Viking Therapeutics (VKTX) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Pipeline overview and clinical progress

• Focus on metabolic and endocrine disorders, with lead programs in obesity (GLP-1/GIP dual agonist, SubQ and oral), MASH (thyroid receptor agonist), and X-linked adrenoleukodystrophy (X-ALD).

• SubQ obesity program (VK2735) showed up to 14% weight loss at top dose in phase II; phase III planned for early next year.

• Oral obesity formulation demonstrated 5.3% weight loss at 40mg in 28 days; higher dose cohorts ongoing, with data expected at ObesityWeek.

• MASH program completed successful phase IIb; end-of-phase II meeting with FDA planned to discuss registration trial design.

• X-ALD program in phase I, targeting adrenomyeloneuropathy subset; data expected by year-end.

Regulatory and clinical trial strategy

• FDA feedback supports moving directly to phase III for SubQ obesity program, bypassing phase IIb.

• Phase III design to include two studies, ~4,500+ patients total, 52 weeks treatment, with multiple doses evaluated.

• End-of-phase II meeting will finalize trial design, dosing, and endpoints; timing of announcement depends on FDA feedback.

• Considering monthly dosing regimen for maintenance, with feasibility supported by molecule half-life; may require dedicated phase IIb.

• Oral phase II study expected to start by year-end, pending 100mg cohort data and manufacturing readiness.

Differentiation, market opportunity, and commercialization

• SubQ and oral formulations offer flexibility for induction and maintenance; same molecule reduces risk of new side effects.

• Amylin program seen as a potential add-on for triple agonist therapy; clinical entry targeted for next year.

• Large obesity market; differentiation via efficacy, tolerability, and convenience; preference for global or regional commercial partner.

• Manufacturing capacity sufficient for clinical trials; commercial scale-up and supplier selection targeted by year-end.

• Cash position of $940M covers at least two years and both phase III programs; each phase III estimated at $300M.