Viking Therapeutics Advances Obesity Pipeline With VK2735 Phase 3 Trials

Viking Therapeutics has completed enrollment in its Phase 3 VANQUISH-1 trial of injectable VK2735 for obesity and plans to advance its oral VK2735 obesity candidate into Phase 3 trials. The company also intends to file an IND for a new amylin agonist program targeting obesity.

Phase 2 oral data for VK2735 showed up to 14.7% weight loss in 13 weeks. The company is advancing two pivotal Phase 3 trials, with both injectable and oral versions of VK2735 now moving through late stage development.

The stock trades at $29.0, with a return of 162.9% over three years and 316.7% over five years, while the one year return is roughly flat. Recent pullbacks include a 14.5% decline over 30 days and an 18.1% decline year to date.

Viking reported a full year net loss of $359.64 million for 2025 with a basic loss per share of $3.19. The company currently makes less than $1 million in revenue. The company holds $706 million in cash and has a market capitalization of $3.5 billion.

The company reported essentially no share repurchases under its buyback program. Management has made a recent commercial leadership appointment and maintains a flexible go-to-market strategy that could include independent commercialization or partnership.

Projections indicate Viking could exceed $1.4 billion in revenue by 2030. The combination of an injectable and oral VK2735 plus a planned amylin agonist IND points to a broader treatment suite addressing different patient preferences and treatment durations in a market where Eli Lilly and Novo Nordisk currently dominate obesity care.