Viking Therapeutics, Inc. (VKTX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$0

Net income, last twelve months

-$534.8M

Earnings per share

-$4.66

Return on equity

-131.0%

Market value

$3.0B

Cash

$125.8M

Debt

$0

Debt to equity

0.00

Shares outstanding

116.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 29 July 2026.

• VANQUISH trials fully enrolled. The VANQUISH-1 and VANQUISH-2 Phase 3 obesity trials of subcutaneous VK2735 are fully enrolled. Management said both are proceeding according to plan.
• VANQUISH-1 enrolled about 4,500. VANQUISH-1 reached about 4,500 patients by November 2025, roughly five months after trial initiation. VANQUISH-2 enrollment of about 1,000 patients was completed in the first quarter.
• Primary endpoint at 78 weeks. Each trial randomizes to weekly 7.5, 12.5 or 17.5 mg VK2735 or placebo for 78 weeks. Secondary endpoints include the share of patients reaching 5%, 10%, 15% and 20% weight loss.
• Phase 2 weight loss cited. Management cited Phase 2 VENTURE results of statistically significant mean body weight reductions up to 14.7% after 13 weekly doses. The company said the data showed no plateau.
• Oral Phase 3 start expected 4Q26. The company plans to advance oral VK2735 into Phase 3 for obesity after its end-of-Phase 2 meeting with the FDA. The start is expected in the fourth quarter of 2026.
• Oral Phase 2 results cited. Phase 2 VENTURE-oral participants on daily tablets had statistically significant body weight reductions up to 12.2% from baseline after 13 weeks. The company said the prior oral studies achieved their objectives.
• Same molecule in both formulations. Management said using one active ingredient in tablet and injectable forms may reduce unexpected side-effect risk compared with switching between agents that do not share an active ingredient.
• Pre- and post-switch weight measured. Exploratory endpoints measure body weight change from baseline and the change before and after transition to maintenance dosing. The study tests several VK2735 regimens.
• Flexible dosing aims at adherence. Management said flexible long-term dosing may improve treatment persistence. Staying on one compound in tablet or injectable form may reduce side effects from switching agents.
• Study design: about 180 adults. The Phase 1 dose-ranging study began in October 2025. It uses weekly induction, then weekly, every other week or monthly maintenance, or placebo, in adults with obesity.
• VK3019 Phase 1 trial started. A Phase 1 single ascending dose trial of VK3019, a dual amylin and calcitonin receptor agonist, was initiated in the second quarter after IND clearance.
• Preclinical body weight reduction. In preclinical work, the dual amylin and calcitonin receptor agonists reduced body weight by up to 8% compared with controls at 72 hours after a single dose.
• Primary objectives: safety, PK. The Phase 1 trial in healthy adults with BMI of at least 27 primarily assesses safety, tolerability and pharmacokinetics. Exploratory assessments include body weight change after a single dose.
• Net loss widened to $128.0 million. Net loss was $128.0 million, or $1.10 per share, against $65.6 million, or $0.58 per share, a year earlier. Management attributed the increase mainly to higher R&D and G&A expenses.

Company events

The newest 8-K filings of 110 held.

Every filing

The newest filings with the SEC of 297 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

488 funds held it at 30 Jun 2026: 205 added and 130 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Viking Therapeutics is a clinical-stage biopharmaceutical company that develops therapies for metabolic and endocrine disorders, which it describes as first-in-class or best-in-class. It has no approved products and has not generated any revenue. Its lead candidate is VK2735, a dual agonist of the GLP-1 and GIP receptors, being developed in subcutaneous and oral forms for obesity. The company was incorporated in Delaware on 24 September 2012 and has its principal offices in San Diego, California. It had fifty-three full-time employees as of 31 December 2025.

What it is developing

The pipeline has six programs: VK2735 subcutaneous, VK2735 oral, a dual amylin and calcitonin receptor agonist (DACRA) program, VK2809, VK0214 and VK5211. VK2809 is aimed at NASH/MASH, a liver disease. VK0214 is for X-linked adrenoleukodystrophy (X-ALD), and VK5211 is for patients recovering from hip fracture surgery.

VK2735, the lead program

The subcutaneous form is in the Phase 3 VANQUISH program, started in June 2025. VANQUISH-1 studies adults with obesity, or overweight adults with at least one weight-related condition. VANQUISH-2 studies adults with type 2 diabetes who are obese or overweight. Each is a placebo-controlled trial of once-weekly injections for 78 weeks, with arms at 7.5 mg, 12.5 mg, 17.5 mg and placebo. Enrollment in VANQUISH-1 was completed in November 2025.

In the earlier 13-week Phase 2 VENTURE study, patients on VK2735 lost up to 14.7% of mean body weight from baseline, and up to 13.1% relative to placebo.

The oral tablet form completed a Phase 2 trial, VENTURE-Oral Dosing, in which patients lost up to 12.2% of body weight from baseline after 13 weeks, compared with 1.3% on placebo. The company says it expects to start Phase 3 oral studies in the third quarter of 2026. A separate Phase 1 maintenance study in approximately 180 adults is testing monthly subcutaneous, daily oral and weekly oral dosing after 19 weeks of weekly injections.

Other programs

The DACRA program is preclinical. The company says it plans to file an Investigational New Drug application for it in the first quarter of 2026.

VK2809 is an oral agonist of the thyroid hormone receptor beta (TRß). In its Phase 2b VOYAGE study, 63% to 75% of VK2809-treated patients reached NASH/MASH resolution with no worsening of fibrosis at 52 weeks, compared with 29% on placebo. VK2809 has been evaluated in eight completed clinical studies with more than 400 subjects.

VK0214 is also a TRß agonist. X-ALD is a rare inherited neurological disorder believed to occur in approximately one in 17,000 births. In a 28-day Phase 1b trial at 20 mg and 40 mg daily, VK0214 reduced plasma levels of very long chain fatty acids compared with placebo.

VK5211 is an oral selective androgen receptor modulator. Its Phase 2 trial enrolled 108 patients for 12 weeks at 0.5 mg, 1.0 mg and 2.0 mg.

How it makes and tests its drugs

Viking has no manufacturing facilities and does not intend to build any. In March 2025 it signed multi-year agreements with CordenPharma for VK2735 active ingredient and finished product. They cover dedicated capacity for multiple metric tons of active ingredient each year. Viking makes prepayments from 2026 to 2028, which are credited against future orders.

Contract research organizations and clinical trial sites conduct a substantial portion of its research and development.

Where its rights come from

VK2809, VK0214 and VK5211 were licensed from Ligand Pharmaceuticals under a Master License Agreement signed in May 2014. It gives Viking exclusive worldwide rights, along with sole responsibility for development and commercialization. Viking owes Ligand milestone payments and tiered royalties on net sales.

Who it competes with

For VK2735, the filing names approved obesity therapies: Wegovy and Saxenda from Novo Nordisk, and Zepbound from Eli Lilly and Company. It also lists late-stage programs including CagriSema, orforglipron, retatrutide, survodutide and MariTide. For NASH/MASH, the only approved U.S. therapy is Rezdiffra from Madrigal Pharmaceuticals. The company says many competitors have greater financial resources and expertise. It lists efficacy, safety, tolerability, dosing frequency, route of administration, convenience, price and reimbursement as the key competitive factors.

Its people

Of the fifty-three full-time employees, twelve hold a Ph.D. or M.D. degree. They work in research and development, business development or finance. None are covered by a collective bargaining agreement.

*From Viking Therapeutics's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1607678/000119312526046876/vktx-20251231.htm)*

From the company's 10-K.