CANADA - 2025/06/14: In this photo illustration, the Viking Therapeutics logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesViking Therapeutics (NASDAQ: VKTX) fell 42% on August 19, 2025, after Phase 2 results for its oral obesity pill VK2735 disappointed investors. The oral formulation led to up to 12.2% weight loss over three months, a weaker outcome versus late-stage treatments from Eli Lilly ...

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].

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]

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]

Group 1: CRISPR Therapeutics - CRISPR Therapeutics has developed Casgevy, the first gene-editing medicine approved using the CRISPR technique, but the stock has been on a downward trend since 2021 due to clinical progress, complexity of therapy administration, and unprofitability [3][4] - The company is targeting challenging areas such as type 1 diabetes and hard-to-treat cancers, with expected data readouts for ongoing clinical trials as early as this year, which could positively impact stock performance [5] - Casgevy has significant financial implications, with a treatment cost of $2.2 million in the U.S. and an estimated 60,000 patients in target geographies, indicating blockbuster potential [9] Group 2: Viking Therapeutics - Viking Therapeutics gained attention after strong phase 2 results for VK2735, an investigational weight management therapy, but has seen stock performance decline as investors took profits [10] - The anti-obesity therapy market is rapidly growing, and Viking's VK2735 has shown promising mid-stage data, with an oral formulation currently in Phase 2 studies [11] - Viking Therapeutics has a robust pipeline, including VK2809 for metabolic dysfunction-associated steatohepatitis entering phase 3 studies and VK0214 for X-linked adrenoleukodystrophy, which has received orphan drug designation [12][13]

Viking Therapeutics (VKTX) Conference Call Summary Company Overview - Viking Therapeutics is focused on developing novel therapeutics for metabolic and endocrine diseases, with a primary emphasis on metabolic disease programs, particularly the VK2735 program, a dual agonist of the GLP-1 and GIP receptors [3][40]. Key Programs and Developments - **VK2735 Program**: - Completed a Phase 2 study demonstrating significant weight loss at 13 weeks, with results showing a reduction in body weight from approximately 9% to 15% from baseline [14][15]. - Planning to move into Phase 3 trials later this month [3][25]. - An oral formulation of VK2735 is currently in Phase 2, having shown proof of concept in Phase 1 [4][40]. - An amylin agonist program is also in development, with an IND filing planned for later this year [4][40]. - **Phase 1 and Phase 2 Studies**: - Phase 1 studies indicated a dose-dependent weight loss of up to 8% after four doses, with good safety and tolerability profiles [12][24]. - The Phase 2 "Venture Study" targeted obese subjects, showing promising results in weight loss and a shift towards normal glycemic status in pre-diabetic patients [17][24]. Efficacy and Safety Data - VK2735 demonstrated a mean weight loss of 14.7% after 13 weeks of treatment, with over 90% of treatment-emergent adverse events classified as mild to moderate [24][25]. - GI tolerability was assessed, showing expected mild to moderate adverse events such as nausea and vomiting, primarily occurring early in the treatment [19][20][33]. Future Plans - Initiating two Phase 3 studies this month: one for patients with obesity and another for those with obesity and type 2 diabetes [25][26]. - A maintenance study is planned to evaluate the transition from weekly to monthly dosing regimens [27][42]. - Development of a tablet formulation is ongoing, with a Phase 2 study called "Venture Oral" initiated, which includes multiple dosing arms [35][36]. Supply Chain and Financials - Viking Therapeutics has secured a long-term supply agreement with Cordon Pharma, ensuring access to a multi-ton annual supply of active pharmaceutical ingredients (API) and additional manufacturing capabilities [38][39]. - The company ended the first quarter with $850 million in cash, which is expected to support the registration program and further development of the oral program [39]. Market and Partnership Considerations - The company is open to partnerships but is also prepared to advance its programs independently if necessary [55]. - There is a maintained high level of interest from larger pharmaceutical companies in the obesity market, which is considered the largest market in pharmaceutical history [56][57]. Conclusion - Viking Therapeutics is advancing its VK2735 program with promising efficacy and safety data, preparing for Phase 3 trials, and exploring oral formulations while maintaining a strong financial position and supply chain capabilities [40].

Core Viewpoint - Viking Therapeutics has experienced a significant decline in stock price in 2025, down 35% year to date, despite a strong performance in 2024 due to promising clinical progress [1][2][3] Group 1: Company Performance - The company's leading candidate, VK2735, an investigational GLP-1 weight loss therapy, showed excellent phase 2 results and is expected to advance to phase 3 studies soon [5] - Viking's market cap is approximately $3 billion, and it is considered one of the more promising bets in the weight loss therapy sector, despite competition from larger companies like Eli Lilly and Novo Nordisk [8][6] - The company is also developing VK2809 for metabolic dysfunction-associated steatohepatitis (MASH), which has also passed phase 2 studies, and VK0214 for X-linked adrenoleukodystrophy, which has completed phase 1 studies [9][10] Group 2: Financial Position - Viking Therapeutics ended the first quarter with $852 million in cash and equivalents, down from $903 million at the end of 2024, indicating a solid financial position to support ongoing studies [11] - The company is expected to access additional funding easily due to its clinical progress, which should mitigate any immediate funding concerns [11] Group 3: Market Context - The weight loss market is experiencing rapid growth, with sales of existing therapies increasing significantly, and analysts predict continued growth in this sector at least until the early 2030s [7] - Despite the influx of investigational weight loss therapies, most have shown modest results, making Viking's promising data stand out in the competitive landscape [8]

Core Viewpoint - The obesity drug market is highly lucrative, with Eli Lilly and Novo Nordisk generating billions in sales, prompting other companies like Pfizer to explore acquisition opportunities in this space [1][2]. Group 1: Pfizer's Position and Strategy - Pfizer recently discontinued its experimental obesity drug danuglipron due to safety concerns, putting it at a disadvantage in the obesity market [2]. - The company has nearly $20.5 billion in cash and short-term investments, with a revenue of $63.6 billion and a profit exceeding $8 billion in 2024, despite a significant debt load of around $64 billion [7][8]. Group 2: Potential Acquisition Targets - Altimmune is a promising target for Pfizer, with its experimental GLP-1/glucagon dual receptor agonist pemvidutide having completed successful phase 2 testing for obesity and plans for further studies in liver disorders and alcohol-related diseases [3][4]. - Viking Therapeutics is another potential acquisition candidate, expecting to begin phase 3 testing of its GLP-1/GIP receptor dual agonist VK2735 for obesity this year, alongside ongoing phase 2 studies for an oral formulation [5][6]. Group 3: Financial Feasibility of Acquisitions - Altimmune's market cap is below $400 million, making it a feasible acquisition for Pfizer without incurring additional debt [8]. - Viking Therapeutics has a market cap of nearly $3 billion, but Pfizer could still finance this acquisition comfortably with its cash reserves [9]. Group 4: Future Considerations - Pfizer may delay acquisition decisions until it assesses the clinical development of its other experimental obesity drug, PF-07976016, but must act quickly to avoid losing potential targets to competitors [10][11].

Group 1 - Viking Therapeutics is set to focus on key pipeline updates during its first-quarter earnings call, particularly on three clinical candidates: VK2735 for obesity, VK2809 for non-alcoholic steatohepatitis (NASH), and VK0214 for X-linked adrenoleukodystrophy (X-ALD) [1] - VK2735 is highlighted as a significant interest due to the growing trend in obesity treatments and the transformative effects of weight loss in the consumer health space [2] - The company has shown a classic reversal bottom in its stock price, indicating potential positive momentum, and is currently outperforming benchmarks on the Leadership indicator [3] Group 2 - The weekly chart analysis indicates that VKTX is in a distribution phase rather than a bear phase, with the 200-week moving average serving as a strong support area for the stock price [4] - The stock price is currently trading at levels similar to the end of 2023, with a notable peak at $100, suggesting potential for recovery [5] - A weekly close above $24.50 is seen as a positive indicator, with the potential for rewards exceeding risks by 4-5 times [5]