Viking Therapeutics Reports Q4 2025 Earnings, Highlights Obesity Pipeline Progress

Company provides updates on VK2735 dual GLP-1/GIP agonist and plans for Phase 3 obesity trials

Published on Feb. 12, 2026

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Viking Therapeutics reported fourth-quarter and full-year 2025 financial results, highlighting progress across its obesity-focused pipeline led by VK2735, a dual GLP-1/GIP receptor agonist in development for both subcutaneous and oral formulations. The company provided updates on a Phase 1 maintenance dosing study, manufacturing preparations, and an amylin receptor agonist program expected to enter the clinic.

Why it matters

Viking's obesity pipeline, particularly the VK2735 program, represents a significant opportunity in a large and growing market. The company's progress on advancing both subcutaneous and oral formulations of VK2735 into late-stage trials could position it as a leader in the obesity treatment space.

The details

Viking reported positive Phase 2 results for subcutaneous VK2735, with participants experiencing up to 14.7% mean weight loss after 13 weekly doses. The company has initiated its Phase 3 VANQUISH program evaluating VK2735 subcutaneous formulation. For the oral VK2735 program, Viking reported statistically significant mean weight loss of up to 12.2% versus baseline in a Phase 2 study, with plans to advance the oral formulation into Phase 3 development in the third quarter of 2026. The company also highlighted progress on a Phase 1 maintenance dosing study for VK2735 and the advancement of an amylin receptor agonist program expected to enter the clinic in 2026.

  • In June 2025, Viking initiated its Phase 3 VANQUISH registration program for subcutaneous VK2735.
  • In the fourth quarter of 2025, Viking initiated a bioequivalence study to support adding an autoinjector device for VK2735 subcutaneous administration.
  • In the third quarter of 2025, Viking reported positive topline results from its Phase 2 VENTURE Oral Dosing Study for oral VK2735.
  • In the fourth quarter of 2025, Viking initiated a Phase 1 maintenance dosing study for VK2735, with results expected in the third quarter of 2026.
  • Later in the current quarter, Viking expects to file an IND for its lead amylin receptor agonist, with first dosing potentially occurring in the second quarter of 2026.

The players

Brian Lian

President and CEO of Viking Therapeutics.

Greg Zante

CFO of Viking Therapeutics.

Neil Aubuchon

Chief commercial officer of Viking Therapeutics, appointed to lead commercialization planning.

VK2735

A dual GLP-1/GIP receptor agonist being developed by Viking Therapeutics in both subcutaneous and oral formulations for the treatment of obesity.

CordenPharma

A manufacturing and supply agreement partner for Viking Therapeutics, covering large-scale API supply and fill-finish capacity for both subcutaneous and oral VK2735.

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What they’re saying

“2025 included 'multiple important milestones' for the company's expanding obesity pipeline.”

— Brian Lian, President and CEO

“We expect tolerability in the subcutaneous-to-oral maintenance arm to be 'pretty good,' given participants would be stepping down from higher subcutaneous exposures to lower oral exposures.”

— Brian Lian, President and CEO

What’s next

Viking plans to advance oral VK2735 into Phase 3 development for obesity, with initiation expected in the third quarter of 2026. The company also expects to file an IND for its lead amylin receptor agonist later in the current quarter, with first dosing potentially occurring in the second quarter of 2026.

The takeaway

Viking's progress on its obesity-focused pipeline, particularly the dual GLP-1/GIP agonist VK2735 in both subcutaneous and oral formulations, positions the company as a potential leader in the growing obesity treatment market. The company's commitment to advancing multiple therapeutic approaches and delivery methods demonstrates its dedication to providing innovative solutions for patients.