Viking Therapeutics, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on October 29, 2026, reporting sharply higher research and development spending and a net loss of $469.5 million for the nine months ended September 30, 2026.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $469,533 thousand for the nine months ended September 30, 2026, compared to $201,977 thousand for the same period in 2025.
  • Q3 net loss: For the three months ended September 30, 2026, the net loss was $183,186 thousand, versus $90,787 thousand in Q3 2025.
  • R&D expenses: Research and development costs totaled $432,708 thousand for the nine months ended September 30, 2026, up from $191,496 thousand in the prior-year period.
  • Stock offering proceeds: The company raised $379,569 thousand through the sale of common stock, net of issuance costs, during the nine months ended September 30, 2026, issuing 11,546,634 shares.
  • Convertible senior notes: Long-term liabilities included $250,656 thousand in convertible senior notes as of September 30, 2026, a balance not present at December 31, 2025.
  • Cash and investments: Cash and cash equivalents stood at $677,609 thousand and short-term investments at $282,204 thousand as of September 30, 2026.
  • Shares outstanding: Common shares issued and outstanding were 127,521,229 as of September 30, 2026, up from 114,793,067 at December 31, 2025.

Viking Therapeutics' Q3 2026 Financials Reflect Accelerating Clinical Spend and New Debt

According to the filing, Viking Therapeutics (NASDAQ:VKTX) reported zero revenues for both the three and nine months ended September 30, 2026, consistent with the prior-year periods. Total operating expenses for the nine-month period reached $483,834 thousand, up from $228,604 thousand in the first nine months of 2025. The increase was driven primarily by research and development costs of $432,708 thousand for the nine months ended September 30, 2026, compared to $191,496 thousand in the prior-year period. General and administrative expenses also rose, to $51,126 thousand from $37,108 thousand year over year.

The company's balance sheet as of September 30, 2026, reflected total assets of $977,167 thousand and total liabilities of $388,567 thousand, compared to total assets of $715,729 thousand and total liabilities of $76,667 thousand at December 31, 2025, according to the filing. A significant new item on the liabilities side was $250,656 thousand in convertible senior notes, which had no counterpart in the December 31, 2025 balance sheet. Total stockholders' equity decreased to $588,600 thousand from $639,062 thousand over the same period, reflecting the accumulated deficit growing to $1,317,079 thousand from $847,546 thousand.

The filing also disclosed that during the nine-month period, Viking raised $379,569 thousand through the sale of 11,546,634 shares of common stock, net of issuance costs. Interest income for the nine months ended September 30, 2026 was $14,359 thousand, partially offsetting operating losses, though this was lower than the $26,669 thousand recorded in the comparable 2025 period. The basic and diluted net loss per share for the nine months ended September 30, 2026 was $4.03, compared to $1.80 in the nine months ended September 30, 2025, based on weighted-average shares of 116,636 thousand and 112,217 thousand, respectively.

What Was Disclosed

Viking Therapeutics filed a 10-Q for the period ended September 30, 2026, disclosing a nine-month net loss of $469,533 thousand, $432,708 thousand in research and development expenses, $379,569 thousand in net stock sale proceeds, and the addition of $250,656 thousand in convertible senior notes to its balance sheet.