Viking Therapeutics Advances VANQUISH Phase 3, Sets Q4 2026 Oral Phase 3 Start, and Expands Franchise with Amylin Agonist
Viking Therapeutics, Inc. (NASDAQ: VKTX) has significantly progressed its clinical pipeline and commercial readiness as of its Q2 2026 financial results. The San Diego-based clinical-stage biotech is rapidly advancing its lead asset, VK2735, a dual GLP-1/GIP receptor agonist, across both subcutaneous (SC) and oral formulations.
Clinical Progress and Fully Enrolled Phase 3 Trials
Viking's subcutaneous weekly formulation of VK2735 is advancing in its pivotal Phase 3 program, which consists of two randomized, double-blind, placebo-controlled trials: VANQUISH-1 and VANQUISH-2. Both trials are fully enrolled and designed to evaluate the safety and efficacy of weekly SC VK2735 doses (7.5 mg, 12.5 mg, and 17.5 mg) over a 78-week treatment period. Primary efficacy data is expected upon study completion in 2027. To support commercial delivery, Viking has completed a bioequivalence study for a single-use auto-injector, which is being introduced into the Phase 3 trials.
The Q3 2026 Maintenance Dosing Catalyst
A highly anticipated, near-term catalyst for Viking is the upcoming readout of its Phase 1 exploratory maintenance dosing study of VK2735, expected in Q3 2026 (ending September 30). This 180-patient trial explores the feasibility of transitioning patients to flexible, less-frequent maintenance regimens after an initial 19-week weekly SC titration period to sustain weight loss.1 Regimens under evaluation include:
- Monthly subcutaneous injections
- Daily oral tablets
- Weekly oral tablets
- Placebo
This trial directly addresses a major commercial weakness of the GLP-1 drug class—high discontinuation rates and subsequent weight regain—by testing whether less intensive dosing can maintain initial weight loss. Following this readout, Viking plans to initiate pivotal Phase 3 trials for the oral tablet formulation of VK2735 in the fourth quarter of 2026.
Financial Position
As a pre-commercial biotech, Viking reported $0 in TTM revenue. For the second quarter ending June 30, 2026, the company recorded an operating loss of $132.6 million and a net loss of $128.0 million, reflecting high research and development expenses. Viking holds $125.8 million in cash against $4.1 million in total debt. Analysts maintain a highly bullish outlook, with a consensus target price of $92.39 (representing substantial upside from its current trading price of $32.16 and market cap of $3.75 billion).
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An instance of The metabolic battleground must now shift from peak weight loss to flexible maintenance protocols. — Viking Therapeutics is proactively evaluating transitions to monthly subcutaneous or oral dosing to establish flexible weight-maintenance protocols. ↩︎