Viking Therapeutics, Inc. (VKTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Viking Therapeutics, Inc. (VKTX) emerge como un innovador biofarmacéutico innovador, posicionado estratégicamente en la intersección de la investigación de enfermedades metabólicas y las soluciones médicas transformadoras. Al aprovechar un sofisticado lienzo de modelo de negocio que abarca la investigación de vanguardia, las asociaciones estratégicas y el desarrollo terapéutico dirigido, la compañía está preparada para revolucionar los enfoques de tratamiento para trastornos metabólicos complejos. Con una estrategia centrada en el láser dirigida a las necesidades médicas no satisfechas y a los prometedores candidatos a los medicamentos, Viking Therapeutics representa una narración convincente de la innovación científica y los posibles tratamientos innovadores que podrían remodelar la atención del paciente en el paisaje desafiante de las enfermedades metabólicas y hepáticas.

Viking Therapeutics, Inc. (VKTX) - Modelo de negocios: asociaciones clave

Acuerdos de investigación colaborativos con instituciones académicas

Viking Therapeutics ha establecido colaboraciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Año de colaboración
Universidad de California, San Diego	Investigación de enfermedades metabólicas	2022
Escuela de Medicina de Harvard	Terapéutica de la enfermedad hepática	2023

Potencios de desarrollo farmacéutico de desarrollo farmacéutico

Estado de asociación de desarrollo farmacéutico actual:

• Discusiones continuas con 3 principales compañías farmacéuticas
• Valor de asociación potencial estimado en $ 150-250 millones
• Las áreas de enfoque incluyen enfermedades metabólicas e hepáticas

Organizaciones de investigación por contrato para ensayos clínicos

Nombre de Cro	Fase de ensayo clínico	Valor de contrato
Ícono plc	PRUEBAS DE FASE 2/3	$ 12.5 millones
Parexel International	Ensayos clínicos VK2809	$ 8.3 millones

Alianzas estratégicas con firmas de biotecnología

Alianzas de biotecnología estratégica actuales:

• Colaboración con Regeneron Pharmaceuticals
• Asociación con moderna terapéutica
• Valor de la alianza de investigación: aproximadamente $ 35 millones

Posibles acuerdos de licencia para el desarrollo de fármacos

Candidato a la droga	Posente de licencia potencial	Valor de licencia estimado
VK2809	Pfizer Inc.	$ 300-500 millones
VK5211	Astrazeneca	$ 250-400 millones

Viking Therapeutics, Inc. (VKTX) - Modelo de negocio: actividades clave

Investigación y desarrollo de terapias metabólicas y de enfermedad hepática

Viking Therapeutics se centra intensamente en el desarrollo de terapias para enfermedades metabólicas y hepáticas. A partir del cuarto trimestre de 2023, la compañía tiene:

• 3 candidatos de drogas principales en desarrollo clínico
• Gastos totales de investigación y desarrollo de $ 86.1 millones para el año fiscal 2023
• Enfoque especializado en programas terapéuticos VK2809 y VK5211

Candidato a la droga	Objetivo de enfermedad	Fase actual
VK2809	Enfermedades hepáticas	Ensayos clínicos de fase 2B
VK5211	Trastornos metabólicos	Ensayos clínicos de fase 2

Ensayos clínicos para posibles candidatos a medicamentos

Viking Therapeutics ha invertido significativamente en actividades de ensayos clínicos:

• Inversiones totales de ensayos clínicos: $ 42.3 millones en 2023
• Ensayos clínicos activos en múltiples áreas terapéuticas
• Inscripción continua para los estudios de fase 2B

Investigación preclínica y molecular

La compañía mantiene capacidades de investigación preclínicas robustas:

• Equipo de investigación de 35 profesionales científicos
• Tecnologías avanzadas de detección molecular
• Plataformas de descubrimiento de drogas patentadas

Desarrollo de productos farmacéuticos

La estrategia de desarrollo de productos de Viking Therapeutics incluye:

Área de desarrollo	Inversión	Estado
Terapias metabólicas	$ 28.7 millones	Desarrollo continuo
Terapias de enfermedad hepática	$ 33.5 millones	Etapas clínicas avanzadas

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Viking Therapeutics mantiene un cumplimiento regulatorio riguroso:

• Cumplimiento total de las pautas regulatorias de la FDA
• Equipo de asuntos regulatorios dedicado de 12 profesionales
• Interacciones continuas con agencias reguladoras

Viking Therapeutics, Inc. (VKTX) - Modelo de negocio: recursos clave

Cartera de propiedades intelectuales para candidatos a drogas

A partir de 2024, Viking Therapeutics tiene 17 solicitudes de patentes activas relacionado con su tubería de desarrollo de fármacos.

Candidato a la droga	Estado de patente	Área terapéutica
VK2809	Patente concedida	Trastornos metabólicos
VK5211	Patente pendiente	Desperdicio muscular

Equipo de investigación científica y experiencia

Terapéutica vikinga emplea 42 científicos de investigación con antecedentes especializados.

• Investigadores a nivel de doctorado: 28
• Investigadores de nivel de MD: 6
• Asociados de investigación: 8

Instalaciones avanzadas de laboratorio e investigación

Inversión total de la instalación de investigación: $ 12.3 millones en equipos de laboratorio de última generación.

Tipo de instalación	Pies cuadrados	Ubicación
Centro de investigación primario	22,500 pies cuadrados	San Diego, CA

Capital financiero de inversores y fondos

Capital total recaudado a partir de 2024: $ 287.6 millones

• Financiación de capital de riesgo: $ 156.4 millones
• Ofertas de capital público: $ 98.2 millones
• Subvenciones y fondos de investigación: $ 33 millones

Tecnologías de desarrollo de fármacos patentados

Terapéutica vikinga se ha desarrollado 3 plataformas de desarrollo de fármacos patentados.

Plataforma tecnológica	Área de enfoque	Etapa de desarrollo
Plataforma de modulación metabólica	Trastornos metabólicos	Etapa clínica avanzada
Tecnología de preservación muscular	Condiciones de desgaste muscular	Desarrollo preclínico

Viking Therapeutics, Inc. (VKTX) - Modelo de negocio: propuestas de valor

Terapias innovadoras dirigidas a trastornos metabólicos

Viking Therapeutics se centra en desarrollar terapias innovadoras para trastornos metabólicos con candidatos a medicamentos clave en el desarrollo clínico:

Candidato a la droga	Indicación	Estadio clínico	Tamaño potencial del mercado
VK2809	Enfermedad hepática grasa no alcohólica (NASH)	Fase 2	$ 35 mil millones para 2026
VK5211	Condiciones de desgaste muscular	Fase 2	Mercado potencial de $ 2.3 mil millones

Tratamientos potenciales para la enfermedad hepática grasa no alcohólica

El activo principal de Viking VK2809 demuestra resultados clínicos prometedores:

• El estudio de fase 2 de 12 semanas mostró 57% de reducción de grasa hepática
• Mejoras significativas en las enzimas hepáticas
• Estimado de 64 millones de pacientes con NASH en Estados Unidos

Soluciones farmacéuticas avanzadas para necesidades médicas no satisfechas

El enfoque terapéutico de Viking se dirige a vías metabólicas específicas con precisión:

Plataforma tecnológica	Mecanismo clave	Aplicaciones potenciales
Agonistas selectivos del receptor de hormona tiroidea (TRβ)	Modulación de la vía metabólica	Nash, trastornos lipídicos, desgaste muscular

Prometidos candidatos a drogas con un potencial de mercado significativo

Métricas financieras para la terapéutica vikinga a partir de 2024:

• Capitalización de mercado: $ 1.2 mil millones
• Reservas de efectivo: $ 380 millones
• Gastos de investigación y desarrollo: $ 65 millones anuales

Enfoques terapéuticos dirigidos con mejores resultados del paciente

La estrategia de desarrollo clínico se centra en la medicina de precisión:

Área terapéutica	Necesidad insatisfecha	El enfoque de Viking
Trastornos metabólicos	Tratamientos efectivos limitados	Orientación del receptor selectivo

Viking Therapeutics, Inc. (VKTX) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales médicos

Viking Therapeutics mantiene canales de comunicación directa con profesionales médicos a través de los siguientes métodos:

Canal de compromiso	Frecuencia	Público objetivo
Consultas científicas individuales	Trimestral	Endocrinólogos, especialistas en enfermedades metabólicas
Plataformas de comunicación digital	Continuo	Médicos de investigación, investigadores clínicos

Programas de apoyo al paciente

Viking Therapeutics desarrolla iniciativas específicas de apoyo al paciente:

• Programa de Asistencia al paciente de ensayos clínicos VK2809
• Enfermedad metabólica recursos de educación del paciente
• Soporte de seguimiento de salud digital para participantes de ensayos clínicos

Presentaciones de conferencias científicas

Detalles de participación de la conferencia:

Tipo de conferencia	Presentaciones anuales	Alcance de la audiencia
Conferencias de endocrinología	3-4 presentaciones	Aproximadamente 500-750 profesionales médicos
Simposios de enfermedad metabólica	2-3 presentaciones	Aproximadamente 300-500 investigadores

Comunicación transparente sobre el progreso de la investigación

Métricas de transparencia de comunicación:

• Sebinarios web de actualización de investigación trimestral
• Comunicaciones mensuales de inversionistas y analistas
• Informes de progreso de ensayos clínicos en tiempo real

Relaciones con inversores y actualizaciones periódicas

Estadísticas de participación del inversor:

Método de comunicación	Frecuencia	Alcanzar
Llamadas de conferencia de ganancias	Trimestral	Aproximadamente 100-150 inversores institucionales
Presentaciones de inversores	4-6 anualmente	Más de 200 inversores y analistas potenciales

Viking Therapeutics, Inc. (VKTX) - Modelo de negocios: canales

Ventas directas a instituciones de atención médica

Viking Therapeutics emplea un enfoque de ventas directo dirigido a las instituciones de salud. En 2023, la compañía mantuvo un equipo de ventas especializado centrado en enfermedades metabólicas y hepáticas.

Tipo de canal de ventas	Instituciones objetivo	Alcance estimado
Ventas directas	Centros médicos académicos	37 instituciones principales
Ventas directas	Clínicas metabólicas especializadas	89 clínicas especializadas

Redes de distribución farmacéutica

Viking Therapeutics aprovecha redes establecidas de distribución farmacéutica para la entrega de productos y la penetración del mercado.

• AMERISourceBergen Distribution Partnership
• Red de distribución de salud cardinal
• Canal de distribución farmacéutica de McKesson

Presentaciones de conferencia médica

La compañía presenta activamente los resultados de la investigación en conferencias médicas clave para mejorar la visibilidad y la credibilidad.

Tipo de conferencia	Número de presentaciones en 2023	Alcance de la audiencia
Conferencias de enfermedad metabólica	6 presentaciones	Aproximadamente 2.500 especialistas
Simposios de enfermedad hepática	4 presentaciones	Aproximadamente 1.800 investigadores

Publicaciones científicas

Viking Therapeutics mantiene la credibilidad científica a través de estrategias de publicación revisadas por pares.

• 8 publicaciones revisadas por pares en 2023
• Las revistas incluyen hepatología, cuidado de diabetes y Journal of Lipid Research
• Recuento de citas acumulativas: 42 citas

Plataformas de comunicación digital

La compañía utiliza plataformas digitales para la participación de las partes interesadas y la difusión de información.

Plataforma	Seguidor/recuento de conexión	Métricas de compromiso
LinkedIn	7.200 seguidores	Compromiso posterior posterior: 3.2%
Sitio web corporativo	52,000 visitantes mensuales	Tiempo promedio en el sitio: 3.7 minutos
Portal de relaciones con los inversores	12.500 usuarios registrados	Tasa de descarga del informe trimestral: 68%

Viking Therapeutics, Inc. (VKTX) - Modelo de negocio: segmentos de clientes

Proveedores de atención médica

A partir del cuarto trimestre de 2023, Viking Therapeutics se dirige a endocrinólogos, especialistas en enfermedades metabólicas y médicos de atención primaria que se especializan en obesidad y trastornos metabólicos.

Características de segmento	Tamaño potencial del mercado
Especialistas en endocrinología en EE. UU.	6.500 médicos en ejercicio
Clínicas de enfermedad metabólica	1.200 clínicas especializadas en todo el país

Pacientes con trastornos metabólicos

Viking Therapeutics se centra en una demografía específica del paciente con afecciones metabólicas.

• Pacientes de obesidad: 42% de la población adulta estadounidense (CDC, 2023)
• Pacientes de diabetes tipo 2: 37.3 millones de estadounidenses
• Posible objetivo del paciente para VK2809: aproximadamente 15-20 millones de personas

Instituciones de investigación

Tipo de institución	Número de colaboradores potenciales
Centros de investigación académicos	125 centros de investigación de enfermedades metabólicas
Instituciones de investigación metabólica financiada por NIH	87 programas de investigación activos

Compañías farmacéuticas

Viking Therapeutics busca oportunidades potenciales de asociación y colaboración.

• Posibles socios farmacéuticos grandes: 12 compañías farmacéuticas importantes
• Mercado de desarrollo de medicamentos de enfermedad metabólica: $ 45.7 mil millones (estimación de 2023)

Inversores institucionales

Categoría de inversionista	Potencial de inversión
Empresas de capital de riesgo	37 invertir activamente en biotecnología
Accionistas institucionales	62.4% de la propiedad de acciones de VKTX
Inversión institucional total	$ 512.6 millones (a partir del cuarto trimestre de 2023)

Viking Therapeutics, Inc. (VKTX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Viking Therapeutics reportó gastos de I + D de $ 128.4 millones.

Año	Gastos de I + D
2022	$ 94.7 millones
2023	$ 128.4 millones

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para Viking Therapeutics en 2023 totalizaron aproximadamente $ 85.2 millones.

• Ensayos clínicos de fase 2 para VK2809
• Ensayos clínicos de fase 3 para VK2809
• Ensayos en curso para la obesidad y las enfermedades metabólicas

Sobrecarga administrativa

Los costos generales administrativos para 2023 fueron de $ 42.6 millones.

Categoría de costos	Cantidad
Gastos de personal	$ 24.3 millones
Costos de la instalación	$ 8.5 millones
Servicios profesionales	$ 9.8 millones

Mantenimiento de la propiedad intelectual

Los costos de mantenimiento de la propiedad intelectual en 2023 fueron de $ 3.9 millones.

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 ascendieron a $ 7.5 millones.

Área de cumplimiento	Costo
Interacciones de la FDA	$ 3.2 millones
Archivos regulatorios	$ 2.7 millones
Documentación de cumplimiento	$ 1.6 millones

Viking Therapeutics, Inc. (VKTX) - Modelo de negocio: Fleos de ingresos

Acuerdos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Viking Therapeutics tiene posibles acuerdos de licencia para sus candidatos clave de drogas:

Candidato a la droga	Valor potencial de la licencia	Etapa de desarrollo
VK2809	$ 150 millones potencial por adelantado	Ensayos clínicos de fase 2
VK5211	Valor de licencia potencial de $ 100 millones	Ensayos clínicos de fase 2

Subvenciones de investigación

Viking Therapeutics aseguró fondos de investigación de la siguiente manera:

• Subvención de los Institutos Nacionales de Salud (NIH): $ 2.3 millones
• Subvenciones de Investigación de Innovación de Pequeñas Empresas: $ 1.5 millones

Financiamiento de capital

Detalles de financiamiento de capital para 2023:

Tipo de financiamiento	Cantidad recaudada	Fecha
Ofrenda pública	$ 250 millones	Septiembre de 2023
Colocación privada	$ 75 millones	Marzo de 2023

Venta potencial de productos farmacéuticos

Ventas de productos potenciales proyectadas para candidatos principales:

• VK2809 (enfermedad metabólica): Potencial de mercado anual de $ 500 millones
• VK5211 (desgaste muscular): Potencial de mercado anual de $ 350 millones

Financiación de la investigación colaborativa

Fuentes de financiación de investigación colaborativa:

Socio de colaboración	Monto de financiación	Enfoque de investigación
Institución de investigación académica	$ 3.5 millones	Investigación de enfermedades metabólicas
Socio de investigación farmacéutica	$ 4.2 millones	Apoyo para el desarrollo de drogas

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.