Viking Therapeutics (VKTX) Q4 2025 earnings summary

Executive summary

• Advanced VK2735 obesity program with both subcutaneous and oral formulations into late-stage development, with Phase III VANQUISH-1 fully enrolled ahead of schedule and VANQUISH-2 nearing completion; oral VK2735 to enter Phase III in 3Q26.

• Positive Phase II results for both subcutaneous and oral VK2735, demonstrating significant weight loss and favorable safety profiles.

• Maintenance dosing study for VK2735 fully enrolled, with data expected in Q3 2026.

• IND filing for novel amylin agonist planned for Q1 2026, expanding the obesity pipeline.

• Signed a comprehensive manufacturing and supply agreement with CordenPharma to support commercialization.

Financial highlights

• Q4 2025 R&D expenses: $153.5M (up from $31M in Q4 2024); full-year 2025 R&D: $345M (up from $101.6M in 2024), mainly due to Phase III trial costs and increased compensation.

• Q4 2025 G&A expenses: $11.3M (down from $15.3M in Q4 2024); full-year 2025 G&A: $48.4M (down from $49.3M in 2024).

• Q4 2025 net loss: $157.7M ($1.38/share) vs. $35.4M ($0.32/share) in Q4 2024; full-year 2025 net loss: $358.5M ($3.19/share) vs. $110M ($1.01/share) in 2024.

• Cash, cash equivalents, and short-term investments at year-end 2025: $706M, down from $903M at end of 2024.

• Quarterly cash usage projected at $60M–$90M going forward.

Outlook and guidance

• Both subcutaneous and oral VK2735 programs expected to be in Phase III trials in 2026; oral VK2735 Phase III to begin in 3Q26 following FDA feedback.

• Maintenance study results anticipated in Q3 2026.

• Amylin agonist program to enter clinical development, with IND filing expected in Q1 2026.

• Sufficient cash to fund major catalysts, including Phase III trials and maintenance study.

• Continued focus on fiscal discipline and commercial readiness for future product launches.