Viking Therapeutics announced that it has finished enrolling patients in its Phase 3 VANQUISH‑1 study of the dual GLP‑1/GIP agonist VK2735. The 78‑week, double‑blind, placebo‑controlled trial enrolled approximately 4,650 adults with obesity or overweight and at least one weight‑related comorbidity, surpassing the company’s enrollment target and completing ahead of schedule.
The rapid accrual reflects strong patient interest in a novel dual‑agonist approach that combines GLP‑1 and GIP activity. By enrolling more patients than planned, Viking reduces the risk of a smaller data set and positions itself to begin the treatment phase sooner, accelerating the timeline for efficacy and safety data that will be critical for regulatory submissions.
Viking’s Q3 2025 financial results show a net loss of $90.8 million, or $0.81 per share, compared with a $24.9 million loss ($0.22 per share) in Q3 2024. The widening loss is driven largely by increased research and development expenses associated with late‑stage trials. Despite the loss, the company holds $715 million in cash, cash equivalents, and short‑term investments as of September 30 2025, providing a runway to fund upcoming Phase 3 readouts and future development activities.
The obesity market is crowded, with established players such as Novo Nordisk and Eli Lilly. Viking’s VK2735 differentiates itself by offering a dual GLP‑1/GIP mechanism and a dual‑formulation strategy—both subcutaneous and oral—potentially delivering greater efficacy or convenience. This positioning could capture a share of the growing demand for weight‑management therapies, but the company must navigate intense competition and regulatory scrutiny.
Beyond obesity, Viking maintains a diversified pipeline that includes VK2809 for non‑alcoholic steatohepatitis and VK0214 for X‑linked adrenoleukodystrophy. The company also continues enrollment in the parallel Phase 3 VANQUISH‑2 study for patients with type 2 diabetes, expected to complete in the first quarter of 2026. These programs underscore Viking’s strategy to broaden its therapeutic reach while advancing its flagship obesity candidate.
CEO Brian Lian emphasized that the enrollment milestone “speaks to the enthusiasm for new obesity treatments beyond those currently available.” He added that the company’s progress in the first three quarters of 2025 “positions our lead obesity program as potentially best‑in‑class.” The comments signal confidence in the program’s potential and a commitment to delivering robust data to support future regulatory submissions.
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