Viking Therapeutics, Inc.

Viking Therapeutics is a U.S.-based clinical-stage biopharmaceutical company developing novel therapies for metabolic and endocrine disorders. Its pipeline includes oral and injectable drug candidates such as VK2735, VK2809, VK0214, and VK5211, with research and development centered in San Diego, California.

9.33

9.33

— Viking Therapeutics, Inc.
%
VK273540% Dual GLP-1/GIP receptor agonist being developed in oral and subcutaneous forms for obesity and related metabolic disorders.
VK280925% Oral thyroid hormone receptor beta agonist being developed for NASH/MASH and other metabolic liver disorders.
VK021415% Investigational program targeting metabolic and endocrine disease pathways.
VK521110% Additional preclinical or clinical-stage therapeutic program within the company’s pipeline.
Clinical development and manufacturing10% Research, clinical trial execution, and manufacturing preparation across the pipeline.

Viking does not yet sell approved products; its near-term counterparties are clinical trial participants,...

  • Clinical trial ecosystemprimary

    Patients, investigators, CROs, and trial sites that support testing of VK2735, VK2809, and other programs.

  • Manufacturing partnersprimary

    Third-party API and fill/finish providers that produce clinical and future commercial supply.

  • Potential licensing and commercialization partnerssecondary

    Biopharma partners that may help fund development, market products, or provide commercial infrastructure.

  • Future obesity and metabolic disease patientsemerging

    Patients who would use approved therapies for obesity, NASH/MASH, and related disorders.

  • Healthcare payors and providersemerging

    Physicians and payors that would determine adoption, access, and reimbursement after approval.

Viking is headquartered in San Diego, California and conducts its research and development from the United States...

  • •Headquartered in San Diego, California
  • •Core research and development operations are in the United States
  • •Clinical trials may use sites outside the U.S. through CRO networks
  • •Manufacturing is outsourced to third-party partners, including CordenPharma
  • •Future commercialization geography will depend on regulatory approvals

Viking’s strategy is to advance a focused pipeline of metabolic and endocrine drug candidates through clinical...

01
Advance VK2735 through clinical developmentshort-term

The lead obesity program is the main value driver and the most advanced asset in the pipeline.

02
Build oral and injectable product optionsmedium-term

Multiple formulations can broaden patient access and improve commercial flexibility if approved.

03
Secure scalable manufacturingshort-term

Dedicated API and fill/finish capacity is needed to support late-stage trials and potential launch supply.

04
Maintain pipeline breadth beyond VK2735medium-term

Additional assets reduce single-asset dependence and create future partnering or development options.

Viking is a clinical-stage company with no approved products, so its value depends heavily on clinical, regulatory, and...

critical

Clinical development failure or delay

The company’s pipeline is still in development, so negative trial results or slow enrollment can materially reduce value.

Scope
VK2735, VK2809, VK0214, VK5211
Materiality
high
high

Dependence on licensed technology from Ligand

Loss or restriction of the master license agreement would impair the ability to develop current and future candidates.

Scope
Core platform and pipeline
Materiality
high
high

Manufacturing and supply execution risk

Late-stage trials and future launch require reliable API, fill/finish, and device supply at scale.

Scope
CordenPharma agreements and future commercial supply
Materiality
high
high

Financing risk

The company expects continued losses and may need additional capital to complete development and commercialization.

Scope
Equity, debt, or partnering transactions
Materiality
high
medium

Commercial adoption and reimbursement risk

Even if approved, uptake depends on efficacy, safety, convenience, and payor coverage in competitive obesity markets.

Scope
Future marketed products
Materiality
medium
Research and development cost estimation
R&D expense and accrued liabilities
Stock-based compensation
G&A and R&D expense
Manufacturing prepayments
Cash, prepaid assets, and future supply costs
Deferred tax assets and valuation allowance
Income tax provision and balance sheet valuation allowance

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: 29.4.2026