Viking Therapeutics Advances Weight-Loss Drug to Final Clinical Stage

Viking Therapeutics completes enrollment for Phase 3 trials of its injectable weight-loss drug VK2735, with oral version trials starting in 2026. The company is well-funded with $706M cash.

Viking Therapeutics has reached a pivotal milestone in the development of its weight-loss therapy, VK2735. The biopharmaceutical firm has completed patient enrollment for the first of two crucial Phase 3 trials for the injectable formulation, with the second trial nearing the same point. Concurrently, the company is preparing to initiate Phase 3 programs for an oral tablet version of the drug in the third quarter of 2026.

Strong Financial Backing for Costly Trials

Operating as a clinical-stage biotechnology company, Viking Therapeutics currently generates no commercial revenue. Its net loss for 2025 was approximately $358.5 million, a figure driven primarily by increased investment in research and development.

Despite the significant expenditures, the company’s balance sheet provides substantial runway. Viking reported holding $706 million in cash and cash equivalents at the end of 2025, with no debt on its books. This robust financial position is expected to fund the expensive late-stage clinical programs, even within a competitive market dominated by larger pharmaceutical rivals.

Dual Formulations Show Promising Efficacy

The drug candidate, VK2735, functions as a dual GLP-1/GIP receptor agonist. Data from earlier-stage studies for both delivery methods have yielded encouraging results. In previous trials, the subcutaneous injection led to an average weight reduction of 14.7 percent over a 13-week period. The oral variant demonstrated a 12.2 percent average decrease in body weight across the same timeframe.

The ongoing Phase 3 studies for the injectable form, named VANQUISH-1 and VANQUISH-2, are designed to run for 78 weeks to thoroughly assess efficacy and safety. For the oral program, the U.S. Food and Drug Administration (FDA) provided clearance to proceed following a successful End-of-Phase 2 meeting, setting the stage for the upcoming trials.