Viking Therapeutics Reports Third Quarter 2026 Financial Results and Provides Corporate Update
-- VANQUISH Phase 3 Trials for Subcutaneous VK2735 in Obesity Continue to Advance --
-- SUNRISE Phase 3 Trials for Oral VK2735 Initiated --
-- Positive Top-Line Results Announced for VK2735 Maintenance Dosing Study; Part 2 Study Initiated --
-- Phase 1 SAD Study of Amylin Agonist VK3019 Nearing Completion --
-- Strong Quarter-End Cash Position of $960 Million --
Conference call scheduled for 4:30 p.m. ET today
SAN DIEGO, Oct. 28, 2026 /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 its financial results for the third quarter and nine months ended September 30, 2026, and provided an update on its clinical pipeline and other corporate developments.
Highlights from the Third Quarter Ended September 30, 2026, and Other Recent Events:
"During the third quarter, Viking continued to advance and expand development activities in its obesity franchise. We recently announced the initiation of the SUNRISE Phase 3 program with the oral tablet formulation of VK2735, representing the third and fourth registration trials to be underway. The SUNRISE oral Phase 3 program will closely mirror the ongoing VANQUISH Phase 3 program evaluating the subcutaneous formulation and we are excited to have these important clinical trials underway. In the third quarter we also announced positive results from our initial VK2735 dose-ranging maintenance study. These results demonstrated an impressive maintenance effect, excellent tolerability, and serve to further establish VK2735 as a differentiated potential treatment option for patients with obesity. Following the successful initial readout, we announced another milestone with the initiation of Part 2 of the maintenance study. As with Part 1, subjects will transition from a weekly induction period to a range of VK2735 maintenance options including daily oral doses, every-other-week subcutaneous doses, monthly subcutaneous doses, or placebo. The potential availability of both a tablet and a subcutaneous formulation, across a variety of dosing regimens, will offer unmatched optionality and flexibility to best support a personalized and sustainable weight loss journey. Also, during the quarter, the Phase 1 study of our dual amylin and calcitonin receptor agonist VK3019 continued to advance. Upon completion, we expect to initiate a 28-day multiple ascending dose study of VK3019 in the first quarter of 2027. To support our robust pipeline, as well as the activities related to the potential commercial launch of VK2735, during the quarter the company successfully closed concurrent upsized public offerings of common stock and convertible senior notes, resulting in a strong quarter-end cash balance of $960 million. This provides the company with the runway to execute multiple Phase 3 trials and build the infrastructure to execute a strong and effective commercial strategy."
Pipeline and Recent Corporate Highlights
Third Quarter and Nine Months 2026 Financial Highlights
Third Quarter ended September 30, 2026, and 2025
Research and development expenses were $166.8 million for the three months ended September 30, 2026, compared to $90.0 million for the same period in 2025. The increase was primarily due to increased expenses related to planned and ongoing clinical studies, manufacturing for the company's drug candidates, stock-based compensation, salaries and benefits and third-party consultants, partially offset by decreased expenses related to preclinical studies.
General and administrative expenses were $20.3 million for the three months ended September 30, 2026, compared to $8.6 million for the same period in 2025. The increase was primarily due to increased expenses related to legal and patent services, third-party consultants, stock-based compensation, and salaries and benefits. These increases reflect the company's rapid overall growth compared with the same period in 2025.
For the three months ended September 30, 2026, Viking reported a net loss of $183.2 million, or $1.55 per share, compared to a net loss of $90.8 million, or $0.81 per share, in the corresponding period in 2025. The increase in net loss for the three months ended September 30, 2026, was primarily due to increased research and development expenses and general and administrative expenses, noted previously, compared to the same period in 2025.
Nine Months ended September 30, 2026, and 2025
Research and development expenses were $432.7 million for the nine months ended September 30, 2026, compared to $191.5 million for the same period in 2025. The increase was primarily due to increased expenses related to planned and ongoing clinical studies, stock-based compensation, manufacturing for the company's drug candidates, salaries and benefits, and third-party consultants, partially offset by decreased expenses related to preclinical studies.
General and administrative expenses were $51.1 million for the nine months ended September 30, 2026, compared to $37.1 million for the same period in 2025. The increase was primarily due to increased expenses related to third-party consultants, legal and patent services, and salaries and benefits, partially offset by decreased expenses related to stock-based compensation. These increases reflect the company's rapid overall growth compared with the same period in 2025.
For the nine months ended September 30, 2026, Viking reported a net loss of $469.5 million, or $4.03 per share, compared to a net loss of $202.0 million, or $1.80 per share, in the corresponding period in 2025. The increase in net loss for the nine months ended September 30, 2026, was primarily due to increased research and development expenses and general and administrative expenses, noted previously, compared to the same period in 2025.
Balance Sheet as of September 30, 2026
At September 30, 2026, Viking held cash, cash equivalents, and short-term investments of $960 million, compared to $706 million as of December 31, 2025. This balance includes the aggregate net proceeds of approximately $550 million from the company's recent financing.
Conference Call
Management will host a conference call to discuss Viking's third quarter 2026 financial results today at 4:30 pm Eastern. 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 Viking'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.
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.
Viking Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share amounts)
(Unaudited)
Three Months
Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Revenues
$
—
$
—
$
—
$
—
Operating expenses:
Research and development
166,804
89,953
432,708
191,496
General and administrative
20,308
8,608
51,126
37,108
Total operating expenses
187,112
98,561
483,834
228,604
Loss from operations
(187,112)
(98,561)
(483,834)
(228,604)
Other income (expense):
Amortization of financing costs
—
(8)
—
(56)
Interest income, net
4,014
7,772
14,359
26,669
Interest expense, net
(88)
—
(88)
—
Realized gain on investments
—
10
30
14
Total other income, net
3,926
7,774
14,301
26,627
Net loss
(183,186)
(90,787)
(469,533)
(201,977)
Other comprehensive loss, net of tax:
Unrealized (loss) gain on investments
(518)
540
(2,067)
1,129
Foreign currency translation (loss) gain
(27)
—
(9)
33
Comprehensive loss
$
(183,731)
$
(90,247)
$
(471,609)
$
(200,815)
Basic and diluted net loss per share
$
(1.55)
$
(0.81)
$
(4.03)
$
(1.80)
Weighted-average shares used to compute basic
and diluted net loss per share
118,050
112,320
116,636
112,217
Viking Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
September 30,
2026
December 31,
2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
677,609
$
165,810
Short-term investments – available-for-sale
282,204
539,929
Prepaid clinical trial and preclinical study costs
10,008
8,053
Prepaid expenses and other current assets
3,178
1,806
Total current assets
972,999
715,598
Right-of-use assets
3,853
85
Restricted cash
202
—
Deposits
113
46
Total assets
$
977,167
$
715,729
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
82,134
$
53,251
Other accrued liabilities
51,739
23,279
Lease liability, current
24
137
Total current liabilities
133,897
76,667
Lease liability, net of current portion
4,014
—
Convertible Notes
250,656
—
Total long-term liabilities
254,670
—
Total liabilities
388,567
76,667
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par value: 10,000,000 shares
authorized at September 30, 2026 and December 31, 2025;
no shares issued and outstanding at September 30, 2026 and
December 31, 2025
—
—
Common stock, $0.00001 par value: 300,000,000 shares
authorized at September 30, 2026 and December 31, 2025;
127,521,229 shares issued and outstanding at September 30,
2026 and 114,793,067 shares issued and outstanding at
December 31, 2025
1
1
Additional paid-in capital
1,907,376
1,486,229
Accumulated deficit
(1,317,079)
(847,546)
Accumulated other comprehensive (loss) gain
(1,698)
378
Total stockholders' equity
588,600
639,062
Total liabilities and stockholders' equity
$
977,167
$
715,729
SOURCE Viking Therapeutics, Inc.