Viking Therapeutics, Inc. Q2 FY2025 earnings call

• Clinical pipeline focus: Viking continued execution of core clinical strategy. Advanced VK2735 oral and subcutaneous programs. Subcutaneous: initiated VANQUISH Phase III registration program for obesity. Oral: Phase II trial completed enrollment, results expected later. Amylin receptor program: expect IND filing in Q4 2025. Manufacturing agreement for VK2735 API and fill/finish capacity. - VK2735 details: Subcutaneous Phase I showed up to ~8% weight loss; Phase II VENTURE study had 14.7% weight loss, safe and well tolerated. Phase III VANQUISH studies ongoing. Oral: Phase I had 8.2% weight loss; Phase II VENTURE-Oral completed enrollment.

For the three months ended June 30, 2025, research and development expenses were $60.2 million compared to $23.8 million in the same period of 2024. General and administrative expenses were $14.4 million compared to $10.3 million in the same period of 2024. Net loss for the three months ended June 30, 2025, was $65.6 million or $0.58 per share compared to a net loss of $22.3 million or $0.20 per share in the corresponding period of 2024. For the six months ended June 30, 2025, research and development expenses were $101.5 million compared to $47.9 million in the same period of 2024. General and administrative expenses were $28.5 million compared to $20.3 million in the same period of 2024. Net loss for the six months ended June 30, 2025, was $111.2 million or $0.99 per share compared to a net loss of $49.6 million or $0.46 per share in the corresponding period of 2024. As of June 30, 2025, Viking held cash, cash equivalents and short-term investments of $808 million compared to $903 million as of December 31, 2024.

Gregory Zante indicated that research and development expenses are expected to increase by approximately 25% to 33% in the third and fourth quarters compared to the second quarter.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from reported results. These include risks related to development activities, time lines, milestones, and other factors as detailed in the company's filings with the Securities and Exchange Commission.

Q: In the Phase I oral study, you reported fairly strong dose dependence regarding satiety and decreased appetite. Wondering if you would expect additional increase in patient satiety or decreased appetite durations longer than 28 days in the Phase II oral study, particularly for the lower doses?

A: Ryan, yes, thanks. You would expect there to be some evidence of satiety as weight loss progresses. But we really don't know. What we've seen in other studies is that it's a somewhat inconsistent signal. It doesn't always track dose or weight loss. But it did, as you point out, in the Phase I study. So we'll see what it does in the Phase II, but it is a little inconsistent across other studies.

Q: Seamlessly transiting from subcu to oral VK2735 for maintenance is really attractive. Do you have an oral dose in mind for the monthly dosing study due to start in 3Q? And will you have Phase II oral VENTURE data out before you start the monthly dosing study?

A: Yes. Thanks, Joon. We don't have a dose yet because we don't have the Phase II oral data yet. So I think those will be important data to evaluate when we select those maintenance doses. It doesn't need to be -- we don't need to have those data prior to initiating the maintenance study. Ideally, we would, but we don't have to, since the transition to oral happens after quite some time. There's a titration up to a high weekly dose. So not mandatory, it would be nice, but not mandatory.