Key Highlights

  • Net loss widened to USD 183.2 million, or USD 1.55 per share, from USD 90.8 million a year earlier.
  • Research and development expense rose to USD 166.8 million from USD 90.0 million as clinical studies and manufacturing scaled up.
  • Cash, equivalents and short-term investments reached USD 960 million, up from USD 706 million at the end of December 2025.
  • The oral VK2735 SUNRISE Phase 3 program began, and Part 1 of the maintenance dosing study reported positive results.

Viking Therapeutics, Inc. (NASDAQ:VKTX), a clinical-stage biopharmaceutical company focused on obesity and metabolic disease, reported a third-quarter 2026 net loss of USD 183.2 million, or USD 1.55 per share. That compares with a loss of USD 90.8 million, or USD 0.81 per share, in the same quarter of 2025, and with a consensus estimate of a USD 1.06 loss per share, so the result was below that estimate. The company has no product revenue and reported no revenue for the quarter.

Research and development expense was USD 166.8 million versus USD 90.0 million, driven by planned clinical studies, manufacturing for its drug candidates, stock-based compensation and staffing. General and administrative expense rose to USD 20.3 million from USD 8.6 million, reflecting legal and patent services, consultants and compensation. Net other income fell to USD 3.9 million from USD 7.8 million.

Spending, Financing and Cash Position

For the nine months, the net loss was USD 469.5 million, or USD 4.03 per share, against USD 202.0 million, or USD 1.80 per share, a year earlier. Research and development spending totaled USD 432.7 million, compared with USD 191.5 million, and general and administrative expense was USD 51.1 million, up from USD 37.1 million.

In September the company closed concurrent upsized public offerings of common stock and convertible senior notes with gross proceeds of about USD 575.0 million, or roughly USD 550 million net. Cash, cash equivalents and short-term investments ended the quarter at USD 960 million. Management said the balance supports completion of the ongoing Phase 3 obesity trials, earlier-stage programs and commercial infrastructure ahead of a potential launch of VK2735.

Pipeline Progress and Planned Milestones

VK2735, a dual GLP-1 and GIP receptor agonist, is in two subcutaneous Phase 3 studies. VANQUISH-1 enrolled about 4,500 adults with obesity, and VANQUISH-2 enrolled about 1,000 adults with obesity and type 2 diabetes. Each trial runs 78 weeks with weekly doses of 7.5 mg, 12.5 mg or 17.5 mg versus placebo. The company projects completion of both studies in 2027, with extension studies starting in the first quarter of 2027 and results anticipated in 2028.

The SUNRISE program for the oral tablet began in October. SUNRISE-1 and SUNRISE-2 each target 560 adults and test once-daily doses of 27.5 mg, 35 mg and 55 mg for 68 weeks. In Part 1 of a maintenance study of 180 subjects, week 21 weight loss ranged from about 16% to 19% versus roughly 0% for placebo. Subjects moved to every-other-week dosing retained 83% to 97% of that loss at week 33, versus 61% for placebo. Part 2, enrolling about 195 adults, adds oral maintenance regimens, with results projected in 2027.

Developments to Follow

Four items frame the coming updates. The first is the 2027 completion of VANQUISH-1 and VANQUISH-2, followed by extension results in 2028. The second is the maintenance program, where Part 2 of the study is scheduled to report in 2027. The third is VK3019, an amylin and calcitonin receptor agonist: the single ascending dose study is scheduled to finish this quarter, with a multiple ascending dose study planned for the first quarter of 2027. The fourth is the USD 960 million cash balance against a quarterly operating spend of USD 187.1 million. ObesityWeek, from November 14 to 17, 2026, includes a VANQUISH-2 baseline presentation.