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Pipeline (9 active programs)

Capital (as filed)

Cash

$678M cash and cash equivalents · Sep 30, 2026 (10-Q)

Short-term investments

$282M Sep 30, 2026

Operating cash flow

−$138M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$960M cash, runway mid-2028 per the update of Oct 28, 2026 — the company's own words as read there, not the filed figure

Offering documents (4)

• 2026-09-25 424B5 · Convertible notes $225M principal · 2% coupon
• 2026-09-25 424B5 · Priced offering 7.86M shares · at $35.00 · $275M gross · 4.8% below the prior close ($36.75, Sep 24, 2026)
• 2026-09-24 FWP · Pricing term sheet 7.86M shares · at $35.00 · $275M gross · 16.0% below the prior close ($41.65, Sep 23, 2026)
• 2026-07-30 S-3ASR · Shelf registration up to $500M aggregate

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (11)

• 2026-10-29 UPDATE: Viking Therapeutics (VKTX) - The Word Is “Launch” 🔒 Paid
• 2026-10-15 UPDATE: Viking Therapeutics (VKTX) - SUNRISE, and a Quiet Correction 🔒 Paid
• 2026-09-24 UPDATE: Viking Therapeutics (VKTX) - The Raise Came Before the Champagne Went Flat 🔒 Paid
• 2026-09-24 UPDATE: Viking Therapeutics (VKTX) - Priced at $35, Not $41 🔒 Paid
• 2026-09-23 UPDATE: Viking Therapeutics (VKTX) - The Killer Update Landed 🔒 Paid
• 2026-07-30 UPDATE: Viking Therapeutics (VKTX) - A $500M Buyback and a New ATM in the Same Filing 🔒 Paid
• 2026-05-01 UPDATE: Viking Therapeutics (VKTX) - Ligand Pulls the Pin on VK2809 🔒 Paid
• 2026-04-30 UPDATE: Viking Therapeutics (VKTX) - The Burn Rate Catches Up 🔒 Paid
• 2026-02-11 Update: Viking Therapeutics (VKTX) – The "Wait and Bleed" Quarter 🔒 Paid
• 2026-01-10 Update: Viking Therapeutics (VKTX) – Commercial Bluff or Go It Alone Suicide Pact? 🔒 Paid
• 2025-12-23 Viking Therapeutics (VKTX): Scientific Due Diligence for Lead and Pipeline Products

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (11 calls)

Every verdict Biotech Distilled has published on Viking Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2025-12-23 Buy core Viking Therapeutics (VKTX): Scientific Due Diligence for Lead and Pipeline Products VK2735 is a credible best-in-class fast follower in obesity with strong M&A appeal; accumulate on dips as the stock is a strategic necessity for pharma giants who missed the GLP-1 wave.
2. 2026-01-10 Hold Update: Viking Therapeutics (VKTX) – Commercial Bluff or Go It Alone Suicide Pact? CCO hire is likely a buyout-poker move rather than a go-it-alone commitment; sit tight and watch the JPM presentation before acting on the sell trigger.
3. 2026-02-11 Hold Update: Viking Therapeutics (VKTX) – The "Wait and Bleed" Quarter No structural thesis change from Q4 earnings; fortress balance sheet and Q3 2026 catalysts intact, but a 6-month news vacuum warrants patience rather than action.
4. 2026-04-30 Hold UPDATE: Viking Therapeutics (VKTX) - The Burn Rate Catches Up Science is tracking but burn jumped 3.6x to ~$103M/quarter, compressing runway to mid-2027 and making a partnership or raise a near-term question rather than a distant one.
5. 2026-05-01 Hold UPDATE: Viking Therapeutics (VKTX) - Ligand Pulls the Pin on VK2809 Ligand's purported termination of the TR-Beta license creates litigation overhang on VK2809/VK0214, but VK2735 is wholly owned and the core obesity thesis is untouched.
6. 2026-07-30 Buy core UPDATE: Viking Therapeutics (VKTX) - A $500M Buyback and a New ATM in the Same Filing Science intact with maintenance readout weeks away; new ATM and $500M buyback authorization signal management confidence, and the deal package for M&A is stronger than 90 days ago.
7. 2026-09-23 Buy core UPDATE: Viking Therapeutics (VKTX) - The Killer Update Landed Maintenance data confirmed 85–90% weight loss retention on monthly dosing with placebo-level GI tolerability, validating the convenience moat and directly answering the core bear case.
8. 2026-09-24 Buy core UPDATE: Viking Therapeutics (VKTX) - Priced at $35, Not $41 Raise upsized to $500M but priced at $35 (16% discount), delivering more runway than projected at a higher dilution cost; scientific thesis unchanged and company now funded through pivotal readouts.
9. 2026-09-24 Buy core UPDATE: Viking Therapeutics (VKTX) - The Raise Came Before the Champagne Went Flat The $400M raise closes the dilution gap at ~$41 with modest ~4–5% equity dilution, extending runway past VANQUISH readouts and strengthening Viking's negotiating position.
10. 2026-10-15 Buy core UPDATE: Viking Therapeutics (VKTX) - SUNRISE, and a Quiet Correction SUNRISE oral Phase 3 started on schedule with lower doses targeting tolerability, but the weekly pill differentiator is gone as the oral formulation is daily like competitors.
11. 2026-10-29 Hold UPDATE: Viking Therapeutics (VKTX) - The Word Is "Launch" Burn accelerated to ~$138M/quarter and management's language shifted to standalone launch infrastructure with no mention of partners, moving the go-it-alone sell trigger closer without yet firing it.

• Long call · opened Dec 23, 2025 at $36.41 · -26.3% vs XBI +21.9% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-07-29 10-Q in filings ↓

  • “We expect to initiate Phase 3 oral dosing studies in the fourth quarter of 2026.”

    matched to Oral VK2735 · other · read as fourth quarter of 2026

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (28)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 5, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Oct 29, 202610-QQuarterly report
• Oct 28, 2026ReleaseViking Therapeutics Reports Third Quarter 2026 Financial Results and Provides Corporate Update→ BD updateSummary on the 8-K
• Oct 28, 20268-KCurrent report: results of operations · EX-99.1→ BD updateQ3 confirms $960M cash (better than my post-raise estimate), four Phase 3 trials now running, and language about building "commercial infrastructure" that nudges the go-it-alone sell trigger — but the Fast Follower Factory is executing on every clock it set.BD extracted 2 program updates from this document → VKTX pipeline
• Oct 21, 2026ReleaseViking Therapeutics to Report Financial Results for Third Quarter 2026 on October 28, 2026
• Oct 14, 2026ReleaseViking Therapeutics Announces Initiation of VK2735 Oral Phase 3 Clinical Program in Patients with Obesity→ BD updateThe oral VK2735 Phase 3 program (SUNRISE-1 and SUNRISE-2) just launched — the milestone I've been tracking since December — but the stock is down 31% from the September raise price. The science delivered; the market isn't celebrating.BD extracted 1 program update from this document → VKTX pipeline
• Oct 6, 2026ReleaseViking Therapeutics Announces Initiation of VK2735 Oral Maintenance Dosing Clinical Trial in Patients with ObesityPart 2 of the VK2735 maintenance study — the oral dosing arm I've been calling the version that matters most commercially — just initiated, while the stock has shed 22.8% since the raise priced at $35. Here's what the new study means and why the stock is where it is.BD extracted 1 program update from this document → VKTX pipeline
• Sep 28, 2026ReleaseViking Therapeutics Announces Closing of Concurrent Upsized Offerings of Common Stock and Convertible Senior Notes, Including Full Exercise of Underwriters' Options to Purchase Additional Shares of CoSummary on the 8-K
• Sep 28, 20268-KCurrent report: material agreement, debt / obligationViking just closed its dual offering at $575M gross — every share and every dollar of convertible debt was snapped up, both greenshoes exercised in full, locking in ~$547.8M net and potentially extending runway to late 2028. The tank is refilled; the dilution gap I've been tracking since April is now closed.
• Sep 25, 2026424B5Prospectus supplement (offering)
• Sep 25, 2026424B5Prospectus supplement (offering)
• Sep 24, 2026ReleaseViking Therapeutics Prices Upsized $500 Million Offering of Common Stock and Convertible Senior Notes→ BD updateSummary on the FWP
• Sep 24, 2026FWPFree writing prospectus (offering terms)→ BD updateThe $500M Viking raise just priced: 7.86M shares at $35.00 (a 16% discount to Tuesday's close) plus $225M of 2% convertible notes converting at $50.75. The deal was upsized from $400M — strong institutional demand — but the pricing discount drove VKTX down 11.8% today. Here's what the final terms mean for dilution, runway, and the M&A pitch.
• Sep 23, 2026ReleaseViking Therapeutics Announces Proposed Offerings of Common Stock and Convertible Senior Notes→ BD updateSummary on the 424B5
• Sep 23, 2026424B5Prospectus supplement (offering)→ BD updateThe ink on yesterday's landmark maintenance data was barely dry before Viking announced a concurrent $200M stock + $200M convertible note offering — classic biotech playbook: use a positive catalyst to raise while the window is open, and today's offering reveals exactly how they're bridging the dilution gap I've been flagging since April.
• Sep 23, 2026424B5Prospectus supplement (offering)→ BD updateSummary on the 424B5
• Sep 22, 2026ReleaseViking Therapeutics Announces Positive Topline Results from Maintenance Study of GLP-1/GIP Agonist VK2735 Demonstrating the Promise of Multiple Maintenance Dosing Regimens→ BD updateSummary on the 8-K
• Sep 22, 20268-KCurrent report: other events · EX-99.1→ BD updateToday's VK2735 maintenance data delivered exactly what I've been waiting on since January: monthly dosing holds 85–90% of weight loss, every-other-week dosing holds up to 97%, and GI adverse events during maintenance were indistinguishable from placebo — the convenience moat and the tolerability bear case both resolved in a single readout.BD extracted 1 program update from this document → VKTX pipeline
• Sep 2, 2026ReleaseViking Therapeutics to Participate at Upcoming Investor Conferences
• Jul 30, 2026S-3ASRAutomatic shelf registration
• Jul 29, 2026ReleaseViking Therapeutics Reports Second Quarter 2026 Financial Results and Provides Corporate Update
• Jul 29, 20268-KCurrent report: results of operations · EX-99.1
• Jul 29, 202610-QQuarterly report
• May 26, 20268-KCurrent report: shareholder vote
• May 5, 2026ReleaseE-mail Alerts
• Apr 30, 202610-QQuarterly report
• Apr 29, 20268-KCurrent report: results of operations · EX-99.1
• Apr 1, 2026DEFA14AProxy soliciting material
• Apr 1, 2026DEF 14AProxy statement