Viking Therapeutics Q3 Net Loss Widens to $183.2 Million

Viking Therapeutics (VKTX ) on October 28, 2026, reported its financial results for the third quarter and nine months ended September 30, 2026, posting a net loss of $183.2 million, or $1.55 per share, for the quarter, compared with a net loss of $90.8 million, or $0.81 per share, in the same period of 2025. The San Diego-based clinical-stage biopharmaceutical company ended the quarter with $960 million in cash, cash equivalents and short-term investments following a September financing.

Research and development expenses were $166.8 million for the three months ended September 30, 2026, compared with $90.0 million a year earlier. Viking attributed the increase primarily to planned and ongoing clinical studies, manufacturing for its drug candidates, stock-based compensation, salaries and benefits, and third-party consultants, partially offset by decreased preclinical study expenses. General and administrative expenses were $20.3 million, compared with $8.6 million in the prior-year quarter, an increase the company attributed mainly to legal and patent services, third-party consultants, stock-based compensation, and salaries and benefits. The company’s condensed consolidated statement of operations shows no revenue for the quarter.

For the nine months ended September 30, 2026, research and development expenses were $432.7 million, compared with $191.5 million in the same period of 2025, and general and administrative expenses were $51.1 million, compared with $37.1 million. Viking reported a nine-month net loss of $469.5 million, or $4.03 per share, versus a net loss of $202.0 million, or $1.80 per share, in the corresponding 2025 period. The company attributed the larger net losses in both periods to increased research and development and general and administrative expenses.

In September 2026, Viking closed concurrent upsized public offerings of common stock and convertible senior notes, resulting in gross proceeds of approximately $575.0 million. The company said its quarter-end balance of $960 million, compared with $706 million at December 31, 2025, includes aggregate net proceeds of approximately $550 million from the financing. Viking said the resources provide runway to complete its ongoing Phase 3 obesity trials, develop earlier-stage programs, and build commercial operations and infrastructure ahead of a potential commercial launch of VK2735.

VANQUISH and SUNRISE Phase 3 Programs

VK2735 is a wholly owned, long-acting dual agonist of the glucagon-like peptide-1 (GLP-1) receptor and the glucose-dependent insulinotropic polypeptide (GIP) receptor, in development for the potential treatment of obesity and other metabolic disorders. Viking initiated the VANQUISH Phase 3 registration program for the subcutaneous formulation in June 2025, based on positive findings from the Phase 2 VENTURE study and subsequent feedback from the U.S. Food and Drug Administration. The company reported that top-line VENTURE data demonstrated statistically significant reductions in mean body weight from baseline of up to 14.7% after 13 weekly doses, with no signs of plateau.

The VANQUISH program consists of VANQUISH-1 in adults with obesity and VANQUISH-2 in adults with obesity and type 2 diabetes. Each is a randomized, double-blind, placebo-controlled, multicenter trial assessing VK2735 administered by subcutaneous injection once weekly for 78 weeks. VANQUISH-1 enrolled approximately 4,500 patients within approximately five months of initiation, and VANQUISH-2 enrolled approximately 1,000 patients within approximately nine months; participants in each trial were randomized to weekly doses of 7.5 mg, 12.5 mg, or 17.5 mg, or placebo. The primary endpoint is the percent change in body weight from baseline versus placebo after 78 weeks. Viking said both studies continued to advance on track during the quarter and are expected to be completed in 2027. Extension studies allowing participants to continue treatment for up to 52 additional weeks are planned to begin in the first quarter of 2027, with the VANQUISH-1 extension including every-other-week and monthly regimens; the company anticipates extension results in 2028.

Earlier in October 2026, Viking announced the initiation of SUNRISE, a Phase 3 registration program evaluating the oral tablet formulation of VK2735. The program includes SUNRISE-1 in adults with obesity and SUNRISE-2 in obese or overweight adults with type 2 diabetes, each a randomized, double-blind, placebo-controlled, multicenter trial targeting enrollment of 560 adults. Participants are randomized to once-daily VK2735 doses of 27.5 mg, 35 mg, or 55 mg, or placebo, for 68 weeks. The company said prior Phase 1 and Phase 2 trials of the tablet formulation achieved their primary and secondary objectives, and that top-line results from the Phase 2 VENTURE Oral Dosing study demonstrated mean body-weight reductions of up to 12.2% after 13 weeks, with up to 80% of treated subjects achieving at least 10% weight loss, compared with 5% of placebo-treated subjects.

Maintenance-Dosing Results and VK3019

During the third quarter, Viking reported positive top-line results from Part 1 of a two-part maintenance-dosing study of VK2735. The study randomized 180 subjects across 11 treatment groups to weekly subcutaneous induction doses of 15.0 mg to 22.5 mg, or placebo, for 21 weeks, followed by a transition to subcutaneous maintenance regimens, or placebo, for an additional 12 weeks. Weight loss at Week 21 ranged from approximately 16% to approximately 19%, compared with approximately 0% for placebo, with p-values below 0.0001 at each dose level, according to the company. Among treated subjects, 98% achieved at least 5% weight loss, 90% achieved 10%, 65% achieved 15%, and 32% achieved 20%; in the placebo cohort, 13% achieved 5% weight loss and none achieved 10%, 15% or 20%.

At Week 33, subjects transitioned to every-other-week dosing had retained 83% to 97% of their mean weight loss, and subjects transitioned to monthly dosing had retained 82% to 90%, compared with 61% among subjects switched from 17.5 mg weekly to placebo, with p-values below 0.01 for each cohort versus placebo, the company reported. An exploratory cohort maintained on a 17.5 mg weekly dose for the entire 33-week period reached approximately 22% weight loss from baseline, with no plateau observed.

Viking recently initiated Part 2 of the maintenance study, a randomized, double-blind, placebo-controlled trial in approximately 195 adults with obesity. All participants receive weekly subcutaneous VK2735 for 21 weeks before transitioning to daily oral doses, monthly subcutaneous doses, every-other-week subcutaneous doses, or placebo. The company expects Part 2 results in 2027 and said the maintenance data will help inform dose selection for the upcoming VANQUISH extension studies.

The company also said its Phase 1 single ascending dose study of VK3019, an investigational dual amylin and calcitonin receptor agonist initiated in the second quarter of 2026, is nearing completion. Viking expects to complete the study later this quarter and to initiate a four-week multiple ascending dose study in the first quarter of 2027.

Viking plans two poster presentations at ObesityWeek, scheduled for November 14-17, 2026, in Washington, D.C., covering baseline characteristics of the VANQUISH-2 study and the impact of subcutaneous VK2735 on obesity severity and cardiometabolic parameters in the VENTURE study. Management scheduled a conference call for 4:30 p.m. Eastern on October 28, 2026, with a telephone replay accessible until November 4, 2026.