Viking Therapeutics, Inc.
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
VKTX$26.84+4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-23.
0000950170-25-097950
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0001193125-25-247059
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 92 previous paragraphs and 92 current paragraphs.
71 unchanged; 19 reworded; 2 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
On January 8, 2025, we announced the initiation of a Phase 2 clinical trial of the oral tablet formulation of VK2735, and on August 19, 2025, we announced positive top-line results from the trial. The Phase 2 VENTURE-Oral Dosing trial successfully achieved its primary and secondary endpoints, with patients receiving oral VK2735 demonstrating statistically significant reductions in body weight compared with placebo. Additionally, the trial showed oral VK2735 treatment to be safe and well-tolerated through 13 weeks of daily dosing with the majority of treatment emergent adverse events being categorized as mild or moderate.
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Removed paragraphs (2)
Previous report
On January 8, 2025, we announced the initiation of a Phase 2 clinical trial of the oral tablet formulation of VK2735, our dual agonist of the GLP-1 and GIP receptors. In March 2025, we announced the completion of enrollment for this trial, and we expect to complete this study and report initial results in the second half of 2025. VK2375 is being developed in both oral and subcutaneous formulations for the potential treatment of various metabolic disorders such as obesity.
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Reworded paragraphs (19)
Previous wording
The Phase 2 VENTURE study was a randomized, double-blind placebo-controlled study to evaluate the safety, tolerability, pharmacokinetics and weight loss efficacy of VK2735, administered subcutaneously, once weekly. The 13-week study enrolled adults who were obese (BMI >= 30 kg/m2) or adults who were overweight (BMI >= 27kg/m2) with at least one weight-related co-morbidity condition. The primary endpoint of the study was the percent change in body weight from baseline to week 13, with secondary and exploratory endpoints evaluating a range of additional safety and efficacy measures. In October 2023, we announced completion of patient enrollment in the Phase 2 VENTURE study and on February 27, 2024, we announced that patients receiving weekly doses of VK2735 demonstrated statistically significant reductions in mean body weight after 13 weeks, ranging up to 14.7% from baseline. Patients receiving VK2735 also demonstrated statistically significant reductions in mean body weight relative to placebo, ranging up to 13.1%. We expect to report the results from this study in the second half of 2025.
Current wording
The Phase 2 VENTURE study was a randomized, double-blind placebo-controlled study to evaluate the safety, tolerability, pharmacokinetics and weight loss efficacy of VK2735, administered subcutaneously, once weekly. The 13-week study enrolled adults who were obese (BMI >= 30 kg/m2) or adults who were overweight (BMI >= 27kg/m2) with at least one weight-related co-morbidity condition. The primary endpoint of the study was the percent change in body weight from baseline to week 13, with secondary and exploratory endpoints evaluating a range of additional safety and efficacy measures. In October 2023, we announced completion of patient enrollment in the Phase 2 VENTURE study and on February 27, 2024, we announced that patients receiving weekly doses of VK2735 demonstrated statistically significant reductions in mean body weight after 13 weeks, ranging up to 14.7% from baseline. Patients receiving VK2735 also demonstrated statistically significant reductions in mean body weight relative to placebo, ranging up to 13.1%.
Previous wording
During the year ended December 31, 2024, we incurred $101.6 million in research and development expenses primarily related to our efforts in conducting the VK2735 Phase 2 VENTURE clinical trial, the VK2735 Phase 1 subcutaneous clinical trial, the VK2735 Phase 1 oral clinical trial, the VK2809 Phase 2b VOYAGE clinical trial and the VK0214 Phase 1b clinical trial. During the six months ended June 30, 2025, we incurred $101.5 million in research and development expenses primarily related to our efforts in conducting the VK2735 Phase 3 VANQUISH clinical trial, the VK2735 Phase 2 VENTURE clinical trial, the VK2735 Phase 1 subcutaneous clinical trial, the VK2809 Phase 2b VOYAGE clinical trial and the VK0214 Phase 1b clinical trial. We expect that our ongoing research and development expenses will consist of costs incurred for the development of our drug candidates, including, but not limited to:
Current wording
During the year ended December 31, 2024, we incurred $101.6 million in research and development expenses primarily related to our efforts in conducting the VK2735 Phase 2 VENTURE clinical trial, the VK2735 Phase 1 subcutaneous clinical trial, the VK2735 Phase 1 oral clinical trial, the VK2809 Phase 2b VOYAGE clinical trial and the VK0214 Phase 1b clinical trial. During the nine months ended September 30, 2025, we incurred $191.5 million in research and development expenses primarily related to our efforts in conducting the VK2735 Phase 3 VANQUISH clinical trial, the VK2735 Phase 2 VENTURE clinical trial, the VK2735 Phase 1 subcutaneous clinical trial, the VK2809 Phase 2b VOYAGE clinical trial and the VK0214 Phase 1b clinical trial. We expect that our ongoing research and development expenses will consist of costs incurred for the development of our drug candidates, including, but not limited to:
Previous wording
We manage and prioritize our research and development expenses dynamically based on scientific data, probability of successful technical development and regulatory approval, market potential and unmet medical need, available human and capital resources and other considerations. We regularly review our research and development activities and, as necessary, reallocate resources among our program, product candidates and external opportunities that we believe will best support the long-term growth of our business. We do not track total research and development expenses by program, product candidates, or development phase.
Current wording
We manage and prioritize our research and development expenses dynamically based on scientific data, probability of successful technical development and regulatory approval, market potential and unmet medical need, available human and capital resources and other considerations. We regularly review our research and development activities and, as necessary, reallocate resources among our programs, product candidates and external opportunities that we believe will best support the long-term growth of our business. We do not track total research and development expenses by program, product candidate, or development phase.
Previous wording
The increase in research and development expenses during the three months ended June 30, 2025 as compared to the same period in 2024 was primarily due to increased expenses related to clinical studies of $20.5 million, manufacturing for our drug candidates of $10.6 million, pre-clinical studies of $2.2 million, stock-based compensation of $1.6 million and salaries and benefits of $1.0 million.
Current wording
The increase in research and development expenses during the three months ended September 30, 2025 as compared to the same period in 2024 was primarily due to increased expenses related to clinical studies of $62.8 million, manufacturing for our drug candidates of $2.8 million, salaries and benefits of $1.2 million and regulatory services of $0.4 million, partially offset by a decrease in stock-based compensation of $0.4 million.
Previous wording
The increase in general and administrative expenses during the three months ended June 30, 2025 as compared to the same period in 2024 was primarily due to increased expenses related to stock-based compensation of $4.8 million and salaries and benefits of $0.3 million, partially offset by a decrease in legal and patent services of $1.2 million.
Current wording
The decrease in general and administrative expenses during the three months ended September 30, 2025 as compared to the same period in 2024 was primarily due to decreased expenses related to legal and patent services of $4.5 million and stock-based compensation of $1.2 million, partially offset by an increase in salaries and benefits of $0.3 million.
Previous wording
The following table summarizes our research and development expenses for the six months ended June 30, 2025 and 2024 (in thousands, except % change).
Current wording
The following table summarizes our research and development expenses for the nine months ended September 30, 2025 and 2024 (in thousands, except % change).
Previous wording
The increase in research and development expenses during the six months ended June 30, 2025 as compared to the same period in 2024 was primarily due to increased expenses related to clinical studies of $27.2 million, manufacturing for our drug candidates of $21.1 million, stock-based compensation of $3.5 million and salaries and benefits of $2.2 million, partially offset by a decrease in expenses related to pre-clinical studies of $0.7 million.
Current wording
The increase in research and development expenses during the nine months ended September 30, 2025 as compared to the same period in 2024 was primarily due to increased expenses related to clinical studies of $77.6 million, manufacturing for our drug candidates of $36.3 million, salaries and benefits of $3.4 million, stock-based compensation of $3.1 million and regulatory services of $0.4 million, partially offset by a decrease in expenses related to pre-clinical studies of $0.6 million.
Previous wording
The following table summarizes our general and administrative expenses for the six months ended June 30, 2025 and 2024 (in thousands, except % change).
Current wording
The following table summarizes our general and administrative expenses for the nine months ended September 30, 2025 and 2024 (in thousands, except % change).
Previous wording
The increase in general and administrative expenses during the six months ended June 30, 2025 as compared to the same period in 2024 was primarily due to increased expenses related to stock-based compensation of $6.4 million, legal and patent services of $1.6 million and insurance of $0.5 million, partially offset by a decrease in third party consultants of $0.3 million.
Current wording
The increase in general and administrative expenses during the nine months ended September 30, 2025 as compared to the same period in 2024 was primarily due to increased expenses related to stock-based compensation of $5.1 million and insurance of $0.5 million, partially offset by a decrease in legal and patent services of $2.8 million.
Previous wording
The following table summarizes our total other income, net for the six months ended June 30, 2025 and 2024 (in thousands, except % change).
Current wording
The following table summarizes our total other income, net for the nine months ended September 30, 2025 and 2024 (in thousands, except % change).
Previous wording
Total other income, net recognized during the six months ended June 30, 2025 and 2024 consisted primarily of interest income, partially offset by expense relating to the amortization of certain financing costs.
Current wording
Total other income, net recognized during the nine months ended September 30, 2025 and 2024 consisted primarily of interest income, partially offset by expense relating to the amortization of certain financing costs.
Previous wording
We have incurred losses and negative cash flows from operations and have not generated any revenues since our inception. As of June 30, 2025, we had cash, cash equivalents and short-term investments of $807.7 million. As such, we believe our cash, cash equivalents and short-term investments will be sufficient to fund our operations through at least September 30, 2026, which is more than one year after the date of our filing of this Form 10-Q.
Current wording
We have incurred losses and negative cash flows from operations and have not generated any revenues since our inception. As of September 30, 2025, we had cash, cash equivalents and short-term investments of $714.6 million. As such, we believe our cash, cash equivalents and short-term investments will be sufficient to fund our operations through at least December 31, 2026, which is more than one year after the date of our filing of this Form 10-Q.
Previous wording
In February 2025, our board of directors authorized a stock repurchase program effective February 27, 2025, whereby we may purchase up to $250.0 million in shares of our common stock over a period of up to two years, or the Repurchase Program. The Repurchase Program may be carried out at the discretion of a committee of our board of directors through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. We did not repurchase any shares of our common stock under the Repurchase Program during the six months ended June 30, 2025.
Current wording
In February 2025, our board of directors authorized a stock repurchase program effective February 27, 2025, whereby we may purchase up to $250.0 million in shares of our common stock over a period of up to two years, or the Repurchase Program. The Repurchase Program may be carried out at the discretion of a committee of our board of directors through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. We did not repurchase any shares of our common stock under the Repurchase Program during the nine months ended September 30, 2025.
Previous wording
During the six months ended June 30, 2024, cash used in operating activities of $34.6 million primarily reflected our net losses for the period, adjusted by non-cash charges such as stock-based compensation, amortization of investment premiums, accrued expenses, prepaid expenses and other assets, amortization of right-of-use assets, amortization of financing costs, and interest expense related to operating lease liabilities as well as changes in our working capital accounts, primarily consisting of an increase in accrued interest, net of interest received on maturity of investments, partially offset by a decrease in amortization of investment premiums and decreases in accounts payable and lease liability.
Current wording
During the nine months ended September 30, 2025, cash used in operating activities of $193.4 million primarily reflected our net losses for the period, adjusted by non-cash charges such as stock-based compensation, amortization of investment premiums, amortization of right-of-use assets, amortization of financing costs, interest expense related to operating lease liabilities and realized gain on investment as well as changes in our working capital accounts, primarily consisting of increases in accrued interest, net of interest received on maturity of investments and accrued expenses, partially offset by an increase in prepaid expenses and other current assets and decreases in accounts payable and lease liability.
Previous wording
During the six months ended June 30, 2025, cash used in operating activities of $99.4 million primarily reflected our net losses for the period, adjusted by non-cash charges such as accrued expenses, stock-based compensation, prepaid expenses and other assets, amortization of right-of-use assets, amortization of financing costs, and interest expense related to operating lease liabilities as well as changes in our working capital accounts, primarily consisting of an increase in accrued interest, net of interest received on maturity of investments, partially offset by a decrease in amortization of investment premiums and decreases in accounts payable and lease liability.
Current wording
During the nine months ended September 30, 2024, cash used in operating activities of $56.6 million primarily reflected our net losses for the period, adjusted by non-cash charges such as stock-based compensation, amortization of investment premiums, amortization of right-of-use assets, realized gain on investment, amortization of financing costs, and interest expense related to operating lease liabilities as well as changes in our working capital accounts, primarily consisting of an increase in accrued expenses and accrued interest, net of interest received on maturity of investments, partially offset by decreases in accounts payable, prepaid expenses and other assets and lease liability.
Previous wording
During the six months ended June 30, 2025, cash provided by investing activities of $105.8 million resulted primarily from the purchase of investments of $356.1 million, partially offset by the proceeds of maturities of investments of $461.8 million.
Current wording
During the nine months ended September 30, 2025, cash provided by investing activities of $265.8 million resulted primarily from the proceeds of maturities of investments of $643.3 million, partially offset by the purchase of investments of $377.5 million.
Previous wording
During the six months ended June 30, 2024, cash used in investing activities of $585.9 million resulted primarily from the purchase of investments of $826.4 million, partially offset by the proceeds of maturities of investments of $240.6 million.
Current wording
During the nine months ended September 30, 2024, cash used in investing activities of $560.0 million resulted primarily from the purchase of investments of $976.4 million, partially offset by the proceeds of maturities of investments of $416.5 million.
Previous wording
During the six months ended June 30, 2025, cash provided by financing activities was $0.9 million, which consisted of proceeds from certain option exercises.
Current wording
During the nine months ended September 30, 2025, cash provided by financing activities was $1.3 million, which consisted of proceeds from certain option exercises and 2024 ESPP common stock issuances.
Previous wording
During the six months ended June 30, 2024, cash provided by financing activities was $608.9 million, which consisted primarily of proceeds from the issuance of common stock, net of discount, of $597.1 million in the March 2024 Offering, proceeds from certain option exercises and 2014 ESPP common stock issuances of $7.3 million and proceeds from the ATM Offering, net of fees, of $46.7 million, partially offset by value of shares withheld to cover taxes of $42.1 million.
Current wording
During the nine months ended September 30, 2024, cash provided by financing activities was $611.5 million, which consisted primarily of proceeds from the issuance of common stock, net of discount, of $597.1 million in the March 2024 Offering, proceeds from certain option exercises and 2014 ESPP common stock issuances of $9.8 million and proceeds from the ATM Offering, net of fees, of $46.7 million, partially offset by value of shares withheld to cover taxes of $42.1 million.