NEW YORK, July 18, 2026, 12:02 p.m. (EDT)
Viking Therapeutics, Inc. NASDAQ:VKTX declined by 4.6% over the past week. Nonetheless, its initial cash-adjusted valuation remained 86% higher than that of Structure Therapeutics Inc. NASDAQ:GPCR.
The gap signals that Viking continues to receive a clinical-stage premium from investors. The company is conducting two Phase 3 injectable obesity trials. Structure intends to begin late-stage oral trials in the second half of 2026.
Balance sheets tell a different story. As of March 31, Viking reported $603 million in holdings, while Structure had $1.46 billion. Their disclosed funding runways extend to mid-2027 for Viking and late 2028 for Structure.
U.S. cash markets did not open on Saturday. On Friday, Viking shares rose 1.95% to $37.08. For the week, the stock continued to lag behind the SPDR S&P Biotech ETF (NYSEARCA:XBI).
| Security | July 17 close | Friday | Week | Market value | March 31 cash and investments |
|---|---|---|---|---|---|
| Viking Therapeutics | $37.08 | up 1.95% | down 4.58% | $4.31 billion | $603 million |
| Structure Therapeutics | $48.48 | rallied 5.32% | fell 9.15% | $3.45 billion | $1.46 billion |
| SPDR S&P Biotech ETF | $154.26 | rose 1.49% | lost 3.00% | — | — |
Week change reflects the difference between closing prices on July 10 and July 17. Cash figures include equivalents and short-term investments. Market values are current; cash values are as of the end of the quarter.
After subtracting March cash levels, Viking’s preliminary value stands at $3.71 billion, and Structure’s at $1.99 billion. Viking’s value is around 86% greater.
Analyst sentiment continued to boost the premium. On July 16, William Blair analyst Andy Hsieh maintained his Buy rating.
Costs are increasing. FactSet’s forecast for a 2026 loss grew by 18.5% in three months, reaching $4.75 per share. The projected loss for the second quarter is $1.23 per share.
Viking’s operating cash outflow was $114 million in the first quarter, over twice the amount from a year ago. The company’s research expenses totaled $150 million.
Oral VK2735 resulted in a 12.2% average weight loss over 13 weeks. The placebo-adjusted average at the highest dose was 10.9%. Chief Executive Brian Lian referenced “compelling efficacy” and “encouraging tolerability.” Viking Therapeutics InvestorRoom
Structure achieved as much as 16.3% placebo-adjusted weight reduction after 44 weeks. The studies involved have varying designs and lengths. Guggenheim analyst Seamus Fernandez noted Structure’s tolerability “appears highly competitive on vomiting and discontinuations.” Reuters
No webcast or presentation by Viking is on the calendar for the upcoming week. FactSet expects second-quarter earnings to be reported on July 29. This could mean near-term sector flows will take the lead as a driver.
Investors are set to monitor cash, research expenditure, and VK2735 maintenance results. Viking anticipates these results in the third quarter. The company targets launching the oral Phase 3 trial in the fourth quarter.
Risks: Comparisons across different trials may create a false impression. Increased cash burn, disappointing Phase 3 outcomes, production setbacks or fresh funding requirements could eliminate the stock’s current premium.
Biotech flows could prove decisive for next week’s trade. The valuation premium faces a test on July 29.
