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Viking Therapeutics
Viking Therapeutics (VKTX) investor relations material
Viking Therapeutics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
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.
How will VK2735's flexible dosing impact market?
Future R&D spend trajectory given trial pipeline?
What is the strategic role of the amylin agonist?
Oral Phase III trial duration vs. subcu
Impact of Ro/Hims on commercial strategy
Future maintenance study requirements
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Next Viking Therapeutics earnings date
Q1 202622 Apr, 2026
Viking Therapeutics
Next Viking Therapeutics earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Viking Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for metabolic and endocrine disorders. The company utilizes small-molecule drug technology to target conditions such as liver diseases, muscle disorders, and other chronic illnesses. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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