New York, Feb 12, 2026, 05:26 EST — Premarket
- Shares of Viking Therapeutics slipped 0.7% before the market opened.
- Plans for the late-stage development of the oral obesity drug candidate VK2735 have been outlined by the company.
- Traders are closely monitoring trial-design specifics and upcoming milestones in Viking’s obesity pipeline.
Viking Therapeutics shares slipped 0.7% in premarket trading Thursday, hitting $28.55 after closing at $28.74 the day before. The stock’s movement has been choppy following the company’s recent pipeline update and year-end earnings report.
Viking is gearing up to push an experimental obesity pill into late-stage trials, stepping into a space crowded with major players and high investor expectations. The company announced plans to start Phase 3 studies for a tablet version of VK2735 in Q3 2026, with more details on the study design expected soon. After the news broke on Wednesday, shares jumped nearly 9%, closing after-hours at $31.10.
This is crucial since Phase 3 represents the final major hurdle before a company can pursue regulatory approval, and it’s also where expenses soar and deadlines extend. In obesity drug trials, the longer duration demands stricter proof of safety and sustained weight loss—not just a fast initial dip. Viking, which hasn’t launched a product yet, must deliver flawless results and stand out clearly.
Viking announced that enrollment for VANQUISH-1, one of its two Phase 3 trials for the once-weekly injectable VK2735, is complete. The company expects to wrap up enrollment for VANQUISH-2 by Q1 2026. A maintenance dosing study is also fully enrolled, with results anticipated in Q3 2026. Viking plans to file an IND this quarter for a new amylin agonist, a crucial step before starting U.S. human trials. The company reported a Q4 net loss of $157.7 million and closed out 2025 with $706 million in cash, cash equivalents, and short-term investments, as R&D expenses grew.
On Wednesday, Viking filed both its annual report and a current report, according to the company’s investor site.
VK2735 focuses on GLP-1 and GIP, two gut-hormone pathways powering the latest wave of obesity and diabetes treatments. These drugs mainly curb appetite and slow digestion. Investors favor pills over injections but have been quick to penalize those that fall short on efficacy, tolerability, or production issues.
Viking contends that providing both oral and injectable forms could give it a competitive edge — and simplify the switch for patients moving from injections to pills for weight maintenance, without altering the active ingredient. The company has also highlighted early indications that demand grows as more oral alternatives enter the market.
The timeline is lengthy, and success isn’t assured. Late-stage trials might hit snags like side effects, participant dropouts, or less impressive weight loss over time. Meanwhile, competitors with approved drugs could outpace them on pricing, supply, and winning over doctors.
Before the opening bell, traders will be focused on whether the stock stabilizes after overnight volatility, along with any further commentary that sheds light on dosing, endpoints, and timelines for the upcoming oral Phase 3 program. Updates on VANQUISH-2 enrollment speed and the amylin IND filing are also expected to attract interest.
VANQUISH-2 is set to complete enrollment by 1Q 2026. Viking also aims to release the maintenance dosing results and kick off the oral Phase 3 trial in 3Q 2026.
