• Viking Therapeutics has reported Q1 2026 results, with a net loss of US$158.33 million and basic and diluted loss per share of US$1.37, while also completing patient enrollment in its Phase 3 VANQUISH-2 trial of obesity drug candidate VK2735.
• This combination of heavier quarterly losses and a pivotal trial milestone highlights the tension between mounting development costs and the potential long-term importance of VK2735 in Viking’s pipeline.
• Next, we’ll examine how completing enrollment in the VANQUISH-2 Phase 3 trial could reshape Viking Therapeutics’ broader investment narrative.

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Viking Therapeutics Investment Narrative Recap

To own Viking Therapeutics, you have to believe VK2735 can eventually justify heavy cash burn and a prolonged pre-revenue phase. The latest Q1 2026 net loss of US$158.33 million underlines how dependent the story is on successful Phase 3 outcomes, while completion of enrollment in VANQUISH-2 keeps the main near term catalyst intact. The biggest immediate risk remains that any Phase 3 setback or delay could extend sizable losses without a clear path to commercialization.

Among recent announcements, the March 26 update confirming full enrollment in VANQUISH-2 is the most relevant here. It pairs with the already enrolled VANQUISH-1 and the ongoing maintenance dosing study to create a packed data calendar around VK2735. Together, these trials concentrate Viking’s rising R&D spend on a single mechanism, sharpening both the upside from meaningful efficacy and safety data and the downside if results fall short of expectations.

Yet while the upside story on VK2735 is compelling, investors should also be aware that rising quarterly losses and reliance on cash reserves could eventually force...

Viking Therapeutics' narrative projects $118.5 million revenue and $12.9 million earnings by 2029. This implies an earnings increase of about $372.5 million from -$359.6 million today.

Uncover how Viking Therapeutics' forecasts yield a $92.72 fair value, a 196% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were penciling in about US$497.5 million of revenue and US$62.2 million of earnings by 2029, which is a far more upbeat view than the baseline narrative and could be tested by Q1’s larger loss and the heavy focus on VK2735’s late stage trials.

Explore 17 other fair value estimates on Viking Therapeutics - why the stock might be worth over 8x more than the current price!

Reach Your Own Conclusion

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Viking Therapeutics research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.
• Our free Viking Therapeutics research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Viking Therapeutics' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.