Viking Therapeutics Q2 FY26 earnings call VKTX

The VANQUISH Phase III program for VK2735, a dual GLP-1 and GIP receptor agonist, continued on track during Q2 FY26. This program includes two fully enrolled studies: VANQUISH-1, evaluating adults with obesity (approximately 4,500 patients enrolled by November 2025), and VANQUISH-2, evaluating adults with obesity and type 2 diabetes (approximately 1,000 patients enrolled in Q1 FY26). Both studies are randomized, double-blind, placebo-controlled, multicenter trials assessing efficacy and safety over 78 weeks, with the primary endpoint being the percent change in body weight from baseline.

Following positive Phase II VENTURE oral dosing study results, which demonstrated statistically significant reductions in mean body weight up to 12.2% after 13 weeks and an encouraging tolerability profile, Viking is preparing to initiate Phase III trials for oral VK2735 in Q4 2026. These two studies will generally mirror the subcutaneous VANQUISH program. The company believes this advancement positions oral VK2735 to potentially become the first oral dual GLP-1/GIP agonist to reach the market, offering a significant competitive advantage.

Viking is conducting a range-finding study to explore various maintenance dosing regimens for VK2735, including weekly, monthly, and every-other-week schedules. This study aims to identify suitable doses for long-term weight management, leveraging VK2735's unique pharmacokinetic profile. The trial is nearing completion, with results expected later this quarter, and these findings are intended to inform the dose selection for the upcoming VANQUISH extension studies, expected to begin in late 2026 or early 2027.

During Q2 FY26, Viking expanded its clinical-stage obesity portfolio with the initiation of a Phase I single ascending dose trial for VK3019. This investigational dual amylin and calcitonin receptor agonist showed impressive preclinical effects on body weight, food intake, and metabolism in various animal models. The Phase I trial will evaluate the safety, tolerability, and pharmacokinetics of single subcutaneous doses in healthy adults with a BMI of 27 or more, representing an important expansion of the company's obesity franchise.

Viking continued to build its internal infrastructure in preparation for potential product approvals and commercialization. Key executive appointments included Neil Aubuchon as Chief Commercial Officer and Hubert Chen as Chief Medical Officer, along with Dorothy Gemmell joining the Board of Directors. Financially, the company reported over $500 million in cash, cash equivalents, and short-term investments at June 30, 2026, which is expected to fund operations into 2028, supporting ongoing Phase III trials and additional programs.

Viking emphasized its mission to address obesity as a chronic disease requiring personalized, long-term treatment. The company is committed to delivering a diverse pipeline of therapeutic options, including subcutaneous and oral formulations of VK2735, varied maintenance dosing frequencies, and novel mechanisms like VK3019. This approach aims to provide patients with choices that support individualized weight loss journeys, improve adherence, and ultimately enhance long-term health outcomes.