Viking Therapeutics Inc. reported a net loss of $158.3 million for the three months ended March 31 2026, or $1.37 per share, compared with a $45.6 million loss ($0.41 per share) in the same period a year earlier. The company’s cash balance stood at $603 million at quarter‑end, down from $706 million at the end of 2025, and the company had no revenue during the period.
The earnings per share missed the consensus estimate of $‑0.95 by $0.42, a 44% miss. The wider loss was driven by a sharp increase in research and development expenses, largely attributable to higher Phase 3 spending and additional costs associated with scaling manufacturing, hiring, and consulting services for its pipeline candidates.
Viking’s Phase 3 obesity program, VK2735, remains fully enrolled in both VANQUISH‑1 and VANQUISH‑2 studies. The company also initiated a Phase 1 trial for its amylin agonist VK3019 and expects to start a Phase 3 oral trial of VK2735 in the fourth quarter of 2026. These milestones underscore the company’s focus on advancing its lead asset despite the quarterly loss.
Management highlighted the momentum of the pipeline. CEO Brian Lian noted the company’s progress and enthusiasm for the upcoming data, while CFO Greg Zante explained that the increased net loss was a consequence of the company’s heavy investment in research and development.
Market reaction was mixed. While the earnings miss weighed on sentiment, investors appeared to temper their concerns by focusing on the full enrollment of the Phase 3 trials and the planned launch of the oral formulation, which are viewed as key catalysts for future growth.
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