Viking Therapeutics Finishes Enrollment in First Phase 3 Obesity Trial for VK2735

What happened

Viking Therapeutics announced completion of patient enrollment in VANQUISH-1, its first late-stage (Phase 3) trial evaluating subcutaneous VK2735 in obesity, with enrollment reportedly surpassing internal targets. This milestone confirms that the Phase 3 program has moved from initiation to full accrual, addressing a key execution risk flagged in our prior work. Rapid enrollment suggests both strong site and patient interest in VK2735 despite prior sentiment pressure from oral VK2735 tolerability issues. With CordenPharma manufacturing capacity already secured, Viking now has clearer line-of-sight from pivotal testing toward potential commercialization should efficacy and safety prove competitive. The company remains well-capitalized, with previously disclosed cash runway into late 2026 supporting completion of this trial and associated development activities without near-term financing pressure.

Implication

For investors, full enrollment in VANQUISH-1 reduces operational and recruitment risk around VK2735’s pivotal obesity program, increasing confidence that Viking can deliver key efficacy and safety data on a largely intact timeline. The news directly addresses one of our central watch items—Phase 3 design/initiation/enrollment—tilting the risk-reward modestly more favorable on the injectable path. However, core value inflection still depends on whether VK2735 shows class-competitive weight loss and tolerability versus entrenched GLP-1/GIP incumbents, so binary clinical and regulatory risks remain substantial. Viking’s substantial cash balance and pre-secured CordenPharma capacity mean that, if clinical data are positive, the company will be better positioned than many peers to scale quickly, a factor that could command a premium versus cash-light small-cap biotech comparables. Near term, investors should watch for details on expected timing of top-line VANQUISH-1 data, any interim safety or tolerability disclosures, and updates on oral VK2735 strategy and VK2809 partnering, which could add or subtract from the current speculative upside profile.

Thesis delta

The news modestly strengthens the existing speculative BUY thesis by resolving a key execution overhang: VK2735’s first Phase 3 obesity trial (VANQUISH-1) is now fully enrolled, demonstrating operational competence and patient demand. Our view shifts from “awaiting proof of robust Phase 3 startup and enrollment” to “focused primarily on clinical outcome risk and competitive positioning” for the injectable VK2735 program. We do not change our overall rating, but we increase confidence in Viking’s ability to carry VK2735 through pivotal development on the current cash runway, while the oral VK2735 and VK2809 elements of the thesis remain unchanged.