Viking Therapeutics, Inc. (VKTX): Business Model Canvas [Dec-2025 Updated]

You're tracking a clinical-stage biotech right at a major inflection point, and honestly, understanding the mechanics of Viking Therapeutics, Inc.'s business model is key to valuing their next move. As their lead obesity candidate, VK2735, enters late-stage trials, the canvas reveals a strategy built on a strong financial foundation-they were sitting on $715 million in cash as of September 30, 2025, which funded nearly $191.5 million in R&D over the first nine months of the year. This breakdown shows precisely how they plan to convert pipeline potential, like the dual-format VK2735 and the NASH candidate VK2809, into shareholder value through regulatory submissions and potential licensing deals. Keep reading to see the nine building blocks that define their path from clinical development to potential commercial success.

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

You're mapping out the strategic alliances Viking Therapeutics, Inc. (VKTX) relies on to bring its pipeline, especially VK2735, to market. These aren't just vendor relationships; they're commitments securing capacity and intellectual foundation. Here's the breakdown of the key players as of late 2025.

CordenPharma for large-scale VK2735 manufacturing

Viking Therapeutics secured its supply chain backbone with a broad, multi-year manufacturing agreement with CordenPharma, announced on March 11, 2025. This deal locks in capacity for both the subcutaneous and oral versions of VK2735, which is critical given the anticipated commercial demand for this dual GLP-1/GIP receptor agonist.

The financial commitment here is substantial, involving prepayments totaling $150 million, scheduled to be paid between 2025 and 2028. These prepayments will be credited against future orders, effectively securing dedicated manufacturing slots now.

The capacity secured is designed to support a potential multi-billion-dollar annual product opportunity. Here's what CordenPharma is committed to supplying annually:

This arrangement leverages CordenPharma's expertise in peptide drug substance, sterile injectables, and oral solid dosage manufacturing, ensuring supply chain continuity from API through finished commercial products. These capacities are also expandable at Viking Therapeutics' option.

Clinical research organizations (CROs) to run global Phase 3 trials

To advance VK2735 into late-stage testing, Viking Therapeutics initiated its VANQUISH Phase 3 clinical program in the second quarter of 2025. Running global, multicenter trials of this scale definitely requires significant CRO support, as Viking Therapeutics pays fees to CROs and clinical trial sites based on milestones like patient enrollment.

The Phase 3 program involves two primary studies:

• VANQUISH-1: Targeting approximately 4,650 adults with obesity or overweight with co-morbidities. Enrollment for this trial was completed ahead of schedule by November 19, 2025.
• VANQUISH-2: Targeting approximately 1,100 adults with type 2 diabetes who are obese or overweight.

The primary efficacy endpoint for both trials is based on percent change in body weight after a 78-week treatment period. The R&D expenses in Q4 2024 were $31 million, partially driven by manufacturing and personnel costs associated with this scale-up, which includes the costs associated with these external clinical partners.

Academic institutions for research and clinical trial sites

While specific long-term financial agreements with academic institutions aren't detailed, their role is evident in the clinical development structure. The Phase 3 VANQUISH trials are multicenter studies, meaning they are conducted across numerous sites, many of which are academic medical centers.

Evidence of academic engagement is seen in the presentation of clinical data:

• Exploratory analysis from the Phase 2 VENTURE study of subcutaneous VK2735 was highlighted in a poster presentation at ObesityWeek® 2025.
• Viking Therapeutics initiated an exploratory maintenance dosing study in October 2025, which will also rely on clinical trial sites.

Ligand Pharmaceuticals for initial licensed intellectual property

The foundation of several Viking Therapeutics programs stems from an exclusive worldwide license deal with Ligand Pharmaceuticals Incorporated, dated May 22, 2014. This deal covered five novel therapeutic programs, including the FBPase inhibitor program and the SARM program.

At the time of the 2014 license, Ligand Pharmaceuticals invested $2.5 million in Viking Therapeutics to fund operating expenses. This relationship continues to be financially relevant in 2025 through Ligand's equity stake and royalty potential.

Key financial data points related to this partnership as of early to mid-2025 include:

• As of March 31, 2025, Ligand held $24.2 million in Viking Therapeutics common stock.
• For the VK2809 program (a licensed asset), Ligand is entitled to royalties ranging from 3.5% to 7.5% on future net sales.
• Ligand's reaffirmed 2025 full-year financial guidance included royalty revenue between $135 million and $140 million.

Viking Therapeutics is solely responsible for all development activities under this license, meaning the financial burden for running the trials, including the Phase 3 work, falls to Viking, though Ligand benefits from future success via royalties and equity value.

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

You're looking at the core engine driving Viking Therapeutics, Inc. right now-the day-to-day work that has to happen for their pipeline to move forward. This isn't about selling widgets; it's about executing complex, high-stakes clinical and operational milestones. Here's what the team is focused on, grounded in the latest numbers.

Conducting Phase 3 VANQUISH trials for subcutaneous VK2735

The lead subcutaneous program, VK2735, a dual GLP-1/GIP receptor agonist, is deep into its pivotal Phase 3 registration program, which kicked off in the second quarter of 2025. This activity is massive in scale, requiring significant resource allocation, reflected in the research and development expenses of $191.5 million for the nine months ended September 30, 2025. The key activities here center on two trials:

• The VANQUISH-1 trial completed patient enrollment ahead of schedule on November 19, 2025.
• This trial enrolled approximately 4,650 adults with obesity (BMI $\geq$30 kg/m$2$) or overweight (BMI $\geq$27 kg/m$2$) with at least one weight-related co-morbid condition.
• The trial design assesses efficacy and safety over 78 weeks, evaluating weekly doses of VK2735 at 7.5 mg, 12.5 mg, and 17.5 mg against placebo.
• The VANQUISH-2 trial, targeting patients with type 2 diabetes who are obese/overweight, is currently enrolling, with enrollment completion expected in the first quarter of 2026.
• The total planned enrollment for the VANQUISH program is approximately 5,600 patients.

The primary endpoint for these studies is the percent change in body weight from baseline after 78 weeks of treatment.

Advancing oral VK2735 through Phase 2 clinical development

Viking Therapeutics is simultaneously running a dual-track strategy with the oral tablet formulation of VK2735. The Phase 2 VENTURE-Oral Dosing study wrapped up enrollment faster than anticipated, with approximately 280 adults participating. The top-line results were announced on August 19, 2025, showing significant efficacy but also raising tolerability questions at the highest dose.

The activity here involves analyzing these results to determine the optimal dose for future development, balancing the up to 12.2% weight loss against the discontinuation rate at the 120 mg level. Still, 99% of gastrointestinal-specific treatment emergent adverse events were categorized as mild or moderate.

Managing and protecting a growing intellectual property portfolio

Protecting the pipeline is a core function, especially given the value of the assets. This activity is embedded within the overall operational expenditures. The company's financial performance for the three months ended September 30, 2025, showed a net loss of $90.8 million, which covers the costs associated with securing and defending these rights.

• The company's ability to advance programs like VK2735 relies on successfully obtaining and maintaining third-party intellectual property rights.
• Failure to secure these rights could require abandoning development of a related program.

Scaling up commercial manufacturing capacity for VK2735

Viking Therapeutics, Inc. signaled confidence in a potential commercial launch by executing a broad, multi-year manufacturing agreement with CordenPharma in March 2025. This is a critical activity to ensure supply meets anticipated demand, avoiding the shortages seen with competitors.

• Viking will make prepayments totaling $150 million between 2025-2028 for dedicated capacity.
• Secured annual capacity commitments include:
  • Multiple metric tons of VK2735 Active Pharmaceutical Ingredient (API).
  • 100 million autoinjectors.
  • An additional 100 million vial and syringe products.
  • Over one billion oral VK2735 tablets.

These capacities are further expandable at Viking Therapeutics' option.

Preparing Investigational New Drug (IND) application for amylin agonist

The company is actively preparing the next pipeline asset, a series of internally developed dual amylin and calcitonin receptor agonists (DACRAs), for clinical entry. This involves compiling preclinical data and regulatory documentation.

• The IND filing target was initially set for the fourth quarter of 2025.
• The most recent update projects the IND application for this program will be filed in the first quarter of 2026.

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

You're looking at the core assets Viking Therapeutics, Inc. (VKTX) is relying on to drive its value proposition forward, especially as it pushes its lead candidates toward potential commercialization. These aren't just ideas; they are tangible, expensive, and critical resources.

The financial foundation is solid for now. As of September 30, 2025, Viking Therapeutics, Inc. held cash, cash equivalents and short-term investments of $715 million. This gives you the runway to fund the ongoing late-stage trials, which is a huge plus for a company at this stage. Here's the quick math: R&D expenses for the nine months ended September 30, 2025, totaled $191.5 million, so that cash position covers several quarters of heavy spending, though you know that spending will only increase as Phase 3 ramps up.

The pipeline itself represents the most significant intellectual property resource. You've got three distinct, de-risked assets moving through clinical stages:

• The lead asset, VK2735, is a dual GLP-1/GIP receptor agonist in both subcutaneous and oral forms for obesity.
• VK2809, an orally available selective thyroid hormone receptor beta agonist, has promising data in lipid and metabolic disorders like NASH.
• VK0214, another oral selective TR $\beta$ agonist, is targeting the rare disease X-linked adrenoleukodystrophy (X-ALD).

The progress in these programs is directly tied to the specialized scientific and clinical development personnel. While I don't have an exact headcount for you, the execution speaks volumes; for instance, the Phase 3 VANQUISH registration program for subcutaneous VK2735 was initiated in Q2 2025, and top-line data from the oral formulation's Phase 2 VENTURE-Oral Dosing study was reported in Q3 2025, showing weight reductions up to 12.2%. That kind of complex trial management requires serious internal expertise.

Securing the supply chain is a massive operational resource, and Viking locked this down early. The broad, multi-year manufacturing agreement with CordenPharma is key for VK2735 commercialization support. This agreement is underpinned by significant financial commitments and capacity guarantees, which you need to see laid out clearly:

Also, remember that the manufacturing capacity secured is further expandable at Viking Therapeutics, Inc.'s option. This means the resource base can scale with demand, which is defintely what you want to see when projecting for a potential multi-billion-dollar opportunity.

Here's a quick snapshot of the pipeline assets and their latest reported clinical status as of late 2025:

• VK2735 (SC): Phase 3 VANQUISH trials underway (VANQUISH-1 targeting ~4,500 participants; VANQUISH-2 targeting ~1,100 participants).
• VK2735 (Oral): Phase 2 data reported in Q3 2025, showing up to 12.2% weight reduction.
• VK2809: Phase 2b study achieved primary/secondary endpoints for NASH/fibrosis; Phase 2a showed statistically significant reductions in LDL-C and liver fat content.
• VK0214: Phase 1b trial showed safety/tolerability and significant reductions in plasma very long-chain fatty acids (VLCFAs).

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.

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.

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:

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:

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.