Viking Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $183.2 million ($1.55 per share) for the three months ended September 30, 2026, compared to a net loss of $90.8 million ($0.81 per share) in the same period in 2025.
• Reported a net loss of $469.5 million ($4.03 per share) for the nine months ended September 30, 2026, compared to a net loss of $202.0 million ($1.80 per share) in the same period in 2025.
• Research and development expenses were $166.8 million for the three months ended September 30, 2026, an increase from $90.0 million in the prior year period; for the nine months, expenses were $432.7 million compared to $191.5 million.
• General and administrative expenses were $20.3 million for the three months ended September 30, 2026, up from $8.6 million in the prior year period; for the nine months, expenses were $51.1 million compared to $37.1 million.
• Total operating expenses were $187.1 million for the three months ended September 30, 2026, and $483.8 million for the nine months ended September 30, 2026.
• Revenue was $0 for both the three and nine-month periods ended September 30, 2026.
• Interest income, net, was $4.0 million for the three months and $14.4 million for the nine months ended September 30, 2026.
• Cash, cash equivalents, and short-term investments totaled $960 million as of September 30, 2026, compared to $706 million as of December 31, 2025.
• Total assets were $977.2 million as of September 30, 2026, compared to $715.7 million as of December 31, 2025.
• Total liabilities were $388.6 million as of September 30, 2026, including $250.7 million in convertible notes, compared to $76.7 million as of December 31, 2025.
• Stockholders' equity was $588.6 million as of September 30, 2026, down from $639.1 million as of December 31, 2025.

Guidance and Future Outlook:

• Expects the VANQUISH-1 and VANQUISH-2 Phase 3 trials for subcutaneous VK2735 to be completed in 2027.
• Anticipates the initiation of VANQUISH extension studies in the first quarter of 2027, with results expected in 2028.
• Expects results from Part 2 of the VK2735 maintenance dosing study to be available in 2027.
• Plans to initiate a 28-day multiple ascending dose study of VK3019 in the first quarter of 2027.
• The company has sufficient cash runway to execute multiple Phase 3 trials and build infrastructure for a potential commercial launch of VK2735.

Business Segments and Product Lines:

• VK2735 (Subcutaneous): The Phase 3 VANQUISH program consists of VANQUISH-1 (obesity) and VANQUISH-2 (obesity and type 2 diabetes). VANQUISH-1 enrolled approximately 4,500 patients in five months, and VANQUISH-2 enrolled approximately 1,000 patients in nine months. Trials assess efficacy and safety over 78 weeks with doses of 7.5 mg, 12.5 mg, or 17.5 mg.
• VK2735 (Oral): Initiated the Phase 3 SUNRISE program (SUNRISE-1 and SUNRISE-2) evaluating an oral tablet formulation. SUNRISE-1 targets adults with obesity, and SUNRISE-2 targets obese or overweight adults with type 2 diabetes. Each study targets 560 adults receiving once-daily doses of 27.5 mg, 35 mg, or 55 mg for 68 weeks.
• VK2735 Maintenance Dosing: Announced positive top-line results for Part 1 of a maintenance study, showing weight loss retention of 83% to 97% with every-other-week dosing and 82% to 90% with monthly dosing compared to 61% for placebo. Initiated Part 2 of the study to evaluate oral and additional subcutaneous maintenance regimens in approximately 195 subjects.
• VK3019: A dual amylin and calcitonin receptor agonist (DACRA) currently in a Phase 1 single ascending dose (SAD) study nearing completion.
• VK2809: An orally available thyroid hormone receptor beta agonist for metabolic and liver disease.
• VK0214: In development for the rare genetic disorder X-linked adrenoleukodystrophy (X-ALD).
• Venture Study Data: Phase 2 VENTURE study for subcutaneous VK2735 showed mean body weight reductions up to 14.7% after 13 weeks. Phase 2 VENTURE Oral Dosing study showed reductions up to 12.2% after 13 weeks, with up to 80% of subjects achieving at least 10% weight loss.

Market and Competitive Landscape:

• Viking positions VK2735 as a differentiated treatment option due to the availability of both oral and subcutaneous formulations, claiming no other dual or triple agonist is currently available in both forms.
• The company believes the availability of multiple dosing regimens (daily oral, every-other-week subcutaneous, monthly subcutaneous) offers unmatched optionality and flexibility for personalized weight loss journeys.
• The oral tablet formulation is positioned to become the first oral dual GLP-1/GIP agonist to reach the market if successful.

Risks and Challenges:

• Forward-looking statements are subject to risks including the success, cost, and timing of product candidate development and clinical trials.
• Risks include the potential that prior clinical and preclinical results may not be replicated.
• Regulatory requirements and other risks are detailed in the company's periodic reports filed with the SEC.

Management Commentary and Tone:

• Management expressed excitement regarding the initiation of the SUNRISE Phase 3 program and the positive results from the VK2735 maintenance dosing study.
• The company highlighted the "impressive maintenance effect" and "excellent tolerability" of VK2735 as evidence of its potential as a differentiated treatment.
• Management noted that the strong cash position provides the runway to execute multiple Phase 3 trials and build infrastructure for a commercial strategy.
• The tone reflects confidence in the pipeline's ability to support a "personalized and sustainable weight loss journey."

Other Key Points:

• Successfully closed concurrent upsized public offerings of common stock and convertible senior notes in September, generating approximately $575.0 million in gross proceeds.
• Net proceeds from the financing included in the quarter-end cash balance were approximately $550 million.
• Scheduled conference call for October 28, 2026, at 4:30 p.m. ET to discuss results.
• Upcoming scientific presentations at ObesityWeek (November 14–17, 2026) regarding VANQUISH-2 baseline characteristics and VENTURE study impact on cardiometabolic parameters.
• Management will participate in several investor events including the Stifel 2026 Healthcare Conference, Truist 2026 BioPharma Symposium, UBS Global Biopharma Conference, Jefferies Global Healthcare Conference, Piper Sandler 38th Annual Healthcare Conference, and J.P. Morgan 2027 Healthcare Conference.