Viking Therapeutics Reports $158.3 Million Net Loss and Increased Operating Expenses in Latest Quarter

Viking Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2026. The company, which focuses on developing therapies for metabolic and endocrine disorders, recorded no revenue for the period, consistent with its historical performance. Operating expenses surged to $164.1 million, a substantial increase from $55.5 million in the same quarter of the previous year, primarily driven by a 262.8% rise in research and development costs, which reached $150.2 million. This increase reflects the company's ongoing clinical trials, particularly for its VK2735 drug candidate, which is in Phase 3 trials.

The company's net loss for the quarter was $158.3 million, compared to a loss of $45.6 million in the prior year. This resulted in a basic and diluted net loss per share of $1.37, up from $0.41 in the same quarter of 2025. As of March 31, 2026, Viking's cash, cash equivalents, and short-term investments totaled $603 million, a decrease from $705.7 million at the end of 2025. The company believes this capital will be sufficient to fund operations through at least mid-2027.

In terms of strategic developments, Viking Therapeutics has been actively expanding its clinical pipeline. The company initiated two Phase 3 clinical studies for VK2735 in June 2025 and completed patient enrollment for these studies in March 2026. Additionally, Viking has entered into multi-year manufacturing agreements with Corden Pharma to secure the supply of active pharmaceutical ingredients and finished products for VK2735. However, the company faces challenges, including a notification from Ligand Pharmaceuticals regarding the purported termination of the license for the TR-Beta Program, which includes VK2809. Viking asserts that Ligand does not have the right to terminate this license and plans to defend its position vigorously.

Operationally, Viking's employee headcount stood at 59 as of the end of March 2026, reflecting the company's ongoing investment in human resources to support its clinical and operational needs. The company has also been focusing on enhancing its compliance and operational capabilities in light of its transition to a large accelerated filer status, which imposes additional regulatory requirements. Looking ahead, Viking anticipates continued losses as it advances its drug candidates through clinical trials and seeks regulatory approvals, emphasizing the need for additional capital to support its growth and development initiatives.