Viking Therapeutics (VKTX)

Executive Summary

Viking Therapeutics is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders. Its lead candidate, VK2735, is a dual GLP-1/GIP receptor agonist in Phase 3 development for obesity. In Phase 2, VK2735 demonstrated robust weight loss comparable to leading incretin therapies, with a favorable safety profile. The ongoing Phase 3 program (NCT07104383 and NCT07104500) is expected to enroll over 2,000 patients and could support a regulatory filing in 2027. Viking also has a pipeline including VK2809 for NASH (Phase 2b completed) and VK0214 for X-ALD (Phase 1 completed). With a market cap of ~$3.4B, Viking is well-positioned to compete in the obesity market, though it faces intense competition from Novo Nordisk and Eli Lilly. Upcoming catalysts include Phase 3 data readouts, progress on an oral formulation, and potential partnerships.

Upcoming Catalysts (preview)

• H2 2026Phase 3 VK2735 Top-Line Data in Obesity80% success
• 2026Oral VK2735 Phase 1 Initiation or Data60% success
• 2026VK2809 NASH Phase 2b Data or Regulatory Update50% success