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1. A clinical-stage Eli Lilly, but focused on developing next-generation GLP-1/GIP drugs for obesity and metabolic disorders.

2. A clinical-stage Madrigal Pharmaceuticals, specializing in metabolic disorders, including a lead TRß agonist for NASH.

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• VK2809: An orally available thyroid hormone receptor beta (TRß) agonist in Phase IIb clinical trials for non-alcoholic steatohepatitis (NASH) and NAFLD.
• VK5211: An orally available non-steroidal selective androgen receptor modulator in Phase II clinical trials for patients recovering from non-elective hip fracture surgery.
• VK0612: An orally available drug candidate in Phase IIb-ready stage for type 2 diabetes.
• VK2735: A novel dual agonist of the glucagon-like peptide and glucagon receptors in Phase 1 clinical trials.
• VK0214: An orally available thyroid hormone receptor beta (TRß) agonist for X-linked adrenoleukodystrophy.

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As a clinical-stage biopharmaceutical company, Viking Therapeutics (VKTX) is primarily focused on the research and development of drug candidates for metabolic and endocrine disorders. The company's drug candidates are currently in various phases of clinical trials (e.g., Phase I, Phase II, Phase IIb).

At this stage of development, Viking Therapeutics does not have approved products on the market for sale, and therefore, it does not have major customers (neither companies nor individuals) in the traditional sense of selling goods or services. Its primary activities revolve around advancing its drug pipeline through clinical trials.

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Dr. Lian co-founded Viking Therapeutics in 2013 and led the company to go public in 2015. Prior to founding Viking, he was a Managing Director and Senior Research Analyst at SunTrust Robinson Humphrey and an Executive Director and Senior Biotechnology Analyst at CIBC World Markets, where he covered small and mid-cap biotechnology companies. He also worked as a research scientist in small molecule drug discovery at Amgen and Microcide Pharmaceuticals. Notably, he convinced Ligand Pharmaceuticals to license five drug candidates and invest $2.5 million to kickstart Viking's operations.

Mr. Zante was appointed Chief Financial Officer in January 2021, having previously served as Viking's Senior Vice President of Finance. He possesses nearly 25 years of financial management experience in both public and private biotechnology and accounting industries. Before joining Viking in 2016, Mr. Zante was the Chief Financial Officer at Dance Biopharm, a biopharmaceutical company focused on diabetes, where he managed the company's private financing strategy and prepared it for initial public offering activities. He has also held senior positions at Sangamo Therapeutics, Calyx Therapeutics, and Matrix Pharmaceuticals.

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. Before joining Viking in 2015, she was the Senior Director of Clinical Operations at Ambit Biosciences Corporation. Her prior experience also includes roles as Senior Director of Clinical Operations at Aires Pharmaceuticals, Inc., and Senior Director of Project Management and Clinical Operations at Arena Pharmaceuticals, Inc., where she led the project team for the obesity compound BELVIQ®.

Mr. Morneau has over 20 years of experience in accounting and finance within public and private companies in the biotechnology and accounting sectors. Prior to his role at Viking, he served as 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. He also held the position of Director of Lilly Research Labs Finance at Eli Lilly and Company.

Dr. Barker serves as Chief Development Officer and has 30 years of experience in pharmaceutical and nonclinical development. Before this role, he was the Senior Vice President of Pharmaceutical Development at Viking Therapeutics. His prior experience includes serving as Project Director at Pyramid Laboratories and Senior Director of Product Development at Aires Pharmaceuticals, Inc.

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Key Risks to Viking Therapeutics (VKTX)

The primary risk for Viking Therapeutics, a clinical-stage biopharmaceutical company, is the inherent uncertainty and high failure rate associated with clinical trials. All of Viking's drug candidates, including their lead candidate VK2809 for NASH and NAFLD (in Phase IIb), VK5211 for hip fracture recovery (Phase II), and VK2735 (Phase I), must successfully complete multiple rigorous clinical trial phases to demonstrate safety and efficacy before they can be considered for regulatory approval. Failure at any stage of these trials, due to lack of efficacy, unexpected side effects, or other issues, would significantly impact the company's valuation and future prospects.

A significant risk also stems from the regulatory approval process. Even if Viking's drug candidates demonstrate positive results in clinical trials, there is no guarantee that they will receive approval from regulatory authorities such as the U.S. Food and Drug Administration (FDA) or international equivalents. The regulatory review process is complex, lengthy, and can involve unexpected delays or requirements that could prevent or postpone market entry for their therapies.

Finally, Viking Therapeutics faces substantial competitive risk within the metabolic and endocrine disorder therapeutic areas. These fields, particularly non-alcoholic steatohepatitis (NASH) and type 2 diabetes, are highly competitive with numerous large pharmaceutical companies and other biotechnology firms developing similar or alternative treatments. Existing and emerging therapies from competitors could offer superior efficacy, safety, convenience, or pricing, potentially limiting the market potential and commercial success of Viking's drug candidates even if they achieve regulatory approval.

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Viking Therapeutics' VK2735, a novel dual agonist of the glucagon-like peptide in Phase 1, faces a significant threat from the established market dominance and high efficacy of GLP-1/GIP dual agonists such as Eli Lilly's tirzepatide (Mounjaro/Zepbound) and Novo Nordisk's semaglutide (Ozempic/Wegovy). These drugs are already widely approved and adopted for metabolic conditions, setting an extremely high bar for any new entrant in the early stages of development.

Viking Therapeutics' lead drug candidate, VK2809, an orally available thyroid hormone receptor beta (TRß) agonist for NASH/NAFLD in Phase IIb, faces a direct threat from the recent FDA approval of Madrigal Pharmaceuticals' resmetirom (Rezdiffra). Resmetirom is also a TRß agonist and is the first and only FDA-approved drug for NASH, establishing a challenging competitive landscape for VK2809, which is significantly behind in development.

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Here are 3-5 expected drivers of future revenue growth for Viking Therapeutics (VKTX) over the next 2-3 years:

1. Successful out-licensing or partnership agreements for VK2809 in NASH/MASH: Viking Therapeutics has announced positive results from its Phase 2b clinical trial of VK2809 for treating non-alcoholic steatohepatitis (NASH), also known as metabolic dysfunction associated steatohepatitis (MASH). The VOYAGE study data, presented in November 2024, revealed significant reductions in liver fat content, NASH resolution without worsening of fibrosis, and improvement in fibrosis without worsening of NASH. The company is actively seeking a licensing partner for its VK2809 MASH program. Such partnerships could generate substantial upfront payments and milestone payments, contributing to revenue growth. Ligand Pharmaceuticals, a partner, is already entitled to a $10 million milestone payment upon the initiation of a Phase 3 clinical trial for VK2809, in addition to future royalties on commercial sales if the drug is approved.
2. Milestone payments from the advancement of VK2735 in obesity and metabolic disorders: VK2735, Viking's dual GLP-1/GIP receptor agonist, has shown promising results in Phase 2 clinical trials for obesity, demonstrating statistically significant reductions in mean body weight. The company is currently conducting two Phase 3 studies, VANQUISH-1 and VANQUISH-2, for subcutaneous VK2735, with VANQUISH-1 enrollment completed and VANQUISH-2 expected to complete enrollment in the first quarter of 2026. As VK2735 progresses through and successfully completes these pivotal Phase 3 trials and moves towards regulatory filings, this could trigger significant clinical and regulatory milestone payments from existing or new strategic partners. Additionally, Viking has signed a multi-year supply chain agreement with CordenPharma to support the development and commercialization of VK2735, which includes prepayments that will be credited against future orders, indicating an early revenue-generating arrangement related to its commercialization strategy.
3. Potential commencement of product sales for VK2735 in obesity and metabolic disorders: While most analysts do not project significant product revenue for Viking Therapeutics until 2028, successful and timely completion of the ongoing Phase 3 trials for VK2735 and subsequent regulatory approval within the next 2-3 years could lead to the initiation of product sales. The obesity market represents a substantial commercial opportunity. Both subcutaneous and oral formulations of VK2735 are being developed, broadening the potential market reach. The manufacturing agreement with CordenPharma is a crucial step in preparing for commercial-scale supply, further underscoring the potential for product sales in the specified timeframe.

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Share Repurchases

• Viking Therapeutics authorized a share repurchase program of up to $250 million on April 24, 2025, which remains largely unused as of February 2026.
• Prior to this authorization, the company made smaller quarterly share repurchases, including $5.41 million on June 30, 2023, and $5.62 million on March 31, 2022.

Share Issuance

• On March 4, 2024, Viking Therapeutics completed a public offering, raising approximately $632.5 million in gross proceeds from the sale of 7,441,650 shares of common stock.
• The company also completed a public offering on April 3, 2023, generating approximately $287.5 million in gross proceeds from the sale of 19,828,300 shares of common stock.

Inbound Investments

• Viking Therapeutics successfully closed a $24 million funding round on December 29, 2024, aimed at advancing its research pipeline.
• On April 22, 2025, the company announced a funding milestone of $350 million, intended to further progress its drug candidates through clinical development.

Outbound Investments

• No significant outbound investments, such as acquisitions or strategic investments in other companies, have been identified for Viking Therapeutics in the last 3-5 years.

Capital Expenditures

• Viking Therapeutics entered into multi-year manufacturing agreements with CordenPharma in March 2025, involving prepayments totaling $150 million to be paid between 2025 and 2028. These prepayments secure dedicated capacity for the production of its lead drug candidate, VK2735.
• Research and development (R&D) expenses significantly increased to $345.0 million for the year ended December 31, 2025, up from $101.6 million in 2024, reflecting aggressive investment in its obesity pipeline and clinical studies.