Viking Therapeutics Advances Metabolic Disease Pipeline Amid Industry Interest

Viking Therapeutics, a small but promising player in the metabolic disease space, is making significant strides with its clinical programs for obesity and MASH (metabolic dysfunction-associated steatohepatitis). The company's progress comes at a time of heightened industry interest in these therapeutic areas, as evidenced by recent high-profile deals and acquisitions.

VANQUISH Trials Progressing Rapidly

Viking's Phase III VANQUISH trials for VK2735, a dual GLP-1/GIP agonist, are enrolling patients at a faster-than-expected rate. The VANQUISH-1 trial, focusing on non-diabetic patients with obesity, is set to complete enrollment by the end of Q4 2025. VANQUISH-2, which includes diabetic patients, is expected to finish enrollment by the end of Q1 2026. Together, these trials will involve 5,600 participants, demonstrating the scale of Viking's clinical efforts.

CEO Brian Lian attributes the rapid enrollment to "enthusiasm for the program," noting that there have been no significant issues with patient adherence to the treatment plan thus far. The company is also introducing an auto-injector for subcutaneous doses, potentially improving the patient experience.

Oral Formulation and Maintenance Strategy

Viking is pursuing an innovative approach with VK2735 by developing both subcutaneous and oral formulations. A Phase I maintenance trial is underway, exploring the transition from subcutaneous to oral administration. This strategy could give VK2735 a competitive edge in the market, as it may allow for more flexible long-term treatment options.

However, the oral version has faced challenges. In a Phase II trial that concluded in August 2025, the oral formulation showed promising efficacy with a 12% body weight reduction at 13 weeks. Yet, safety concerns emerged, with 20% of participants dropping out due to side effects, primarily gastrointestinal issues. This setback led to a 40% drop in Viking's share price at the time.

Industry Interest and M&A Speculation

The metabolic disease space has seen renewed interest from major pharmaceutical companies. Pfizer's recent $4.9 billion acquisition of Metsera has sparked speculation about potential M&A activity involving Viking. Analysts from Truist Securities suggest that Viking may be undervalued, given the current industry landscape.

Lian remains open to partnership opportunities but emphasizes Viking's readiness to proceed independently if necessary. "We're certainly receptive to outside interest... That said, I don't think it's mandatory," he stated during the company's Q3 earnings call. "We're prepared to go alone, but we're also prepared to engage with anybody who is interested."

Viking's strong financial position, with $715 million in cash reserves, provides the company with approximately two years of operational runway. This financial stability allows Viking to advance its clinical programs independently while remaining an attractive potential acquisition target.