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VKTX Q1 Earnings Miss on Higher Phase 3 Development Costs
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Key Takeaways
VKTX reported Q1 loss of $1.37 per share, wider than the estimate, driven by higher R&D spending.
R&D rose to $150.2M on Phase III VK2735 work and broader pipeline development efforts.
Viking ended Q1 with $603M cash, advancing Phase III studies and planning oral trial in Q4 2026.
Viking Therapeutics (VKTX - Free Report) posted a first-quarter 2026 loss of $1.37 per share, wider than the Zacks Consensus Estimate of a loss of 95 cents. The company had incurred a loss of 41 cents per share in the year-ago quarter.
Currently, Viking Therapeutics does not have any approved products in its portfolio. It has yet to generate revenues.
VKTX Stock Performance
Year to date, the stock has lost 11% compared with the industry’s nearly 3% decline.
Image Source: Zacks Investment Research
VKTX’s R&D Surge Drives the Quarterly Miss
Research and development expenses surged to $150.2 million in the first quarter of 2026 from $41.4 million a year ago. Management attributed the increase primarily to higher spending tied to clinical studies, manufacturing for drug candidates, consultants, salaries and benefits, and preclinical work.
The stepped-up R&D cadence aligns with the company’s effort to run multiple large studies in parallel, including its ongoing phase III program for subcutaneous (SC) formulation of its investigational obesity drug, VK2735. Viking Therapeutics is also planning to move the oral version of the drug into late-stage development later this year.
Viking’s G&A Holds Steady as the Team Expands
General and administrative expenses were $14.0 million, compared with $14.1 million in the year-ago quarter. Management cited lower costs related to legal and patent services and stock-based compensation, partially offset by higher spending on consulting, salaries and benefits, and scientific and disease education.
Even with G&A largely stable, Viking continues to build operational capability around its obesity opportunity. During the quarter, the company announced the appointment of Neil Aubuchon as its first chief commercial officer, adding commercial leadership as VK2735 advances toward potential registration milestones.
VKTX Ends Q1 With $603 Million and Funds Phase III Execution
Viking ended the quarter with $603.0 million in cash, cash equivalents and short-term investments, down from $706.0 million at the end of 2025. The decline reflects the elevated cost of sustaining late-stage studies and supporting broader development activity across the pipeline.
Management addressed the cadence of spending and cash usage. On the earnings call, the company indicated that next quarter’s expense and cash usage could be around the first-quarter level, potentially modestly lower. Expectations are for spending to taper somewhat in the second half of the year as the company continues to manage its balance sheet alongside clinical and operational expansion.
VKTX Moves VANQUISH Forward With Auto-Injector Addition
Last year, Viking Therapeutics started a late-stage program evaluating VK2735 SC for adults with obesity. This program consists of two phase III studies — VANQUISH-1 and VANQUISH-2. While VANQUISH-1 is evaluating the drug in obese adults with at least one weight-related co-morbid condition and without type II diabetes (T2D), VANQUISH-2 is assessing its efficacy in obese or overweight adults with T2D. While VANQUISH-1 finished enrolment last year with about 4,500 patients, VANQUISH-2 recently completed enrolment with about 1,000 patients.
A key operational update this quarter was the introduction of an auto-injector device into both Phase 3 studies. The program initially began with vial-and-syringe dosing, and after a bioequivalence study was completed in the fourth quarter of 2025, participants started transitioning to the auto-injector in the first quarter of 2026. Management stated that the transition has been proceeding smoothly, positioning the studies to continue with what it described as a more convenient administration option.
Viking Preps Oral Phase III and Targets Lower Pill Burden
Beyond the injectable program, Viking reiterated that it expects to initiate a phase III study of oral VK2735 for obesity in the fourth quarter of 2026. Management framed the oral option as a potential differentiator, particularly for patients who prefer tablets at initiation or for those seeking maintenance after weight loss achieved with injections.
The company highlighted past oral data as supportive of moving forward, pointing to prior phase I and phase II studies that met objectives and showed encouraging tolerability. On the earnings call, management said development efforts are focused on reducing pill burden, targeting no more than two tablets at the higher dose option and one tablet at lower doses, after patient feedback suggested four tablets were not an attractive regimen.
Viking Broadens Maintenance Work and Advances VK3019
Viking Therapeutics is running a separate maintenance dosing study on VK2735 to test less frequent regimens after an induction period of weekly SC dosing. The company completed enrolment in this study in the first quarter and expects to report SC maintenance results in the third quarter of 2026, followed by oral maintenance results in the first half of next year.
Beyond VK2735, VKTX filed an investigational new drug application with the FDA for its novel amylin agonist, VK3019. Pending IND clearance, the company plans to initiate an early-stage clinical study in the second quarter of 2026.
Over the past 60 days, estimates for Castle Biosciences’ 2026 loss per share have narrowed from $1.42 to $1.40. Over the same period, loss per share estimates for 2027 have also narrowed from 79 cents to 78 cents. CSTL shares have lost 37.6% year to date.
Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 34.69%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have decreased from $3.01 to $3.00. Over the same period, EPS estimates for 2027 have plunged from $3.35 to $3.29. INDV shares have lost 4.8% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 74.53%.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have risen from $2.82 to $2.87. Over the same period, EPS estimates for 2027 have surged from $3.20 to $3.25. CPRX shares have gained 21.1% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
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VKTX Q1 Earnings Miss on Higher Phase 3 Development Costs
Key Takeaways
Viking Therapeutics (VKTX - Free Report) posted a first-quarter 2026 loss of $1.37 per share, wider than the Zacks Consensus Estimate of a loss of 95 cents. The company had incurred a loss of 41 cents per share in the year-ago quarter.
Currently, Viking Therapeutics does not have any approved products in its portfolio. It has yet to generate revenues.
VKTX Stock Performance
Year to date, the stock has lost 11% compared with the industry’s nearly 3% decline.
Image Source: Zacks Investment Research
VKTX’s R&D Surge Drives the Quarterly Miss
Research and development expenses surged to $150.2 million in the first quarter of 2026 from $41.4 million a year ago. Management attributed the increase primarily to higher spending tied to clinical studies, manufacturing for drug candidates, consultants, salaries and benefits, and preclinical work.
The stepped-up R&D cadence aligns with the company’s effort to run multiple large studies in parallel, including its ongoing phase III program for subcutaneous (SC) formulation of its investigational obesity drug, VK2735. Viking Therapeutics is also planning to move the oral version of the drug into late-stage development later this year.
Viking’s G&A Holds Steady as the Team Expands
General and administrative expenses were $14.0 million, compared with $14.1 million in the year-ago quarter. Management cited lower costs related to legal and patent services and stock-based compensation, partially offset by higher spending on consulting, salaries and benefits, and scientific and disease education.
Even with G&A largely stable, Viking continues to build operational capability around its obesity opportunity. During the quarter, the company announced the appointment of Neil Aubuchon as its first chief commercial officer, adding commercial leadership as VK2735 advances toward potential registration milestones.
VKTX Ends Q1 With $603 Million and Funds Phase III Execution
Viking ended the quarter with $603.0 million in cash, cash equivalents and short-term investments, down from $706.0 million at the end of 2025. The decline reflects the elevated cost of sustaining late-stage studies and supporting broader development activity across the pipeline.
Management addressed the cadence of spending and cash usage. On the earnings call, the company indicated that next quarter’s expense and cash usage could be around the first-quarter level, potentially modestly lower. Expectations are for spending to taper somewhat in the second half of the year as the company continues to manage its balance sheet alongside clinical and operational expansion.
VKTX Moves VANQUISH Forward With Auto-Injector Addition
Last year, Viking Therapeutics started a late-stage program evaluating VK2735 SC for adults with obesity. This program consists of two phase III studies — VANQUISH-1 and VANQUISH-2. While VANQUISH-1 is evaluating the drug in obese adults with at least one weight-related co-morbid condition and without type II diabetes (T2D), VANQUISH-2 is assessing its efficacy in obese or overweight adults with T2D. While VANQUISH-1 finished enrolment last year with about 4,500 patients, VANQUISH-2 recently completed enrolment with about 1,000 patients.
A key operational update this quarter was the introduction of an auto-injector device into both Phase 3 studies. The program initially began with vial-and-syringe dosing, and after a bioequivalence study was completed in the fourth quarter of 2025, participants started transitioning to the auto-injector in the first quarter of 2026. Management stated that the transition has been proceeding smoothly, positioning the studies to continue with what it described as a more convenient administration option.
Viking Preps Oral Phase III and Targets Lower Pill Burden
Beyond the injectable program, Viking reiterated that it expects to initiate a phase III study of oral VK2735 for obesity in the fourth quarter of 2026. Management framed the oral option as a potential differentiator, particularly for patients who prefer tablets at initiation or for those seeking maintenance after weight loss achieved with injections.
The company highlighted past oral data as supportive of moving forward, pointing to prior phase I and phase II studies that met objectives and showed encouraging tolerability. On the earnings call, management said development efforts are focused on reducing pill burden, targeting no more than two tablets at the higher dose option and one tablet at lower doses, after patient feedback suggested four tablets were not an attractive regimen.
Viking Broadens Maintenance Work and Advances VK3019
Viking Therapeutics is running a separate maintenance dosing study on VK2735 to test less frequent regimens after an induction period of weekly SC dosing. The company completed enrolment in this study in the first quarter and expects to report SC maintenance results in the third quarter of 2026, followed by oral maintenance results in the first half of next year.
Beyond VK2735, VKTX filed an investigational new drug application with the FDA for its novel amylin agonist, VK3019. Pending IND clearance, the company plans to initiate an early-stage clinical study in the second quarter of 2026.
VKTX’s Zacks Rank
Viking currently carries a Zacks Rank #3 (Hold).
Viking Therapeutics, Inc. Price
Viking Therapeutics, Inc. price | Viking Therapeutics, Inc. Quote
Other Stocks to Consider
Some better-ranked stocks in the biotech sector are Castle Biosciences (CSTL - Free Report) , currently sporting a Zacks Rank #1, and Indivior Pharmaceuticals (INDV - Free Report) and Catalyst Pharmaceuticals (CPRX - Free Report) , which carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Over the past 60 days, estimates for Castle Biosciences’ 2026 loss per share have narrowed from $1.42 to $1.40. Over the same period, loss per share estimates for 2027 have also narrowed from 79 cents to 78 cents. CSTL shares have lost 37.6% year to date.
Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 34.69%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have decreased from $3.01 to $3.00. Over the same period, EPS estimates for 2027 have plunged from $3.35 to $3.29. INDV shares have lost 4.8% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 74.53%.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have risen from $2.82 to $2.87. Over the same period, EPS estimates for 2027 have surged from $3.20 to $3.25. CPRX shares have gained 21.1% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.