Viking Therapeutics Loss Doubles To $183 Million As Obesity Drug Trials Multiply
The obesity drug developer holds $960 million in cash after a September financing, as late-stage trial costs climb.
Viking Therapeutics, a clinical-stage drug developer focused on obesity and metabolic disease, lost $183.2 million in the third quarter, about double the $90.8 million it lost a year earlier, the company said Wednesday in an 8-K filing. The loss works out to $1.55 per share, against $0.81 a year ago.
Trials drive the spending
Research and development spending reached $166.8 million, up from $90.0 million a year earlier. The company cited more planned clinical studies, drug manufacturing, stock-based compensation, salaries and consultants. General and administrative costs rose to $20.3 million from $8.6 million.
For the first nine months, the net loss was $469.5 million, or $4.03 per share, against $202.0 million, or $1.80 per share, a year earlier. Viking has no revenue.
Cash, cash equivalents and short-term investments stood at $960 million on September 30, compared with $706 million at the end of 2025. In September the company closed upsized public offerings of stock and convertible senior notes, with gross proceeds of about $575.0 million. Convertible notes of $250.7 million now sit on the balance sheet as a long-term liability; there were none at the end of 2025.
Four registration trials now running
Its lead drug, VK2735, targets the GLP-1 and GIP hormone receptors and is being developed as a weekly injection and a daily tablet. The two VANQUISH Phase 3 trials of the injection enrolled about 4,500 and about 1,000 patients, and the company expects to complete both in 2027.
Earlier this month Viking started the SUNRISE Phase 3 program for the tablet, with two studies each targeting 560 adults. Chief Executive Brian Lian said the program makes the third and fourth registration trials underway, and that the cash gives the company "the runway to execute multiple Phase 3 trials" and build commercial infrastructure.
A maintenance study of the injection retained 83% to 97% of weight loss at Week 33 among every-other-week dosers and 82% to 90% among monthly dosers, against 61% for placebo, the company said. Part 2, testing oral and further injectable regimens in about 195 adults, has begun, with results expected in 2027.
Dates ahead for investors
Viking will present two VK2735 posters at ObesityWeek in Washington, the first on Saturday, November 14. Management also appears at the Stifel healthcare conference starting November 10.
The VANQUISH extension studies are slated to begin in the first quarter of 2027, with results expected in 2028.
Viking holds a conference call at 4:30 p.m. ET Wednesday to discuss the results.
