Viking Therapeutics Posts Wider-Than-Expected Loss in Q3, Sales Nil

Core Insights - Viking Therapeutics (VKTX) reported a Q3 2025 loss of $0.81 per share, which was wider than the Zacks Consensus Estimate of a loss of $0.70 per share, and a significant increase from a loss of $0.22 per share in the same quarter last year [1][6] Financial Performance - Research and development (R&D) expenses surged to $90 million in Q3 2025, compared to $22.8 million in the same period last year, primarily due to increased costs related to clinical studies and manufacturing for drug candidates, as well as higher employee-related expenses [2][6] - General and administrative expenses decreased to $8.6 million, down nearly 38% year over year, attributed to lower legal and patent service costs and reduced stock-related compensation expenses [3] - Year-to-date, VKTX shares have declined by 22%, while the industry has seen nearly 11% growth [3] Pipeline Developments - Viking Therapeutics is advancing VK2735, a dual GLP-1 and GIP receptor agonist, in clinical studies for obesity treatment, with both oral and subcutaneous formulations being evaluated [4][6] - The company initiated a late-stage program for the subcutaneous formulation of VK2735, consisting of two Phase III studies: VANQUISH-1 and VANQUISH-2, targeting completion of enrollment in VANQUISH-1 by year-end and VANQUISH-2 by Q1 2026 [7] - Recent results from a mid-stage study of the oral version of VK2735 showed that patients on the highest dose lost up to 12.2% of body weight after 13 weeks, although there were significant dropouts due to adverse effects [8] - A new maintenance dosing study for VK2735 has begun, exploring various regimens to sustain initial weight loss, with results expected in mid-2026 [9] - The company plans to file an investigational new drug (IND) application for an internally developed amylin agonist program in Q1 2026, delayed from the previous target of late 2025 [10] Cash Position - As of September 30, 2025, Viking Therapeutics had cash, cash equivalents, and short-term investments totaling $715 million, down from $808 million as of June 30, 2025 [5]