Ask if SURMOUNT-MAINTAIN is a good benchmark for comparing weight rebound in the maintenance study, given different dose intervals and induction periods.

Brian Lian noted it's hard to compare due to different maintenance windows and study designs. The goal is to identify 2-4 cohorts for further evaluation in VANQUISH extension studies, aiming to retain 75-80% of initial weight loss for cardiometabolic benefits. “It's a good question because it's hard to compare since that maintenance window is so much longer than our 12-week window. I think coming out of the study, we want to identify call it, 2 to 4 cohorts that merit further evaluation in the VANQUISH extension studies.”

Inquire about undecided trial design protocols for the oral Phase III and what other functions/infrastructure Viking needs to build out.

Brian Lian stated oral Phase III designs are largely set, focusing on manufacturing readiness. It will be two studies, smaller and shorter than VANQUISH, with standard 4-week titration. For hiring, they've added Chief Medical Officer, payer/reimbursement expertise, and grown clinical operations, regulatory affairs, data management, and quality. “It will be 2 studies smaller and shorter in duration than the VANQUISH study. It's quite a bit smaller, so the expense will be quite a bit lower as a result.”

Express surprise about lack of safety concern at higher maintenance doses and ask about the go/no-go threshold for VK3019 (DACRA) differentiation.

Brian Lian clarified that the concern is GI tolerability, not safety, and that GI side effects typically occur early in treatment. For VK3019, it's too early for a go/no-go decision based on SAD data; MAD portion of Phase I will provide more clarity, likely in 2027. “I don't think we -- first of all, we got really good margins there for safety. But for tolerability, I think what we've seen just across the space with the peptide therapeutics is when you experience the GI-related side effects, it's typically in your first few weeks of experience with them.”

VKTX

Viking Therapeutics (VKTX) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Jul 29, 2026

Source: earnings call transcript

Executive summary

Viking Therapeutics Q2 FY26 — Pipeline Advancement and Organizational Growth

Viking Therapeutics advanced its obesity pipeline in Q2 FY26, with its lead compound VK2735 progressing in both subcutaneous and oral Phase III programs, and a novel dual amylin/calcitonin receptor agonist, VK3019, entering Phase I. The company is also exploring maintenance dosing strategies for VK2735 and has strengthened its leadership team, while maintaining a strong cash position to fund ongoing and future initiatives.

Highlights

VK2735 subcutaneous Phase III VANQUISH program (VANQUISH-1 and VANQUISH-2) continued on track with both trials fully enrolled, including ~4,500 patients in VANQUISH-1 and ~1,000 patients in VANQUISH-2.
Oral tablet formulation of VK2735 is preparing for Phase III initiation in Q4 2026, positioning it as a potential first oral dual GLP-1/GIP agonist to market.
Initiated a Phase I single ascending dose trial for VK3019, a novel dual amylin and calcitonin receptor agonist, expanding the obesity pipeline.
Cash, cash equivalents, and short-term investments totaled $502 million at June 30, 2026, providing runway into 2028.
Strengthened internal infrastructure with key executive hires, including a Chief Medical Officer and a new Board Director.

Concerns

Net loss increased to $128.1 million ($1.10 per share) for Q2 FY26, up from $65.6 million ($0.58 per share) in Q2 FY25, primarily due to increased R&D expenses.
Cash, cash equivalents, and short-term investments decreased to $502 million at June 30, 2026, from $706 million at December 31, 2025, reflecting significant R&D spend.

Guidance & targets

Category	Target	Timeline	Confidence
Oral VK2735 Phase III program initiation	Initiation of two studies high materiality	Q4 · FY26	High
VK2735 maintenance study results	Report results medium materiality	Q3 · FY26	High
VANQUISH extension studies initiation	Initiation of studies medium materiality	Late 2026 or early 2027	Medium
Oral maintenance study completion	Completion of study medium materiality	H1 2027 · FY27	High
Cash runway	Into 2028 high materiality	FY28	High

Risks & headwinds

Increased operating expenses Q2 FY26

Net loss of $128.1 million in Q2 FY26 (vs $65.6 million in Q2 FY25); R&D expenses of $115.8 million in Q2 FY26 (vs $60.2 million in Q2 FY25); G&A expenses of $16.9 million in Q2 FY26 (vs $14.4 million in Q2 FY25)

Mitigation:Management expects cash usage to taper from here, with cash runway into 2028.

GI tolerability during initial titration Initial treatment window

Discussed as a potential issue during the first few weeks of experience with peptide therapeutics.

Mitigation:Management believes that once through the initial titration, tolerability is well accommodated. VANQUISH studies will use longer titration blocks (2-4 weeks) compared to compressed blocks in the maintenance study.

Uncontrolled compounding/off-label GLP-1 use in placebo arms Ongoing clinical trials

Potential for confounding in clinical trials if patients in placebo arms use compounded GLP-1s.

Mitigation:GLP-1 use is an exclusion criterion in Viking's studies, and management has not heard or seen this as an issue in their trials to date.

What to watch in Q3 FY26

VK2735 maintenance study results

Later this quarter (Q3 FY26)

Current Nearing completion

Target Announcement of results

Why it matters

Will inform selection of doses for VANQUISH extension studies and provide insights into long-term weight management strategies.

This trial is nearing completion, and we expect to announce the results later this quarter.

Find out whether VKTX delivers this. Inve re-checks your case every morning.

Q&A highlights

Inquire about the titration schema in the maintenance study, its impact on GI AEs, and whether data cadence (especially for initial weeks) will be broken out.

Brian Lian stated that the titration blocks were compressed in the initial 21-week period to reach the maintenance phase faster, and GI AE rates were not the primary focus for that phase, as VANQUISH uses longer titration blocks. He hopes to provide data cadence if available at top-line release.

“We weren't really too concerned about the adverse event rates since that wasn't really the goal of the study, knowing that in the VANQUISH studies, we'll be using 2 to 4-week blocks, 2 weeks at the 1.25 milligram and 4 weeks every step after that.”

asked by Steven Seedhouse · answered by Brian Lian

2 min read 6 chapters

Detailed narrative

VK2735 Subcutaneous Program Progress

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.

Oral VK2735 Advancement

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.

Novel Maintenance Dosing Study for VK2735

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.

VK3019 Enters Clinical Development

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.

Organizational and Financial Strength

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.

Commitment to Personalized Obesity Treatment

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.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.