Viking Therapeutics Inc (VKTX · NASDAQ)

Viking Therapeutics, a clinical-stage San Diego biotech with no revenue and a $4.43B market cap, saw shares whipsaw this week: a 35% surge on promising maintenance dosing data for its GLP-1 candidate VK2735 was followed by a 12–15% drop after the company priced an upsized $500M stock and convertible notes offering at $35.00 per share, roughly a 16% discount. The stock closed at $35.56, down 3.2% on the day but up 22.7% over five days, and remains 15.6% below its 52-week high. Cash burn continues, with Q2 operating cash flow of -$125.2M against $125.8M in cash and minimal debt of $4.1M; the quarterly net loss narrowed to $128.0M from $158.3M the prior quarter. The company has beaten estimates just once in the last four quarters, most recently reporting -$1.10 versus a -$1.21 consensus.