Viking Therapeutics Reports Fourth Quarter and Year-End 2025 Financial Results and Provides Corporate Update
Conference call scheduled for 4:30 p.m. ET today
SAN DIEGO, Feb. 11, 2026 /PRNewswire/ -- Viking Therapeutics, Inc. (Viking) (Nasdaq: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced its financial results for the fourth quarter and year ended December 31, 2025, and provided an update on its clinical pipeline and other corporate developments.
Highlights from the Quarter and Year Ended December 31, 2025, and Other Recent Events:
"The past year was an exceptional year for Viking marked by rapid progress across our obesity portfolio," stated Brian Lian, Ph.D., chief executive officer of Viking. "In June, the company initiated the Phase 3 VANQUISH clinical program evaluating the subcutaneous formulation of VK2735, a dual agonist of the GLP-1 and GIP receptors, for obesity. We announced completion of enrollment in VANQUISH-1 in the fourth quarter and expect to complete enrollment in VANQUISH-2 later this quarter. In 2025 the company also announced positive top-line results from its Phase 2 VENTURE-Oral dosing trial of the tablet formulation of VK2735 in obesity. Following feedback from an end-of-Phase 2 meeting with the FDA, we plan to advance oral VK2735 into Phase 3 development in 3Q26. Based on exciting early data suggesting the potential for maintenance dosing with VK2735, in the fourth quarter we initiated a study designed to evaluate monthly subcutaneous dosing, daily oral dosing, and weekly oral dosing. This trial will provide data to potentially further differentiate VK2735 as the only dual agonist molecule with the potential to dose monthly or to allow transition from subcutaneous to oral administration for weight maintenance. This study is fully enrolled and we look forward to announcing the results in the third quarter of 2026. We also expect to file an IND for our novel amylin agonist this quarter, expanding our obesity franchise. During the year Viking continued building the foundation to support commercial activities by entering into a comprehensive manufacturing and supply agreement for VK2735 and expanding our commercial depth to prepare for success. Throughout these activities we have continued to exercise fiscal discipline and maintain a strong balance sheet, which will allow us to meet key milestones in the quarters ahead. We expect 2026 to be another exciting and productive year and look forward to providing updates along the way."
Pipeline and Recent Corporate Highlights
Fourth Quarter and Full-Year 2025 Financial Highlights
Fourth Quarter ended December 31, 2025 and 2024
Research and development expenses were $153.5 million for the three months ended December 31, 2025, compared to $31.0 million for the same period in 2024. The increase was primarily due to increased expenses related to clinical studies, stock-based compensation and salaries and benefits, partially offset by decreased expenses related to manufacturing for our drug candidates and preclinical studies.
General and administrative expenses were $11.3 million for the three months ended December 31, 2025, compared to $15.3 million for the same period in 2024. The decrease was primarily due to decreased expenses related to legal and patent services, partially offset by increased expenses related to stock-based compensation.
For the three months ended December 31, 2025, Viking reported a net loss of $157.7 million, or $1.38 per share, compared to a net loss of $35.4 million, or $0.32 per share, in the corresponding period in 2024. The increase in net loss for the three months ended December 31, 2025, was primarily due to increased research and development expenses, partially offset by decreased general and administrative expenses and increased interest income, compared to the same period in 2024.
Year Ended December 31, 2025 and 2024
Research and development expenses were $345.0 million for the year ended December 31, 2025, compared to $101.6 million for the same period in 2024. The increase was primarily due to increased expenses related to clinical studies, manufacturing for our drug candidates, stock-based compensation, salaries and benefits, regulatory services and consultants, partially offset by decreased expenses related to preclinical studies.
General and administrative expenses were $48.4 million for the year ended December 31, 2025, compared to $49.3 million for the same period in 2024. The decrease was primarily due to decreased expenses related to legal and patent services, partially offset by increased expenses related to stock-based compensation, insurance and salaries and benefits.
For the year ended December 31, 2025, Viking reported a net loss of $358.5 million, or $3.19 per share, compared to a net loss of $110.0 million, or $1.01 per share, in the corresponding period in 2024. The increase in net loss for the year ended December 31, 2025, was primarily due to increased research and development expenses, partially offset by decreased general and administrative expenses and increased interest income, compared to the year ended December 31, 2024.
Balance Sheet as of December 31, 2025
At December 31, 2025, Viking held cash, cash equivalents and short-term investments of $706 million, compared to $903 million as of December 31, 2024.
Conference Call
Management will host a conference call to discuss Viking's fourth quarter and full-year 2025 financial results today at 4:30 pm Eastern. To participate in the conference call, please dial (844) 850-0543 from the U.S. or (412) 317-5199 from outside the U.S. In addition, following the completion of the call, a telephone replay will be accessible until February 18, 2026, by dialing (855) 669-9658 from the U.S. and Canada, or (412) 317-0088 and entering conference ID #3246362. Those interested in listening to the conference call live via the internet may do so by visiting the Webcasts page of Viking's website at http://ir.vikingtherapeutics.com/webcasts. An archive of the webcast will also be available on the Webcasts page of Viking's website for 30 days.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of novel first-in-class or best-in-class therapies for the treatment of metabolic and endocrine disorders. Viking's research and development activities leverage its expertise in metabolism to develop innovative therapeutics designed to improve patients' lives. Viking's clinical programs include VK2735, a novel dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors for the potential treatment of various metabolic disorders. The company is evaluating its subcutaneous formulation of VK2735 in a Phase 3 obesity program that includes two Phase 3 clinical trials (VANQUISH-1 and VANQUISH-2). Data from a Phase 1 and a Phase 2 trial evaluating subcutaneous VK2735 demonstrated an encouraging safety and tolerability profile as well as positive signs of clinical benefit. Concurrently, the company is evaluating an oral formulation of VK2735 in obesity. Viking is also developing VK2809, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the treatment of lipid and metabolic disorders. The compound successfully achieved both the primary and secondary endpoints in a Phase 2b study for the treatment of biopsy-confirmed non-alcoholic steatohepatitis (NASH) and fibrosis. In a Phase 2a trial for the treatment of non-alcoholic fatty liver disease (NAFLD) and elevated LDL-C, patients who received VK2809 demonstrated statistically significant reductions in LDL-C and liver fat content compared with patients who received placebo. The company's newest program is evaluating a series of internally developed dual amylin and calcitonin receptor agonists (or DACRAs) for the treatment of obesity and other metabolic disorders. In the rare disease space, Viking is developing VK0214, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the potential treatment of X-linked adrenoleukodystrophy (X-ALD). In a Phase 1b clinical trial in patients with the adrenomyeloneuropathy (AMN) form of X-ALD, VK0214 was shown to be safe and well-tolerated, while driving significant reductions in plasma levels of very long-chain fatty acids (VLCFAs) and other lipids, as compared to placebo.
For more information about Viking Therapeutics, please visit www.vikingtherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding Viking Therapeutics, Inc., under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its clinical and preclinical development programs, anticipated timing for reporting clinical data and cash resources. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: risks associated with the success, cost and timing of Viking's product candidate development activities and clinical trials, including those for VK2735, VK0214, VK2809, and the company's other incretin and other receptor agonists; risks that prior clinical and preclinical results may not be replicated; risks regarding regulatory requirements; and other risks that are described in Viking's most recent periodic reports filed with the Securities and Exchange Commission including Viking's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Reports on Form 10-Q, including the risk factors set forth in those filings. These forward-looking statements speak only as of the date hereof. Viking disclaims any obligation to update these forward-looking statements except as required by law.
Viking Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
Revenues
$
—
$
—
$
—
$
—
Operating expenses:
Research and development
153,459
30,987
344,955
101,644
General and administrative
11,279
15,251
48,387
49,277
Total operating expenses
164,738
46,238
393,342
150,921
Loss from operations
(164,738)
(46,238)
(393,342)
(150,921)
Other income (expense):
Amortization of financing costs
—
(24)
(56)
(94)
Interest income, net
7,035
10,844
33,704
40,940
Realized gain on investments, net
41
1
55
112
Total other income, net
7,076
10,821
33,703
40,958
Net loss
(157,662)
(35,417)
(359,639)
(109,963)
Other comprehensive loss, net of tax:
Unrealized gain (loss) on securities
(10)
(2,252)
1,119
(173)
Foreign currency translation gain (loss)
14
(168)
47
(226)
Comprehensive loss
$
(157,658)
$
(37,837)
$
(358,473)
$
(110,362)
Basic and diluted net loss per share
$
(1.38)
$
(0.32)
$
(3.19)
$
(1.01)
Weighted-average shares used to compute basic
and diluted net loss per share
114,005
111,344
112,667
109,037
Viking Therapeutics, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
December 31,
2025
December 31,
2024
Assets
Current assets:
Cash and cash equivalents
$
165,810
$
26,676
Short-term investments – available-for-sale
539,929
875,936
Prepaid clinical trial and preclinical study costs
8,053
3,476
Prepaid expenses and other current assets
1,806
1,128
Total current assets
715,598
907,216
Right-of-use assets
85
1,003
Deferred financing costs
—
56
Deposits
46
46
Total assets
$
715,729
$
908,321
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
53,251
$
9,813
Other accrued liabilities
23,279
17,111
Lease liability, current
137
489
Total current liabilities
76,667
27,413
Lease liability, net of current portion
—
630
Total long-term liabilities
—
630
Total liabilities
76,667
28,043
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par value: 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024
—
—
Common stock, $0.00001 par value: 300,000,000 shares authorized at December 31, 2025 and December 31, 2024; 114,793,067 shares issued and outstanding at December 31, 2025 and 111,573,519 shares issued and outstanding at December 31, 2024
1
1
Treasury stock at cost, no shares at December 31, 2025 and December 31, 2024
—
—
Additional paid-in capital
1,486,229
1,368,972
Accumulated deficit
(847,546)
(487,907)
Accumulated other comprehensive loss
378
(788)
Total stockholders' equity
639,062
880,278
Total liabilities and stockholders' equity
$
715,729
$
908,321
SOURCE Viking Therapeutics, Inc.