Viking Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the development of novel therapies for metabolic and endocrine disorders. The company's lead drug candidate is VK2809, an orally available tissue and receptor-subtype selective agonist of the thyroid hormone receptor beta (TRß), which is in Phase IIb clinical trials to treat patients with biopsy-confirmed non-alcoholic steatohepatitis, as well as NAFLD. It also develops VK5211, an orally available non-steroidal selective androgen receptor modulator that is in Phase II clinical trials for the treatment of patients recovering from non-elective hip fracture surgery; VK0612, an orally available Phase IIb-ready drug candidate for type 2 diabetes; VK2735, a novel dual agonist of the glucagon-like peptide, which is in Phase 1 SAD/MAD clinical trial, and VK0214, an orally available tissue and receptor-subtype selective agonist of the TRß for X-linked adrenoleukodystrophy. The company was incorporated in 2012 and is headquartered in San Diego, California.
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Here are 1-2 brief analogies for Viking Therapeutics (VKTX):
- An emerging Eli Lilly or Novo Nordisk for next-generation weight loss and metabolic drugs.
- A biotech challenger in the obesity and metabolic disease drug market, aiming to rival pharmaceutical giants.
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VK2809 (razafemazole): A liver-selective thyroid hormone receptor beta (TRβ) agonist in clinical development for metabolic diseases, including non-alcoholic steatohepatitis (NASH) and dyslipidemia.
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VK2735: A dual GLP-1/GIP receptor agonist currently in clinical development for the treatment of obesity and other metabolic disorders.
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VK0214: A novel, orally available small molecule thyroid hormone receptor beta (TRβ) agonist being developed for the treatment of X-linked adrenoleukodystrophy (X-ALD).
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Viking Therapeutics (symbol: VKTX) is a clinical-stage biopharmaceutical company focused on the development of novel therapeutics for metabolic and endocrine disorders. As such, the company does not currently have any commercialized products on the market from which it generates sales revenue.
Therefore, Viking Therapeutics does not have "major customers" in the traditional sense of companies or individuals purchasing its products or services. Its primary activities involve research and development, preclinical studies, and clinical trials for its drug candidates.
The company's operations are primarily funded through financing activities, such as equity offerings, and potentially grants or strategic collaborations, rather than the sale of commercialized pharmaceutical products.
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Brian Lian, Ph.D. President and Chief Executive Officer
Dr. Lian co-founded Viking Therapeutics in September 2012 and has served as President and Chief Executive Officer and a director since the company's inception. Prior to founding Viking, he was a Managing Director and Senior Research Analyst at SunTrust Robinson Humphrey from 2012 to 2013, where he covered small and mid-cap biotechnology companies with a focus on diabetes, oncology, infectious disease, and neurology. He also held similar roles as Managing Director and Senior Research Analyst at Global Hunter Securities (2011-2012) and Executive Director and Senior Biotechnology Analyst at CIBC World Markets (2006-2008). Before his career in equity research, Dr. Lian was a research scientist in small molecule drug discovery at Amgen and Microcide Pharmaceuticals. He holds an MBA in accounting and finance from Indiana University and M.S. and Ph.D. degrees in organic chemistry from The University of Michigan.
Greg Zante Chief Financial Officer
Mr. Zante was appointed Chief Financial Officer in January 2021. He joined Viking in 2016 as Vice President of Finance and Operations and most recently served as the company's Senior Vice President of Finance. Mr. Zante has nearly 25 years of financial management experience in both public and private biotechnology and accounting firms. Before joining Viking, he served as Chief Financial Officer at Dance Biopharm, a biopharmaceutical company focused on diabetes, where he managed private financing and prepared the company for initial public offering activities. His previous senior positions include roles at Sangamo Therapeutics, Calyx Therapeutics, and Matrix Pharmaceuticals. He is a Certified Public Accountant in California and previously worked as a senior staff accountant at Ernst & Young.
Marianne Mancini Chief Operating Officer
Ms. Mancini was appointed Chief Operating Officer in January 2021. She brings over 30 years of experience in the pharmaceutical and biotechnology industry, specializing in the management and oversight of clinical trials from early to late-stage drug development. Ms. Mancini joined Viking in 2015 as Vice President of Clinical Operations. Prior to Viking, she held positions as Senior Director of Clinical Operations at Ambit Biosciences Corporation and Aires Pharmaceuticals, Inc. She also served as Senior Director of Project Management and Clinical Operations at Arena Pharmaceuticals, Inc., where she was the project team leader for the company's obesity compound, BELVIQ®.
Michael Morneau Vice President, Finance and Administration
Mr. Morneau serves as Vice President of Finance and Administration. He has over 20 years of accounting and financial experience in public and private companies within the biotechnology and accounting industries. Before joining Viking, he was Vice President of Finance and Chief Accounting Officer at Trius Therapeutics, Inc., which became a subsidiary of Cubist Pharmaceuticals, Inc. following Cubist's acquisition of Trius. Prior to Trius, he was Director of Lilly Research Labs Finance at Eli Lilly and Company. Earlier in his career, he was Director of Finance and Accounting at SGX Pharmaceuticals, Inc., a biotechnology company that was acquired by Eli Lilly. He also served as Controller at Momenta Pharmaceuticals, Inc.
Hiroko Masamune, Ph.D. Chief Development Officer
Dr. Masamune serves as Viking's Chief Development Officer and has over 25 years of pharmaceutical development experience. Before joining Viking, she was Vice President, Product Development at Aires Pharmaceuticals, Inc., a company focused on therapies for pulmonary vascular disorders. Prior to Aires, she was Vice President, Product Development at Palkion Inc., where she was responsible for all aspects of preclinical development and served as alliance manager. Dr. Masamune also served as Senior Director, Pharmaceutical Sciences at Neurogen Corp., overseeing various clinical candidates. She spent 14 years in drug discovery and development at Pfizer, working in cardiovascular, pulmonary, and infectious diseases.
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The key risks to Viking Therapeutics (VKTX) are:
- Clinical Development Risks and Binary Outcomes: As a clinical-stage biopharmaceutical company, Viking Therapeutics' future is heavily reliant on the successful development, positive clinical trial results, and regulatory approval of its drug candidates. Disappointing clinical trial outcomes, such as the tolerability issues and a 28% discontinuation rate observed in the Phase 2 results for its experimental oral obesity pill VK2735, can significantly impact the company's stock price and commercial prospects. The success of its lead candidates, particularly the Phase 3 trials for VK2735, represents critical milestones, and any setbacks could lead to substantial losses.
- Intense Competition and Market Saturation: Viking Therapeutics operates in highly competitive therapeutic areas, particularly in the metabolic disorder and obesity markets. This landscape is dominated by large pharmaceutical companies such as Eli Lilly and Novo Nordisk, which possess established drugs, extensive pipelines, and robust commercial infrastructures. Viking faces significant challenges in differentiating its products and gaining market share against these entrenched players, with the potential for a crowded GLP-1 market further intensifying competitive pressures.
- Financial Risks and Dilution: Viking Therapeutics is a pre-revenue company and consistently reports net losses due to substantial research and development (R&D) expenses. Advancing drug candidates through late-stage clinical trials, especially costly Phase 3 programs, requires significant capital investment. While the company currently maintains a strong cash position, there is an ongoing risk that future capital requirements could lead to additional equity financing and subsequent dilution for existing shareholders.
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Eli Lilly's retatrutide (triple GLP-1, GIP, and glucagon receptor agonist) represents a clear emerging threat to Viking Therapeutics' VK2735 (dual GLP-1 and GIP receptor agonist) in the highly competitive obesity market. Retatrutide is currently in Phase 3 clinical development and has demonstrated significant weight loss in earlier trials, potentially setting a higher efficacy benchmark than dual agonists, including VK2735. As a triple agonist, it targets additional pathways that may offer superior outcomes. Its advanced stage of development and strong clinical profile position it as a formidable competitor that could establish a new standard of care before VK2735 even reaches market approval, thereby limiting VKTX's potential market share, pricing power, and commercial viability for its key obesity asset.
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Viking Therapeutics (VKTX) is developing several promising product candidates targeting significant addressable markets:
VK2735 (Dual GLP-1/GIP Agonist) for Obesity and Metabolic Disorders
- The global obesity treatment market was valued at USD 15.92 billion in 2024 and is projected to reach USD 60.53 billion by 2030, growing at a compound annual growth rate (CAGR) of 22.31% from 2025 to 2030.
- Another estimate places the global anti-obesity medication (AOM) market at approximately US$130 billion between 2024 and 2034.
- The overall weight-loss therapeutics market is valued at around $150 billion.
- North America is a dominant region in the obesity treatment market, holding a 73.39% revenue share in 2024.
VK2809 (TRβ Agonist) for NASH, NAFLD, and Elevated LDL-C
- The global Nonalcoholic Steatohepatitis (NASH) market size is estimated at USD 9.98 billion in 2024 and is expected to reach USD 314.07 billion by 2033, demonstrating a substantial CAGR of 46.7%.
- Other projections indicate the global NASH market could reach $57.5 billion by 2033 with a CAGR of 27.9%, or increase from USD 7.75 billion in 2024 to USD 92.5 billion by 2034 with a CAGR of 28.14%.
- North America held a dominant 79% share of the global non-alcoholic steatohepatitis (NASH) treatment market in 2024.
- The global non-alcoholic fatty liver disease (NAFLD) drug market size is calculated at USD 21.98 billion in 2025 and is forecasted to reach approximately USD 33.6 billion by 2034.
VK0214 (TRβ Agonist) for X-linked Adrenoleukodystrophy (X-ALD)
- The global X-Linked Adrenoleukodystrophy market is projected to grow from USD 0.82 billion in 2024 to USD 1.48 billion by 2035, at a CAGR of 5.49% from 2025 to 2035.
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Viking Therapeutics (VKTX), a clinical-stage biopharmaceutical company, does not currently generate revenue from product sales. Therefore, its future revenue growth over the next 2-3 years is entirely dependent on the successful progression, approval, and commercialization of its pipeline candidates. Key drivers of potential future revenue growth include:
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Advancement and Potential Approval of VK2735 (Subcutaneous Formulation) for Obesity: VK2735 is Viking's leading obesity drug candidate, a dual GLP-1/GIP receptor agonist, which has demonstrated significant efficacy in Phase 2 clinical trials. The company is accelerating its development by moving directly into Phase 3 trials for the subcutaneous formulation, potentially speeding up its market entry by 18-24 months. Enrollment for the pivotal VANQUISH-1 study is expected to conclude by the end of 2025, and for VANQUISH-2 by the first quarter of 2026. Analysts project potential peak sales of VK2735 to reach up to $21.6 billion, with a substantial portion from the U.S. market, if it gains regulatory approval. The overall weight-loss drug market is anticipated to reach $120 billion by 2030 and $150 billion by 2035.
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Development of VK2735 (Oral Formulation) for Obesity: In addition to the injectable form, Viking is also developing an oral formulation of VK2735. This oral version has shown promising weight loss results and favorable tolerability in Phase 1 and Phase 2 studies. A Phase 2 maintenance dosing study is currently in progress, with further data expected. The successful development and potential approval of an oral option could significantly expand the addressable market and offer greater dosing flexibility for patients.
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Progression of VK2809 for MASH/NASH: VK2809 is an orally administered, selective thyroid hormone receptor beta agonist being developed for metabolic dysfunction-associated steatohepatitis (MASH), also known as non-alcoholic steatohepatitis (NASH), and fibrosis. The drug has successfully met its primary and secondary endpoints in a Phase 2b study. The company plans to engage with the FDA to discuss the next steps for this program. Analyst projections for VK2809's peak sales reach up to $4 billion, targeting a MASH/NASH market estimated to grow to $108 billion by 2030.
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Introduction of a Novel Amylin Candidate for Obesity: Viking is expanding its pipeline in obesity treatments with a novel dual amylin and calcitonin receptor agonist (DACRA). Positive preclinical data has been presented, and an Investigational New Drug (IND) submission for this candidate is anticipated in 2025 or the first quarter of 2026, marking its entry into clinical development. This represents a new product class that could contribute to future revenue if successfully developed.
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Share Repurchases
- Viking Therapeutics authorized a $250.0 million share repurchase program in February 2025.
- No repurchases were made under the authorized program in Q3 2025.
- Historical data shows small quarterly buybacks, with the largest being $5.62 million in Q1 2022 and $5.41 million in Q2 2023.
Share Issuance
- A March 2024 offering resulted in $597.1 million in net proceeds for the company.
- Shares outstanding increased from approximately 78 million in Q1 2023 to 112 million in Q1 2025, indicating dilution through equity offerings.
- The number of shares outstanding increased by 5.48% in one year, reaching 113.04 million as of October 15, 2025.
Inbound Investments
- The company maintained strong liquidity, reporting $100.4 million in cash and cash equivalents and $614.2 million in short-term investments as of September 30, 2025.
- Short-term investments grew substantially from $117.3 million in Q1 2023 to $813.9 million in Q1 2025, reflecting significant capital reserves.
- Total equity significantly increased from $134 million in Q1 2023 to $847 million in Q1 2025, driven by funding raises and capital accumulation.
Capital Expenditures
- Viking Therapeutics has reported minimal or no traditional capital expenditures in recent years, with "n/a" or "-" indicated in financial statements for capital expenditures.
- The company entered into multi-year manufacturing agreements for VK2735, involving prepayments from 2025 to 2028 that will be credited against future orders.
- A lease amendment for expanded headquarters space includes a monthly base rent of $63,000, starting from April 1, 2026, or substantial completion.
