Viking Therapeutics announced that its oral formulation of the dual GLP‑1/GIP agonist VK2735 will enter a Phase 3 clinical program in the third quarter of 2026. The move follows a successful Phase II oral study and is intended to complement the company’s subcutaneous program, potentially capturing the 20 % of the obesity market that prefers non‑injectable therapies.
VK2735 is a dual agonist that has shown weight‑loss efficacy in early trials. The oral formulation is expected to broaden the drug’s appeal, while the injectable version targets patients who are comfortable with injections. The company’s strategy to offer both routes is designed to differentiate it from competitors such as Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound, which are currently available only as injections.
Financially, Viking reported a Q4 2025 net loss of $157.7 million, or $1.38 per share, missing the consensus estimate of $‑0.89 per share. The full‑year 2025 loss widened to $358.5 million, or $3.19 per share, compared with a $110.0 million loss ($1.01 per share) in 2024. Cash stood at $706 million as of December 31, 2025, and management expects quarterly cash burn of $60–$90 million to fund ongoing R&D and the upcoming Phase 3 studies.
The Phase 3 VANQUISH program will comprise two studies—VANQUISH‑1 and VANQUISH‑2—with a primary endpoint of percent change in body weight at 78 weeks. The program is slated to begin in Q3 2026, aligning with the company’s broader timeline to bring VK2735 to market. The trial design and patient population details are expected to be disclosed in the coming months.
Market analysts view the oral launch as a significant tailwind. The successful launch of Novo Nordisk’s oral Wegovy has validated the appetite for non‑injectable obesity treatments, and Viking’s dual‑agonist mechanism could offer superior efficacy. However, the company’s expanding R&D spend and widening net losses represent a headwind that investors will monitor closely.
"The past year was an exceptional year for Viking marked by rapid progress across our obesity portfolio," CEO Brian Lian said. "Following feedback from an end‑of‑Phase 2 meeting with the FDA, we plan to advance oral VK2735 into Phase 3 development in 3Q26." He added, "Preliminary data tracking the recent launch of another oral peptide for obesity has demonstrated promising initial uptake. We believe this indicates continued interest in new weight loss therapies among both patients and clinicians, and represents an expansion of the overall market opportunity."
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