Viking is spending aggressively to turn VK2735 into the first credible dual-formulation (injectable + oral) challenger to the Novo/Lilly obesity duopoly—while keeping a high-upside MASH asset in reserve for partnering.
Overview
In 2026, Viking Therapeutics is transitioning from a development-stage biotech into a late-stage metabolic contender, with spending and operations now dominated by registrational obesity trials. Financial results reflect this pivot: Q1 2026 net loss widened to $158.3M on a surge in R&D to $150.2M, while G&A stayed flat, indicating a lean organization pushing capital into clinical milestones. The flagship program VK2735 (GLP‑1/GIP dual agonist) is in two large Phase 3 trials (VANQUISH-1/2) with enrollment completed and top-line data expected in 2027; an oral Phase 3 program is planned to start in Q4 2026 after encouraging Phase 2 weight-loss efficacy but elevated discontinuations at higher doses. Viking holds ~$603M cash, no debt, and has secured large-scale manufacturing capacity. Separately, VK2809 has posted strong Phase 2b MASH histology results, and management is exploring partnership options to keep focus on obesity.