Viking Therapeutics Reaches Key Enrollment Milestone in Obesity Drug Trial

Viking Therapeutics finishes patient enrollment for its Phase 3 obesity drug trial, VK2735, with data expected in 2026. Shares rose ~7% on the news.

Investors in Viking Therapeutics received a significant operational update this week, sending the company's shares approximately seven percent higher. The biopharmaceutical firm announced it has completed patient enrollment for its pivotal Phase 3 clinical trial, known as VANQUISH-2. This marks a crucial step forward in the competitive and lucrative market for weight-loss medications.

Clinical Strategy and Upcoming Catalysts

The VANQUISH-2 study is a 78-week investigation involving roughly 1,000 overweight adults who also have Type 2 diabetes. It complements the company's sister trial, VANQUISH-1, which enrolled patients with obesity but without diabetic complications and finished its recruitment phase in November 2025. With enrollment now closed for VANQUISH-2, clinical results for the dual GLP-1/GIP receptor agonist drug candidate, VK2735, are coming into clearer focus. The study's primary endpoint is to measure the percentage reduction in body weight compared to a placebo group following weekly administration. VK2735 operates on a biological mechanism similar to other established treatments in this therapeutic class.

Looking ahead, Viking Therapeutics has outlined a clear timeline. The company intends to present the final data from both VANQUISH studies in the third quarter of 2026. Concurrently, during that same period, it plans to initiate Phase 3 development for an oral formulation of VK2735. This strategic move aims to secure a long-term position in the obesity drug sector, which analysts estimate could be worth over $100 billion.

Financial Implications and Analyst Sentiment

Progress in late-stage clinical development, however, comes at a substantial cost. Viking reported research and development expenses of $153.5 million for the fourth quarter of 2025. This figure represents a nearly fivefold increase from the $31.0 million spent in the same period the previous year. The sharp rise in spending is attributed to the concurrent execution of the two major Phase 3 programs, alongside preparatory work for the oral version of VK2735.

Despite reporting losses—with a projected loss of $1.56 per share for the current year—market experts largely maintain a positive outlook on the approximately $4 billion company. The predominant analyst rating remains a clear "buy," with many pointing to a significant gap between the current share price and their assessment of the stock's fair value. The completion of patient recruitment is viewed as a de-risking event that brings the potential commercial opportunity for VK2735 one step closer.