Viking Therapeutics (NASDAQ:VKTX) Stock in Focus Ahead of Cash-Burn Scrutiny, Earnings Set for July 29

Viking is scheduled to release its second-quarter earnings on Wednesday, July 29, following the U.S. market close. The company’s conference call is set for 4:30 p.m. Eastern time. Since Viking is still in the clinical stage and has not yet generated product sales, revenue will be less of a focus. Investors are expected to concentrate on cash burn, the progress of clinical trials, and readiness for Phase 3 studies of its oral candidate.

VKTX closed Friday at $34.79, dropping 1.7%, and holds a market capitalization of $4.02 billion. The biotech fund XBI slipped 1.1%, and IBB eased 0.5%. VKTX underperformed XBI by roughly 0.6 percentage points. Trading volume on Friday totaled 1.84 million shares.

Viking reported $603.0 million in cash and short-term investments at the end of March. Operating cash usage totaled $114.0 million, up from $52.3 million a year earlier. Research expenses surged 263% to $150.2 million. The net loss for the quarter increased to $158.3 million. Management said the company expects to be funded through at least June 30, 2027, based on its March assessment. The remaining at-the-market capacity stood at $63.7 million, so additional dilution remains a possibility.

Viking currently expects to report results in the third quarter of 2026. Around 180 adults with obesity were enrolled in the Phase 1 trial. Participants begin with weekly injections for 19 weeks, followed by a maintenance period extending to week 31. Maintenance regimens consist of weekly, biweekly, or monthly injections, along with daily or weekly tablets. Confirmation of the timeline is anticipated during Wednesday’s call.

Viking is aiming for a launch in the fourth quarter of 2026, following an FDA meeting last December. In Phase 2, the 120-milligram dose resulted in a 12.2% average weight reduction at week 13. The loss, compared to placebo, was 10.9 percentage points and there was no clear indication that weight loss had plateaued. However, 20% of patients receiving treatment discontinued due to adverse events, compared to 13% in the placebo group. The selection of dosing and titration for Phase 3 will be crucial.

Enrollment is complete for both VANQUISH trials, with both studies expected to finish during 2027. VANQUISH-1 recruited around 4,650 adults, while VANQUISH-2 enrolled approximately 1,000. Each trial lasts 78 weeks and evaluates three different weekly doses—7.5, 12.5, and 17.5 milligrams—against placebo. Specific top-line readout dates have not been released. In an earlier Phase 2 trial, injections led to as much as 14.7% average weight reduction after 13 weeks.

Viking is now up against two authorized oral obesity therapies in the U.S. Novo Nordisk’s Wegovy pill was cleared in December 2025, and Lilly’s Foundayo secured approval in April. On July 23, Lilly disclosed that Phase 3 retatrutide showed losses ranging from 20.8% to 22.6%. Viking offers a dual GLP-1/GIP molecule available both as tablets and injections as its unique feature. However, cross-trial comparisons are still unreliable, and Viking has yet to present Phase 3 efficacy results.

Viking named Dorothy Gemmell to its board on July 23, highlighting her 25 years in commercialization. The company said she will support preparations for a possible VK2735 launch. This move bolsters Viking’s ability to launch independently but does not rule out potential partnerships or a takeover. No transaction has been disclosed. Reports of a buyout remain unconfirmed.

Viking launched a Phase 1 single-ascending-dose trial on June 24, evaluating subcutaneous VK3019 in adults whose BMI is 30 or higher. The company reported that comparable preclinical DACRAs caused up to an 8% weight decrease in rats within 72 hours. These findings from animal studies do not confirm efficacy in humans. VK3019 currently represents a potential future option, not demonstrated clinical benefit.