Viking Therapeutics, Inc. Q4 FY2025 earnings call

• Progress with VK2735: Phase III VANQUISH program for subcutaneous initiated, VANQUISH-1 enrollment completed ahead of schedule, VANQUISH-2 nearing completion; oral VK2735 advanced to Phase III; maintenance dosing study initiated.
• Manufacturing agreement: Signed comprehensive manufacturing and supply agreement with CordenPharma for VK2735.
• Staffing: Added key staff in clinical, supply chain, and manufacturing roles; appointed Neil Aubuchon as Chief Commercial Officer.

For the three months ended December 31, 2025, research and development expenses were $153.5 million compared to $31 million in the same period of 2024. General and administrative expenses were $11.3 million for the three months ended December 31, 2025, versus $15.3 million in the same period of 2024. The net loss for the three months ended December 31, 2025, was $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 of 2024. For the year ended December 31, 2025, research and development expenses were $345 million compared to $101.6 million in the same period of 2024. General and administrative expenses were $48.4 million for the year ended December 31, 2025, versus $49.3 million in the same period of 2024. The net loss for the year ended December 31, 2025, was $358.5 million or $3.19 per share compared to a net loss of $110 million or $1.01 per share in the corresponding period of 2024. As of December 31, 2025, Viking held cash, cash equivalents and short-term investments of $706 million compared to $903 million as of December 31, 2024.

• Expect subcutaneous and oral VK2735 programs in Phase III during 2026.
• Anticipate maintenance study results later in 2026.
• Amylin program to advance into clinical development.
• Sufficient cash ($706M at year-end 2025) to fund milestones including maintenance trial, Phase III subcu and oral trials.

Q: This is Timur Vanica on for Steve. Congratulations on the oral program advancement to Phase III. Could you talk about whether you will also need to run a Phase III study in patients with diabetes? And did you receive any feedback from the FDA on improving nausea rates even in the placebo arm?

A: Brian Lian stated they'd discuss design elements closer to launch and didn't get into FDA communication specifics but felt comfortable with transition to Phase III.

Q: A lot's changed in the obesity space since you embarked on the Phase III program. Does this change your go-to-market strategy? And would you consider partnering with either Row or HIMS? And also, does the $700 million in cash cover the expense for developing oral 2735?

A: Brian Lian said there are various options for partnering, Neil Aubuchon mentioned considering all channel possibilities, and Greg Zante said the cash is sufficient to fund key catalysts including oral Phase III trials.

Q: Congratulations on the update so far. I was just wondering on the Phase III, I was just wondering on the design of actual tablet itself. I remember in the Phase IIa program, you guys used tablets that were in 30-milligram increments. Would you consider anything different here for the design of the tablet itself for Phase III?

A: Brian Lian said they'd give details at the appropriate time but would reduce tablet size and count in the upcoming Phase III program.

Q: Congratulations on the update so far. I was just wondering on the Phase III, I understand you can't give much detail there. I was just wondering on the design of actual tablet itself. I remember in the Phase IIa program, you guys used tablets that were in 30-milligram increments. Would you consider anything different here for the design of the tablet itself for Phase III?

A: Brian Lian said they'd give details at the appropriate time but would reduce tablet size and count in the upcoming Phase III program.

Q: Congratulations on the update so far. I was just wondering on the Phase III, I understand you can't give much detail there. I was just wondering on the design of actual tablet itself. I remember in the Phase IIa program, you guys used tablets that were in 30-milligram increments. Would you consider anything different here for the design of the tablet itself for Phase III?

A: Brian Lian said they'd give details at the appropriate time but would reduce tablet size and count in the upcoming Phase III program.

Q: Great. Congrats for the update. I understand that you will give us more detail around the Phase III oral design. Just curious about the thinking around the duration. Given you -- this is oral [map], do you think about [indiscernible] can test this a little bit shorter than the VANQUISH right now, maybe making this [order] and the subcu can get to the Phase III result relatively close and get those 2 into the label and approval in the relatively similar time fashion? And another question is anything you need to finish or generate before you start the Phase III oral in 3Q?

A: Brian Lian said the trial duration in the oral program will likely be shorter, and they can leverage data from the subcu program to reduce the oral Phase III program size, and there's nothing gating starting the oral Phase III in Q3.

Q: Congrats on the progress. Now that you have the maintenance study fully enrolled, are there any notable differences you'd highlight here specifically on the baseline characteristics relative to the VENTURE subcu or the oral studies? And then maybe a follow-up on the amylin program. Is this going to be a similar design and execution out of Australia as what you did with the 2735 Phase I experience?

A: Brian Lian said demographics in the maintenance study were expected to be mostly normal glycemic, mostly white, more women than men, and the amylin program would be U.S.-based with a similar SAD study design but no efficacy data from single dose yet.

Q: Was there any notable differences in the end of Phase II meeting minutes for oral VK2735 versus the meeting you had for the injectable version? And would any patients in the maintenance study be transitioned to auto-injector?

A: Brian Lian said no patients in the maintenance study would be transitioned to auto-injector, and feedback from end of Phase II meetings for oral and injectable were consistent.