It’s been three months since my initial analysis on Viking Therapeutics, Inc. ( VKTX ), which coincided with the stock’s unprecedented one-day drop of over 40% — from around $42 to the mid-$20s. That sharp selloff was drivenI’ve managed my investments since 1999, gaining perspective across multiple market cycles. With a background in Economics and ongoing CFA certification, my focus is on uncovering mispriced assets that the market has overlooked. I conduct my analyses in a way that allows me to use them my ...

Corporate Presentation November 2025 Forward-Looking Statements This presentation contains statements about our future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks relating to: both our and our collaborators' ability to successf ...

Company Overview - Viking Therapeutics is a San Diego-based company focused on metabolic and endocrine disorders with approximately 55 employees [3]. Clinical Programs - The company is developing VK2735, a GLP-1/GIP dual agonist for obesity, which is currently in a Phase III program known as the VANQUISH program [3]. - An oral formulation of VK2735 has recently completed a Phase II study, with data to be discussed in the presentation [3]. - An amylin agonist is approaching the clinic, with an IND filing expected in the first quarter [4]. - Additional programs include VK2809, which has completed a Phase IIb study in MASH, and VK0214, which has gone through a Phase Ib study in X-linked adrenoleukodystrophy; however, these programs are not actively being developed [4].

Viking Therapeutics Conference Call Summary Company Overview - **Company**: Viking Therapeutics (NasdaqCM: VKTX) - **Focus**: Metabolic and endocrine disorders - **Location**: San Diego, California - **Employees**: Approximately 55 Key Programs and Developments - **VK2735**: A GLP-1 GIP dual agonist for obesity - Currently in Phase III program called the VANQUISH program [4][35] - Oral formulation recently completed Phase II study [4][35] - **Amylin Agonist**: Expected to file an IND in the first quarter of 2026 [5][36] - **VK2809**: A thyroid receptor beta agonist that has completed a Phase IIb study in NASH [5] - **VK0214**: Another thyroid receptor beta agonist that has completed a Phase Ib study in X-linked adrenoleukodystrophy [5] Clinical Data and Efficacy - **VK2735 Oral Formulation**: - Phase II study showed up to 12.2% body weight reduction after 13 weeks of dosing [20][29] - Weight loss maintained for four weeks after the last dose [10][20] - Excellent tolerability with most adverse events classified as mild to moderate [21][29] - **VK2735 SubQ Formulation**: - Phase II study showed weight loss of 9% to 15% from baseline after 13 weeks [25][30] - Durable weight loss observed 21 days after the last dose [23][30] - Excellent tolerability with 98% of adverse events classified as mild to moderate [24][30] Pipeline and Future Studies - **VANQUISH Phase III Studies**: - VANQUISH I: Completed enrollment, focusing on obesity [30][35] - VANQUISH II: Expected to complete enrollment in the first quarter of next year [30][35] - **Maintenance Study**: Ongoing with a focus on transitioning from weekly to monthly dosing [33][34] Financial Overview - **Cash Position**: Over $700 million as of the third quarter, expected to fund through the VANQUISH Phase III data readouts [34][35] Additional Insights - The company is prioritizing mid-range doses for the oral formulation based on pharmacokinetics and gastrointestinal tolerability [37] - The potential for transitioning from SubQ to oral dosing to maintain weight loss is being explored [37] This summary encapsulates the key points from the Viking Therapeutics conference call, highlighting the company's focus on metabolic disorders, clinical program advancements, and financial health.

Core Insights - Viking Therapeutics has completed patient enrollment ahead of schedule for its Phase 3 VANQUISH-1 clinical trial of VK2735, indicating strong interest in new obesity treatments [1][3] - The trial enrolled approximately 4,650 adults with obesity or overweight conditions, assessing the efficacy and safety of VK2735 over 78 weeks [2] - Positive results from the Phase 2 VENTURE study of VK2735 showed significant weight reduction and favorable safety profiles [4] Company Overview - Viking Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel therapies for metabolic and endocrine disorders, with VK2735 being a dual agonist of GLP-1 and GIP receptors [1][6] - The company is also developing VK2809 for lipid and metabolic disorders and VK0214 for X-linked adrenoleukodystrophy [7] Clinical Trials - The Phase 3 VANQUISH-1 study is a randomized, double-blind, placebo-controlled trial with four treatment arms, focusing on weight change from baseline as the primary endpoint [2] - A 52-week extension period is included for participants to continue treatment after the primary dosing period [2] - Concurrently, the Phase 3 VANQUISH-2 study is enrolling patients with type 2 diabetes and obesity, expected to complete enrollment in Q1 2026 [3] Mechanism of Action - VK2735 acts on GLP-1 and GIP receptors, which are known to decrease glucose levels, reduce appetite, and improve insulin sensitivity [5] - The dual agonist approach aims to enhance therapeutic benefits compared to existing treatments [5]

Key Points Exited entire position: down 189,593 shares, a net position change of $5.02 million No remaining shares held; post-trade stake is zero The position previously accounted for approximately 1.9% of the fund’s AUM in the prior quarter These 10 stocks could mint the next wave of millionaires › On November 14, 2025, 5AM Venture Management, LLC, disclosed that it sold out its Viking Therapeutics stake, a move representing an estimated $5.02 million net position change. What happened Accordi ...

Core Insights - Duquesne Family Office, led by Stanley Druckenmiller, filed its third-quarter 13F, showcasing a dynamic and actively managed portfolio that emphasizes agile asset allocation [1][2] - The filing reflects Druckenmiller's ongoing pursuit of growth and value, with a notable increase in new positions while exiting others, consistent with the firm's nimble investment strategy [2] Holdings Summary - New significant positions include Amazon.com Inc. (437,070 shares), Cleveland-Cliffs Inc. (2,715,035 shares), Alphabet, Inc. (102,200 shares), Meta Platforms Inc. (76,100 shares), and StubHub Holdings, Inc. (4,259,516 shares) [5] - The firm closed several positions, including Microsoft Corp. (sold 200,930 shares), Eli Lilly & Co (sold 100,675 shares), Viking Therapeutics Inc. (sold 549,295 shares), Applovin Corp. (sold 76,100 shares), and Joby Aviation Inc. (sold 31,489 shares) [5] - As of September 30, 2025, the firm's top five holdings were Natera Inc. (13%), Insmed Inc. (8.6%), Teva Pharmaceutical Industries Ltd. (8.3%), Taiwan Semiconductor Manufacturing Company Ltd. (5.3%), and Woodward Inc. (3.9%) [5] Investment Strategy - Duquesne's aggressive repositioning in the third quarter reinforces its reputation for nimble action and readiness to capture growth opportunities, particularly in the healthcare and technology sectors [2]

Market Overview - Major U.S. indices closed mixed, with the Dow Jones Industrial Average up 1.2% to 47,927.96 and the S&P 500 up 0.2% to 6,846.61, while the Nasdaq fell 0.25% to 23,468.30 [1] Advanced Micro Devices Inc. (AMD) - AMD shares closed down 2.65% at $237.52, with an intraday high of $248.46 and a low of $234.64; however, the stock rose nearly 4.8% to $248.87 in after-hours trading [1][2] - AMD set ambitious growth targets during its analyst day, anticipating a revenue compound annual growth rate exceeding 35% over the next three to five years, driven by its expanding portfolio in high-performance and AI compute [2] Oklo Inc. (OKLO) - Oklo's stock fell 6.50% to close at $104.22, with a high of $111 and a low of $103.64; it rose nearly 1.8% to $106.09 in extended trading [3][4] - The company reported a wider-than-expected loss for Q3, with a loss of $0.20 per share, missing analyst expectations of a 12-cent loss, primarily due to payroll and stock-based compensation expenses [3] - The Department of Energy approved the Nuclear Safety Design Agreement for Oklo's Aurora Fuel Fabrication Facility, which will supply fuel for its first commercial-scale reactor [4] AppLovin Corp. (APP) - AppLovin shares declined 8.66% to finish at $594.91, attributed to a broader market pause in the high-growth tech sector rather than company-specific news [5] Viking Therapeutics Inc. (VKTX) - Viking Therapeutics saw a 7.49% increase, closing at $40.60, with a high of $40.69 and a low of $37.06; it rose 4.1% to $42.28 in after-hours trading [6] - Stanley Druckenmiller's family office purchased about 549,000 shares at $25.33 in Q2, with renewed investor optimism around the company's weight-loss drug pipeline [7] Novo Nordisk A/S (NVO) - Novo Nordisk shares rose 6.99% to $49.15, with an intraday high of $49.42 and a low of $47.05; the stock rose 1.3% to $49.79 in after-hours trading [8] - Despite losing a bidding war for Metsera Inc. to Pfizer, Novo Nordisk's stock gained as the company cut the price of its Wegovy drug in India to capture market share in the obesity treatment market [8]

Core Insights - The article emphasizes the potential of investing in smaller, lesser-known biotech companies alongside established market leaders, highlighting Viking Therapeutics and Axsome Therapeutics as promising candidates for growth in the biotech sector [1][2]. Viking Therapeutics - The weight loss market is projected to grow from $15 billion last year to $150 billion by 2035, driven by breakthroughs and increasing demand for obesity-related treatments [3]. - Viking Therapeutics is developing VK2735, a dual GLP-1/GIP agonist, currently in phase 3 trials for subcutaneous use, with promising efficacy observed in mid-stage trials for an oral formulation [4]. - The company is also working on another weight-loss candidate in preclinical studies and plans to initiate human clinical trials next year, alongside VK2809, which has completed phase 2 studies for metabolic dysfunction-associated steatohepatitis [7]. Axsome Therapeutics - Axsome Therapeutics has achieved significant clinical and regulatory advancements, with third-quarter revenue reaching $171 million, a 63% year-over-year increase, primarily due to its depression medication, Auvelity [9]. - Auvelity, launched in 2022, is expected to achieve blockbuster status in treating depression and is awaiting approval for use in Alzheimer's disease agitation, with potential peak sales estimated between $1.5 billion to $3 billion [10][11]. - The company has a robust pipeline with other approved products and ongoing late-stage trials, including AXS-12 for narcolepsy and AXS-14 for fibromyalgia, which are expected to enhance financial performance [12][13].

Core Insights - Viking Therapeutics has seen a recovery in stock price following the release of positive phase 2 clinical trial results for its lead drug candidate VK2735, an oral weight loss formulation [1][2] Company Overview - VK2735 is a GLP-1 and GIP agonist weight loss drug being tested in both subcutaneous and oral formulations, with the subcutaneous version currently in phase 3 trials for obesity and type 2 diabetes, expected to yield results in 2027 [2] - The company has a market capitalization of $4 billion, with a current stock price of $36.76, and a 52-week price range of $18.92 to $68.87 [3] Clinical Trial Insights - The oral formulation of VK2735 has shown excellent efficacy, safety, and tolerability in phase 1 trials, and phase 2 results also demonstrated efficacy [4] - Despite a 20% discontinuation rate in the oral VK2735 group during phase 2 trials, the placebo group had a 13% discontinuation rate, indicating potential challenges with the trial cohort [5] Future Prospects - Management has initiated a phase 1 trial to explore the use of VK2735 (oral) as a maintenance dose in combination with VK2735 (subcutaneous), with results expected in 2026, indicating ongoing development and potential commercialization of the oral formulation [6]