studie má prověřit bezpečnost, snášenlivost a farmakokinetiku.
Single ascending dose study evaluating safety, tolerability, and pharmacokinetics of VK3019
Potential to further expand Viking's treatment options for weight loss
, /PRNewswire/ -- Viking Therapeutics, Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, announced today the initiation of a Phase 1 single ascending dose (SAD) clinical trial of VK3019, an investigational dual amylin and calcitonin receptor agonist (DACRA). VK3019 is being developed as a potential treatment option for weight loss. The study initiation follows the filing and clearance of VK3019's investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA).
The Phase 1 trial is a randomized, double-blind, placebo-controlled SAD study in healthy adults with BMI ≥30. The primary objectives of the study include evaluating the safety, tolerability, and pharmacokinetics of single subcutaneous doses of VK3019. Exploratory pharmacodynamic assessments include evaluations of changes in body weight after a single-dose administration.
"The initiation of VK3019's Phase 1 study marks an important expansion of our portfolio of novel therapies designed to optimize the weight loss journey for patients and their physicians," said Brian Lian, Ph.D., chief executive officer of Viking. "Therapies that target amylin and calcitonin receptors may potentially be used alone or in combination with GLP-1 or dual GLP-1/GIP agonists to improve the induction of weight loss as well as for longer-term weight management. Given the complexity of managing obesity and related metabolic conditions, broadening the potential treatment options is crucial to meeting the diverse needs of individuals seeking safe and sustainable weight loss."
Preclinical data from Viking's internally developed DACRAs showed impressive effects on body weight, food intake, and metabolism in healthy rats and diet-induced obese (DIO) mice compared to control-treated animals. Results showed Viking's DACRAs reduced food intake in lean rats within 0 to 72 hours after a single dose. At 72 hours, these compounds reduced body weight by up to 8% compared to controls.
In addition to the Phase 1 trial of VK3019, Viking is currently conducting the Phase 3 VANQUISH studies of subcutaneous VK2735, a dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors, in patients with obesity or who are overweight. The VANQUISH program consists of two trials evaluating VK2735: one in adults with obesity (VANQUISH-1), and another in adults with obesity and type 2 diabetes (VANQUISH-2). Each study is a randomized, double-blind, placebo-controlled, multicenter trial designed to assess the efficacy and safety of VK2735 administered by subcutaneous injection once weekly for 78 weeks.
In parallel with the development of a subcutaneous formulation, Viking is advancing an oral tablet formulation of VK2735. If successful, oral VK2735 would represent the first oral dual agonist to reach the market. The company believes the availability of both oral and injectable formulations is a key differentiating feature of VK2735, compared with competitive agents, as no other dual or triple agonist is currently available in both formulations. Using the same active ingredient across formulations may also reduce the risk of unexpected side effects compared with switching between therapies that do not share the same active agent. The company plans to initiate a Phase 3 trial to evaluate oral VK2735 for the treatment of obesity and overweight later this year.
Based on VK2735's promising efficacy and differentiated pharmacokinetic (PK) profile, the company is evaluating a range of novel dosing regimens for both the induction and the long-term maintenance of weight loss. In October 2025, Viking initiated a Phase 1 study designed to explore the feasibility of various VK2735 maintenance dosing regimens. Providing flexible dosing options for long-term therapy may improve treatment persistence following achievement of individual weight loss goals. The company believes this may lead to improved adherence to therapy and increase the probability of realizing the long-term benefits of weight loss, such as reduced cardiovascular risks, improved physical function, and enhanced quality of life. The company expects to report the results of the study in 3Q26.
About VK3019
VK3019 is an investigational dual amylin and calcitonin receptor agonist (DACRA) in development as a potential new treatment option for weight loss. It is currently being evaluated in a single ascending dose study assessing safety, tolerability, and pharmacokinetics of VK3019 for the treatment of metabolic disorders and obesity.
About Amylin and Calcitonin
Amylin and calcitonin receptors play an important role in food intake and metabolic control. Amylin is a peptide hormone co-secreted with insulin from pancreatic β-cells that slows gastric emptying and suppresses postprandial glucagon secretion, promoting satiety and regulating blood glucose. After a meal, amylin is secreted from the pancreas and circulates in the blood to activate specific receptors in the brainstem. This results in suppression of glucagon release from the pancreas, reduced food intake, and slowed gastric emptying. The net effect of these actions is to decrease blood glucose and is associated with longer-term reductions in body weight. Calcitonin is a peptide hormone produced by the thyroid gland known for its role in regulating calcium homeostasis. To date, the addition of calcitonin receptor activation by DACRAs has demonstrated additional metabolic benefits not seen with amylin receptor activation alone, such as improved fasting glucose regulation and insulin sensitivity, and can result in a more acute reduction of food intake and greater body weight loss.
About GLP-1 and Dual GLP-1/GIP Agonists
Activation of the glucagon-like peptide 1 (GLP-1) receptor has been shown to decrease glucose, reduce appetite, lower body weight, and improve insulin sensitivity in patients with type 2 diabetes, obesity, or both. Semaglutide is a GLP-1 receptor agonist that has been approved by the U.S. Food and Drug Administration and is currently marketed in various dosage strengths and forms as Ozempic®, Rybelsus®, and Wegovy®. More recently, research efforts have explored the potential co-activation of the glucose-dependent insulinotropic peptide (GIP) receptor as a means of enhancing the therapeutic benefits of GLP-1 receptor activation. Tirzepatide is a dual GLP-1/GIP receptor agonist that has been approved by the U.S. Food and Drug Administration and is currently marketed in various dosage strengths and forms as Mounjaro® and Zepbound®.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of novel first-in-class or best-in-class therapies for the treatment of metabolic and endocrine disorders. Viking's research and development activities leverage its expertise in metabolism to develop innovative therapeutics designed to improve patients' lives. Viking's clinical programs include VK2735, a novel dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors for the potential treatment of various metabolic disorders. The company is evaluating its subcutaneous formulation of VK2735 in a Phase 3 obesity program that includes two Phase 3 clinical trials (VANQUISH-1 and VANQUISH-2). Data from a Phase 1 and a Phase 2 trial evaluating subcutaneous VK2735 demonstrated an encouraging safety and tolerability profile as well as positive signs of clinical benefit. Concurrently, the company is evaluating an oral formulation of VK2735 in obesity. Viking is also developing VK2809, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the treatment of lipid and metabolic disorders. The compound successfully achieved both the primary and secondary endpoints in a Phase 2b study for the treatment of biopsy-confirmed non-alcoholic steatohepatitis (NASH) and fibrosis. In a Phase 2a trial for the treatment of non-alcoholic fatty liver disease (NAFLD) and elevated LDL-C, patients who received VK2809 demonstrated statistically significant reductions in LDL-C and liver fat content compared with patients who received placebo. The company's newest program is evaluating a series of internally developed dual amylin and calcitonin receptor agonists (or DACRAs) for the treatment of obesity and other metabolic disorders. In the rare disease space, Viking is developing VK0214, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the potential treatment of X-linked adrenoleukodystrophy (X-ALD). In a Phase 1b clinical trial in patients with the adrenomyeloneuropathy (AMN) form of X-ALD, VK0214 was shown to be safe and well-tolerated, while driving significant reductions in plasma levels of very long-chain fatty acids (VLCFAs) and other lipids, as compared to placebo.
For more information about Viking Therapeutics, please visit www.vikingtherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding Viking Therapeutics, Inc., under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its clinical and preclinical development programs, anticipated timing for reporting clinical data and cash resources. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: risks associated with the success, cost and timing of Viking's product candidate development activities and clinical trials, including those for VK2735, VK3019, VK0214, VK2809, and the company's other incretin and other receptor agonists; risks that prior clinical and preclinical results may not be replicated; risks regarding regulatory requirements; and other risks that are described in Viking's most recent periodic reports filed with the Securities and Exchange Commission including Viking's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q, including the risk factors set forth in those filings. These forward-looking statements speak only as of the date hereof. Viking disclaims any obligation to update these forward-looking statements except as required by law.
