Viking Therapeutics (VKTX) Q3 2025 earnings summary

Executive summary

• Achieved positive top-line results from Phase 2 VENTURE-Oral Dosing Study for VK2735, meeting primary and secondary endpoints with significant weight loss and favorable safety profile; advanced VK2735 into Phase 3 trials for obesity and type 2 diabetes, with enrollment progressing ahead of schedule.

• Initiated a Phase 1 maintenance dosing study to explore monthly subcutaneous, daily oral, and weekly oral regimens for weight loss maintenance.

• Continued development of novel amylin receptor agonists, with IND filing expected in Q1 2026.

• VK2809 achieved positive 52-week histologic data in NASH/MASH, with significant improvements over placebo and is attracting renewed interest amid sector M&A activity.

• Entered multi-year manufacturing agreements to secure large-scale production capacity for VK2735.

Financial highlights

• Q3 2025 R&D expenses rose to $90M from $22.8M year-over-year, driven by clinical and manufacturing activities; R&D expenses for the nine months totaled $191.5M, up from $70.7M.

• Q3 2025 net loss was $90.8M ($0.81/share), up from $24.9M ($0.22/share) in Q3 2024; nine-month net loss was $202M ($1.80/share) vs. $74.5M ($0.69/share) in 2024.

• General and administrative expenses decreased 37.5% in Q3 2025 but increased 9.1% for the nine months, mainly due to stock-based compensation and insurance.

• Cash, cash equivalents, and short-term investments were $715M as of September 30, 2025, down from $903M at year-end 2024.

Outlook and guidance

• VANQUISH-1 enrollment expected to complete by year-end 2025; VANQUISH-2 in Q1 2026.

• Maintenance dosing Phase 1 study results anticipated mid-2026.

• End-of-Phase 2 FDA meeting for oral VK2735 planned for late 2025; potential transition to Phase 3 or Phase 2b pending agency feedback.

• Cash position expected to fund operations through at least December 31, 2026, supporting completion of planned Phase 3 trials and pipeline advancement.

• Expects continued increases in R&D expenses and ongoing losses, with additional capital needs anticipated.