Viking Therapeutics Expands Obesity Pipeline As VK2735 Nears Late Stage Trials

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

Viking Therapeutics, ticker NasdaqCM:VKTX, is pushing deeper into obesity treatment with multiple assets 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, including a 14.5% decline over 30 days and an 18.1% decline year to date, frame this news alongside a more cautious recent share price trend.

For investors tracking obesity drug developers, the combination of an injectable and oral VK2735 plus a planned amylin agonist IND points to a broader treatment suite under one roof. As these programs progress, investors will likely be watching clinical readouts, regulatory milestones, and how Viking positions NasdaqCM:VKTX relative to larger metabolic disease peers.

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📰 Beyond the headline: 3 risks and 1 thing going right for Viking Therapeutics that every investor should see.

For Viking Therapeutics, getting the injectable VK2735 Phase 3 VANQUISH-1 trial fully enrolled while preparing the oral VK2735 for Phase 3 points to a pipeline that is increasingly geared toward a broad obesity franchise rather than a single product bet. Having both injectable and oral versions in late stage development, plus a planned investigational new drug filing for an amylin agonist, could help the company address different patient preferences and treatment durations in a market where Eli Lilly and Novo Nordisk currently dominate obesity care. At the same time, the latest full year results show a net loss of US$359.64 million and a basic loss per share of US$3.19, and the company reported essentially no share repurchases under its buyback program. That mix of heavier research and development spending, no material revenue, and a growing late stage pipeline leaves Viking firmly in the clinical stage, higher risk category. For you as an investor, the key question is how this more crowded but deeper obesity program might eventually translate into commercial options if trials and regulators ultimately cooperate.

The Risks and Rewards Investors Should Consider

• ⚠️ Viking reported a full year net loss of US$359.64 million for 2025 with a basic loss per share of US$3.19, which highlights ongoing cash needs while products remain in development.
• ⚠️ The company currently makes less than US$1m in revenue, so its value today rests largely on future clinical and regulatory outcomes rather than established cash flows.
• 🎁 VK2735 now spans injectable Phase 3 obesity trials, an oral formulation heading toward Phase 3, and a planned amylin agonist IND, giving Viking a multi asset approach to a large therapeutic area.
• 🎁 Analysts have identified 1 key reward and 3 key risks for Viking, which can help you weigh the upside from a broad obesity pipeline against the realities of a loss making, clinical stage business.

What To Watch Going Forward

From here, keep an eye on key VK2735 milestones, including data from the VANQUISH Phase 3 program, the timing and design of Phase 3 trials for the oral candidate, and any initial information on the amylin agonist once the IND is filed. Given the 2025 loss and minimal revenue base, funding decisions, cash runway disclosures, and any changes to partnering discussions or capital raising will be important signals. You may also want to track how analysts update their views as Viking moves closer to potential readouts, especially relative to larger obesity players like Eli Lilly and Novo Nordisk. Execution across these clinical and financial steps will likely shape how the market prices the risk and reward around NasdaqCM:VKTX over time.

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