UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37355 VIKING THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 46-1073877 (State or other jurisd ...

[Executive Summary & Recent Developments](index=1&type=section&id=Executive%20Summary%20%26%20Recent%20Developments) Viking Therapeutics, a clinical-stage biopharmaceutical company, achieved significant clinical milestones in H1 2025 and maintains a strong financial position to advance its pipeline [Company Overview](index=1&type=section&id=Company%20Overview) Viking Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel therapies for metabolic and endocrine disorders. The CEO highlighted significant clinical milestones achieved in the first half of 2025 and a strong balance sheet to support ongoing development - Viking Therapeutics is a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders[2](index=2&type=chunk) - CEO Brian Lian highlighted significant execution and clinical milestones in H1 2025, including the initiation of the VK2735 Phase 3 VANQUISH program and completion of enrollment for the Phase 2 VENTURE-Oral Dosing study[3](index=3&type=chunk) - The company completed Q2 with a strong balance sheet, holding **$808 million** in cash, providing runway for advancing VK2735 through Phase 3 and supporting other key development programs[3](index=3&type=chunk)[5](index=5&type=chunk)[21](index=21&type=chunk) [Highlights from the Quarter Ended June 30, 2025, and Other Recent Events](index=1&type=section&id=Highlights%20from%20the%20Quarter%20Ended%20June%2030%2C%202025%2C%20and%20Other%20Recent%20Events) Key achievements during the quarter include the initiation of Phase 3 trials for subcutaneous VK2735, completion of enrollment for the Phase 2 oral VK2735 study with results expected in 2H25, and continued progress on the amylin program with an IND planned for Q4 2025. The company also reported a strong quarter-end cash position - Phase 3 VANQUISH Registration Trials for VK2735 in Obesity are underway[5](index=5&type=chunk) - Enrollment for the Phase 2 VENTURE-Oral Dosing Trial is completed, with top-line results expected in **2H25**[5](index=5&type=chunk) - Continued progress with the Amylin Program, with an IND planned for **4Q25**[5](index=5&type=chunk) - Strong Quarter-End Cash Position of **$808 million**[5](index=5&type=chunk)[21](index=21&type=chunk) [Pipeline and Recent Corporate Highlights](index=1&type=section&id=Pipeline%20and%20Recent%20Corporate%20Highlights) Viking Therapeutics is advancing its obesity pipeline with Phase 3 trials for subcutaneous VK2735, completed enrollment for oral VK2735 Phase 2, and an IND planned for its DACRA program [Phase 3 VANQUISH Registration Trials for Subcutaneous VK2735 Underway](index=2&type=section&id=Phase%203%20VANQUISH%20Registration%20Trials%20Underway%20for%20VK2735%20in%20Obesity) Viking initiated the Phase 3 VANQUISH clinical program for subcutaneous VK2735, a dual GLP-1/GIP agonist, for obesity. This program includes two randomized, double-blind, placebo-controlled studies (VANQUISH-1 and VANQUISH-2) evaluating efficacy and safety over 78 weeks, building on positive Phase 2 VENTURE results - VK2735 is a wholly owned long-acting dual agonist of GLP-1 and GIP receptors for obesity and metabolic disorders[6](index=6&type=chunk) - Phase 2 VENTURE study showed statistically significant body weight reductions up to **14.7%** after **13 weekly doses**, with encouraging safety and tolerability[6](index=6&type=chunk) - The VANQUISH Phase 3 program includes two studies: VANQUISH-1 (approx. **4,500 adults** with obesity/overweight with co-morbidity) and VANQUISH-2 (approx. **1,100 adults** with type 2 diabetes and obesity/overweight)[7](index=7&type=chunk) - Primary endpoint for Phase 3 trials is percent change in body weight from baseline after **78 weeks**[8](index=8&type=chunk) [Phase 2 VENTURE-Oral Dosing Trial Enrollment Completed; Top-Line Results Expected 2H25](index=2&type=section&id=Phase%202%20VENTURE-Oral%20Dosing%20Trial%20Enrollment%20Completed%3B%20Top-Line%20Results%20Expected%202H25) Enrollment for the Phase 2 VENTURE-Oral Dosing trial of VK2735 in subjects with obesity has been completed, with approximately 280 patients enrolled. Top-line results are anticipated in the second half of 2025. This oral formulation aims to provide a convenient treatment option and potential transition from subcutaneous therapy - Oral tablet formulation of VK2735 is being developed as an attractive treatment option, potentially allowing transition from subcutaneous formulation[9](index=9&type=chunk)[10](index=10&type=chunk) - Phase 1 oral VK2735 trial demonstrated dose-dependent weight reductions up to **8.2%** after **28 days** and up to **8.3%** at Day **57** follow-up, with encouraging safety and tolerability[11](index=11&type=chunk) - Phase 2 VENTURE-Oral Dosing trial, initiated in January 2025, is a randomized, double-blind, placebo-controlled study evaluating safety, tolerability, PK, and weight loss efficacy of once-daily oral VK2735 for **13 weeks**[12](index=12&type=chunk) - Enrollment for the Phase 2 VENTURE-Oral trial was completed in March 2025, with approximately **280 patients**, and results are expected in **2H25**[13](index=13&type=chunk) [Continued Progress with Dual Amylin and Calcitonin Receptor Agonist (DACRA) Program; IND Expected 4Q25](index=3&type=section&id=Continued%20Progress%20with%20Dual%20Amylin%20and%20Calcitonin%20Receptor%20Agonist%20%28DACRA%29%20Program%3B%20IND%20Expected%204Q25) Viking is advancing its internally developed Dual Amylin and Calcitonin Receptor Agonist (DACRA) program for obesity, with an Investigational New Drug (IND) application planned for submission in the fourth quarter of 2025, supported by positive preclinical data showing reduced food intake and improved metabolic profiles in rodents - Viking announced a new, internally developed DACRA program for obesity in **2024**, targeting amylin and calcitonin receptors[13](index=13&type=chunk) - In vivo data presented at ADA **2024** showed Viking's DACRAs reduced food intake and improved metabolic profile in rodents[13](index=13&type=chunk) - Viking plans to file an IND application for the DACRA program in **Q4 2025**[14](index=14&type=chunk) [Upcoming Investor Events](index=3&type=section&id=Upcoming%20Investor%20Events) Viking management will participate in several investor conferences during July and September 2025, including BTIG Virtual Biotechnology, Cantor Global Healthcare, Morgan Stanley Global Healthcare, Bernstein's Healthcare Forum, and Stifel Virtual Cardiometabolic Forum - Viking management will participate in the following upcoming investor events: * BTIG Virtual Biotechnology Conference **2025** (July **29 – 30, 2025**) * Cantor Global Healthcare Conference (September **3 – 5, 2025**) * Morgan Stanley **23rd** Annual Global Healthcare Conference (September **8 - 10, 2025**) * Bernstein's **2nd** Annual Healthcare Forum (September **23 - 25, 2025**) * Stifel **2025** Virtual Cardiometabolic Forum (September **30, 2025**)[14](index=14&type=chunk)[15](index=15&type=chunk) [Financial Results](index=4&type=section&id=Financial%20Results) Viking Therapeutics reported increased net losses for Q2 and H1 2025, primarily driven by higher research and development and general and administrative expenses, while maintaining a strong cash position [Second Quarter ended June 30, 2025 and 2024](index=4&type=section&id=Second%20Quarter%20ended%20June%2030%2C%202025%20and%202024) For Q2 2025, Viking reported a net loss of $65.6 million ($0.58 per share), significantly higher than the $22.3 million net loss ($0.20 per share) in Q2 2024, primarily due to increased R&D and G&A expenses Second Quarter Financial Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (YoY) | | :-------------------------- | :--------------------- | :--------------------- | :----------- | | Research and development | $60,153 | $23,769 | +153.1% | | General and administrative | $14,421 | $10,285 | +40.2% | | Net loss | $(65,561) | $(22,250) | +194.6% | | Basic and diluted net loss per share | $(0.58) | $(0.20) | +190.0% | - Increase in R&D expenses primarily due to increased clinical studies, manufacturing, pre-clinical studies, stock-based compensation, and salaries and benefits[15](index=15&type=chunk) - Increase in G&A expenses primarily due to increased stock-based compensation and salaries and benefits, partially offset by decreased legal and patent services[16](index=16&type=chunk) [Six Months Ended June 30, 2025 and 2024](index=4&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) For the first six months of 2025, Viking reported a net loss of $111.2 million ($0.99 per share), an increase from $49.6 million ($0.46 per share) in the same period of 2024, driven by higher R&D and G&A expenses, partially offset by increased interest income Six Months Financial Performance (H1 2025 vs H1 2024) | Metric | H1 2025 (in thousands) | H1 2024 (in thousands) | Change (YoY) | | :-------------------------- | :--------------------- | :--------------------- | :----------- | | Research and development | $101,543 | $47,872 | +112.1% | | General and administrative | $28,500 | $20,255 | +40.7% | | Net loss | $(111,190) | $(49,606) | +124.1% | | Basic and diluted net loss per share | $(0.99) | $(0.46) | +115.2% | - Increase in R&D expenses primarily due to increased clinical studies, manufacturing, stock-based compensation, and salaries and benefits, partially offset by decreased pre-clinical studies[18](index=18&type=chunk) - Increase in G&A expenses primarily due to increased stock-based compensation, legal and patent services, and insurance, partially offset by decreased third-party consultants[19](index=19&type=chunk) [Balance Sheet as of June 30, 2025](index=5&type=section&id=Balance%20Sheet%20as%20of%20June%2030%2C%202025) As of June 30, 2025, Viking held $808 million in cash, cash equivalents, and short-term investments, a decrease from $903 million at December 31, 2024. Total assets decreased to $827.9 million, while total liabilities increased to $32.4 million Balance Sheet Highlights (June 30, 2025 vs December 31, 2024) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change | | :------------------------------------ | :----------------------------- | :----------------------------- | :----- | | Cash, cash equivalents and short-term investments | $807,724 | $902,612 | $(94,888) | | Total current assets | $827,017 | $907,216 | $(80,199) | | Total assets | $827,851 | $908,321 | $(80,470) | | Total current liabilities | $31,980 | $27,413 | +$4,567 | | Total liabilities | $32,390 | $28,043 | +$4,347 | | Total stockholders' equity | $795,461 | $880,278 | $(84,817) | [Additional Information](index=5&type=section&id=Additional%20Information) This section provides details on the upcoming Q2 2025 conference call, an overview of Viking Therapeutics' pipeline, forward-looking statement disclaimers, and condensed financial statements [Conference Call](index=5&type=section&id=Conference%20Call) Viking will host a conference call on July 23, 2025, at 4:30 p.m. ET to discuss Q2 2025 financial results, with replay and webcast options available - Conference call to discuss Q2 **2025** financial results scheduled for July **23, 2025**, at **4:30 p.m. ET**[1](index=1&type=chunk)[22](index=22&type=chunk) - Dial-in: **(844) 850-0543** (U.S.) or **(412) 317-5199** (International). Webcast available at **http://ir.vikingtherapeutics.com/webcasts**[22](index=22&type=chunk) [About Viking Therapeutics, Inc.](index=5&type=section&id=About%20Viking%20Therapeutics%2C%20Inc.) Viking Therapeutics is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders. Its pipeline includes VK2735 (dual GLP-1/GIP agonist for obesity, subcutaneous in Phase 3, oral in Phase 2), VK2809 (selective thyroid hormone receptor beta agonist for NASH/fibrosis and NAFLD/elevated LDL-C), DACRAs for obesity, and VK0214 (selective thyroid hormone receptor beta agonist for X-ALD) - Viking is a clinical-stage biopharmaceutical company developing novel therapies for metabolic and endocrine disorders[23](index=23&type=chunk) - Key pipeline assets include: * **VK2735:** Dual GLP-1/GIP agonist for obesity (subcutaneous in Phase 3, oral in Phase 2) * **VK2809:** Selective thyroid hormone receptor beta agonist for NASH/fibrosis (Phase 2b successful) and NAFLD/elevated LDL-C (Phase 2a successful) * **DACRAs:** Internally developed dual amylin and calcitonin receptor agonists for obesity * **VK0214:** Selective thyroid hormone receptor beta agonist for X-linked adrenoleukodystrophy (X-ALD) (Phase 1b promising)[23](index=23&type=chunk)[24](index=24&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements subject to risks and uncertainties, including those related to clinical trial success, costs, timing, regulatory requirements, and the replication of prior results. Actual results may differ materially - Press release contains forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of **1995**[26](index=26&type=chunk) - Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including risks associated with clinical trial success, cost, timing, regulatory requirements, and replication of prior results[26](index=26&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This table provides the unaudited condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025, and 2024, detailing revenues, operating expenses, other income/expense, net loss, and comprehensive loss Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands) | | | | Three Months Ended | | | | Six Months Ended | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | | | June 30, | | | | June 30, | | | | 2025 | | | 2024 | | 2025 | | 2024 | | Revenues | $ | — | $ | — | $ | — | $ | — | | Operating expenses: | | | | | | | | | | Research and development | | 60,153 | | 23,769 | | 101,543 | | 47,872 | | General and administrative | | 14,421 | | 10,285 | | 28,500 | | 20,255 | | Total operating expenses | | 74,574 | | 34,054 | | 130,043 | | 68,127 | | Loss from operations | | (74,574) | | (34,054) | | (130,043) | | (68,127) | | Other income (expense): | | | | | | | | | | Amortization of financing costs | | (24) | | (18) | | (48) | | (46) | | Interest income, net | | 9,033 | | 11,820 | | 18,897 | | 18,565 | | Realized gain on investments, net | | 4 | | 2 | | 4 | | 2 | | Total other income, net | | 9,013 | | 11,804 | | 18,853 | | 18,521 | | Net loss | | (65,561) | | (22,250) | | (111,190) | | (49,606) | | Other comprehensive loss, net of tax: | | | | | | | | | | Unrealized gain (loss) on securities | | 26 | | (699) | | 589 | | (1,824) | | Foreign currency translation gain (loss) | | 24 | | 26 | | 33 | | (59) | | Comprehensive loss | $ | (65,511) | $ | (22,923) | $ | (110,568) | $ | (51,489) | | Basic and diluted net loss per share | $ | (0.58) | $ | (0.20) | $ | (0.99) | $ | (0.46) | | Weighted-average shares used to compute basic | | | | | | | | | | and diluted net loss per share | | 112,134 | | 110,390 | | 112,102 | | 106,924 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This table presents the unaudited condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024, detailing assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheets (in thousands) | | June 30, | | | December 31, | | :--- | :--- | :--- | :--- | :--- | | | 2025 | | | 2024 | | | (Unaudited) | | | | | Assets | | | | | | Current assets: | | | | | | Cash and cash equivalents | $ | 33,880 | $ | 26,676 | | Short-term investments – available-for-sale | | 773,844 | | 875,936 | | Prepaid clinical trial and preclinical study costs | | 16,478 | | 3,476 | | Prepaid expenses and other current assets | | 2,815 | | 1,128 | | Total current assets | | 827,017 | | 907,216 | | Right-of-use assets | | 780 | | 1,003 | | Deferred financing costs | | 8 | | 56 | | Deposits | | 46 | | 46 | | Total assets | $ | 827,851 | $ | 908,321 | | Liabilities and stockholders' equity | | | | | | Current liabilities: | | | | | | Accounts payable | $ | 5,494 | $ | 9,813 | | Other accrued liabilities | | 26,018 | | 17,111 | | Lease liability, current | | 468 | | 489 | | Total current liabilities | | 31,980 | | 27,413 | | Lease liability, net of current portion | | 410 | | 630 | | Total long-term liabilities | | 410 | | 630 | | Total liabilities | | 32,390 | | 28,043 | | Commitments and contingencies | | | | | | Stockholders' equity: | | | | | | Preferred stock, $0.00001 par value: 10,000,000 shares authorized at June 30, 2025 | | | | | | and December 31, 2024; no shares issued and outstanding at June 30, 2025 and | | | | | | December 31, 2024 | | — | | — | | Common stock, $0.00001 par value: 300,000,000 shares authorized at June 30, 2025 | | | | | | and December 31, 2024; 112,329,709 shares issued and outstanding at June 30, 2025 | | | | | | and 111,573,519 shares issued and outstanding at December 31, 2024 | | 1 | | 1 | | Treasury stock at cost, no shares at June 30, 2025 and December 31, 2024 | | — | | — | | Additional paid-in capital | | 1,394,723 | | 1,368,972 | | Accumulated deficit | | (599,097) | | (487,907) | | Accumulated other comprehensive loss | | (166) | | (788) | | Total stockholders' equity | | 795,461 | | 880,278 | | Total liabilities and stockholders' equity | $ | 827,851 | $ | 908,321 | [Contacts](index=9&type=section&id=Contacts) Provides contact information for Viking Therapeutics' Chief Financial Officer, Greg Zante, and for investor and media relations through Vida Strategic Partners - Viking Therapeutics Contacts: * **Greg Zante**, Chief Financial Officer: **858-704-4672**, gzante@vikingtherapeutics.com * Vida Strategic Partners (Investors): **Stephanie Diaz**, **415-675-7401**, sdiaz@vidasp.com * Vida Strategic Partners (Media): **Tim Brons**, **415-675-7402**, tbrons@vidasp.com[31](index=31&type=chunk)

Core Insights - Viking Therapeutics reported significant clinical and financial developments in Q2 2025, including the initiation of the Phase 3 VANQUISH program for VK2735, aimed at treating obesity and type 2 diabetes [2][4] - The company ended the quarter with a strong cash position of $808 million, supporting ongoing clinical trials and development programs [5][16] Clinical Pipeline Updates - The VANQUISH Phase 3 program for VK2735 includes two studies targeting approximately 4,500 adults with obesity and 1,100 adults with type 2 diabetes, assessing the efficacy and safety of VK2735 administered weekly for 78 weeks [4][5] - The Phase 2 VENTURE-Oral Dosing study of VK2735's oral formulation completed enrollment with approximately 280 patients, with top-line results expected in the second half of 2025 [6][8] - VK2735 demonstrated statistically significant weight loss of up to 14.7% in previous trials, with a favorable safety profile [3][4] Financial Performance - Research and development expenses for Q2 2025 were $60.2 million, up from $23.8 million in Q2 2024, primarily due to increased clinical study costs [10][11] - General and administrative expenses rose to $14.4 million in Q2 2025 from $10.3 million in Q2 2024, driven by higher stock-based compensation [11] - The net loss for Q2 2025 was $65.6 million, compared to a net loss of $22.3 million in Q2 2024, reflecting increased operational costs [12] Balance Sheet Overview - As of June 30, 2025, Viking held cash, cash equivalents, and short-term investments totaling $808 million, a decrease from $903 million at the end of 2024 [16] - The total liabilities stood at $32.4 million, with stockholders' equity at $795.5 million [25]

Core Viewpoint - Investors are expected to focus on Viking Therapeutics' pipeline updates during the second-quarter 2025 results announcement on July 23, following a previous earnings miss of approximately 21% [1][6]. Company Overview - Viking Therapeutics currently has no marketed drugs, leading to an expected revenue of zero for the upcoming quarter. The Zacks Consensus Estimate predicts a loss of $0.44 per share [2][7]. Pipeline Developments - The company is advancing three key candidates: VK2735 for obesity, VK2809 for non-alcoholic steatohepatitis (NASH), and VK0214 for X-linked adrenoleukodystrophy (X-ALD) [2][5]. - The phase III VANQUISH program for VK2735 has commenced, focusing on a subcutaneous formulation for adult patients with or without type II diabetes (T2D) over 78 weeks. The program includes two studies: VANQUISH-1 targeting 4,500 participants and VANQUISH-2 targeting 1,100 participants [3][5]. - An oral formulation of VK2735 is being evaluated in a phase II VENTURE-Oral Dosing study, with data expected by the end of the year [4]. Clinical Development Updates - Investors are looking for updates on the dual amylin and calcitonin receptor agonist (DACRA) candidate, with plans to file an investigational new drug (IND) application for obesity by year-end [5]. - Updates on the NASH and X-ALD programs, including collaboration prospects, are also anticipated [5]. Earnings Performance - Viking's earnings history has been mixed, with two earnings beats and two misses over the last four quarters, resulting in a negative average surprise of 1.93%. The company's shares have decreased by 20% year-to-date, contrasting with a 2% decline in the industry [6][7].

Core Viewpoint - The biotechnology industry presents significant investment opportunities, particularly in pre-revenue companies with high price targets set by analysts, indicating potential for dramatic gains in a short time [1][4]. Group 1: Compass Pathways - Compass Pathways is developing a treatment for depression using synthetic psilocybin, with a current market cap of approximately $363 million, down from a peak of over $2 billion during the COVID-19 pandemic [5][10]. - Analysts have set a consensus price target of $15.78 for Compass Pathways, suggesting a potential gain of over 300% from current prices [5]. - The company reported positive results from the COMP005 trial for treatment-resistant depression (TRD), showing a 3.6-point improvement on the Montgomery-Asberg Depression Rating Scale (MADRS) compared to the placebo group [8][9]. - The upcoming COMP006 study will further evaluate the efficacy of COMP360, with expectations that stronger results could significantly increase the stock's value [10]. Group 2: Viking Therapeutics - Viking Therapeutics, another clinical-stage drugmaker, has seen its market cap drop to approximately $3.6 billion from a peak of over $9 billion, with analysts projecting a price target of $90.26, indicating a potential increase of 181% [12]. - The company's lead candidate, VK2735, has shown promising results in weight loss, achieving a placebo-adjusted weight loss of 13% after 13 weeks of treatment [13]. - Viking Therapeutics is positioned to compete with established products like Zepbound, which generated $9.3 billion in annualized sales in the first quarter of this year [14]. - The company is currently conducting a phase 3 study to support a new drug application, which carries risks if tolerability issues arise [15].

Core Viewpoint - Viking Therapeutics has experienced significant stock volatility, with shares down nearly 60% since October of last year and 68% from early 2024 highs, despite a promising drug pipeline [1][2][3] Company Overview - Viking Therapeutics is a pre-revenue biopharma company with a market cap of $3.5 billion, focusing on developing treatments for rare metabolic and endocrine disorders [3][4] - The company is currently testing four different drugs across five clinical trials, with its lead candidate VK2735, an injectable anti-obesity drug, in phase 3 testing [4][5] Market Dynamics - The stock's volatility is attributed to market reactions to the drug's development progress, with investors often overreacting to news, leading to sharp price fluctuations [7][8] - Historical patterns in biopharma stocks suggest that significant price drops can precede a recovery, especially when the underlying drug shows potential [2][14] Competitive Landscape - Viking's VK2735 competes with established obesity drugs from Novo Nordisk and Eli Lilly, but there is potential for market share due to consumer willingness to try alternatives [15][16] - The global weight-loss drug market is projected to grow from $15 billion to $150 billion by 2035, indicating substantial growth opportunities for Viking Therapeutics [16] Future Outlook - The stock is expected to rally within a two-year timeframe as meaningful updates on VK2735's phase 3 testing are anticipated [17] - Concerns regarding the cost of manufacturing VK2735 in both injectable and oral forms may be overstated, given the projected demand in the market [18]

Company Performance - Viking Therapeutics, Inc. (VKTX) experienced a daily increase of +1.39% to $32.07, outperforming the S&P 500's gain of 0.54% [1] - Prior to the latest trading session, the company's shares had risen by 20.36%, contrasting with the Medical sector's decline of 2.12% and the S&P 500's increase of 4.2% [1] Earnings Forecast - The upcoming earnings release is anticipated to show an EPS of -$0.44, reflecting a 120% decline compared to the same quarter last year [2] - For the full year, the Zacks Consensus Estimates predict an EPS of -$1.86 and revenue of $25 million, indicating changes of -84.16% and 0% respectively from the previous year [2] Analyst Estimates - Recent changes to analyst estimates for Viking Therapeutics should be monitored, as they often indicate short-term business trends [3] - Positive estimate revisions are viewed as a sign of optimism regarding the business outlook [3] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown a strong track record, with 1 stocks averaging an annual return of +25% since 1988 [5] - Currently, Viking Therapeutics holds a Zacks Rank of 3 (Hold), with no changes in the consensus EPS projection over the past 30 days [5] Industry Overview - The Medical - Biomedical and Genetics industry, which includes Viking Therapeutics, ranks in the top 34% of over 250 industries according to the Zacks Industry Rank [6] - The Zacks Industry Rank measures the strength of individual industry groups based on the average Zacks Rank of stocks within those groups [6]

Company Overview - Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel therapies for metabolic and endocrine disorders [3] - The company leverages its expertise in metabolism to create innovative therapeutics aimed at improving patients' lives [3] Clinical Programs - Viking's clinical programs include VK2735, a dual agonist of GLP-1 and GIP receptors, currently evaluated in a Phase 3 obesity program with two trials (VANQUISH-1 and VANQUISH-2) [3] - VK2735 has shown an encouraging safety and tolerability profile along with positive clinical benefits in Phase 1 and Phase 2 trials [3] - An oral formulation of VK2735 is also being evaluated in a Phase 2 trial for obesity [3] - VK2809, a small molecule selective thyroid hormone receptor beta agonist, has achieved primary and secondary endpoints in a Phase 2b study for NASH and fibrosis [3] - In a Phase 2a trial for NAFLD and elevated LDL-C, VK2809 demonstrated statistically significant reductions in LDL-C and liver fat compared to placebo [3] - The company is developing dual amylin and calcitonin receptor agonists (DACRAs) for obesity and metabolic disorders [3] - VK0214, another small molecule selective thyroid hormone receptor beta agonist, is in development for X-ALD and has shown safety and significant reductions in VLCFAs in a Phase 1b trial [3] Upcoming Events - Viking Therapeutics will release its financial results for Q2 2025 after market close on July 23, 2025 [1] - A conference call to discuss these results and corporate updates is scheduled for July 23, 2025, at 4:30 p.m. Eastern Time [2]

Industry Overview - The weight loss drug market is currently valued at $28 billion and is projected to reach nearly $100 billion by 2030, indicating significant growth potential for companies in this sector [2]. Company Analysis: Eli Lilly - Eli Lilly is a leader in the weight loss drug market, sharing its position with Novo Nordisk, and has generated billions in annual revenue from its two blockbuster drugs [5]. - The company's drugs, Mounjaro and Zepbound, utilize the same compound, tirzepatide, which stimulates hormonal pathways to control blood sugar and appetite, leading to high demand that has outstripped supply [6]. - Eli Lilly is also developing orforglipron, an oral weight loss candidate that has shown positive phase 3 trial results and could be the only oral drug in its class without strict dietary restrictions, with regulatory review expected by the end of the year [7][8]. Company Analysis: Viking Therapeutics - Viking Therapeutics is a biotech firm focused on metabolic conditions, making strides with its obesity drug candidate VK2735, which is currently in phase 3 trials for subcutaneous administration and phase 2 for oral form [9]. - The stock of Viking Therapeutics surged over 120% in a single trading session following positive phase 2 data, indicating strong investor interest in its program [10]. - Despite competition from established players like Eli Lilly, there is speculation about potential acquisition interest from larger pharmaceutical companies, given the high demand in the weight loss market [11]. Investment Considerations - Eli Lilly has a first-to-market advantage, is closer to launching an oral candidate, and is already generating significant revenue, making it a safer investment choice for cautious investors [12][14]. - Viking Therapeutics, while riskier due to its lack of current product revenue, could represent a higher growth potential if successful in clinical trials, with stock price being highly reactive to news [12][13].

VK2735 (GLP-1/GIP Dual Agonist) for Obesity - The VENTURE Phase 2 obesity study achieved its primary endpoint, demonstrating a significant reduction in body weight after 13 weeks of treatment[7, 43] - In the VENTURE study, patients receiving VK2735 experienced up to a 14.7% reduction in body weight from baseline after 13 weeks[44, 61] - Up to 88% of patients in the VENTURE study experienced ≥10% weight loss at the 15mg dose after 13 weeks[50, 51] - Oral VK2735 Phase 1 study showed a dose-dependent reduction in body weight, with a significant reduction of 5.3% versus placebo at the highest dose after 28 days[74, 97] - The company plans to initiate a Phase 2 trial for oral VK2735 in obesity in the second half of 2024[7, 98] VK2809 (Selective Thyroid Receptor-β Agonist) for NASH/MASH - The VOYAGE Phase 2b trial achieved its primary endpoint, demonstrating a robust reduction in liver fat[7, 125] - In the VOYAGE study, patients experienced up to a 55% median reduction in liver fat at 12 weeks[113, 114] - Up to 85% of VK2809 patients experienced a response, defined as a ≥30% decrease in liver fat at Week 12 in the VOYAGE study[116, 117] VK0214 (Selective Thyroid Receptor-β Agonist) for X-ALD - VK0214 Phase 1 study demonstrated LDL-C reductions, with data indicating approximately a 20% reduction from baseline[136, 137] - A Phase 1b study of VK0214 in patients with X-linked adrenoleukodystrophy is ongoing, with data expected in the second quarter of 2024[7] Financial Status - As of December 31, 2023, the company's cash and short-term investments totaled $362.079 million[141] - The company's cash burn year-to-date as of December 31, 2023, was $76.835 million[141] - A follow-on offering in the first quarter of 2024 yielded gross proceeds of $630 million[141]