Viking Therapeutics, Inc. · NASDAQ:VKTX
Viking Therapeutics — Investor Presentation (October 2026)
51 slides from Viking Therapeutics's investor presentation, October 2026
Slide 1: Corporate Presentation
Corporate Presentation October 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements about our future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from
Slide 3: Advancing Blockbuster Metabolic Pipeline and Preparing for Obesity Commercialization
Viking Therapeutics: Advancing Blockbuster Metabolic Pipeline and Preparing for Obesity Commercialization • Dual agonist of GLP-1 and GIP receptors for obesity Lead VK2735 Well-Positioned in a • Currently in VANQUISH Phase 3 trials Blockbuster Market • Potentially 3rd obesity franchise to market Ora
Slide 4: Advancing Metabolic Pipeline in Obesity and Beyond
Advancing Metabolic Pipeline in Obesity and Beyond Development Programs PRECLIN PHASE 1 PHASE 2 PHASE 3 VK2735 Subcutaneous Obesity Phase 3 VANQUISH trial ongoing; Dual GLP-1/GIP agonist Phase 1 maintenance study completed VK2735 Oral Obesity Phase 3 SUNRISE trials initiated; Phase 1 Dual GLP-1/GIP
Slide 5: Obesity Market: Vast and Rapidly Expanding to Address Related Comorbidities
Obesity Market: Vast and Rapidly Expanding to Address Related Comorbidities 1 Billion+ 200+ Adults living with obesity globally; prevalence Comorbidities, including: growing across markets • Cardiovascular disease • Hypertension • Type 2 diabetes • Dyslipidemia • Fatty liver disease • Chronic kidney
Slide 6: Opportunity for VK2735 to Capture Significant Share Across Growing Obesity Market
Opportunity for VK2735 to Capture Significant Share Across Growing Obesity Market in Both Oral and SC Formulations Obesity Market $150B+ Avg. Mkt Share Based on Order of Market Entry3 Projections (16% CAGR) (10yr Post-Launch) Revenue potential: $60B 40% 1st to Market $50B 33% 2nd to Market $29B 19%
Slide 7: Viking's Suite of Products and Dosing Strategies Creates a Market Advantage
Viking's Suite of Products and Dosing Strategies Creates a Market Advantage Single Molecule Supports: Streamlined clinical development through unified safety database Patients across induction and maintenance phases of weight loss Mitigation of potential safety or tolerability challenges that may oc
Slide 8: VK2735 Subcutaneous Formulation Obesity
VK2735 Subcutaneous Formulation Obesity 8
Slide 9: History of Viking VK2735 Obesity Program
History of Viking VK2735 Obesity Program VK2735 maintenance dosing study completed VK2735 VANQUISH Phase 3 studies initiated; now VK2735 VENTURE fully enrolled VK2735 SUNRISE Phase 2 Oral Phase 3 subcutaneous study enrolling study completed VK2735 Injectable VK2735 VENTURE Phase 1 SAD/MAD Phase 2 Or
Slide 10: VK2735 Shows Positive Results in Head-to-Head Study in Primates vs. Tirzepatide
VK2735 Shows Positive Results in Head-to-Head Study in Primates vs. Tirzepatide • PK profile demonstrates higher Cmax, later Tmax, longer T1/2 vs. tirzepatide • Differences lead to increased exposures over time Mean Plasma Concentration – Single Dose Mean Plasma Concentration - Week 8 2000 4000 VK27
Slide 11: VK2735 Induces Rapid Weight Loss in Obese Primate Model
VK2735 Induces Mean Weight Change at 8 Weeks Rapid Weight Loss in (Change from baseline, %) Obese Primate Model Vehicle (n=12) Tirzepatide (n=12) VK2735 (n=12) vs Tirzepitide 2 +3.3% 0 *** *** • Significant, progressive body weight reduction observed over 8 -2 weeks -4 -6.5% • ~40%+ improvement in w
Slide 12: VK2735 Subcutaneous Data Demonstrates Rapid, Progressive Weight Loss with Favorable Tolerability
VK2735 Subcutaneous Data Demonstrates Rapid, Progressive Weight Loss with Favorable Tolerability Profile Subcutaneous Phase 1 SAD Study Subcutaneous Phase 1 MAD Study Dose-dependent from baseline after 28 Predictable Key Takeaways Well-tolerated pharmacokinetics improvement in weight loss of up to 7
Slide 13: VK2735 VENTURE Phase 2 Obesity Study Design
VK2735 VENTURE Phase 2 Obesity Study Design Multicenter, parallel cohort, 13-week trial in obese subjects, 6-week follow-up 5.0 mg 7.5 mg 10.0 mg 15.0 mg n=35 2.5 mg 5.0 mg 7.5 mg 10.0 mg n=35 Obese subjects, BMI ≥30 or ≥27 2.5 mg 5.0 mg n=35 with comorbidity 2.5 mg n=35 Placebo n=35 0 1 2 3 4 5 6 7
Slide 14: VENTURE Phase 2 Study Achieved Primary Endpoint
VENTURE Phase 2 Study Achieved Mean Change in Body Weight After 13 Weeks Primary Endpoint Change from baseline (%) VK2735 VK2735 VK2735 VK2735 Placebo 2.5 mg 5.0 mg 10.0 mg 15.0 mg (n=34) (n=35) (n=35) (n=35) (n=35) 0 • Significant reduction in body -1.7% weight observed after 13 -3 weeks • Up to ap
Slide 15: VENTURE Phase 2 Results: Rapid, Progressive Weight Loss Observed
VENTURE Phase 2 Results: Rapid, Progressive Weight Loss Observed Body Weight Percent Change from Baseline over 13 Weeks (LSM±SE) • Progressive weight loss observed in all VK2735 dosing cohorts • All doses statistically significant vs. placebo starting in Week 1 and maintained through Week 13 • Dose-
Slide 16: VENTURE Phase 2 Study: GI Tolerability Summary
VENTURE Phase 2 Study: GI Tolerability Summary Common drug-related GI TEAEs Number of subjects reporting (%) Placebo VK2735 VK2735 VK2735 VK2735 VK2735 (n=35) 2.5 mg 5.0 mg 10 .0 mg 15.0 mg Combined (n=35) (n=35) (n=35) (n=35) (n=140) GERD 1 (3%) 2 (6%) 5 (14%) 4 (11%) 6 (17%) 17 (12%) Nausea Mild 7
Slide 17: Time Course of GI AEs Through 13 Weeks; 10 mg & 15 mg Cohorts
Time Course of GI AEs Through 13 Weeks; 10 mg & 15 mg Cohorts Rate of Reported Gl AEs Over Time - 10.0 mg Rate of Reported Gl AEs Over Time - 15.0 mg (% of participants) (% of participants) Up titration Up titration Up titration Up titration Up titration Up titration to 5 mg to 7.5 mg to 10 mg to 7.
Slide 18: VK2735 Subcutaneous: VANQUISH Phase 3 Overview
VK2735 Subcutaneous: VANQUISH Phase 3 Overview • Assess the efficacy & safety of VK2735 SC once weekly for 78 weeks • Enrolled more than 4,500 adults who are obese or overweight with at least one VANQUISH-1 weight-related co-morbid condition • Enrollment completed in 4Q25 Two Phase 3 Studies Ongoing
Slide 19: VANQUISH Phase 3 Study Design
VANQUISH Phase 3 Study Design Patients 1.25 2.5 5.0 7.5 10.0 12.5 15.0 17.5 with obesity mg mg mg mg mg mg mg mg (VANQUISH-1) 1.25 2.5 5.0 7.5 10.0 12.5 or mg mg mg mg mg mg Patients with obesity and 1.25 2.5 5.0 7.5 mg mg mg mg type 2 diabetes (VANQUISH-2) Placebo 0 2 4 6 8 10 12 14 16 18 20 22 24
Slide 20: VK2735 Oral Tablet Formulation + Phase 1 and VENTURE Phase 2 Study Results
VK2735 Oral Tablet Formulation + Phase 1 and VENTURE Phase 2 Study Results 20
Slide 21: VK2735 Oral 28-Day MAD Study Demonstrates Progressive, Dose-Dependent Weight Loss
VK2735 Oral 28-Day MAD Study Demonstrates Progressive, Dose-Dependent Weight Loss Phase 1 Oral MAD Study Efficacy Up to 8.2% body weight reduction at 28 days Tolerability Minimal GI AEs; low rates of vomiting, diarrhea, constipation Progressive effect suggests further weight loss possible with longe
Slide 22: VENTURE Oral Dosing Phase 2a Study Design
VENTURE Oral Dosing Phase 2a Study Design Multicenter, parallel cohort, 13-week trial in obese subjects; Double-blind treatment, 13 weeks of daily dosing Placebo Placebo (n=40) 15mg 15mg (n=40) Obese 30mg 30mg (n=40) subjects, BMI ≥30 or 30mg 60mg 60mg (n=40) ≥27 with comorbidity 30mg 60mg 90mg 90mg
Slide 23: VK2735 Oral Phase 2 Results Show Sustained Weight Loss
VK2735 Oral Phase 2 Results Show Sustained Weight Loss Body Weight Percent Change from Baseline (LSM±SE) • Up to 12.2% mean weight loss among treated subjects • Progressive weight loss observed in all treatment groups with no plateau • Statistically significant difference vs. placebo observed at all
Slide 24: VK2735 Oral Phase 2 Results Show Sustained Weight Loss
VK2735 Oral Phase 2 Results Show Sustained Weight Loss Body Weight Percent Change from Baseline (LSM±SE) • Up to 12.2% mean weight loss among Week 16 treated subjects Change • Progressive weight loss observed in all treatment groups with no plateau • Statistically significant difference vs. placebo
Slide 25: VK2735 Oral Phase 2 Maintenance Cohort Shows Continued Impact at Lower Doses
VK2735 Oral Phase 2 Maintenance Cohort Shows Continued Impact at Lower Doses Body Weight Percent Change from Baseline over 13 Weeks (LSM±SE) • Exploratory cohort to evaluate transition to low dose maintenance • Down-titration from 90mg to 30mg produced continued gradual weight loss through Week 13 ●
Slide 26: VENTURE Oral Study Favorable Tolerability Profile
VENTURE Oral Study Favorable Tolerability Profile Number of patients reporting (%) VK2735 VK2735 VK2735 VK2735 VK2735 Placebo 15 mg 30 mg 60 mg 90 mg 120 mg (n=40) (n=40) (n=40) (n=40) (n=40) (n=40) Discontinued treatment early 7 (18%) 8 (20%) 8 (20%) 11 (28%) 10 (25%) 15 (38%) Discontinued study ea
Slide 27: VK2735 Oral Phase 2 Study: GI Tolerability Summary
VK2735 Oral Phase 2 Study: GI Tolerability Summary Common drug-related GI TEAEs Number of subjects reporting (%) VK2735 VK2735 VK2735 VK2735 VK2735 Placebo 15 mg 30 mg 60 mg 90 mg 120 mg (n=40) (n=40) (n=40) (n=40) (n=40) (n=40) GERD 0 (0%) 3 (8%) 0 (0%) 2 (5%) 1 (3%) 3 (8%) Nausea Mild 16 (40%) 12
Slide 28: GI AEs Generally Observed Early and Subside Over Time
GI AEs Generally Observed Early and Subside Over Time Time Course of Gl AEs Through 13 Weeks - All Cohorts Combined (% of participants) 50% 45% 40% 35% 30% Up Up Up 25% titration titration titration 20% 15% 10% 5% 0% W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 Constipation Diarrhea Nausea Vomiting 28
Slide 29: VK2735 VENTURE Oral Phase 2 Study Takeaways
VK2735 VENTURE Up to 12.2% reduction in body weight observed after 13 Oral Phase 2 Study weeks of oral dosing Takeaways Progressive, dose-dependent weight loss observed • VK2735 VENTURE oral Phase 2 across all treatment groups study data supports flexible dosing and maintenance Exploratory maintenan
Slide 30: VK2735 Oral: SUNRISE Phase 3 Overview
VK2735 Oral: SUNRISE Phase 3 Overview • Assess the efficacy & safety of daily oral VK2735 for 68 weeks • Targeting enrollment of 560 adults who are obese or overweight with at SUNRISE-1 least one weight-related co-morbid condition • Initiated 4Q26 Two Phase 3 Studies Ongoing Data Expected 2028 • Ass
Slide 31: SUNRISE Phase 3 Study Design
SUNRISE Phase 3 Study Design Patients 10.0 17.5 27.5 35.0 55.0 with obesity mg mg mg mg mg (SUNRISE-1) 10.0 17.5 27.5 35.0 or mg mg mg mg Patients with obesity 10.0 17.5 27.5 and mg mg mg type 2 diabetes (SUNRISE-2) Placebo 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52
Slide 32: VK2735-102 Maintenance Study: Topline Results
VK2735-102 Maintenance Study: Topline Results 32
Slide 33: Expanding on VK2735 Holistic Weight Loss Potential
Expanding on VK2735 Holistic Weight Loss Potential VK2735 VK2735 VK2735 SC Oral SC Maintenance Phase 2 data presented 2/27/2024 Phase 2 data presented 8/19/2025 Maintenance data presented today • Up to 14.7% body weight reduction • Up to 12.2% body weight reduction • Potential to unlock new platform
Slide 34: VK2735-102: Maintenance Study Design
VK2735-102: Maintenance Study Design Part 1: Subcutaneous (SC) maintenance dosing • Designed to evaluate transition from Weekly (QW) to SC monthly (QM) or every other week (QOW) dosing regimens • Endpoints: Safety, tolerability, PK, weight change 1.25 2.5 mg mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg
Slide 35: Maintenance Study: Induction Weight Loss Through Week 21
Maintenance Study: Induction Weight Loss Through Week 21 Body Weight Percent Change from Baseline over 21 Weeks • Significant and progressive (LSM±SE) reduction in body weight observed after 21 weeks in all VK2735 cohorts • Up to approximately 19% weight loss from baseline • 17.8% weight loss from b
Slide 36: High Proportion of VK2735 Participants Achieve Key Weight Loss Thresholds at Week 21
High Proportion of VK2735 Participants Achieve Key Weight Loss Thresholds at Week 21 5% 10% 15% 20% Weight Loss Weight Loss Weight Loss Weight Loss VK2735, Combined 98% 90% 65% 32% 1 n=143 Placebo 13% 0% 0% 0% n=15 p-value vs. placebo <0.0001 <0.0001 <0.0001 <0.01 36 1. Observed values for subjects
Slide 37: Maintenance Study: Maintenance of Weight Loss with Every-Other-Week Dosing
Maintenance Study: Maintenance of Weight Loss with Every- Other-Week Dosing Percent of Weight Loss Maintained from W21 to W33 (LSM±SE) • Up to approximately 97% maintenance of weight loss observed following transition to every-other-week dosing • Compares favorably to 61% maintenance effect for part
Slide 38: Maintenance Study: Maintenance of Weight Loss with Monthly Dosing
Maintenance Study: Maintenance of Weight Loss with Monthly Dosing Percent of Weight Loss Maintained from W21 to W33 (LSM±SE) • Up to approximately 90% maintenance of weight loss observed following transition to monthly dosing • Compares favorably to 61% maintenance effect for participants transition
Slide 39: Maintenance Study: 17.5 mg Weekly Dosing Provides Highly Competitive 22% Weight Loss at W33
Maintenance Study: 17.5 mg Weekly Dosing Provides Highly Competitive 22% Weight Loss at W33 Body Weight Percent Change from Baseline over 33 Weeks (LSM±SE) • Continued weekly dosing at 17.5 mg leads to progressive weight loss of up to approximately 22% • No plateau observed, suggesting continued wei
Slide 40: Discontinuation and GI Tolerability Summary – Induction Phase Through Week 21
Discontinuation and GI Tolerability Summary – Induction Phase Through Week 21 VK2735 VK2735 VK2735 VK2735 VK2735 Placebo Combined 15 mg QW 17.5 mg QW 20 mg QW 22.5 mg QW Dose Level 1,2 (n=15) (n=166) (n=15) (n=121) (n=15) (n=15) Discontinued treatment early 0 (0%) 22 (13%) 2 (13%) 15 (12%) 1 (7%) 4
Slide 41: Discontinuation and GI Tolerability Summary – Every Other Week Maintenance Dosing
Discontinuation and GI Tolerability Summary – Every Other Week Maintenance Dosing Through Week 33 VK2735 VK2735 VK2735 VK2735 Placebo Combined QOW 5.0 mg QOW 7.5 mg QOW 10.0 mg QOW Dose Level 1,2 (n=27) (n=37) (n=12) (n=13) (n=12) Discontinued treatment early 0 (0%) 1 (3%) 0 (0%) 0 (0%) 1 (8%) Disco
Slide 42: Discontinuation and GI Tolerability Summary – Monthly Maintenance Dosing
Discontinuation and GI Tolerability Summary – Monthly Maintenance Dosing Through Week 33 VK2735 VK2735 VK2735 VK2735 VK2735 VK2735 Placebo Combined QM 10 mg QM 15 mg QM 17.5 mg QM 20 mg QM 22.5 mg QM Dose Level 1,2 (n=27) (n=66) (n=16) (n=14) (n=11) (n=14) (n=11) Discontinued treatment early 0 (0%)
Slide 43: VK2735-102 Study Establishes Maintenance Use Case
VK2735-102 Study Establishes Maintenance Use Case Rapid Induction with Durable, Tolerable Maintenance Potential Rapid Weight Sustained Loss on Tolerability Potentially Amenable Loss Induction Maintenance Dosing for Long Term Use • Up to ~19% placebo-adj weight • Up to ~90% (monthly dosing) and ~97%
Slide 44: VK3019 Amylin Agonist
VK3019 Amylin Agonist THERAPEUTICS
Slide 45: Amylin Overview
Amylin Overview • Amylin: Protein secreted by pancreas following nutrient ingestion • Receptors widely expressed in brain • Amylin receptor plays key role in satiety, feeding behavior, glucose control • Receptor activation leads to reduced appetite, body weight, plasma glucose • One approved agent:
Slide 46: Amylin Agonists: Primate PK Profile Following Single SC Dose
Amylin Agonists: Primate PK Profile Following Single SC Dose • VK compounds show improved exposures vs NHP Body Weight Change (Single Dose) cagrilintide Change from Baseline (%) • T1/2 suggest weekly dosing feasible 0 • Encouraging BW change observed after single sub-cutaneous doses -5 Tmax Cmax AUC
Slide 47: Amylin Program: Next Steps
Amylin Program: Next Steps • Selected VK3019 for further development • Phase 1 SAD study of VK3019 in healthy adults initiated in 2Q26 • Phase 1 MAD planned 2027 47
Slide 48: Summary
Summary THERAPEUTICS
Slide 49: Financial Summary
Financial Summary Capital structure and summary financials (all figures in 000s, as of June 30, 2026) C A P I TA L S T R U C T U R E Shares outstanding 116,653 Options, RSUs 7,834 Total shares, options, RSUs 124,487 FINANCIALS Cash burn YTD $203,865 Cash and ST Investments $501,874 49
Slide 50: Advancing Blockbuster Metabolic Pipeline and Preparing for Obesity Commercialization
Viking Therapeutics: Advancing Blockbuster Metabolic Pipeline and Preparing for Obesity Commercialization • Dual agonist of GLP-1 and GIP receptors for obesity Lead VK2735 Well-Positioned in a • Currently in VANQUISH Phase 3 trials Blockbuster Market • Potentially 3rd obesity franchise to market Ora
Slide 51: Corporate Presentation
Corporate Presentation October 2026
Viking Therapeutics — Investor Presentation (October 2026) on 6ix