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    VKTX
    Earnings call· Mar 2026(Q1 FY26)

    Viking Therapeutics Q1 FY26 earnings call VKTX

    Apr 29, 2026 Source

    Executive summary

    Viking Therapeutics Q1 FY26 — Pipeline Advancements and Oral Program Expansion

    Viking Therapeutics reported significant progress in its obesity franchise during Q1 FY26, completing enrollment for both subcutaneous VK2735 Phase III trials and the maintenance dosing study. The company plans to initiate Phase III development for oral VK2735 in Q4 FY26, emphasizing optionality in treatment regimens. An IND was filed for the novel amylin receptor agonist VK3019, with Phase I initiation expected shortly, further diversifying the pipeline. The company also strengthened its commercialization strategy with a new Chief Commercial Officer and maintains a strong balance sheet to fund ongoing programs.

    Highlights

    4

    • Completed enrollment in the Phase III VANQUISH-2 trial for subcutaneous VK2735 in Q1 2026.

    • Completed enrollment in the VK2735 maintenance dosing study in Q1 2026, less than 3 months after initiation.

    • Successfully introduced an auto-injector device into both VANQUISH-1 and VANQUISH-2 studies in Q1 2026.

    • Oral VK2735 Phase II VENTURE-Oral study achieved up to 12.2% mean body weight reduction after 13 weeks, with 98% of drug-related adverse events being mild or moderate.

    Concerns

    3

    • Net loss increased to $158.3 million ($1.37 per share) for Q1 FY26, compared to $45.6 million ($0.41 per share) in Q1 FY25.

    • Research and development expenses significantly increased to $115.2 million for Q1 FY26, up from $41.4 million in Q1 FY25.

    • Cash, cash equivalents, and short-term investments decreased to $603 million as of March 31, 2026, from $706 million as of December 31, 2025.

    Guidance & targets

    4
    CategoryTargetConfidence
    Oral VK2735 Phase III Initiation
    Initiate Phase III clinical development
    high materiality
    High
    VK2735 Subcutaneous Maintenance Study Results
    Report results
    medium materiality
    High
    VK2735 Oral Maintenance Study Results
    Report results
    medium materiality
    High
    VK3019 Phase I Initiation
    Initiate Phase I clinical trial
    medium materiality
    High

    Operational metrics

    14
    Research and development expenses
    $115.2Mvs $41.4M in Q1 FY25
    Q1 FY26

    Increase primarily due to increased expenses related to clinical studies, manufacturing, consultants, salaries and benefits, and preclinical studies.

    General and administrative expenses
    $14Mvs $14.1M in Q1 FY25
    Q1 FY26

    Decrease primarily due to decreased expenses related to legal and patent services and stock-based compensation, partially offset by increased expenses related to consulting, salaries and benefits, and scientific and disease education.

    Net loss
    $158.3Mvs $45.6M in Q1 FY25
    Q1 FY26

    Increase primarily due to increased research and development expenses.

    Net loss per share
    $1.37vs $0.41 in Q1 FY25
    Q1 FY26

    Based on increased net loss.

    Cash, cash equivalents and short-term investments
    $603Mvs $706M as of Dec 31, 2025
    as of Mar 31, 2026

    Company remains funded into 2028 and through key catalysts.

    VK2735 subcutaneous Phase I weight loss
    up to ~8%from baseline
    after 4 weekly doses

    Achieved by subjects receiving VK2735, with no signs of plateau.

    VK2735 subcutaneous Phase II VENTURE weight loss
    up to 14.7%from baseline
    after 13 weekly doses

    Statistically significant reductions in mean body weight, with no signs of plateau.

    VK2735 oral Phase I weight loss
    up to 8.2%from baseline
    after 28 daily doses

    Demonstrated dose-dependent reductions in mean body weight.

    VK2735 oral Phase II VENTURE-Oral weight loss
    up to 12.2%from baseline
    after 13 weeks

    Statistically significant reductions in mean body weight with once daily doses.

    VK2735 oral Phase II VENTURE-Oral patients achieving >=10% weight loss
    Up to 80%vs 5% of placebo-treated subjects
    after 13 weeks

    Observed in VK2735 treatment groups.

    VK2735 oral Phase II VENTURE-Oral drug-related TEAEs
    98%
    through 13 weeks

    Vast majority of treatment-emergent adverse events were mild or moderate.

    VANQUISH-1 enrollment
    ~4,500
    by November 2025

    Enrollment completed approximately 5 months after trial initiation.

    VANQUISH-2 enrollment
    ~1,000
    Q1 FY26

    Enrollment completed in Q1 2026.

    VK2735 subcutaneous maintenance cohorts
    8expanded from 4
    ongoing study

    Expanded to provide a broad and robust data set for inclusion in VANQUISH extension studies.

    Industry KPIs

    3
    MetricValueDetails
    Pipeline read out calendarMultiple readouts and initiations
    Regulatory approvals filingsIND filed for VK3019
    Clinical trial efficacy safety dataUp to 14.7% weight loss (subcu), up to 12.2% weight loss (oral)%

    Risks & headwinds

    4
    Increased R&D expenses and net lossQ1 FY26

    R&D expenses increased to $115.2M in Q1 FY26 from $41.4M in Q1 FY25; Net loss increased to $158.3M in Q1 FY26 from $45.6M in Q1 FY25.

    Mitigation: Company expects R&D costs to taper down in H2 FY26 and maintains sufficient cash to fund operations into 2028.

    Higher-than-anticipated cash usageQ1 FY26

    Cash, cash equivalents and short-term investments decreased from $706M (Dec 31, 2025) to $603M (Mar 31, 2026).

    Mitigation: Management expects cash usage to be around Q1 levels in Q2, then taper down in H2, remaining on track with projections to fund into 2028.

    Lower efficacy in Type 2 Diabetes patientsLong-term (VANQUISH-2 trial results)

    Type 2 diabetic patients are generally more resistant to weight loss.

    Mitigation: Not explicitly stated, but acknowledged as a general trend in obesity studies.

    Scaling up manufacturing for oral VK2735Leading up to Q4 FY26 Phase III initiation

    Making 100 tablets is different than making 1 million tablets.

    Mitigation: Company is actively learning and optimizing engineering processes to ensure efficient and cost-effective methods for large-scale production.

    What to watch in Q2 FY26

    5

    VK3019 Phase I Initiation

    Q2 FY26
    CurrentIND filed in Q1 2026
    TargetInitiation of Phase I trial

    Why it matters

    Initiation of clinical development for a novel amylin receptor agonist, diversifying the pipeline and offering a potential new mechanism for obesity treatment.

    Pending clearance, we expect to initiate a Phase I clinical trial for VK3019 later this quarter.

    Q&A highlights

    5

    What are the doses and intervals for the new 8 subcu maintenance cohorts? And can you clarify R&D expenses, given the Q1 increase, and if they will come down next quarter?

    Brian Lian detailed the new subcu maintenance cohorts: 15mg monthly, 10mg monthly, 10mg every other week, and 5mg every other week, in addition to the prior 22.5mg monthly, 20mg monthly, 17.5mg monthly, and 7.5mg every other week. Greg Zante explained that Q1 R&D and cash usage were higher due to timing, expecting similar levels in Q2, then tapering in H2, with cash projected to last into 2028.

    “So we'll retain those first 4 cohorts that we had earlier, which were 22.5, 20 17.5 mg monthly as well as 7.5 mg every other week. But we've added 15 monthly, 10 monthly 10 every other week and 5 every other week. So we got a nice range of every other week and a broader range of monthly doses.”

    asked by Steven Seedhouse · answered by Brian Lian

    2 min read5 chapters

    Detailed Narrative

    01

    VK2735 Subcutaneous Program Progress

    Viking Therapeutics made significant strides in its subcutaneous VK2735 program, a dual GLP-1 and GIP receptor agonist. Enrollment for the Phase III VANQUISH-1 trial (obesity) was completed in Q4 2025, and the VANQUISH-2 trial (obesity and type 2 diabetes) completed enrollment in Q1 2026. Both studies are designed to assess efficacy and safety over 78 weeks. A key operational achievement was the successful introduction of an auto-injector device into both VANQUISH studies in Q1 2026, following a bioequivalence study in Q4 2025, aiming to provide a more convenient administration method for patients.

    02

    VK2735 Oral Program Advancement

    The company is advancing its oral VK2735 program into Phase III clinical development, with initiation planned for Q4 2026. This decision follows positive top-line results from the Phase II VENTURE-Oral dosing study, which demonstrated statistically significant weight reductions up to 12.2% after 13 weeks and a favorable tolerability profile. Management highlighted the importance of oral optionality for patients who prefer non-injectable therapies or for weight maintenance, noting the recent success of another oral peptide in expanding the obesity market.

    03

    Novel Maintenance Dosing Strategy

    Viking initiated a maintenance dosing study for VK2735 in Q4 2025, with enrollment completed in Q1 2026. This study explores various regimens (monthly, every other week, weekly) to support long-term weight management, leveraging VK2735's potency and PK profile. The subcutaneous cohorts were expanded from 4 to 8 to provide a robust dataset for inclusion in the upcoming 52-week VANQUISH extension studies. Results for the subcutaneous portion are expected in Q3 2026, with oral maintenance results anticipated in H1 2027.

    04

    Amylin Receptor Agonist (VK3019) Development

    Viking is progressing its earlier-stage pipeline with VK3019, a novel amylin receptor agonist. An Investigational New Drug (IND) application was filed in Q1 2026, and the company expects to initiate a Phase I clinical trial for VK3019 later in Q2 2026. Preclinical data suggest VK3019 could offer better efficacy than VK2735 and cagrilintide in weight loss, potentially targeting patients with lower BMI or those intolerant to GLP-1s. Initial studies will focus on single-agent safety and pharmacokinetics, with future consideration for combination therapy with VK2735.

    05

    Organizational Growth and Financial Position

    As VK2735 advances towards potential approval and commercialization, Viking is strategically expanding its organization, adding staff across scientific, operational, supply chain, manufacturing, and quality roles. Neil Aubuchon was appointed as the first Chief Commercial Officer in Q1 2026, bringing extensive cardiometabolic commercial experience. The company reported $603 million in cash, cash equivalents, and short-term investments as of March 31, 2026, which management believes is sufficient to fund operations through key milestones, including the completion of ongoing Phase III obesity trials and development of additional programs into 2028.

    AI-generated summary of the company’s earnings call. Not investment advice.