Viking widens Q3 loss to $183.2 million on R&D spending

Viking Therapeutics, Inc. (VKTX) reported a wider loss for the third quarter as spending on its obesity programs climbed, the company said on Oct. 28 in a filing with the Securities and Exchange Commission.

For the quarter ended Sept. 30, Viking reported a net loss of $183.2 million, or $1.55 per share, compared with $90.8 million, or $0.81 per share, a year earlier.

Shares fell 3.6% in after-hours trading as of 5:33 p.m. ET, from a regular-session close of $25.37.

Viking is a clinical-stage biopharmaceutical company focused on obesity and metabolic disease. Its lead program, VK2735, is a dual glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptor agonist, being developed as both a subcutaneous injection and an oral tablet.

Here's how the company did:

• Net loss: $183.2 million, or $1.55 per share, vs. $90.8 million, or $0.81 per share, a year earlier
• Research and development expenses: $166.8 million vs. $90.0 million a year earlier
• General and administrative expenses: $20.3 million vs. $8.6 million a year earlier

Research and development spending rose, the company said, because of planned and ongoing clinical studies, drug manufacturing, stock-based compensation, salaries and benefits, and third-party consultants. Those increases were partly offset by lower preclinical study costs.

Pipeline updates

The company said its two VANQUISH Phase 3 trials of the subcutaneous formulation continued on track. VANQUISH-1 has enrolled approximately 4,500 patients and VANQUISH-2 approximately 1,000. Participants are randomized to weekly doses of 7.5 mg, 12.5 mg, 17.5 mg or placebo for 78 weeks.

The company expects both VANQUISH studies to be completed in 2027, with extension studies beginning in the first quarter of 2027 and results expected in 2028.

Viking also initiated the SUNRISE Phase 3 program for the oral tablet. SUNRISE-1, in adults with obesity, and SUNRISE-2, in adults with obesity or overweight and type 2 diabetes, each target enrollment of 560 adults. Patients receive once-daily doses for 68 weeks.

Maintenance study results

Part 1 of the maintenance study randomized 180 subjects across 11 treatment groups. After 21 weeks of weekly induction dosing, week 21 weight loss ranged from approximately 16% to approximately 19%, compared with approximately 0% for placebo.

Among subjects moved to every-other-week or monthly maintenance dosing, retained weight loss at Week 33 ranged from 83% to 97% and from 82% to 90%, respectively. Placebo subjects retained 61%. The company said these results demonstrated a credible maintenance effect.

Part 2 of the study has started in approximately 195 adults with obesity, and the company expects results in 2027. Separately, the company said the Phase 1 single ascending dose study of VK3019 is nearing completion, and it expects to start a four-week multiple ascending dose study in the first quarter of 2027.

Cash and financing

In September, Viking closed concurrent upsized public offerings of common stock and convertible senior notes for gross proceeds of approximately $575.0 million. Cash, cash equivalents and short-term investments stood at $960 million at Sept. 30, compared with $706 million at Dec. 31, 2025. The company said that balance includes approximately $550 million in aggregate net proceeds from the financing.

For the nine months ended Sept. 30, Viking reported a net loss of $469.5 million, or $4.03 per share, compared with $202.0 million, or $1.80 per share, a year earlier. Research and development expenses for the period were $432.7 million, compared with $191.5 million.

The company scheduled a conference call at 4:30 p.m. ET on Oct. 28. It also plans to present two posters at ObesityWeek, held Nov. 14 to 17, 2026, in Washington, D.C.