Viking Therapeutics Q2 Earnings Call Highlights

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Viking 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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For 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 Contender

VANQUISH 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.

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