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Viking Therapeutics (VKTX)
NASDAQ:VKTX
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Viking Therapeutics
(NASDAQ:VKTX)
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Rating:52Neutral
Price Target:
$32.00
▼(-5.44% Downside)
Action:ReiteratedDate:02/13/26
Score is held back primarily by weak financial performance (no revenue, widening losses, and ongoing cash burn) and bearish technical trends (below key moving averages with negative MACD). These are partially offset by a constructive earnings call focused on strong clinical data, rapid Phase III execution, and a well-defined 2026 catalyst timeline supported by a sizable cash balance and minimal debt.
Positive Factors
Cash runway / low leverage
A cash balance of roughly $706M provides multi-quarter financing for pivotal Phase III and maintenance readouts, materially reducing near-term liquidity risk. Combined with negligible debt, this durable funding buffer supports execution of regulatory milestones without immediate commercial revenue.
Compelling clinical efficacy & rapid Phase III execution
Robust Phase II efficacy (subcutaneous up to 14.7%, oral up to 12.2% and high responder rates) plus rapid VANQUISH enrollment materially raise the probability of successful Phase III readouts and shorten time-to-data, improving structural product viability and lowering execution risk across development.
Commercial/manufacturing readiness and pipeline expansion
Having a manufacturing supply agreement and a senior commercial hire are durable operational steps that reduce launch execution risk and support scale-up. Simultaneously advancing an amylin agonist diversifies mechanisms in the obesity portfolio, lowering program-specific binary risk over the medium term.
Negative Factors
Sharply rising R&D and cash burn
Sustained, large increases in R&D spending create a structurally higher quarterly cash burn profile. Even with current cash, elevated run rates increase refinancing risk or the need for dilution and constrain flexibility for additional programs or commercial investments over the next several quarters.
No revenue / development-stage economics
Absence of commercial revenue means the business remains wholly dependent on capital markets or partnerships to fund operations. Persistent net losses and declining equity indicate the capital base is being consumed, a durable constraint on strategic optionality until product approvals or non-dilutive partnerships occur.
Commercial and reimbursement uncertainty in obesity market
Even with strong efficacy, crowded competitors, evolving oral peptide entrants, and uncertain payer demands (potential outcomes data or access restrictions) create structural commercialization risk. This can materially limit realized market share and pricing power upon approval, affecting long-term revenue potential.
Viking Therapeutics (VKTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.69B
Dividend YieldN/A
Average Volume (3M)2.87M
Price to Earnings (P/E)―
Beta (1Y)1.65
Revenue GrowthN/A
EPS Growth-126.16%
CountryUS
Employees45
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.38
Shares Outstanding115,554,300
10 Day Avg. Volume2,494,446
30 Day Avg. Volume2,869,513
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)6.20
Price to Sales (P/S)0.00
P/FCF Ratio-14.22
Enterprise Value/Market Cap0.96
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-37.75K
Enterprise Value/Ebitda-9.03
Forecast
1Y Price Target
$93.00Price Target Upside174.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-4.22
Revenue Forecast (FY)N/A
Viking Therapeutics Business Overview & Revenue Model
Company DescriptionViking Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the development of novel therapies for metabolic and endocrine disorders. The company's lead drug candidate is VK2809, an orally available tissue and receptor-subtype selective agonist of the thyroid hormone receptor beta (TRß), which is in Phase IIb clinical trials to treat patients with biopsy-confirmed non-alcoholic steatohepatitis, as well as NAFLD. It also develops VK5211, an orally available non-steroidal selective androgen receptor modulator that is in Phase II clinical trials for the treatment of patients recovering from non-elective hip fracture surgery; VK0612, an orally available Phase IIb-ready drug candidate for type 2 diabetes; and VK0214, an orally available tissue and receptor-subtype selective agonist of the TRß for X-linked adrenoleukodystrophy. The company was incorporated in 2012 and is headquartered in San Diego, California.
How the Company Makes MoneyViking Therapeutics makes money primarily through the development and potential commercialization of its drug candidates. The company generates revenue through strategic partnerships, collaborations, and licensing agreements with other pharmaceutical companies. These partnerships may involve upfront payments, milestone payments, and royalties based on the success and commercialization of its drug candidates. Currently, Viking Therapeutics does not have commercialized products on the market, so its revenue largely depends on funding from investors and partnerships with other companies in the biopharmaceutical industry.
Viking Therapeutics Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call emphasized substantial clinical and operational progress: compelling Phase II efficacy for both subcutaneous (up to 14.7%) and oral (up to 12.2%, with 80% ≥10% responders), initiation and fast enrollment of Phase III programs, completion of auto-injector bioequivalence enabling device rollout, a completed maintenance study enrollment with results expected Q3 2026, a manufacturing agreement to support commercialization, and expansion of the pipeline with an amylin agonist. Offsetting these positives are sharply higher R&D expenses and widening net losses (large YoY increases), a ~22% decline in cash year-over-year, and a projected quarterly burn of $60M–$90M, alongside marketplace and reimbursement uncertainties. On balance, the operational and clinical milestones materially outweigh the financial and market risks presented on the call.Q4-2025 Updates
Positive Updates
Robust Phase II Efficacy — Subcutaneous VK2735
Phase II VENTURE subcutaneous results showed statistically significant weight loss up to 14.7% after 13 weekly doses; Phase I subcutaneous cohorts showed up to ~8% weight loss after 4 weekly doses. Safety/tolerability described as encouraging with most adverse events mild or moderate.
Strong Oral Phase II Results
VENTURE-Oral topline results: once-daily oral VK2735 produced up to 12.2% mean weight loss after 13 weeks. Statistically significant differences vs placebo observed from week 1 for doses >15 mg. Up to 80% of subjects on VK2735 achieved ≥10% weight loss vs 5% for placebo.
Phase III Programs Initiated and Enrollment Progress
Initiated VANQUISH Phase III program (two trials: VANQUISH-1 for obesity, VANQUISH-2 for obesity + T2D). VANQUISH-1 fully enrolled ahead of schedule and exceeded the planned ~4,500 patient target; VANQUISH-2 (target ~1,100) is nearing completion.
Oral VK2735 Planned for Phase III
Following positive oral Phase II and an end-of-Phase II meeting with FDA, company plans to initiate oral VK2735 Phase III in Q3 2026, with expectations of shorter/leaner trial design vs VANQUISH (reduced duration/size/visit intensity possible).
Maintenance Dosing Study Launched and Enrolled
Phase I maintenance dosing study completed enrollment in January 2026; evaluates multiple regimens (monthly, every-other-week, weekly subcutaneous; weekly and daily oral) after 19 weeks of initial weekly dosing. Results expected in Q3 2026.
Commercial and Manufacturing Preparation
Signed comprehensive manufacturing and supply agreement with CordenPharma covering large-scale API and fill/finish for both subcutaneous and oral formulations (company indicates capacity to support a multibillion-dollar opportunity). Appointed Neil Aubuchon as Chief Commercial Officer to lead commercial strategy.
Pipeline Expansion — Amylin Agonist Program
Advanced amylin receptor agonist program with IND expected later this quarter; first-in-human dosing likely in Q2 2026 and potential Phase I data later in 2026, adding a differentiated mechanism to the obesity portfolio.
Solid Cash Position with Explicit Runway Commentary
Cash, cash equivalents and short-term investments of $706M at Dec 31, 2025. Management states this balance is sufficient to support key upcoming milestones (maintenance study, Phase III subcutaneous readouts and oral Phase III top-line data).
Negative Updates
Sharp Increase in R&D Spend
R&D expenses rose materially as trials progressed: Q4 R&D of $153.5M vs $31.0M in Q4 2024 (≈+395%); full-year R&D $345.0M vs $101.6M in 2024 (≈+240%). Increases driven by Phase III activity, manufacturing, stock comp and personnel.
Substantial Increase in Net Loss
Net loss for Q4 2025 was $157.7M ($1.38/share) vs $35.4M ($0.32/share) in Q4 2024 (≈+346%); full-year net loss $358.5M ($3.19/share) vs $110.0M ($1.01/share) in 2024 (≈+226%).
Year-over-Year Cash Decline
Cash and short-term investments decreased from $903M at Dec 31, 2024 to $706M at Dec 31, 2025 — a decline of ~$197M (~21.8%), reflecting investment into late-stage development.
Ongoing High Quarterly Cash Burn
CFO guidance indicates quarterly cash usage expected to range roughly $60M–$90M per quarter moving forward, implying continued significant cash burn through late-stage programs.
Competitive and Commercial Uncertainty
Rapid evolution in the obesity market (emergence of oral peptides and large new entrants) creates uncertainty around ultimate go-to-market strategy, potential partnering decisions, and payer requirements (questions remain about whether outcomes data will be necessary for reimbursement).
Tolerability and GI Adverse Event Considerations
While most adverse events were reported as mild/moderate and oral tolerability appeared comparable to placebo in planned dose ranges, GI events were noted early in treatment and remain an area for monitoring and potential mitigation via titration strategies.
Company Guidance
Viking guided to a busy 2026 cadence: they expect to initiate the oral VK2735 Phase III program in Q3 2026, report maintenance study results in Q3 2026 (the maintenance study completed enrollment and runs weekly dosing through week 19 with a study end at week 31 and includes monthly, every‑other‑week and weekly subcu arms plus weekly/daily oral arms), complete VANQUISH‑2 enrollment and roll out an auto‑injector in Q1 2026 (VANQUISH‑1 exceeded its ~4,500‑patient target and VANQUISH‑2 is targeting ~1,100 patients), and file an IND for their lead amylin agonist later this quarter with first dosing likely in Q2 2026; the Phase III VANQUISH studies are 78‑week trials with 7.5, 12.5 and 17.5 mg weekly dose arms, and Viking said its $706 million cash, cash equivalents and short‑term investments (down from $903M a year earlier) should fund through these catalysts and top‑line oral Phase III readouts, with expected quarterly R&D cash use of roughly $60–$90 million; prior clinical benchmarks cited included subcu VENTURE weight loss up to 14.7% at 13 weeks and oral VENTURE up to 12.2% at 13 weeks (up to 80% of oral recipients achieved ≥10% vs 5% placebo).Viking Therapeutics Financial Statement Overview
Summary
Overall financial profile is mixed: a strong, low-leverage balance sheet (negligible debt) is offset by a development-stage income statement with no revenue, sharply widening losses in 2025, and persistent negative operating/free cash flow with meaningful 2025 deterioration—implying continued funding dependence.Income Statement
The income statement is weak: the company reports no revenue across the period provided, while losses have widened materially (net loss of about $40M in 2020 rising to about $360M in 2025). Operating losses also expanded sharply in 2025 versus 2024, indicating accelerating spend without offsetting commercial income yet. Strengths are limited in the current data set because profitability and margin metrics are effectively uninformative with zero revenue.18
Very Negative
Balance Sheet
The balance sheet is a clear strength. Debt is negligible relative to equity (debt-to-equity near zero in every year), which materially reduces financial risk and gives flexibility to fund development. However, equity declined from 2024 to 2025 (roughly $880M to $639M), consistent with heavy losses and cash burn, and return on equity is meaningfully negative in 2025—highlighting that the capital base is being consumed rather than compounding.72
Positive
Cash Flow
Cash flow quality is pressured by persistent cash burn: operating and free cash flow are negative each year shown, and 2025 free cash flow deterioration is significant versus 2024 (large negative growth in free cash flow). A modest positive is that free cash flow tracks net income closely (losses are translating into cash usage rather than large non-cash distortions), but the overall picture is ongoing funding dependence until revenue generation improves.30
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -431.00K | 0.00 | -292.00K | 0.00 | 0.00 |
| EBITDA | -393.34M | -150.57M | -100.53M | -70.06M | -55.39M |
| Net Income | -359.64M | -109.96M | -85.89M | -68.87M | -54.99M |
Balance Sheet | |||||
| Total Assets | 715.73M | 908.32M | 368.49M | 168.53M | 210.66M |
| Cash, Cash Equivalents and Short-Term Investments | 705.74M | 902.61M | 362.08M | 155.49M | 202.10M |
| Total Debt | 137.00K | 1.12M | 1.26M | 1.56M | 29.00K |
| Total Liabilities | 76.67M | 28.04M | 20.07M | 23.21M | 8.78M |
| Stockholders Equity | 639.06M | 880.28M | 348.42M | 145.32M | 201.88M |
Cash Flow | |||||
| Free Cash Flow | -278.69M | -87.79M | -73.38M | -48.40M | -47.59M |
| Operating Cash Flow | -278.69M | -87.79M | -73.38M | -48.40M | -47.59M |
| Investing Cash Flow | 341.39M | -553.37M | -179.09M | 54.75M | 37.96M |
| Financing Cash Flow | 76.44M | 612.46M | 271.38M | 4.16M | 6.88M |
Viking Therapeutics Technical Analysis
Neutral
33.84
Price Trends
32.26
Negative
34.09
Negative
31.56
Positive
Market Momentum
0.43
Negative
50.53
Neutral
56.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VKTX, the sentiment is Neutral. The current price of 33.84 is above the 20-day moving average (MA) of 30.80, above the 50-day MA of 32.26, and above the 200-day MA of 31.56, indicating a neutral trend. The MACD of 0.43 indicates Negative momentum. The RSI at 50.53 is Neutral, neither overbought nor oversold. The STOCH value of 56.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VKTX.
Viking Therapeutics Risk Analysis
Viking Therapeutics disclosed 77 risk factors in its most recent earnings report. Viking Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Viking Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $3.64B | -10.04 | -51.76% | ― | ― | -38.30% | |
62 Neutral | $5.44B | -9.96 | -69.35% | ― | ― | -27.70% | |
55 Neutral | $3.50B | -17.41 | -28.29% | ― | ― | ― | |
52 Neutral | $3.69B | ― | -47.34% | ― | ― | -126.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $4.52B | -13.63 | -218.04% | ― | ― | -31.71% | |
46 Neutral | $2.13B | -3.78 | -656.54% | ― | 20.63% | 8.09% |
* Healthcare Sector Average
VKTX
Viking Therapeutics
31.93
3.99
14.28%
RARE
Ultragenyx Pharmaceutical
22.07
-18.80
-46.00%
XENE
Xenon
43.79
6.62
17.81%
SRRK
Scholar Rock Holding
44.31
8.17
22.61%
IMVT
Immunovant
26.71
7.29
37.54%
NAMS
NewAmsterdam Pharma Company
30.41
7.39
32.08%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.