Viking Therapeutics' Q2 2025 Earnings Call: Unpacking Key Contradictions in Phase III Study Strategy

Phase III study design and enrollment timeline, oral formulation and potential as frontline therapy, auto-injector introduction and bridging study timeline, Phase III study timing and initiation, oral Phase III study possibility are the key contradictions discussed in Viking Therapeutics' latest 2025Q2 earnings call.



Financial Performance and Research & Development Expenses:
- During the second quarter of 2025, Viking Therapeutics reported a net loss of $65.6 million, compared to $22.3 million in Q2 2024, and a 6-month net loss of $111.2 million, up from $49.6 million in the same period last year.
- The increase in losses was primarily due to a rise in research and development expenses and general and administrative expenses.
- The research and development expenses increased to $60.2 million for Q2 2025 from $23.8 million in Q2 2024, reflecting increased costs for clinical studies and manufacturing.

Clinical Development and Pipeline Progress:
- Viking Therapeutics initiated the VANQUISH Phase III registration program evaluating VK2735 in patients with obesity, with plans to enroll 4,500 adults in one study and 1,100 adults with type 2 diabetes in another.
- The company also completed enrollment in its Phase II trial of the oral tablet formulation of VK2735.
- The rapid enrollment in these trials suggests strong demand for new and differentiated weight loss therapeutics.

Manufacturing and Supply Agreements:
- Viking Therapeutics announced a comprehensive manufacturing agreement to provide VK2735 API and fill and finish capacity for potential future commercialization.
- This agreement supports the company's strategic goal of advancing its lead obesity program through Phase III clinical trials.

Oral Tablet Formulation and Development Strategy:
- Viking is advancing the oral tablet formulation of VK2735 as an alternative to subcutaneous injections, with plans to study monthly dosing in a maintenance setting later this year.
- The company aims to transition patients from high doses to lower doses for maintenance, potentially improving production costs and patient adherence.