Two fully enrolled Phase 3 trials plus an oral formulation in Phase 3 pipeline — thesis turns on whether VANQUISH efficacy data can carve share from Wegovy and Zepbound

Viking Therapeutics is a clinical-stage company developing an injectable targeted therapy for weight loss and diabetic obesity, which is not yet approved.

Viking has both VANQUISH Phase 3 trials fully enrolled, with over 5,500 patients across subcutaneous and diabetic obesity cohorts, representing the most advanced pure-play GIP/GLP dual-agonist registrational program outside established large-cap incumbents. The thesis resolves on whether VANQUISH delivers weight loss depth and tolerability that differentiate VK2735 from semaglutide and tirzepatide on a clinically meaningful margin. Cash has declined to $502M against a $143M quarterly burn, creating a runway of roughly three to four quarters before additional financing is needed ahead of Phase 3 readouts.