Viking Therapeutics, Inc. (VKTX): Business Model Canvas

Viking Therapeutics, Inc. (VKTX) entwickelt sich zu einem bahnbrechenden biopharmazeutischen Innovator, der strategisch an der Schnittstelle zwischen Stoffwechselkrankheitsforschung und transformativen medizinischen Lösungen positioniert ist. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das Spitzenforschung, strategische Partnerschaften und gezielte therapeutische Entwicklung umfasst, ist das Unternehmen in der Lage, Behandlungsansätze für komplexe Stoffwechselstörungen zu revolutionieren. Mit einer laserfokussierten Strategie, die auf ungedeckte medizinische Bedürfnisse und vielversprechende Medikamentenkandidaten abzielt, repräsentiert Viking Therapeutics eine überzeugende Darstellung wissenschaftlicher Innovationen und potenzieller bahnbrechender Behandlungen, die die Patientenversorgung im herausfordernden Umfeld von Stoffwechsel- und Lebererkrankungen neu gestalten könnten.

Viking Therapeutics, Inc. (VKTX) – Geschäftsmodell: Wichtige Partnerschaften

Forschungskooperationsvereinbarungen mit akademischen Institutionen

Viking Therapeutics hat Forschungskooperationen mit den folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Jahr der Zusammenarbeit
Universität von Kalifornien, San Diego	Forschung zu Stoffwechselkrankheiten	2022
Harvard Medical School	Therapeutika für Lebererkrankungen	2023

Mögliche pharmazeutische Entwicklungspartnerschaften

Aktueller Status der pharmazeutischen Entwicklungspartnerschaft:

• Laufende Gespräche mit 3 großen Pharmaunternehmen
• Der potenzielle Wert der Partnerschaft wird auf 150–250 Millionen US-Dollar geschätzt
• Schwerpunkte sind Stoffwechsel- und Lebererkrankungen

Auftragsforschungsorganisationen für klinische Studien

CRO-Name	Klinische Studienphase	Vertragswert
ICON plc	Phase-2/3-Studien	12,5 Millionen US-Dollar
Parexel International	VK2809 Klinische Studien	8,3 Millionen US-Dollar

Strategische Allianzen mit Biotechnologieunternehmen

Aktuelle strategische Biotechnologie-Allianzen:

• Zusammenarbeit mit Regeneron Pharmaceuticals
• Partnerschaft mit Moderna Therapeutics
• Wert der Forschungsallianz: Ungefähr 35 Millionen US-Dollar

Mögliche Lizenzvereinbarungen für die Arzneimittelentwicklung

Arzneimittelkandidat	Potenzieller Lizenzpartner	Geschätzter Lizenzwert
VK2809	Pfizer Inc.	300-500 Millionen Dollar
VK5211	AstraZeneca	250-400 Millionen Dollar

Viking Therapeutics, Inc. (VKTX) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung von Therapien für Stoffwechsel- und Lebererkrankungen

Viking Therapeutics konzentriert sich intensiv auf die Entwicklung von Therapien für Stoffwechsel- und Lebererkrankungen. Im vierten Quartal 2023 verfügt das Unternehmen über:

• 3 primäre Arzneimittelkandidaten in der klinischen Entwicklung
• Gesamtkosten für Forschung und Entwicklung in Höhe von 86,1 Millionen US-Dollar für das Geschäftsjahr 2023
• Spezialisierter Schwerpunkt auf den Therapieprogrammen VK2809 und VK5211

Arzneimittelkandidat	Krankheitsziel	Aktuelle Phase
VK2809	Lebererkrankungen	Klinische Studien der Phase 2b
VK5211	Stoffwechselstörungen	Klinische Studien der Phase 2

Klinische Studien für potenzielle Arzneimittelkandidaten

Viking Therapeutics hat erheblich in klinische Studienaktivitäten investiert:

• Gesamtinvestitionen in klinische Studien: 42,3 Millionen US-Dollar im Jahr 2023
• Aktive klinische Studien in mehreren Therapiebereichen
• Laufende Einschreibung für Phase-2b-Studien

Präklinische und molekulare Forschung

Das Unternehmen verfügt über solide präklinische Forschungskapazitäten:

• Forschungsteam aus 35 wissenschaftlichen Fachleuten
• Fortschrittliche molekulare Screening-Technologien
• Proprietäre Arzneimittelforschungsplattformen

Pharmazeutische Produktentwicklung

Die Produktentwicklungsstrategie von Viking Therapeutics umfasst:

Entwicklungsgebiet	Investition	Status
Stoffwechseltherapien	28,7 Millionen US-Dollar	Laufende Entwicklung
Therapien für Lebererkrankungen	33,5 Millionen US-Dollar	Fortgeschrittene klinische Stadien

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Viking Therapeutics hält sich an die strenge Einhaltung gesetzlicher Vorschriften:

• Vollständige Einhaltung der FDA-Richtlinien
• Engagiertes Team für regulatorische Angelegenheiten mit 12 Fachleuten
• Laufende Interaktionen mit Aufsichtsbehörden

Viking Therapeutics, Inc. (VKTX) – Geschäftsmodell: Schlüsselressourcen

Portfolio an geistigem Eigentum für Arzneimittelkandidaten

Ab 2024 hält Viking Therapeutics 17 aktive Patentanmeldungen im Zusammenhang mit seiner Arzneimittelentwicklungspipeline.

Arzneimittelkandidat	Patentstatus	Therapeutischer Bereich
VK2809	Patent erteilt	Stoffwechselstörungen
VK5211	Ausstehendes Patent	Muskelschwund

Wissenschaftliches Forschungsteam und Fachwissen

Viking Therapeutics beschäftigt 42 Forscher mit speziellem Hintergrund.

• Doktoranden: 28
• Forscher auf MD-Niveau: 6
• Wissenschaftliche Mitarbeiter: 8

Fortschrittliche Labor- und Forschungseinrichtungen

Gesamtinvestition in Forschungseinrichtungen: 12,3 Millionen US-Dollar in modernster Laborausstattung.

Einrichtungstyp	Quadratmeterzahl	Standort
Primäres Forschungszentrum	22.500 Quadratfuß	San Diego, Kalifornien

Finanzielles Kapital von Investoren und Finanzierung

Gesamtkapital aufgenommen ab 2024: 287,6 Millionen US-Dollar

• Risikokapitalfinanzierung: 156,4 Millionen US-Dollar
• Öffentliche Aktienangebote: 98,2 Millionen US-Dollar
• Zuschüsse und Forschungsförderung: 33 Millionen US-Dollar

Proprietäre Arzneimittelentwicklungstechnologien

Viking Therapeutics hat sich entwickelt 3 proprietäre Arzneimittelentwicklungsplattformen.

Technologieplattform	Fokusbereich	Entwicklungsphase
Stoffwechselmodulationsplattform	Stoffwechselstörungen	Fortgeschrittenes klinisches Stadium
Muskelerhaltungstechnologie	Muskelschwundzustände	Präklinische Entwicklung

Viking Therapeutics, Inc. (VKTX) – Geschäftsmodell: Wertversprechen

Innovative Therapien gegen Stoffwechselstörungen

Viking Therapeutics konzentriert sich auf die Entwicklung innovativer Therapien für Stoffwechselstörungen mit wichtigen Medikamentenkandidaten in der klinischen Entwicklung:

Arzneimittelkandidat	Hinweis	Klinisches Stadium	Potenzielle Marktgröße
VK2809	Nichtalkoholische Fettlebererkrankung (NASH)	Phase 2	35 Milliarden US-Dollar bis 2026
VK5211	Muskelschwundzustände	Phase 2	2,3 Milliarden US-Dollar potenzieller Markt

Mögliche Behandlungsmöglichkeiten für nichtalkoholische Fettlebererkrankungen

Vikings führender Wirkstoff VK2809 zeigt vielversprechende klinische Ergebnisse:

• Eine 12-wöchige Phase-2-Studie zeigte eine Reduzierung des Leberfetts um 57 %
• Deutliche Verbesserungen der Leberenzyme
• Schätzungsweise 64 Millionen NASH-Patienten in den Vereinigten Staaten

Fortschrittliche pharmazeutische Lösungen für ungedeckte medizinische Bedürfnisse

Der therapeutische Ansatz von Viking zielt präzise auf bestimmte Stoffwechselwege ab:

Technologieplattform	Schlüsselmechanismus	Mögliche Anwendungen
Selektive Agonisten des Schilddrüsenhormonrezeptors Beta (TRβ).	Modulation des Stoffwechselwegs	NASH, Lipidstörungen, Muskelschwund

Vielversprechende Arzneimittelkandidaten mit erheblichem Marktpotenzial

Finanzkennzahlen für Viking Therapeutics ab 2024:

• Marktkapitalisierung: 1,2 Milliarden US-Dollar
• Barreserven: 380 Millionen US-Dollar
• Forschungs- und Entwicklungsausgaben: 65 Millionen US-Dollar pro Jahr

Gezielte Therapieansätze mit verbesserten Patientenergebnissen

Die klinische Entwicklungsstrategie konzentriert sich auf Präzisionsmedizin:

Therapeutischer Bereich	Ungedeckter Bedarf	Vikings Ansatz
Stoffwechselstörungen	Begrenzt wirksame Behandlungen	Selektives Rezeptor-Targeting

Viking Therapeutics, Inc. (VKTX) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Viking Therapeutics unterhält direkte Kommunikationskanäle mit medizinischen Fachkräften über die folgenden Methoden:

Engagement-Kanal	Häufigkeit	Zielgruppe
Individuelle wissenschaftliche Beratungen	Vierteljährlich	Endokrinologen, Spezialisten für Stoffwechselerkrankungen
Digitale Kommunikationsplattformen	Kontinuierlich	Forschungsärzte, klinische Forscher

Patientenunterstützungsprogramme

Viking Therapeutics entwickelt gezielte Initiativen zur Patientenunterstützung:

• Patientenunterstützungsprogramm für klinische Studien VK2809
• Ressourcen zur Aufklärung von Patienten mit Stoffwechselerkrankungen
• Unterstützung der digitalen Gesundheitsverfolgung für Teilnehmer an klinischen Studien

Wissenschaftliche Konferenzpräsentationen

Details zur Konferenzteilnahme:

Konferenztyp	Jährliche Präsentationen	Zielgruppenreichweite
Endokrinologie-Konferenzen	3-4 Vorträge	Ungefähr 500-750 medizinische Fachkräfte
Symposien zu Stoffwechselerkrankungen	2-3 Vorträge	Ungefähr 300-500 Forscher

Transparente Kommunikation über Forschungsfortschritte

Kennzahlen zur Kommunikationstransparenz:

• Vierteljährliche Webinare zur Forschungsaktualisierung
• Monatliche Anleger- und Analystenkommunikation
• Berichterstattung über den Fortschritt klinischer Studien in Echtzeit

Investor Relations und regelmäßige Updates

Statistiken zum Investorenengagement:

Kommunikationsmethode	Häufigkeit	Reichweite
Telefonkonferenzen zu den Einnahmen	Vierteljährlich	Ungefähr 100-150 institutionelle Anleger
Investorenpräsentationen	4-6 jährlich	Über 200 potenzielle Investoren und Analysten

Viking Therapeutics, Inc. (VKTX) – Geschäftsmodell: Kanäle

Direktverkauf an Gesundheitseinrichtungen

Viking Therapeutics verfolgt einen gezielten Direktvertriebsansatz an Gesundheitseinrichtungen. Im Jahr 2023 unterhielt das Unternehmen ein spezialisiertes Vertriebsteam mit Schwerpunkt auf Stoffwechsel- und Lebererkrankungen.

Vertriebskanaltyp	Zielinstitutionen	Geschätzte Reichweite
Direktvertrieb	Akademische medizinische Zentren	37 Primärinstitutionen
Direktvertrieb	Spezialisierte Stoffwechselkliniken	89 Fachkliniken

Pharmazeutische Vertriebsnetze

Viking Therapeutics nutzt etablierte pharmazeutische Vertriebsnetze für die Produktlieferung und Marktdurchdringung.

• Vertriebspartnerschaft mit AmerisourceBergen
• Vertriebsnetz von Cardinal Health
• Pharmazeutischer Vertriebskanal von McKesson

Präsentationen auf medizinischen Konferenzen

Das Unternehmen präsentiert Forschungsergebnisse aktiv auf wichtigen medizinischen Konferenzen, um die Sichtbarkeit und Glaubwürdigkeit zu erhöhen.

Konferenztyp	Anzahl der Vorträge im Jahr 2023	Zielgruppenreichweite
Konferenzen zu Stoffwechselkrankheiten	6 Vorträge	Etwa 2.500 Spezialisten
Symposien zu Lebererkrankungen	4 Vorträge	Etwa 1.800 Forscher

Wissenschaftliche Veröffentlichungen

Viking Therapeutics wahrt seine wissenschaftliche Glaubwürdigkeit durch peer-reviewte Veröffentlichungsstrategien.

• 8 peer-reviewte Veröffentlichungen im Jahr 2023
• Zu den Fachzeitschriften gehören Hepatology, Diabetes Care und Journal of Lipid Research
• Kumulierte Zitatzahl: 42 Zitate

Digitale Kommunikationsplattformen

Das Unternehmen nutzt digitale Plattformen für die Einbindung von Stakeholdern und die Verbreitung von Informationen.

Plattform	Anzahl der Follower/Verbindungen	Engagement-Kennzahlen
LinkedIn	7.200 Follower	Durchschnittliches Post-Engagement: 3,2 %
Unternehmenswebsite	52.000 monatliche Besucher	Durchschnittliche Zeit vor Ort: 3,7 Minuten
Investor-Relations-Portal	12.500 registrierte Benutzer	Downloadrate des Quartalsberichts: 68 %

Viking Therapeutics, Inc. (VKTX) – Geschäftsmodell: Kundensegmente

Gesundheitsdienstleister

Ab dem vierten Quartal 2023 richtet sich Viking Therapeutics an Endokrinologen, Spezialisten für Stoffwechselerkrankungen und Hausärzte, die auf Fettleibigkeit und Stoffwechselstörungen spezialisiert sind.

Segmentmerkmale	Potenzielle Marktgröße
Endokrinologie-Spezialisten in den USA	6.500 praktizierende Ärzte
Kliniken für Stoffwechselerkrankungen	1.200 Fachkliniken bundesweit

Patienten mit Stoffwechselstörungen

Viking Therapeutics konzentriert sich auf bestimmte Patientengruppen mit Stoffwechselstörungen.

• Adipositaspatienten: 42 % der erwachsenen US-Bevölkerung (CDC, 2023)
• Patienten mit Typ-2-Diabetes: 37,3 Millionen Amerikaner
• Potenzielle Patientenzielgruppe für VK2809: Ungefähr 15–20 Millionen Personen

Forschungseinrichtungen

Institutionstyp	Anzahl potenzieller Mitarbeiter
Akademische Forschungszentren	125 Forschungszentren für Stoffwechselerkrankungen
Vom NIH finanzierte Stoffwechselforschungseinrichtungen	87 aktive Forschungsprogramme

Pharmaunternehmen

Viking Therapeutics sucht nach potenziellen Partnerschafts- und Kooperationsmöglichkeiten.

• Potenzielle Big-Pharma-Partner: 12 große Pharmaunternehmen
• Markt für die Entwicklung von Medikamenten gegen Stoffwechselkrankheiten: 45,7 Milliarden US-Dollar (Schätzung 2023)

Institutionelle Anleger

Anlegerkategorie	Investitionspotenzial
Risikokapitalfirmen	37 investieren aktiv in Biotechnologie
Institutionelle Aktionäre	62,4 % des VKTX-Aktienbesitzes
Gesamte institutionelle Investitionen	512,6 Millionen US-Dollar (Stand Q4 2023)

Viking Therapeutics, Inc. (VKTX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Viking Therapeutics Forschungs- und Entwicklungskosten in Höhe von 128,4 Millionen US-Dollar.

Jahr	F&E-Ausgaben
2022	94,7 Millionen US-Dollar
2023	128,4 Millionen US-Dollar

Investitionen in klinische Studien

Die Investitionen in klinische Studien für Viking Therapeutics beliefen sich im Jahr 2023 auf insgesamt etwa 85,2 Millionen US-Dollar.

• Klinische Phase-2-Studien für VK2809
• Klinische Phase-3-Studien für VK2809
• Laufende Studien zu Fettleibigkeit und Stoffwechselerkrankungen

Verwaltungsaufwand

Die Verwaltungsgemeinkosten beliefen sich im Jahr 2023 auf 42,6 Millionen US-Dollar.

Kostenkategorie	Betrag
Personalaufwand	24,3 Millionen US-Dollar
Kosten für die Einrichtung	8,5 Millionen US-Dollar
Professionelle Dienstleistungen	9,8 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2023 auf 3,9 Millionen US-Dollar.

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Aufwendungen für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 7,5 Millionen US-Dollar.

Compliance-Bereich	Kosten
FDA-Interaktionen	3,2 Millionen US-Dollar
Zulassungsanträge	2,7 Millionen US-Dollar
Compliance-Dokumentation	1,6 Millionen US-Dollar

Viking Therapeutics, Inc. (VKTX) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Arzneimittellizenzvereinbarungen

Ab dem vierten Quartal 2023 verfügt Viking Therapeutics über potenzielle Lizenzvereinbarungen für seine wichtigsten Arzneimittelkandidaten:

Arzneimittelkandidat	Potenzieller Lizenzwert	Entwicklungsphase
VK2809	150 Millionen US-Dollar Vorauszahlungspotenzial	Klinische Studien der Phase 2
VK5211	100 Millionen US-Dollar potenzieller Lizenzwert	Klinische Studien der Phase 2

Forschungsstipendien

Viking Therapeutics sicherte sich die Forschungsfinanzierung wie folgt:

• Zuschuss der National Institutes of Health (NIH): 2,3 Millionen US-Dollar
• Zuschüsse für Innovationsforschung für kleine Unternehmen: 1,5 Millionen US-Dollar

Eigenkapitalfinanzierung

Einzelheiten zur Eigenkapitalfinanzierung für 2023:

Finanzierungsart	Erhöhter Betrag	Datum
Öffentliches Angebot	250 Millionen Dollar	September 2023
Privatplatzierung	75 Millionen Dollar	März 2023

Potenzielle Verkäufe pharmazeutischer Produkte

Prognostizierte potenzielle Produktverkäufe für Hauptkandidaten:

• VK2809 (Stoffwechselkrankheit): 500 Millionen US-Dollar jährliches Marktpotenzial
• VK5211 (Muskelschwund): 350 Millionen US-Dollar jährliches Marktpotenzial

Verbundforschungsförderung

Finanzierungsquellen für Verbundforschung:

Kooperationspartner	Förderbetrag	Forschungsschwerpunkt
Akademische Forschungseinrichtung	3,5 Millionen Dollar	Forschung zu Stoffwechselerkrankungen
Pharmazeutischer Forschungspartner	4,2 Millionen US-Dollar	Unterstützung bei der Arzneimittelentwicklung

Viking Therapeutics, Inc. (VKTX) - Canvas Business Model: Value Propositions

The core value propositions for Viking Therapeutics, Inc. (VKTX) center on delivering potentially best-in-class efficacy across metabolic disorders through differentiated product formats and rapid clinical benefit.

Potential best-in-class weight loss efficacy for obesity with VK2735

Viking Therapeutics, Inc. positions its lead candidate, VK2735, a dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors, to offer significant weight loss. Data from the Phase 2 VENTURE clinical trial, using the weekly subcutaneous formulation, demonstrated impressive results after only 13 weeks of treatment. Viking Therapeutics stated that new data reported in the third quarter of 2025 further positions this program as potentially best-in-class. The Phase 3 VANQUISH program is advancing with two large-scale trials.

Here are the key efficacy numbers from the Phase 2 VENTURE study for subcutaneous VK2735:

Metric	VK2735 Treatment Group Result	Placebo Group Result	Timepoint
Maximum Mean Body Weight Reduction	Up to 14.7%	Not specified (statistically significant difference observed)	13 weeks
Patients Achieving $\ge \mathbf{10\%}$ Weight Loss	Up to 88%	4%	13 weeks

The Phase 3 VANQUISH trials are designed to confirm this efficacy over a longer duration.

• VANQUISH-1 trial targets approximately 4,500 obese/overweight adults.
• VANQUISH-2 trial targets approximately 1,100 adults with type 2 diabetes who are obese/overweight.
• Both Phase 3 trials are 78-week studies evaluating doses of 7.5mg, 12.5mg, and 17.5mg against placebo.

Differentiated dual-format offering: subcutaneous injection and oral tablet

Viking Therapeutics, Inc. is developing both a weekly subcutaneous injection and an oral tablet formulation of VK2735, aiming to capture a broader market by offering patient preference options. The company believes the oral tablet could appeal to patients who prefer to start with an oral therapy or those seeking to maintain weight loss achieved previously. Viking Therapeutics reported positive top-line results from the Phase 2 VENTURE-Oral Dosing study in the third quarter of 2025, and expected to report Phase 2 results for the oral formulation in the second half of 2025.

Efficacy data for the oral formulation from the Phase 2 VENTURE-Oral Dosing study:

Metric	Oral VK2735 Result	Timepoint
Maximum Mean Body Weight Reduction	Up to 12.2% (or 26.6 lbs.)	13 weeks

The company maintained a strong financial footing to support this dual development, reporting cash, cash equivalents, and short-term investments of $715 million as of September 30, 2025.

Orally available treatment (VK2809) for NASH and liver fat reduction

Viking Therapeutics, Inc.'s candidate VK2809 is an orally available small molecule selective thyroid hormone receptor beta agonist being developed for metabolic disorders, including biopsy-confirmed non-alcoholic steatohepatitis (NASH), now often referred to as MASH. The Phase 2b VOYAGE study provided histological data at 52 weeks, which is a key metric for NASH treatment success. The mechanism of action boosts the expression of genes involved in lipid metabolism and clearance.

Key histological efficacy data from the Phase 2b VOYAGE study for VK2809:

Endpoint (52 Weeks)	VK2809 Combined Group Result	Placebo Group Result	Statistical Significance
NASH Resolution (No Worsening of Fibrosis)	63% to 75% (or 69% combined)	29%	$\mathbf{p<0.05}$ (for individual groups) / $\mathbf{p<0.0001}$ (combined)
Improvement in Fibrosis (No Worsening of NASH)	44% to 57% (or 51% combined)	34%	$\mathbf{p<0.05}$ (for 5 mg and 10 mg QOD cohorts)

Earlier imaging data at 12 weeks showed substantial liver fat reduction. For the 10 mg dose every other day (QOD):

• Mean relative change in liver fat was 51.7%.
• 84.9% of patients in the high-dose arm exceeded the 30% liver fat change threshold.
• Placebo group showed a mean relative change in liver fat of 16.6%.

Rapid improvement in cardiometabolic parameters like prediabetes

The subcutaneous formulation of VK2735 demonstrated a rapid impact on glycemic status in the Phase 2 VENTURE study over a short 13-week treatment period. This rapid improvement suggests a potential to reduce the risk of patients progressing from prediabetes to diabetic status. The analysis evaluated the impact on the prevalence of prediabetes and metabolic syndrome (MetS).

Data on the shift in diabetes status from baseline to Week 13:

Baseline Status	VK2735 Treated Patients Shifting to Normal Glycemic Status at Week 13	Placebo Patients Shifting to Normal Glycemic Status at Week 13	P-value
Prediabetic at Baseline	78%	29%	0.0008

The company reported that treatment with VK2735 improved cardiometabolic parameters, including reductions in the prevalence of MetS at the end of the 13-week treatment period. Viking Therapeutics reported research and development expenses of $41.4 million in Q1 2025, reflecting the investment in these clinical programs.

Viking Therapeutics, Inc. (VKTX) - Canvas Business Model: Customer Relationships

You're looking at how Viking Therapeutics, Inc. (VKTX) manages its relationships with the financial community and the clinical experts driving its pipeline forward. For a clinical-stage company, these relationships are the lifeblood, translating scientific progress into market valuation and trial execution.

High-touch investor relations via earnings calls and conferences

Viking Therapeutics maintains a consistent cadence of communication with investors, which is critical given the high Research and Development (R&D) burn rate. The relationship management is centered on transparency regarding financial health and clinical milestones. For instance, following the third quarter of 2025 reporting, the company hosted a conference call on October 22, 2025, to discuss results, including a net loss of $90.8 million, or $0.81 per share, for the quarter. This level of detail helps investors contextualize the increasing investment in their pipeline. The cash position remains a key focus for this audience; as of September 30, 2025, Viking Therapeutics held $715 million in cash, cash equivalents, and short-term investments.

The company actively engages with the broader investment community by presenting at major industry events. You can see this commitment in their late 2025 schedule, which included participation at the Piper Sandler 37th Annual Healthcare Conference on November 25, 2025, and presentations at ObesityWeek® 2025 around November 6, 2025. This direct engagement is how they manage expectations around the significant R&D expenses, which totaled $90 million for Q3 2025 alone.

Here's a quick look at the key financial metrics from the latest reported quarter to frame the investor dialogue:

Metric (Q3 2025 vs. Q3 2024)	Amount (Q3 2025)	Amount (Q3 2024)
Net Loss	$90.8 million	$24.9 million
R&D Expenses	$90 million	$22.8 million
G&A Expenses	$8.6 million	$13.8 million
Cash Position (End of Q3 2025)	$715 million (as of Sept 30, 2025)

Strategic business development to secure future licensing deals

While Viking Therapeutics, Inc. is advancing its pipeline internally, the potential for strategic partnerships or licensing is a constant undercurrent in investor discussions, especially considering analyst speculation naming them a top M&A candidate in 2025. The relationship here is about signaling readiness for external collaboration or acquisition. A concrete data point showing pipeline maturity that supports this is the planned timeline for their next novel asset. The company continues to work toward filing an Investigational New Drug (IND) application for its dual amylin and calcitonin receptor agonist (DACRA) program, with the filing now planned for the first quarter of 2026, an update from an earlier 2025 target. This sets a clear, near-term inflection point for potential business development activity related to that program.

Direct engagement with clinical investigators and key opinion leaders

The success of the Phase 3 VANQUISH registration program for subcutaneous VK2735 hinges on strong relationships with clinical investigators. The rapid pace of enrollment in these trials reflects the enthusiasm received from this group. You need to track the enrollment milestones closely, as they are a direct measure of site engagement and investigator confidence in the data presented so far. For example, enrollment for the VANQUISH-1 study was expected to complete by the end of 2025, with VANQUISH-2 following in the first quarter of 2026.

Engagement also involves presenting detailed data to Key Opinion Leaders (KOLs) at scientific congresses. The company highlighted positive top-line results from the Phase 2 VENTURE-Oral Dosing study-which showed statistically significant weight reductions of up to 12.2%-at ObesityWeek® 2025. Furthermore, the company initiated a novel maintenance dosing study to explore long-term adherence options, which directly involves clinical sites in a new protocol design. This trial involves approximately 180 adults with obesity, all receiving an initial 19 weeks of weekly subcutaneous dosing.

Key engagement metrics related to clinical execution include:

• Phase 3 VANQUISH-1 enrollment target completion: End of 2025.
• Phase 3 VANQUISH-2 enrollment target completion: Q1 2026.
• Phase 2 Oral Dosing study weight loss endpoint: Up to 12.2% reduction.
• Maintenance Dosing Study initial phase size: Approximately 180 participants.

Finance: draft 13-week cash view by Friday.

Viking Therapeutics, Inc. (VKTX) - Canvas Business Model: Channels

You're looking at how Viking Therapeutics, Inc. gets its critical data and commercial readiness information out to the world, which is key for a clinical-stage company. This isn't about selling a product yet, but about communicating progress to regulators, the scientific community, and investors.

Regulatory submissions (FDA, EMA) for drug approval

The primary channel for drug approval is direct engagement with regulatory bodies, chiefly the U.S. Food and Drug Administration (FDA). Viking Therapeutics, Inc. advanced its lead candidate, VK2735, into Phase 3 development following feedback from an FDA End-of-Phase 2 meeting in 2025. The subcutaneous formulation initiated its VANQUISH Phase 3 registration program in June 2025, which consists of two trials: VANQUISH-1 (obesity) and VANQUISH-2 (obesity and Type 2 diabetes). The completion of patient enrollment in the Phase 3 VANQUISH-1 clinical trial was announced on November 19, 2025, enrolling approximately 4,650 adults with obesity or who are overweight with at least one weight-related condition. This trial is testing once-weekly subcutaneous VK2735 for 78 weeks. For the oral formulation of VK2735, Viking plans to meet with regulatory authorities in the fourth quarter of 2025 to discuss next steps. Speculation suggested that assuming successful Phase 3 results, an FDA approval could take until late 2027.

The key regulatory milestones and associated data points are:

• Phase 3 VANQUISH-1 enrollment completion: November 19, 2025.
• VANQUISH-1 enrollment size: Approximately 4,650 adults.
• Phase 3 trial duration (VANQUISH-1 primary endpoint): 78 weeks.
• IND submission planned for the DACRA program: Q4 2025.

Scientific publications and conference presentations (e.g., ObesityWeek 2025)

Disseminating clinical data through peer-reviewed channels and major medical conferences is a crucial channel for validating Viking Therapeutics, Inc.'s science. The company featured its VK2735 obesity program prominently at ObesityWeek® 2025 (November 4-7, 2025, in Atlanta) and the American Heart Association Scientific Sessions 2025 (November 7-10, 2025). These presentations serve to communicate efficacy and safety to the medical community, which influences prescribing patterns upon potential approval.

Data shared from the Phase 2 VENTURE trial demonstrated significant clinical benefit:

Metric	VK2735 Treatment Group (Subcutaneous)	Placebo Group	Timepoint
Maximum Mean Body Weight Reduction	Up to 14.7%	Not specified	13 weeks
Patients Achieving $\ge$10% Weight Loss	Up to 88%	4%	End of Study
Metabolic Syndrome (MetS) Reversal	68%	38%	Week 13

The presentation at ObesityWeek 2025 also highlighted the design of the Phase 3 VANQUISH-1 study, which uses percent change in body weight at 78 weeks as the primary endpoint.

Direct out-licensing agreements with major pharmaceutical companies

While Viking Therapeutics, Inc. retains global rights to VK2735, a critical channel for commercial readiness is securing manufacturing capacity, which was achieved through a major partnership. Viking signed a broad, multi-year manufacturing agreement with CordenPharma to support the commercial production of VK2735. This agreement is not a traditional out-licensing for sales rights, but it secures the necessary supply chain to meet anticipated demand, which CEO Brian Lian noted could support a potential multi-billion-dollar annual product opportunity. Viking will make prepayments totaling $150 million between 2025-2028, which will be credited against future orders.

The manufacturing capacity secured through this channel includes:

• Oral formulation capacity: Over 1 billion tablets annually.
• Injectable formulation capacity: 100 million autoinjectors annually.
• Additional injectable capacity: 100 million vial and syringe units annually.
• API supply: Multiple metric tons annually.

Corporate website and press releases for public and investor updates

The corporate website and press releases are the direct channels for communicating financial health and corporate progress to the public and investors. For the third quarter ended September 30, 2025, Viking Therapeutics, Inc. reported a net loss of $90.8 million, or $0.81 per share. Research and development expenses for the nine months ended September 30, 2025, totaled $191.5 million. The company maintained a strong cash position, reporting cash, cash equivalents, and short-term investments of $715 million as of September 30, 2025. The median 12-month analyst price target for Viking Therapeutics, Inc. was $101.00 following the Q3 2025 earnings release on October 22, 2025. The company also uses its website to announce key clinical updates, such as the completion of enrollment in the Phase 2 VENTURE-Oral Dosing trial, with top-line results expected in the second half of 2025.

Viking Therapeutics, Inc. (VKTX) - Canvas Business Model: Customer Segments

You're looking at the core groups Viking Therapeutics, Inc. (VKTX) is targeting with its pipeline as of late 2025. Since VKTX is pre-commercial, these segments are defined by the patient populations for their clinical assets and the potential partners interested in acquiring or co-developing them.

Large pharmaceutical companies seeking late-stage metabolic assets

This segment represents potential partners for out-licensing or acquisition, especially given Viking Therapeutics, Inc. (VKTX)'s advanced pipeline stages. The company has signaled openness to collaboration to support commercialization, though they maintain the option to proceed alone. As of the third quarter of 2025, Viking Therapeutics, Inc. (VKTX) held cash, cash equivalents and short-term investments of $715 million, which management stated is sufficient to fund the main program through pivotal Phase 3 trials, but engagement with larger entities remains a strategic option. The CEO stated, 'We're prepared to go alone, but we're also prepared to engage with anybody who's interested.'

The attractiveness of this segment is driven by the near-term data catalysts for VK2735 and the established efficacy of VK2809.

Patients with obesity and weight-related co-morbidities

This is the largest addressable market for Viking Therapeutics, Inc. (VKTX)'s lead asset, VK2735, which is being developed in both subcutaneous (injectable) and oral formulations. The Phase 3 VANQUISH registration program is actively enrolling patients across two trials.

• VANQUISH-1 (obesity only) enrollment expected to complete by the end of 2025.
• VANQUISH-2 (obesity with type 2 diabetes) enrollment expected to complete in Q1 2026.
• Phase 2 oral VK2735 study showed up to 12.2% weight reduction from baseline after 13 weeks.
• Up to 80% of subjects in VK2735 treatment groups achieved $\ge$10% weight loss in Phase 2 trials.

The market context for this segment is massive, showing significant growth potential that justifies the aggressive spending by Viking Therapeutics, Inc. (VKTX), which reported R&D expenses of $90.0 million for the third quarter of 2025.

Market Metric	Value/Projection	Source Year/Period
Global Obesity Treatment Market Value	$15.92 billion	2024
Projected Global Obesity Market Value	Exceed $60.5 billion	2030
Estimated US Obesity Market Value	Reach $130 billion	2030
Estimated VK2735 Peak Sales Potential (Obesity Only)	Exceed $21.6 billion	Estimate
Estimated VK2735 Sales Potential	$3.6 billion	2033

Patients with Non-Alcoholic Steatohepatitis (NASH) and fibrosis

This segment is targeted by VK2809, a selective thyroid hormone receptor beta agonist. The Phase 2b trial for biopsy-confirmed NASH and fibrosis met its primary and secondary endpoints, showing statistically significant improvements in NASH resolution and fibrosis. The potential peak sales for VK2809 are estimated by some analysts to hit $4 billion.

The market opportunity here is substantial, reflecting the high unmet need for effective treatments for this progressive liver disease.

• VK2809 Phase 2b trial showed statistically significant improvements in NASH resolution and fibrosis.
• NASH market forecast to grow to more than $314 billion.

Patients with rare metabolic disorders like X-linked Adrenoleukodystrophy (X-ALD)

Viking Therapeutics, Inc. (VKTX) is developing VK0214 for X-ALD, a rare and often fatal metabolic disorder. This patient group is small but has a critical unmet need, as there are currently no pharmacologic treatments approved for the disease. The Phase 1b trial showed VK0214 was safe and well-tolerated, and importantly, treatment resulted in significant reductions in very long-chain fatty acids (VLCFAs), which are key disease biomarkers.

The incidence rate provides a baseline for the size of this niche patient pool.

X-ALD Statistic	Value
Estimated Birth Prevalence	Approximately 1 in 17,000 births
VK0214 Doses Tested in Phase 1b	20 mg/day and 40 mg/day
Biomarker Reduction Observed	Significant reductions in mean VLCFA levels

Finance: review R&D spend vs. cash burn rate by next Tuesday.

Viking Therapeutics, Inc. (VKTX) - Canvas Business Model: Cost Structure

You're looking at where Viking Therapeutics, Inc. is putting its capital to work right now to push VK2735 through the pipeline. Honestly, the biggest drain, as you'd expect for a clinical-stage biopharma, is Research and Development (R&D).

The dominant cost is definitely R&D, hitting $191.5 million for the nine months ended September 30, 2025. That's a big jump from $70.7 million in the same period in 2024. This spending is directly fueling the high clinical trial expenses for the Phase 3 VANQUISH program, which is the big-ticket item right now.

Here's a quick look at the major expense categories through the third quarter of 2025:

Cost Component	Nine Months Ended Sept 30, 2025	Three Months Ended Sept 30, 2025
Research & Development (R&D)	$191.5 million	$90.0 million
General & Administrative (G&A)	$37.1 million	$8.6 million
Net Loss	$202.0 million	$90.8 million
Cash, Cash Equivalents & Short-term Investments (as of Sept 30, 2025)	$715 million	N/A

You also have to account for significant manufacturing prepayments. Viking Therapeutics committed $150 million to CordenPharma to secure long-term supply for VK2735. This prepayment spans the period from 2025 through 2028, and those funds get credited against future orders. This deal locks in capacity for up to 200 million injectable doses and 1 billion oral doses annually.

General and Administrative (G&A) expenses are the other key operational cost. For the first nine months of 2025, G&A totaled $37.1 million, up from $34 million the year prior. That increase was mainly driven by stock-based compensation and insurance.

When you look at the quarterly breakdown for G&A, it was $8.6 million for the third quarter of 2025, which was actually down from $13.8 million in Q3 2024. That quarterly decrease was largely due to lower expenses related to legal and patent services, plus less stock-based compensation.

The cost structure is heavily weighted toward advancing the pipeline, which means you see these major outflows:

• Increased expenses for clinical studies, especially the Phase 3 VANQUISH trials.
• Salaries and benefits for the growing team supporting development.
• Regulatory services costs associated with advancing drug candidates.
• Significant upfront payments for commercial-scale manufacturing capacity.

If onboarding takes 14+ days, churn risk rises, but for Viking, if the VANQUISH data doesn't hit, the R&D spend becomes a major liability.

Finance: draft 13-week cash view by Friday.

Viking Therapeutics, Inc. (VKTX) - Canvas Business Model: Revenue Streams

You're looking at Viking Therapeutics, Inc. (VKTX) right now, and the story on revenue is simple: it's a pre-commercial biotech. That means the traditional sales engine isn't running yet. The focus is entirely on clinical execution to create future value.

Current revenue is $0.0 million, consistent with pre-commercial status. For the third quarter ended September 30, 2025, Viking reported zero commercial product revenue, which aligns with analyst expectations for the Full Year 2025 Revenue Estimate of $0.0 million.

Still, the company did book significant non-operating income. For the three months ended September 30, 2025, Viking reported a net income of $90.8 million, which was largely driven by 'Other Income,' likely a non-recurring milestone or collaboration payment, despite an operating loss.

Here's a quick look at the financial snapshot as of late 2025, showing the cash position needed to fund operations until product sales materialize:

Financial Metric	Amount (As of Sept 30, 2025)	Context
Reported Revenue (Q3 2025)	$0.0 million	No commercial product sales.
Net Income (Q3 2025)	$90.8 million	Driven by non-operating income (e.g., milestone payment).
Cash, Cash Equivalents & Short-Term Investments	$715 million	Funding runway for Phase 3 trials (VANQUISH).

Future potential from upfront payments in licensing agreements is a major component of the long-term model. Viking Therapeutics, Inc. has a history of structuring deals that bring in non-dilutive capital early. For instance, the company is pursuing partnering or licensing opportunities for VK0214 prior to conducting additional clinical studies. While no new upfront payments were explicitly reported for Q3 2025, the model anticipates these cash infusions upon successful out-licensing of pipeline assets.

Future milestone payments tied to regulatory and commercial achievements are the primary mechanism for non-product revenue generation right now. The $90.8 million net income in Q3 2025 is a concrete example of this revenue stream in action, showing the financial benefit of clinical progress. The company is currently advancing VK2735 through Phase 3 VANQUISH trials, so hitting enrollment targets, like completing enrollment in VANQUISH-1 by the end of 2025, will be key triggers for potential future milestone receipts from partners or investors.

Potential royalties or product sales upon eventual commercialization represent the ultimate, high-value revenue stream. This is the endgame for the work on VK2735, which is in Phase 3 for obesity, and VK2809, which showed positive Phase 2b results for NASH. To support this future, Viking Therapeutics, Inc. has already committed capital toward securing supply. You can see this commitment in the manufacturing agreement with CordenPharma, where Viking will make $150 million in prepayments over the period from 2025 to 2028 to secure future supply capacity for VK2735.

The expected revenue sources look like this:

• Upfront payments from new licensing deals.
• Contingent event-based payments upon clinical success.
• Royalties on net sales post-launch.
• Direct product sales revenue from approved therapies.

Finance: draft next quarter's cash burn projection based on R&D spend of $90.0 million in Q3 2025 by Monday.