Viking Therapeutics, Inc.

Previous wording

In January 2025, we announced the initiation of a Phase 2 clinical trial of the oral tablet formulation of VK2735, and in August 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, ranging up to 12.2% from baseline. 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. We expect to initiate Phase 3 oral dosing studies in the fourth quarter of 2026.

Current wording

In January 2025, we announced the initiation of a Phase 2 clinical trial of the oral tablet formulation of VK2735, and in August 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, ranging up to 12.2% from baseline. 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. In October 2026, we announced the initiation of the SUNRISE Phase 3 clinical program for oral VK2735.

Previous wording

In October 2025, we announced the initiation of an exploratory maintenance dosing study of VK2735. This study is intended to explore the feasibility of various VK2735 maintenance dosing regimens utilizing either the oral tablet or the subcutaneous formulation to sustain the initial weight loss achieved following subcutaneous dosing. In January 2026, we announced completion of enrollment in this study.

Current wording

In October 2025, we announced the initiation of an exploratory maintenance dosing study of VK2735. This study is intended to explore the feasibility of various VK2735 maintenance dosing regimens utilizing either the oral tablet or the subcutaneous formulation to sustain the initial weight loss achieved following subcutaneous dosing. In September 2026, we announced positive top-line results from the first part of the study. After 21 weeks of weekly subcutaneous dosing, participants receiving VK2735 demonstrated mean weight loss of approximately 16% to 19%, compared with approximately 0% for placebo. Following transition to less frequent dosing for 12 weeks, participants maintained up to 97% of their weight loss with every-other-week dosing and up to 90% with monthly dosing, compared with 61% for placebo. VK2735 was well tolerated during the maintenance period, with rates of gastrointestinal-related adverse events comparable to placebo. In October 2026, we announced the initiation of the second part of this study evaluating both oral and additional subcutaneous maintenance dosing regimens of VK2735.

Previous wording

The VOYAGE study was a randomized, double-blind, placebo-controlled, multicenter trial designed to assess the efficacy, safety and tolerability of VK2809 in patients with biopsy-confirmed NASH/MASH and fibrosis ranging from stages F1 to F3. The primary endpoint of the study evaluated the relative change in liver fat content, as assessed by magnetic resonance imaging, proton density fat fraction, or MRI-PDFF, from baseline to week 12 in subjects treated with VK2809 as compared to placebo. Secondary objectives included evaluation of histologic changes assessed by hepatic biopsy after 52 weeks of dosing.

Current wording

The VOYAGE study was a randomized, double-blind, placebo-controlled, multicenter trial designed to assess the efficacy, safety and tolerability of VK2809 in patients with biopsy-confirmed NASH/MASH and fibrosis ranging from stages F1 to F3. The primary endpoint of the study evaluated the relative change in liver fat content, as assessed by magnetic resonance imaging, proton density fat fraction from baseline to week 12 in subjects treated with VK2809 as compared to placebo. Secondary objectives included evaluation of histologic changes assessed by hepatic biopsy after 52 weeks of dosing.

Previous wording

During the year ended December 31, 2025, we incurred $345.0 million in research and development expenses primarily related to our efforts in conducting the VK2735 Phase 3 VANQUISH-1 and VANQUISH-2 clinical trials, VK2735 Phase 2 VENTURE clinical trial, the VK2735 Phase 1 subcutaneous clinical trial, the VK2735 Phase 1 oral clinical trial, VK2809 Phase 2b VOYAGE clinical trial and the VK0214 Phase 1b clinical trial. During the three months ended June 30, 2026, we incurred $266.0 million in research and development expenses primarily related to our efforts in conducting the VK2735 Phase 3 VANQUISH-1 and VANQUISH-2 clinical trials. 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, 2025, we incurred $345.0 million in research and development expenses primarily related to our efforts in conducting the VK2735 Phase 3 VANQUISH-1 and VANQUISH-2 clinical trials, 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, 2026, we incurred $432.7 million in research and development expenses primarily related to our efforts in conducting the VK2735 Phase 3 VANQUISH-1 and VANQUISH-2 clinical trials. 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 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 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

Other income (expense) includes interest income earned from our cash, cash equivalents and short-term investments.

Current wording

Other income (expense) includes interest income earned from our cash, cash equivalents, restricted cash and short-term investments and interest expense related to the 2032 Notes, including amortization of debt issuance costs.

Previous wording

The increase in research and development expenses during the three months ended June 30, 2026, compared to the same period in 2025, was primarily due to increased expenses related to clinical studies of $67.5 million, salaries and benefits of $1.3 million, stock-based compensation of $1.1 million, and third-party consultants of $0.5 million, partially offset by decreased expenses related to manufacturing of our drug candidates of $10.3 million and preclinical studies of $4.7 million.

Current wording

The increase in research and development expenses during the three months ended September 30, 2026, as compared to the same period in 2025, was primarily due to increased expenses related to planned and ongoing clinical studies of $53.3 million, manufacturing for our drug candidates of $16.8 million, stock-based compensation of $8.4 million, salaries and benefits of $1.6 million and third-party consultants of $0.3 million, partially offset by a decrease in preclinical studies of $3.4 million.

Previous wording

The increase in general and administrative expenses during the three months ended June 30, 2026, compared to the same period in 2025, was primarily due to increased expenses related to third-party consultants of $3.9 million, legal and patent services of $1.4 million, and salaries and benefits of $0.4 million, partially offset by decreased stock-based compensation of $3.5 million.

Current wording

The increase in general and administrative expenses during the three months ended September 30, 2026, as compared to the same period in 2025, was primarily due to increased expenses related to legal and patent services of $4.9 million, third-party consultants of $3.6 million, stock-based compensation of $2.2 million and salaries and benefits of $0.7 million. These increases reflect the company’s rapid overall growth compared with the same period in 2025.

Previous wording

Total other income, net recognized during the six months ended June 30, 2026 and 2025 consisted primarily of interest income.

Current wording

Total other income, net for the three months ended September 30, 2026 and 2025 consisted primarily of interest income, partially offset by interest expense related to the 2032 Notes in 2026 and expense relating to the amortization of certain financing costs in 2025.

Previous wording

The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025 (in thousands, except % change).

Current wording

The following table summarizes our research and development expenses for the nine months ended September 30, 2026 and 2025 (in thousands, except % change).

Previous wording

The following table summarizes our general and administrative expenses for the six months ended June 30, 2026 and 2025 (in thousands, except % change).

Current wording

The following table summarizes our general and administrative expenses for the nine months ended September 30, 2026 and 2025 (in thousands, except % change).

Previous wording

The increase in general and administrative expenses during the six months ended June 30, 2026, compared to the same period in 2025, was primarily due to increased expenses related to third-party consultants of $5.4 million and salaries and benefits of $0.8 million, partially offset by decreased stock-based compensation of $3.8 million and legal and patent services of $0.7 million.

Current wording

The increase in general and administrative expenses during the nine months ended September 30, 2026, as compared to the same period in 2025, was primarily due to increased expenses related to third-party consultants of $9.0 million, legal and patent services of $4.2 million and salaries and benefits of $1.5 million, partially offset by a decrease in stock-based compensation of $1.7 million. These increases reflect the company’s rapid overall growth compared with the same period in 2025.

Previous wording

The following table summarizes our total other income, net for the six months ended June 30, 2026 and 2025 (in thousands, except % change).

Current wording

The following table summarizes our total other income, net for the nine months ended September 30, 2026 and 2025 (in thousands, except % change).

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, 2026, we had cash, cash equivalents, restricted cash and short-term investments of $501.9 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, 2027, 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, 2026, we had cash, cash equivalents, restricted cash and short-term investments of $960.0 million. As such, we believe our cash, cash equivalents, restricted cash and short-term investments will be sufficient to fund our operations through at least December 31, 2027, which is more than one year after the date of our filing of this Form 10-Q.

Previous wording

In July 2023, we filed an automatic universal shelf registration statement on Form S-3 (File No. 333-273460) as a well-known seasoned issuer as defined in Rule 405 under the Securities Act of 1933, as amended, which became effective upon filing, or the 2023 Shelf Registration Statement. The 2023 Shelf Registration Statement allowed us to offer an indeterminate amount of securities, including equity securities, debt securities, warrants, rights, units and depositary shares, from time to time as described in the 2023 Shelf Registration Statement. The specific terms of any offering under the 2023 Shelf Registration Statement was to be established at the time of such offering. The 2023 Shelf Registration Statement expired on July 26, 2026.

Current wording

In July 2026, we filed an automatic universal shelf registration statement on Form S-3 (File No. 333-297820) as a well-known seasoned issuer as defined in Rule 405 under the Securities Act of 1933, as amended, which became effective upon filing, or the 2026 Shelf Registration Statement. The 2026 Shelf Registration Statement allows us to offer an indeterminate amount of securities, including equity securities, debt securities, warrants, rights, units and depositary shares, from time to time as described in the 2026 Shelf Registration

Previous wording

On July 29, 2026, we entered into an At-The-Market Equity Offering Sales Agreement, or the New ATM Agreement, with Stifel, Nicolaus & Company, Incorporated, Piper Sandler & Co., Cantor Fitzgerald & Co., Oppenheimer & Co. Inc. and Canaccord Genuity LLC, each, a New ATM Agent and together, the New ATM Agents, pursuant to which we may offer and sell, from time to time, through or to the New ATM Agents, as sales agent or principal, shares of our common stock, or the New ATM Offering. Sales of common stock pursuant to the New ATM Agreement, if any, will be made at market prices by any method that is deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act. We may not sell any shares under the New ATM Offering unless and until we have filed a new registration statement and a prospectus relating to the New ATM Offering; however, we expect to file a new universal shelf registration statement following the expiration of the 2023 Shelf Registration Statement that will include a prospectus relating to the New ATM Offering. We have no obligation to sell any shares under the New ATM Agreement, and we may at any time suspend offers under the New ATM Agreement. See “New ATM Agreement” in Part II, Item 5 of this Quarterly Report on Form 10-Q for additional information.

Current wording

In July 2026, we entered into an At-The-Market Equity Offering Sales Agreement, or the ATM Agreement, with Stifel, Nicolaus & Company, Incorporated, Piper Sandler & Co., Cantor Fitzgerald & Co., Oppenheimer & Co. Inc. and Canaccord Genuity LLC, or collectively, the Agents, pursuant to which we may offer and sell, from time to time, through or to the Agents, as sales agent or principal, shares of our common stock, or the ATM Offering. Sales of common stock pursuant to the ATM Agreement, if any, will be made at market prices by any method that is deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act. The 2026 Shelf Registration Statement included a prospectus relating to the ATM Offering, or the ATM Prospectus. We have no obligation to sell any shares under the ATM Agreement, and we may at any time suspend offers under the ATM Agreement. From the date of the ATM Prospectus through September 30, 2026, 1,476,600 shares of our common stock were sold pursuant to the ATM Agreement and, as of September 30, 2026, we may sell shares of our common stock for remaining gross proceeds of up to $449.8 million from time to time pursuant to the ATM Prospectus.

Previous wording

In July 2023, we entered into an Amendment No. 1 to At-The-Market Equity Offering Sales Agreement, or the ATM Agreement Amendment, with Stifel, Nicolaus & Company, Incorporated, Truist Securities, Inc., H.C. Wainwright & Co. LLC and BTIG, LLC, or collectively the Agents. Pursuant to the ATM Agreement Amendment, BTIG, LLC was added as a sales agent for the Prior ATM Offering (as defined below) and the At The Market Equity Offering Sales Agreement we previously entered into in June 2021 was amended, or such agreement, as amended by the ATM Agreement, the Prior ATM Agreement, to provide that our offer and sale of shares from time to time through or to the Agents, as sales agent or principal or, the Prior ATM Offering, could be conducted off of registration statements on Form S-3 subsequently filed by us. Any shares of our common stock offered and sold in the Prior ATM Offering were to be issued pursuant to the 2023 Shelf Registration Statement and the prospectus, dated July 26, 2023, relating to the sale of up to $200.0 million of shares of our common stock pursuant to the Prior ATM Offering that was included in the 2023 Shelf Registration Statement, or the ATM Prospectus. From the date of the ATM Prospectus through June 30, 2026, 4,591,231 shares of our common stock were sold pursuant to the ATM Offering and, as of June 30, 2026, we could sell shares of our common stock for remaining gross proceeds of up to $40.4 million from time to time pursuant to the ATM Prospectus. Effective July 29, 2026, we voluntarily terminated the Prior ATM Agreement. The Prior ATM Agreement was terminable by us at will with no penalty.

Current wording

We previously had an automatic universal shelf registration statement on Form S-3, which expired on July 26, 2026, or the Prior Shelf Registration Statement, which included a prospectus, or the Prior ATM Prospectus, relating to the sale of up to $200.0 million of shares of our common stock under a prior At-The-Market Equity Sales Agreement, dated July 28, 2021, as amended, or the Prior ATM Offering. From the date of the Prior ATM Prospectus through July 26, 2026, 4,591,231 shares of our common stock were sold pursuant to the Prior ATM Offering.

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 Prior Repurchase Program. We did not repurchase any shares of our common stock under the Prior Repurchase Program during the six months ended June 30, 2026 or the twelve months ended December 31, 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 2025 Repurchase Program. In July 2026, our board of directors terminated the 2025 Repurchase Program and authorized a new stock repurchase program effective July 30, 2026, whereby we may purchase up to $500.0 million in shares of our common stock over a period of up to three years, or the New Repurchase Program. The New 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 2025 Repurchase Program or the New Repurchase Program during the nine months ended September 30, 2026.

Previous wording

During the six months ended June 30, 2026, cash used in operating activities of $239.1 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, interest expense related to operating lease liabilities and realized gain on investments, as well as changes in our working capital accounts, primarily consisting of increases in accrued expenses, accounts payable and lease liability, partially offset by a decrease in prepaid expenses and other current assets, and accrued interest, net of interest received on maturity of investments.

Current wording

During the nine months ended September 30, 2026, cash used in operating activities of $377.3 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, 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 accounts payable, accrued expenses and accrued interest, net of interest received on maturity of investments, partially offset by an increase in prepaid expenses and other current assets and a decrease in 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, 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, accounts payable, accrued expenses and lease liability, partially offset by an increase in prepaid expenses and other current assets.

Previous wording

During the six months ended June 30, 2026, cash provided by investing activities of $163.6 million resulted primarily from the proceeds of maturities of investments of $267.6 million and proceeds from sales of investments of $38.5 million, partially offset by the purchase of investments of $142.5 million.

Current wording

During the nine months ended September 30, 2026, cash provided by investing activities of $256.1 million resulted primarily from the proceeds of maturities of investments of $372.4 million, partially offset by the purchase of investments of $154.8 million and sales of investments of $38.5 million.

Previous wording

During the six months ended June 30, 2025, cash provided by investing activities of $105.8 million resulted primarily from the proceeds of maturities of investments of $461.8 million, partially offset by the purchase of investments of $356.1 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, 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 ESPP common stock issuances.

Previous wording

the amount of revenue, if any, received from commercial sales of our drug candidates, should any of our drug candidates receive marketing approval; and

Current wording

the amount of revenue, if any, received from commercial sales of our drug candidates, should any of our drug candidates receive marketing approval;