Viking Therapeutics Reports Increased Operating Expenses and Net Loss for Six Months Ended June 30, 2025

Viking Therapeutics, Inc. reported its financial results for the six months ended June 30, 2025, revealing a significant increase in operating expenses and a continued lack of revenue. The company recorded total operating expenses of $130.0 million, up from $68.1 million in the same period last year, marking an increase of 91.0%. The rise in expenses was primarily driven by a substantial increase in research and development costs, which surged to $101.5 million from $47.9 million, reflecting the company's ongoing clinical trials and development activities for its drug candidates, particularly VK2735 and VK2809. The net loss for the period was $111.2 million, compared to a loss of $49.6 million in the prior year, resulting in a basic and diluted net loss per share of $0.99.

In terms of financial position, Viking Therapeutics reported total assets of $827.9 million as of June 30, 2025, a decrease from $908.3 million at the end of 2024. The decline in total assets was attributed to a reduction in short-term investments, which fell to $773.8 million from $875.9 million. The company's cash and cash equivalents increased to $33.9 million from $26.7 million, indicating a positive cash flow from investing activities, which provided $105.8 million during the first half of 2025, primarily from the maturity of investments.

Strategically, Viking Therapeutics has made significant advancements in its clinical programs. The company initiated the VANQUISH Phase 3 program for VK2735 in June 2025, which includes two studies targeting obesity and type 2 diabetes. Additionally, the company has entered into multi-year manufacturing agreements with Corden Pharma to secure dedicated capacity for the production of VK2735, which is expected to enhance its operational capabilities. Viking also formed a new subsidiary in Ireland in January 2025, further expanding its international presence.

The filing indicates that Viking Therapeutics is focused on advancing its drug candidates through clinical trials, with plans to report results from the ongoing studies in the second half of 2025. However, the company acknowledged the need for additional capital to fund its operations and clinical trials, as it has not generated any revenue to date. Viking's management believes that its current cash, cash equivalents, and short-term investments will be sufficient to fund operations through at least September 30, 2026, but future funding will be necessary to support ongoing development efforts. The company remains committed to navigating the complexities of drug development while managing its financial resources effectively.