Viking Reports $183.2 Million Third-Quarter Loss as Shares Fall After Hours

Key Facts

Viking Therapeutics reported a net loss of $183.2 million, or $1.55 per share, in the third quarter of 2026, compared with a loss of $90.8 million, or $0.81 per share, in the same period of 2025. The per-share loss was higher than analysts’ estimate of $1.06, according to a report published by Investing.com citing Reuters. The results were released after the close of trading on Wednesday, October 28, so the closing share price does not reflect the market’s reaction to them. The stock fell 2.4% in after-hours trading following the announcement. The report links the wider loss to increased spending on obesity drug development.

Research and development expenses rose to $166.8 million in the three months ended September 30, 2026, from $90 million in the same period a year earlier. The company said the increase was primarily due to expenses related to planned and ongoing clinical studies. This comes as the company advances Phase 3 trials of its experimental drug VK2735, in weekly injectable and daily oral formulations. The VANQUISH trials include weekly injections over 78 weeks, with one trial in adults with obesity and another in adults with obesity and Type 2 diabetes. Enrollment figures disclosed by the company indicate different recruitment paces between the two trials.

Viking said the VANQUISH-1 trial enrolled about 4,500 patients in about five months after its launch, while VANQUISH-2 enrolled about 1,000 patients in about nine months. It added that both trials are progressing as planned and that it expects them to be completed in 2027. For the oral formulation, the company launched the Phase 3 SUNRISE program to evaluate VK2735 tablets. SUNRISE-1 and SUNRISE-2 each aim to enroll 560 adults, with daily treatment lasting 68 weeks. These studies place the oral formulation alongside the injectable program in the company’s clinical development pipeline.

The follow-up on VK2735 builds on earlier Phase 2 results: the company said average body-weight reduction in the VENTURE study reached up to 14.7% after 13 weekly doses, with no indication that weight loss had plateaued. In separate initial results from a maintenance study, Viking said participants who switched to dosing every two weeks retained up to 97% of the average weight lost during the weekly-dosing phase. The company compared this with 61% in the placebo group. Monthly dosing regimens also maintained up to 90% of average weight lost, according to results from the first part of the study. Chief Executive Brian Lian said the maintenance results point to the potential use of less frequent dosing regimens after an initial treatment phase.

On the financing front, cash and short-term investments totaled $960 million on September 30, 2026, compared with $706 million on December 31, 2025. The company said the September balance included about $550 million in net proceeds from its recent financing. Viking closed concurrent and expanded offerings of common stock and convertible senior notes in September, raising gross proceeds of about $575 million. These funds provide a larger balance to finance planned and ongoing studies as research and development expenses rise from a year earlier. The financial report thus combines a quarterly loss above expectations with expanded financing and clinical development.

The company’s program also includes VK3019, with Viking expecting to begin a 28-day multiple-ascending-dose study in the first quarter of 2027, following completion of the single-ascending-dose study. The nearest milestones the company has identified for the VK2735 program concern the two VANQUISH trials, which it expects to complete in 2027. The results of ongoing trials will later determine the efficacy and safety of the formulations under evaluation; the company did not provide final results for these studies in its update. These steps come as the reported cash balance remains a key factor in financing ongoing clinical work. The market’s initial reaction to the results was negative, with the stock falling 2.4% after the close.