Viking Therapeutics (VKTX) Q1 2026 earnings summary

Executive summary

• Phase 3 VANQUISH-1 and VANQUISH-2 trials for subcutaneous VK2735 in obesity are fully enrolled, with over 4,500 and 1,000 patients respectively, and are progressing on track.

• Lead compound VK2735 advancing in both injectable and oral forms through phase III clinical trials for obesity and type 2 diabetes, with a novel amylin receptor agonist VK3019 entering clinical development.

• Maintenance dosing study for VK2735 is ongoing and fully enrolled, with data expected in Q3 2026.

• Appointment of first Chief Commercial Officer to support commercialization strategy as organization scales for potential product launches.

• No revenue generated; operations funded by cash, investments, and equity offerings.

Financial highlights

• Research and development expenses rose to $150.2 million for Q1 2026 from $41.4 million in Q1 2025, mainly due to increased clinical and manufacturing activities.

• General and administrative expenses were $14.0 million, slightly down from $14.1 million year-over-year.

• Net loss increased to $158.3 million ($1.37 per share) from $45.6 million ($0.41 per share) in Q1 2025, driven by higher R&D spending.

• Cash, cash equivalents, and short-term investments totaled $603 million as of March 31, 2026, down from $706 million at year-end 2025.

• Interest income declined to $5.8 million from $9.8 million due to lower average cash balances.

Outlook and guidance

• Cash runway expected to extend into 2028, supporting completion of ongoing phase III trials and advancement of pipeline programs.

• Phase 3 oral VK2735 trial for obesity to start in Q4 2026, slightly later than previously anticipated due to manufacturing scale-up.

• Maintenance dosing study results for subcutaneous VK2735 expected in Q3 2026, with oral maintenance data in H1 2027.

• Phase 1 trial for VK3019 planned for Q2 2026.

• Anticipates continued operating losses as R&D and clinical trial activities expand.