Viking Therapeutics (VKTX) Q3 2026 earnings summary

Executive summary

• VK2735 advanced across four Phase 3 obesity studies: subcutaneous VANQUISH trials were fully enrolled, and oral SUNRISE trials began; Part 1 maintenance results were positive and Part 2 started.

• Cash, cash equivalents and short-term investments totaled $960M at September 30, 2026, following September public offerings; available funds were expected to support operations through at least December 31, 2027.

Financial highlights

• Q3 2026 R&D expense was $166.8M vs. $90.0M YoY; G&A was $20.3M vs. $8.6M.

• Q3 net loss was $183.2M, or $1.55/share, vs. $90.8M, or $0.81/share; operating loss was $187.1M vs. $98.6M.

• 9M 2026 R&D expense was $432.7M vs. $191.5M; G&A was $51.1M vs. $37.1M YoY.

• 9M net loss was $469.5M, or $4.03/share, vs. $202.0M, or $1.80/share; 9M operating cash use was $377.3M.

• No revenue was generated; higher clinical, manufacturing, compensation, legal and consulting costs contributed to increased expenses.

Outlook and guidance

• VANQUISH extension periods are expected to begin in early 2027; top-line results were expected in H2 2027 per Q&A.

• SUNRISE studies evaluate once-daily oral VK2735 for 68 weeks, targeting 560 participants each; dose arms are 27.5, 35 and 55 mg, with enrollment underway.

• VK3019 single-ascending-dose study was expected to complete in Q4 2026, followed by a four-week multiple-ascending-dose study planned for Q1 2027.

• Part 2 maintenance results are expected in 2027; the study tests daily oral and less-frequent subcutaneous dosing after weekly induction.

• Losses and R&D and G&A expenses are expected to increase as programs and infrastructure advance; average cash use was expected at ~$100M per quarter, with variation.