Viking Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

PR Newswire

SAN DIEGO, Oct. 22, 2025

Viking Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended				Nine Months Ended
	2025		2024		2025		2024
Revenues	$	—	$	—	$	—	$	—
Operating expenses:
Research and development		89,953		22,785		191,496		70,657
General and administrative		8,608		13,771		37,108		34,026
Total operating expenses		98,561		36,556		228,604		104,683
Loss from operations		(98,561)		(36,556)		(228,604)		(104,683)
Other income (expense):
Amortization of financing costs		(8)		(24)		(56)		(70)
Interest income, net		7,772		11,531		26,669		30,096
Realized gain on investments, net		10		109		14		111
Total other income, net		7,774		11,616		26,627		30,137
Net loss		(90,787)		(24,940)		(201,977)		(74,546)
Other comprehensive loss, net of tax:
Unrealized gain on securities		540		3,902		1,129		2,079
Foreign currency translation gain (loss)		—		2		33		(58)
Comprehensive loss	$	(90,247)	$	(21,036)	$	(200,815)	$	(72,525)
Basic and diluted net loss per share	$	(0.81)	$	(0.22)	$	(1.80)	$	(0.69)
and diluted net loss per share		112,320		110,911		112,217		108,262

Viking Therapeutics, Inc.
Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

	September 30,		December 31,
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	100,376	$	26,676
Short-term investments – available-for-sale		614,194		875,936
Prepaid clinical trial and preclinical study costs		21,891		3,476
Prepaid expenses and other current assets		2,242		1,128
Total current assets		738,703		907,216
Right-of-use assets		666		1,003
Deferred financing costs		—		56
Deposits		46		46
Total assets	$	739,415	$	908,321
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	4,413	$	9,813
Other accrued liabilities		21,217		17,111
Lease liability, current		437		489
Total current liabilities		26,067		27,413
Lease liability, net of current portion		318		630
Total long-term liabilities		318		630
Total liabilities		26,385		28,043
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par value: 10,000,000 shares authorized at September 30, 2025 and December 31, 2024; no shares issued and outstanding at September 30, 2025 and December 31, 2024		—		—
Common stock, $0.00001 par value: 300,000,000 shares authorized at September 30, 2025 and December 31, 2024; 112,446,961 shares issued and outstanding at September 30, 2025 and 111,573,519 shares issued and outstanding at December 31, 2024		1		1
Treasury stock at cost, no shares at September 30, 2025 and December 31, 2024		—		—
Additional paid-in capital		1,402,539		1,368,972
Accumulated deficit		(689,884)		(487,907)
Accumulated other comprehensive loss		374		(788)
Total stockholders' equity		713,030		880,278
Total liabilities and stockholders' equity	$	739,415	$	908,321

Conference call scheduled for 4:30 p.m. ET today

/PRNewswire/ -- Viking Therapeutics, Inc. (Viking) (Nasdaq: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced its financial results for the third quarter and nine months ended September 30, 2025, and provided an update on its clinical pipeline and other corporate developments.SAN DIEGOOct. 22, 2025

Highlights from the Quarter Ended September 30, 2025, and Other Recent Events:

"During the first three quarters of 2025, Viking made strong and steady progress with each of our active programs, with new data reported in the third quarter that further positions our lead obesity program as potentially best-in-class," stated Brian Lian, Ph.D., chief executive officer of Viking. "In the third quarter, we announced positive top-line results from the Phase 2 VENTURE-Oral Dosing study of VK2735, which successfully achieved its primary and secondary endpoints, with patients receiving VK2735 demonstrating statistically significant reductions in body weight of up to 12.2% from baseline. The study also evaluated a maintenance dosing cohort which demonstrated that the rapid weight loss achieved from brief exposures at high doses was not only maintained but further extended following down-titration to a lower daily dose. The impressive oral efficacy and low-dose maintenance data highlight VK2735's differentiated profile, offering additional dosing options to complement weekly subcutaneous dosing. In the second quarter, Viking initiated the Phase 3 VANQUISH registration program, including trials in patients with obesity and obesity with type 2 diabetes. Enrollment in these trials is proceeding well. We expect to complete enrollment in the VANQUISH-1 study later this quarter, with VANQUISH-2 to follow in the first quarter of 2026. The rapid pace of enrollment in these trials reflects the enthusiasm we've received from both patients and clinical investigators. Finally, we made good progress in the third quarter with our amylin agonist program and plan to file an IND in the first quarter of 2026. Importantly, our balance sheet remains strong, providing sufficient resources to enable the development of VK2735 through the VANQUISH Phase 3 clinical trials, and to continue development of additional clinical programs in our pipeline."

Pipeline and Recent Corporate Highlights

Third Quarter and Nine Month 2025 Financial Highlights

Third Quarter ended September 30, 2025 and 2024

Research and development expenses were $90.0 million for the three months ended September 30, 2025, compared to $22.8 million for the same period in 2024. The increase was primarily due to increased expenses related to clinical studies, manufacturing for the company's drug candidates, salaries and benefits and regulatory services, partially offset by a decrease in stock-based compensation.

General and administrative expenses were $8.6 million for the three months ended September 30, 2025, compared to $13.8 million for the same period in 2024. The decrease was primarily due to decreased expenses related to legal and patent services and stock-based compensation, partially offset by increased expenses related to salaries and benefits.

For the three months ended September 30, 2025, Viking reported a net loss of $90.8 million, or $0.81 per share, compared to a net loss of $24.9 million, or $0.22 per share, in the corresponding period in 2024. The increase in net loss for the three months ended September 30, 2025, was primarily due to the increase in research and development expenses, noted previously, compared to the same period in 2024.

Nine Months Ended September 30, 2025 and 2024

Research and development expenses were $191.5 million for the nine months ended September 30, 2025, compared to $70.7 million for the same period in 2024. The increase was primarily due to increased expenses related to clinical studies, manufacturing for the company's drug candidates, salaries and benefits, stock-based compensation and regulatory services, partially offset by decreased expenses related to pre-clinical studies.

General and administrative expenses were $37.1 million for the nine months ended September 30, 2025, compared to $34.0 million for the same period in 2024. The increase was primarily due to increased expenses related to stock-based compensation and insurance, partially offset by decreased expenses related to legal and patent services.

For the nine months ended September 30, 2025, Viking reported a net loss of $202.0 million, or $1.80 per share, compared to a net loss of $74.5 million, or $0.69 per share, in the corresponding period in 2024. The increase in net loss for the nine months ended September 30, 2025, was primarily due to the increase in research and development expenses and general and administrative expenses, noted previously, partially offset by increased interest income, compared to the same period in 2024.

Balance Sheet as of September 30, 2025

At September 30, 2025, Viking held cash, cash equivalents and short-term investments of $715 million, compared to $903 million as of December 31, 2024.

Conference Call

Management will host a conference call to discuss Viking's third quarter 2025 financial results today at 4:30 pm Eastern. To participate in the conference call, please dial (844) 850-0543 from the U.S. or (412) 317-5199 from outside the U.S. In addition, following the completion of the call, a telephone replay will be accessible until October 29, 2025, by dialing (877) 344-7529 from the U.S. or (412) 317-0088 from outside the U.S. and entering conference ID # 8625334. Those interested in listening to the conference call live via the internet may do so by visiting the Webcasts page of Viking's website athttp://ir.vikingtherapeutics.com/webcasts

About Viking Therapeutics, Inc.

Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of novel first-in-class or best-in-class therapies for the treatment of metabolic and endocrine disorders. Viking's research and development activities leverage its expertise in metabolism to develop innovative therapeutics designed to improve patients' lives. Viking's clinical programs include VK2735, a novel dual agonist of the glucagon-like peptide 1 (GLP-1

For more information about Viking Therapeutics, please visit www.vikingtherapeutics.com

Forward-Looking Statements

This press release contains forward-looking statements regarding Viking Therapeutics, Inc., under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its clinical and preclinical development programs, anticipated timing for reporting clinical data and cash resources. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: risks associated with the success, cost and timing of Viking's product candidate development activities and clinical trials, including those for VK2735, VK0214, VK2809, and the company's other incretin and other receptor agonists; risks that prior clinical and preclinical results may not be replicated; risks regarding regulatory requirements; and other risks that are described in Viking's most recent periodic reports filed with the Securities and Exchange Commission including Viking's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Reports on Form 10-Q, including the risk factors set forth in those filings. These forward-looking statements speak only as of the date hereof. Viking disclaims any obligation to update these forward-looking statements except as required by law.

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SOURCE Viking Therapeutics, Inc.

Phase 3 VANQUISH Trials for Subcutaneous VK2735 in Obesity Proceeding on Schedule
VK2735 Phase 1 Maintenance Dosing Study Underway
Additional Phase 2a VENTURE Study Data to be Presented at ObesityWeek in November
Strong Quarter-End Cash Position of $715 Million

The company expects to complete enrollment in the VANQUISH-1 study by the end of 2025, with completion of enrollment in VANQUISH-2 expected in 1Q26.Phase 3 VANQUISH Trials for Subcutaneous VK2735 in Obesity Proceeding on Schedule.

GLP-1
Viking plans to meet with regulatory authorities in the fourth quarter to discuss next steps with oral VK2735.Phase 2 VENTURE-Oral Dosing Study Achieves Primary and Secondary Endpoints Demonstrating Up to 12.2% (26.6 lbs.) Mean Weight Loss After 13 Weeks of VK2735 with Promising Safety and Tolerability.
This trial is underway and the company expects to report the results in the mid-2026 timeframe.Maintenance Dosing Study of VK2735 Underway.
Viking is developing a series of novel amylin receptor agonists and plans to file an investigational new drug (IND) application for this program in the first quarter of 2026.Dual Amylin and Calcitonin Receptor Agonist (DACRA) Program Continues to Advance; IND Planned in 1Q26.

GLP-1GLP-1GLP-1
Poster presentationUpcoming Scientific Conference Presentations.ObesityWeek; November 4-7, Atlanta, Georgia:

VANQUISH-1 Study Design: Phase 3 Trial of Subcutaneous VK2735 in Adults with Overweight or Obesity

Impact of Subcutaneous VK2735 on Weight, Prediabetes, and Cardiometabolic Status: The VENTURE Study

American Heart Association, Scientific Sessions 2025; November 7-10, New Orleans, Louisiana:

VANQUISH-2: Phase 3, Randomized, Double-blind, Placebo-controlled, Trial of weekly subcutaneous administration of VK2735 in Obese or Overweight Adults with Type 2 Diabetes

Prevalence of Cardiometabolic Conditions Across Body Mass Index Categories: The Distinct Burden of Severe (class III) Obesity
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