Pipeline Momentum Boosts Viking Therapeutics as Phase 3 Timeline Accelerates

Viking Therapeutics US92686J1060

Market interest surged after Viking Therapeutics signaled faster progress on its leading therapy, VK2735. The company expects the oral obesity candidate to enter pivotal Phase 3 this year, a development that outweighed a larger-than-expected quarterly loss for the end of 2025. Investors appeared to value the accelerated timetable more than near-term costs.

The company?s Wednesday night quarterly update confirms that a Phase 3 program for the oral tablet VK2735 is targeted for launch in the third quarter of 2026. VK2735 acts as a dual GLP-1/GIP receptor agonist, placing Viking in a space that remains among the most lucrative in today?s pharmaceutical landscape.

These plans rely on data from earlier trials showing the oral form achieved an average weight reduction of up to 12.2% after 13 weeks. An oral option would also be needle-free compared to the current injectable therapies, potentially broadening its market appeal.

Development for the injectable VK2735 is also advancing. The VANQUISH-1 Phase 3 study has reached full enrollment, counting more than 4,500 participants, and the company notes enrollment progressed ahead of schedule. VANQUISH-2, the second Phase 3 trial addressing obesity in patients with type 2 diabetes, is approaching completion.

Key facts at a glance

• Oral VK2735: Phase 3 planned for Q3 2026
• Injectable VK2735: VANQUISH-1 fully enrolled (>4,500 patients); VANQUISH-2 nearing completion
• Cash position: $706 million at the end of 2025

Losses Rise as R&D Spending Surges

The results underscore the cost structure typical of late-stage development. Viking reported a net loss of $157.7 million in Q4 2025, or $1.38 per share. The loss exceeded analysts? expectations, which had anticipated a smaller shortfall.

A primary driver of the increased red ink was a jump in research and development expenses. R&D outlays for the quarter rose to $153.5 million, up from $31.0 million in the year-ago period. Management attributed the spike to costs associated with manufacturing and the scope and execution of the expansive VANQUISH Phase 3 programs.

Market Reaction and Next Catalysts

Shares climbed roughly 10% on the session following the pipeline updates, reflecting investor confidence in the clinical progress despite higher near-term spend.

Looking ahead, Viking points to upcoming data from an ongoing maintenance study of VK2735 set for release in Q3 2026. In addition, the company aims to file an Investigational New Drug (IND) application in Q1 2026 for a new dual Amylin- and Calcitonin-receptor agonist, another asset in Viking?s metabolic-focused pipeline.