Viking Therapeutics ahead on pipeline

 

Viking Therapeutics advances VK2735 into dual subcutaneous and oral Phase III, with subcu VANQUISH obesity trials one fully enrolled and another nearing completion and the oral study slated for 3Q26; it also plans to file an IND this quarter for a novel amylin agonist and reported a wider Q4 2025 loss of $157.7M with $706M year-end cash, sending shares up about 9% after hours

• Key milestone: oral VK2735 cleared for Phase III obesity, start targeted in Q3 2026.
• Subcutaneous VANQUISH-1 fully enrolled ahead of plan; VANQUISH-2 enrollment completion expected this quarter.
• Phase I maintenance study fully enrolled; data expected in Q3 2026 to shape long-term dosing.
• CordenPharma deal secures large-scale supply for oral and injectable VK2735, supporting commercialization.
• New Chief Commercial Officer hired from Lilly; commercial strategy being built with flexible channel approach.
• R&D spend surged to $345M in 2025 from $102M, driving significantly higher net loss.
• Year-end cash of $706M expected to fund subcu and oral Phase III programs through key readouts.
• No revenue yet; net loss widened to $358.5M or $3.19/share vs. $1.01/share in 2024.
• Amylin agonist program to file IND this quarter, with first-in-human dosing likely in 2Q 2026.
• Management tone confident on competitive positioning in rapidly evolving obesity market, especially for oral option.
• Mixed quarter, driven by heavy investment in Phase III obesity programs and platform expansion. Main concern: substantially higher cash burn and execution risk across multiple late-stage trials in a highly competitive obesity landscape.

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