Viking Therapeutics (VKTX) Q1 2026 earnings summary

Executive summary

• Significant progress in obesity franchise, with VK2735 advancing in both injectable and oral forms through phase III clinical trials for obesity and type 2 diabetes, and a novel amylin receptor agonist entering clinical development.

• Phase 3 VANQUISH-1 and VANQUISH-2 trials for subcutaneous VK2735 are fully enrolled, with over 4,500 and 1,000 patients respectively, and maintenance dosing study enrollment completed.

• Oral VK2735 phase III program planned to initiate in Q4 2026, following positive phase II results and FDA feedback.

• IND filed for novel amylin agonist VK3019, with Phase 1 trial initiation planned for Q2 2026.

• Appointment of first Chief Commercial Officer to support commercialization strategy.

Financial highlights

• Research and development expenses rose to $150.2 million in Q1 2026 from $41.4 million in Q1 2025, mainly due to increased clinical and manufacturing activities.

• General and administrative expenses were $14.0 million, slightly down from $14.1 million year-over-year.

• Net loss for Q1 2026 was $158.3 million ($1.37 per share), compared to $45.6 million ($0.41 per share) in Q1 2025, mainly due to higher R&D expenses.

• Cash, cash equivalents, and short-term investments totaled $603 million as of March 31, 2026, down from $706 million at year-end 2025.

• Interest income declined to $5.8 million from $9.8 million due to lower average cash balances.

Outlook and guidance

• Cash runway expected to extend into 2028, supporting completion of ongoing phase III trials and additional program development.

• Cash reserves expected to fund operations through at least June 30, 2027.

• Anticipated reporting of subcutaneous maintenance study results in Q3 2026 and oral maintenance results in H1 2027.

• Phase I trial for amylin agonist VK3019 expected to initiate in Q2 2026.

• Both subcutaneous and oral VK2735 programs to be in phase III registration trials during 2026.