VKTX Shares Drop After Hours On Larger Q1 Losses But Retail Eyes The Launch Of Its Obesity Pipeline

• The company posted a Q1 net loss of $158.3 million, or $1.37 per share — more than triple the $45.6 million loss reported in the year-ago period.
• Viking ended the quarter with $603 million in cash, cash equivalents, and short-term investments, down from $706 million at year-end 2025.
• The company also confirmed plans to launch a late-stage trial of the oral tablet formulation of VK2735 in the fourth quarter of 2026.

Shares of Viking Therapeutics (VKTX) dropped 2% after hours on Wednesday after the clinical-stage biotech reported first-quarter results that showed a sharp increase in cash burn tied to the rapid advancement of its late-stage obesity and metabolic disease pipeline.

The company posted a net loss of $158.3 million, or $1.37 per share, for the quarter ended March 31, 2026 — more than triple the $45.6 million loss ($0.41 per share) reported in the year-ago period. Research and development expenses jumped to $150.2 million from $41.4 million a year earlier, driven by clinical trial costs, manufacturing scale-up, and personnel expenses related to its lead programs.

Viking ended the quarter with $603 million in cash, cash equivalents, and short-term investments, down from $706 million at year-end 2025 but still providing a substantial runway for its clinical programs.

Viking’s Pipeline Efforts

Viking is currently trying to advance its flagship obesity candidate VK2735, a dual GLP-1/GIP receptor agonist available in both subcutaneous and oral formulations. Both late-stage trials of the subcutaneous version are now fully enrolled ahead of schedule. While one of the studies enrolled more than 4,500 patients, the other enrolled approximately 1,000 patients.

The company also confirmed plans to launch a late-stage trial of the oral tablet formulation of VK2735 in the fourth quarter of 2026, following positive feedback from an end-of-Phase 2 meeting with the FDA.

An ongoing Phase 1 maintenance dosing study for VK2735 — evaluating various regimens after initial weight loss — completed enrollment in January, with data expected in the third quarter of 2026.

On the earlier-stage front, Viking filed an application seeking to commence clinical trials for its novel amylin agonist VK3019 in the first quarter. Viking expects to initiate an early-stage trial in the second quarter of 2026. Amylin agonists are a class of medication that mimic the hormone amylin, which is co-secreted with insulin by pancreatic cells to manage glucose levels and appetite. The candidate is being developed as a potential option for patients who may not tolerate GLP-1-based therapies.

Viking CEO Brian Lian said in March that the company will have four late-stage trials by the end of 2026.

“2025 was a big year for us. 2026 is gonna be a big year as well,” Lian said at the Leerink Global Healthcare Conference.

The CEO also expressed optimism that weight loss for the subcutaneous VK2735 trials will probably be a “little better than a GLP-1 monoagonist” though he couldn't predict its impact in comparison to other "polyagonists." While Novo Nordisk’s popular weight loss drug Wegovy is a single-agonist drug, Eli Lilly and Company’s Zepbound is a dual agonist.

How Did VKTX Retail Traders React?

On Stocktwits, retail sentiment around VKTX jumped from bearish to bullish territory over the past 24 hours, while message volume increased from low to normal levels.

A Stocktwits user expressed optimism for the company’s obesity pipeline.

Another highlighted the size of the obesity market, while drawing a parallel between VKTX’s lead candidate and Eli Lilly’s development pipeline.

VKTX has gained 12% over the past 12 months. 

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