Viking Therapeutics expands obesity program as VK2735 moves forward in oral and injectable forms

Viking Therapeutics is accelerating its obesity-focused pipeline by advancing VK2735 across two delivery formats. The core of the effort centers on VK2735?s dual GLP-1/GIP receptor agonist design, with both an oral tablet and a subcutaneous injection in late-stage development. The company has firmed up timing for the oral path to Phase 3 in Q3 2026 following feedback from the U.S. FDA. Notably, Viking points out that no dual- or triple-agonist is currently available in both administration formats.

Oral and injectable: VK2735 broadens its reach

The oral version of VK2735 is slated to enter Phase 3 in Q3 2026, a schedule the company has confirmed after FDA input. Viking emphasizes that it is pursuing a dual-format strategy for VK2735, with a tablet and a subcutaneous form in development. According to Viking, there is, to date, no dual or triple agonist on the market that is available in both forms.

Phase 3 in the injection pathway: VANQUISH studies progress

Clinical development of the injectable VK2735 is advancing as well:

• VANQUISH?1 (Phase 3): Enrollment completed
• VANQUISH?2 (Phase 3): Nearing full enrollment; completion anticipated in Q1 2026
• Maintenance-dose study: Fully recruited; data expected in Q3 2026

In addition, Viking aims to broaden its obesity portfolio. The company plans an IND filing (Investigational New Drug) for a new Amylin agonist in Q1 2026.

Numbers, liquidity and burn: a closer look

Alongside pipeline updates, Viking reported full-year and quarterly results for the fourth quarter of 2025. The company posted a net loss of $157.7 million, or $1.38 per share. The loss exceeded several analysts? expectations for the quarter. The increase was driven largely by a substantial rise in research and development spending, with R&D outlays rising to $153.5 million for the quarter. On a more positive note, Viking closed 2025 with a robust liquidity position: $706 million in cash, cash equivalents and short?term investments as of December 31, 2025.

Following the release, Viking?s shares exhibited notable volatility as investors weighed the ongoing clinical progress against the higher burn and expanding expenses. Going forward, the focus centers on two milestones: the planned IND filing in Q1 2026 and the anticipated data from the maintenance-dose study in Q3 2026.