Viking Therapeutics has outlined definitive timelines for the next clinical steps of its weight-loss candidate VK2735, following the release of its fourth-quarter and full-year 2025 financial results. While the report revealed a significantly widened net loss, driven by surging research expenditures, investor attention shifted squarely to the company’s clarified path toward pivotal Phase 3 studies.
Key Financial and Operational Highlights:
* Q4 2025 Net Loss: $157.7 million, or $1.38 per share.
* Q4 R&D Expenditure: $153.5 million, a substantial increase from $31.0 million in the prior-year period.
* Year-End Liquidity: $706 million in cash, cash equivalents, and short-term investments.
* Oral VK2735: Phase 3 trial initiation targeted for the third quarter of 2026.
* Injectable VK2735: The VANQUISH-1 study is fully enrolled, with over 4,500 patients participating.
Surging Development Costs Reflect Advanced Clinical Programs
The biopharmaceutical firm’s net loss for the quarter ending December 31, 2025, expanded considerably year-over-year to $157.7 million. This was primarily attributable to a leap in research and development spending, which climbed to $153.5 million. This escalation aligns with the capital-intensive nature of late-stage clinical trials, which require large patient cohorts and correspondingly high budgets.
Despite the increased operational burn rate, Viking emphasized its robust financial position. The company concluded the year with $706 million in liquid resources, a war chest it states will fund ongoing Phase 3 programs and additional pipeline advancement through the current fiscal year.
Dual Formulations of VK2735 Progress on Schedule
The company’s lead asset, VK2735—a dual GLP-1/GIP agonist for obesity treatment—remains the central focus. Development is advancing on two fronts: an injectable formulation and a pill.
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For the subcutaneous (injectable) version, the Phase 3 VANQUISH program is underway. Viking confirmed that patient enrollment for the VANQUISH-1 trial is complete, with over 4,500 participants. Recruitment for VANQUISH-2 is nearing its conclusion. A separate maintenance dosing study has also finished enrollment, with top-line data anticipated in Q3 2026.
Regarding the oral tablet, the company is preparing to initiate a Phase 3 study in Q3 2026. This follows mid-stage results that showed mean weight reductions of up to 12.2% after 13 weeks of treatment.
Pipeline Expansion with New Metabolic Candidate
Looking beyond its lead program, Viking’s management plans to broaden its metabolic disease portfolio. The company announced its intention to submit an Investigational New Drug (IND) application for a novel amylin agonist candidate in the first quarter of 2026.
Following the earnings release and development updates, Viking’s shares traded higher in after-hours activity on Wednesday. The immediate operational milestones investors will watch for are the planned IND submission this quarter and the expected top-line data from the maintenance study in Q3 2026.
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