Viking Therapeutics reported third-quarter results alongside an update on its obesity-drug pipeline and financing. Its lead candidate, VK2735, is now being tested in Phase 3 trials as both a weekly injection and an oral tablet, while a separate study is examining ways to maintain weight loss after initial treatment.
The company ended September with $960 million in cash after raising capital through public offerings of common stock and convertible senior notes. Viking said the funds will support its clinical programs and preparations for a potential commercial launch of VK2735.
Key details
- Two Phase 3 trials of injectable VK2735 are underway. The VANQUISH studies are testing the drug in adults with obesity, with VANQUISH-2 specifically enrolling people who also have type 2 diabetes. Both compare once-weekly injections with placebo over 78 weeks.
- VANQUISH-1 enrolled about 4,500 participants in roughly five months; VANQUISH-2 enrolled about 1,000 in roughly nine months.
- Participants were assigned to weekly doses of 7.5 mg, 12.5 mg or 17.5 mg, or placebo.
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The main measure is weight change after 78 weeks. Other measures include the shares of participants achieving at least 5%, 10%, 15% and 20% weight loss.
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Phase 3 testing of the oral tablet has begun. Viking initiated the SUNRISE program for oral VK2735. The company said those studies will closely mirror the injectable VANQUISH trials, making the tablet its second formulation in late-stage development.
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A study is testing maintenance approaches after initial VK2735 treatment. Viking reported positive top-line results from the first part of a dose-ranging maintenance study, describing the effect as strong and tolerability as excellent. It has started Part 2, in which participants move from a weekly induction period to one of several maintenance options: daily oral dosing, subcutaneous injections every other week, monthly injections, or placebo. The announcement provided no numerical results for Part 1.
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VK2735’s earlier Phase 2 results provided the basis for Phase 3 development. In the VENTURE study, adults with obesity had statistically significant average weight reductions of up to 14.7% after 13 weekly doses, with no sign of a plateau during that period. Viking said most treatment-related adverse events were mild or moderate and resolved quickly.
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A second metabolic-drug program is advancing. Viking said the Phase 1 study of VK3019, a dual amylin and calcitonin receptor agonist, was nearing completion. The company expects to begin a 28-day multiple-ascending-dose study in the first quarter of 2027.
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The capital raise combined stock and convertible debt. Viking said it completed upsized public offerings of common shares and convertible senior notes during the quarter, ending September with $960 million in cash. The announcement did not give the offering amounts or note-conversion terms, so the potential effect on share count cannot be quantified from the information provided.
Plain-English implications
Viking is pursuing VK2735 through multiple Phase 3 programs and testing both injectable and oral versions, while also studying different ways patients might continue treatment after an initial course. The quarter’s fundraising gives the company substantial stated cash resources for that work and for potential commercial preparations. The stock offering increased the share base, while the convertible notes may also affect future share count depending on their conversion terms.