Viking Therapeutics, Inc.

Viking reported no revenue on the call. Research and development expense was $115.8 million for the second quarter of 2026 versus $60.2 million in the prior-year quarter, and general and administrative expense was $16.9 million versus $14.4 million. Net loss was $128.1 million, or $1.10 per share, compared with a net loss of $65.6 million, or $0.58 per share, in the second quarter of 2025. For the first six months of 2026, R&D expense was $266 million versus $101.5 million a year earlier, G&A expense was about $30.8 million versus $28.5 million, and net loss was $286.3 million, or $2.47 per share, versus $111.2 million, or $0.99 per share. Cash, cash equivalents and short-term investments were $502 million at June 30, 2026, down from $706 million at December 31, 2025. Management said cash usage should taper somewhat from here, and reiterated that cash is expected to fund operations into 2028.

Brian Lian framed the quarter as one of continued execution across a broadening obesity franchise. He emphasized that subcutaneous VK2735 remains the lead asset, oral VK2735 is being prepared for Phase III, and the maintenance study could help define longer-term dosing options such as weekly, every-other-week, or monthly regimens. His tone was confident and expansionary, repeatedly highlighting differentiation, patient choice, and a strategy built around chronic obesity care.

Greg Zante focused on the expense ramp tied to late-stage development. He said quarterly R&D rose to $115.8 million from $60.2 million a year ago, driven mainly by clinical studies, salaries and benefits, stock-based compensation, and consultants, while G&A rose to $16.9 million from $14.4 million due to consultants, legal and patent services, and salaries. He also highlighted the $502 million cash balance at quarter-end and said the company’s cash usage should start to taper, with guidance unchanged that liquidity lasts into 2028.

Analysts pressed on the maintenance study’s titration design, whether GI adverse events would worsen at higher doses, and how management would present induction versus maintenance safety data. Brian Lian said the first 21-week induction period was compressed mainly to reach maintenance faster, that GI issues were not the main focus of the study, and that the company would hope to show data split between the two periods, though week-by-week histograms may not be ready at top line. Questions also centered on oral VK2735 trial design, manufacturing flexibility, and the new DACRA program; management said the oral Phase III should be smaller than VANQUISH, that CordenPharma provides flexibility on peptide API production, and that VK3019 would need more data before any go/no-go decision, likely after the Phase I MAD portion. Several analysts also asked about placebo effects, compounding use, and auto-injector transition; management said GLP-1 use is excluded in trials, and the switch from vial/syringe to auto-injector has been smooth.