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Viking Therapeutics, Inc. — Download October Corporate Presentation (company IR deck)
Viking Therapeutics, Inc. (VKTX) · 0 slides · Filed Oct 28, 2026
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Slide 1 — Corporate Presentation
Corporate Presentation October 2026
Slide 2 — Forward-Looking Statements
2 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 those indicated by these forward-looking statements as a result of various important factors, including risks relating to: both our and our collaborators’ ability to successfully research, obtain regulatory approvals for, develop and commercialize products based upon our technologies; our ability to obtain and maintain proprietary protection for our technologies and product candidates; our reliance on third parties to manufacture our preclinical and clinical drug supplies; competitive pressures; our ability to obtain and maintain strategic collaborations; compliance with our in-license agreements; our ability to successfully execute on, and receive favorable results from, our proprietary drug development efforts; market acceptance of our drug candidates; retaining members of our senior management; and our ability to raise additional funds to finance our operations. The forward-looking statements included in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. While we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this presentation. For more information regarding risks and uncertainties that could affect the results of our operations or financial condition review our filings with the Securities and Exchange Commission (in particular, our most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q).
Slide 3 — Viking Therapeutics: Advancing Blockbuster Metabolic Pipeline and
3 Viking Therapeutics: Advancing Blockbuster Metabolic Pipeline and Preparing for Obesity Commercialization Lead VK2735 Well-Positioned in a Blockbuster Market Positioning Therapeutics for Maximal Patient Flexibility and Optionality Oral and Injectable Formulations Under Development Images are not the actual product. • Dual agonist of GLP-1 and GIP receptors for obesity • Currently in VANQUISH Phase 3 trials • Potentially 3rd obesity franchise to market • Multiple dosing options under development to enable greater patient choice and retain long-term benefits • Amylin agonist VK3019 in Phase 1 development • Additional best-in-class and first-in-class assets for expanded indications, including MASH and X-ALD • Oral tablet formulation currently in SUNRISE Phase 3 trials • Positioned to be 1st dual agonist GLP-1/GIP oral product to market Pipeline of Next-Generation Assets
Slide 4 — Advancing Metabolic Pipeline in Obesity and Beyond
4 Advancing Metabolic Pipeline in Obesity and Beyond Development Programs Additional Metabolic PRECLIN PHASE 1 PHASE 2 PHASE 3 VK2735 Subcutaneous Dual GLP-1/GIP agonist Phase 3 VANQUISH trial ongoing; Phase 1 maintenance study completed VK2735 Oral Dual GLP-1/GIP agonist Phase 3 SUNRISE trials initiated; Phase 1 maintenance study initiated VK3019 Amylin agonist Phase 1 trial initiated in 2Q26 VK2809 TRβ agonist Phase 2b VOYAGE trial successfully completed; Partnering discussions ongoing VK0214 TRβ agonist Phase 1b study demonstrated PoC; Partnering discussions ongoing Obesity Obesity Obesity X-ALD MASH
Slide 5 — 200+
5 Obesity Market: Vast and Rapidly Expanding to Address Related Comorbidities 1 Billion+ Adults living with obesity globally; prevalence growing across markets <5% Current therapy penetration in obesity; most patients discontinue within 1 year 200+ • Cardiovascular disease • Hypertension • Type 2 diabetes • Dyslipidemia • Fatty liver disease • Chronic kidney disease • Sleep disorders Comorbidities, including:
Slide 6 — Opportunity for VK2735 to Capture Significant Share Across Growing
6 Opportunity for VK2735 to Capture Significant Share Across Growing Obesity Market in Both Oral and SC Formulations 40% 33% 19% 13% 8% 2% 1st to Market 2nd to Market 3rd to Market 4th to Market 5th to Market 6th+ to Market Avg. Mkt Share Based on Order of Market Entry3 (10yr Post-Launch) 1. ScotiaBank, company reports 2. Morgan Stanley Obesity Report 2025 3. Source: McKinsey – “Pharma’s first-to-market advantage” Clear Opportunity for Multi-Billion Dollar Sales Based on Time to Market 2025 2035E 5x Obesity Market Projections (16% CAGR) $150B+ $33B $60B $50B $29B $20B $12B $3B Revenue potential: 1 2
Slide 7 — Viking's Suite of Products and Dosing Strategies Creates
7 Leading Subcutaneous Formulation First GLP-1/GIP Oral Peptide 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 occur when transitioning from one formulation to another Viking's Suite of Products and Dosing Strategies Creates a Market Advantage Promising safety and tolerability based on data available to date Up to 22% weight loss at 33 weeks of treatment Extended half-life improves outcomes when doses are missed Up to 12.2% body weight reduction compares favorably to existing oral agents Same molecule as sub-cutaneous May allow switching with reduced side effects Unique PK profile facilitates less frequent dosing regimens
Slide 8 — VK2735 Subcutaneous Formulation
8 VK2735 Subcutaneous Formulation Obesity
Slide 9 — History of Viking VK2735 Obesity Program
9 2019 2023 2024 2025 2026 History of Viking VK2735 Obesity Program VK2735 Injectable Phase 1 SAD/MAD study completed VK2735 VANQUISH Phase 3 studies initiated; now fully enrolled VK2735 maintenance dosing study completed VK2735 VENTURE Phase 2 subcutaneous study completed Program initiated Prioritized dual GLP1/GIP agonists; VK2735 selected as lead VK2735 Oral MAD study completed VK2735 VENTURE Phase 2 Oral Dosing study completed VK2735 SUNRISE Oral Phase 3 study enrolling = subcutaneous = oral
Slide 10 — VK2735 Shows Positive Results in Head-to-Head Study in Primates vs.
10 0 24 48 72 96 120 144 168 0 500 1000 1500 2000 Time (h) Concentration (ng/mL) Tirzepatide VK2735 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 - Week 8 Mean Plasma Concentration – Single Dose 0 24 48 72 96 120 144 168 0 1000 2000 3000 4000 Time (h) Concentration (ng/mL) Tirzepatide VK2735
Slide 11 — VK2735 Induces
11 -10 -8 -6 -4 -2 0 2 Vehicle (n=12) Tirzepatide (n=12) VK2735 (n=12) VK2735 Induces Rapid Weight Loss in Obese Primate Model vs Tirzepitide • Significant, progressive body weight reduction observed over 8 weeks • ~40%+ improvement in weight loss vs. comparator at same doses • Aligns with improved exposures at same dose levels Mean Weight Change at 8 Weeks (Change from baseline, %) *** *** p-value vs. vehicle - <0.001 <0.001 p-value vs. TZP - - 0.10 ***p<0.001 -9.5% -6.5% +3.3%
Slide 12 — VK2735 Subcutaneous Data Demonstrates Rapid, Progressive Weight Loss
12 VK2735 Subcutaneous Data Demonstrates Rapid, Progressive Weight Loss with Favorable Tolerability Profile Subcutaneous Phase 1 SAD Study Subcutaneous Phase 1 MAD Study Key Takeaways Pharmacokinetics/ Pharmacodynamics Tmax ~72 hours, gradual onset; T1/2 170 – 253 hours, amenable to weekly dosing Excellent exposures from weekly dosing suggests less frequent dosing a possibility Weight loss durability suggestive of potential monthly regimen Tolerability Well tolerated up to 7.5 mg single doses 98% of AEs mild to moderate Durability Long half-life suggestive of prolonged effects Durable weight loss observed, >90% of efficacy retained 4 weeks after last dose Reductions in liver fat indicate additional metabolic benefits 7.8% Dose-dependent improvement in weight loss of up to from baseline after 28 days in subjects with BMI ≥30 Well-tolerated Predictable pharmacokinetics
Slide 13 — VK2735 VENTURE Phase 2 Obesity Study Design
13 VK2735 VENTURE Phase 2 Obesity Study Design Multicenter, parallel cohort, 13-week trial in obese subjects, 6-week follow-up • Double-blind treatment, 3-week titration blocks applied at doses ≥5 mg • Primary endpoint: Percent change in body weight at Week 13 vs. placebo 4 wk screening Endpoint Randomization First Dose 6 wk follow-up (W19) Double-Blind Treatment, Weeks 1-13 0 1 2 3 4 5 6 7 8 9 10 11 12 13 2.5 mg 5.0 mg 7.5 mg 10.0 mg 15.0 mg 2.5 mg 5.0 mg Placebo Obese subjects, BMI ≥30 or ≥27 with comorbidity 5.0 mg 2.5 mg 10.0 mg 7.5 mg n=35 n=35 n=35 n=35 n=35
Slide 14 — VENTURE Phase 2 Study Achieved
14 -15 -12 -9 -6 -3 0 Placebo (n=34) VK2735 2.5 mg (n=35) VK2735 5.0 mg (n=35) VK2735 10.0 mg (n=35) VK2735 15.0 mg (n=35) VENTURE Phase 2 Study Achieved Primary Endpoint • Significant reduction in body weight observed after 13 weeks • Up to approximately 15% reduction from baseline • Dose-dependent effect observed across cohorts Mean Change in Body Weight After 13 Weeks Change from baseline (%) *** *** placebo-adjusted - -7.4% -9.2% -11.3% -13.1% p-value vs. placebo - <0.0001 <0.0001 <0.0001 <0.0001 baseline weight (kg) 105 kg 103 kg 98 kg 103 kg 101 kg ***p<0.0001 *** *** -14.7% -12.9% -10.9% -9.1% -1.7%
Slide 15 — VENTURE Phase 2 Results: Rapid, Progressive Weight Loss
15 VENTURE Phase 2 Results: Rapid, Progressive Weight Loss Observed • 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-dependent effects observed • No evidence of plateau suggests further body weight reduction possible with continued dosing 2.5 mg cohort = 2.5 x 13 weeks 5.0 mg cohort = 2.5 mg x 3 wks, 5 mg x 10 wks 10.0 mg cohort = 2.5 mg x 3 wks, 5 mg x 3 wks, 7.5 mg x 3 wks, 10 mg x 4 wks 15.0 mg cohort = 5 mg x 3 wks, 7.5 mg x 3 wks, 10 mg x 3 wks, 15 mg x 4 wks Notes: ***p<0.0001. Patients were required to have baseline BMI ≥30 kg/m2 or BMI≥27 kg/m2 with at least one weight-related comorbid condition. Patients treated with VK2735 were titrated to final doses as indicated: Body Weight Percent Change from Baseline over 13 Weeks (LSM±SE)
Slide 16 — VENTURE Phase 2 Study: GI Tolerability Summary
16 VENTURE Phase 2 Study: GI Tolerability Summary GERD: Gastroesophageal reflux disease. Placebo (n=35) VK2735 2.5 mg (n=35) VK2735 5.0 mg (n=35) VK2735 10 .0 mg (n=35) VK2735 15.0 mg (n=35) VK2735 Combined (n=140) GERD 1 (3%) 2 (6%) 5 (14%) 4 (11%) 6 (17%) 17 (12%) Nausea Mild 7 (20%) 5 (14%) 11 (31%) 8 (23%) 15 (43%) 41 (29%) Moderate 0 (0%) 2 (6%) 5 (14%) 4 (11%) 7 (20%) 19 (14%) Severe 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Vomiting 0 (0%) 3 (9%) 6 (17%) 6 (17%) 10 (29%) 25 (18%) Abdominal pain 1 (3%) 1 (3%) 2 (6%) 1 (3%) 2 (6%) 6 (4%) Diarrhea 3 (9%) 11 (31%) 6 (17%) 7 (20%) 4 (11%) 28 (20%) Constipation 4 (11%) 7 (20%) 10 (29%) 9 (26%) 10 (29%) 36 (26%) Decreased appetite 0 (0%) 2 (6%) 5 (14%) 9 (26%) 6 (17%) 22 (16%) Majority (94%) of GI specific TEAEs among VK2735 patients were mild or moderate Common drug-related GI TEAEs Number of subjects reporting (%)
Slide 17 — Time Course of GI AEs Through 13 Weeks; 10 mg & 15 mg Cohorts
17 Time Course of GI AEs Through 13 Weeks; 10 mg & 15 mg Cohorts • GI AEs most common, expected per GLP-1 mechanism: nausea, vomiting, diarrhea, constipation • Generally observed early, subside over time Denotes up-titration per schedule: 2.5 mg x 3 wks, 5 mg x 3 wks, 7.5 mg x 3 wks, 10 mg x 4 wks. Titration: 5 mg x 3 wks, 7.5 mg x 3 wks, 10 mg x 3 wks, 15 mg x 4 wks. Rate of Reported Gl AEs Over Time - 10.0 mg (% of participants) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 Constipation Diarrhea Nausea Vomiting Rate of Reported Gl AEs Over Time - 15.0 mg (% of participants) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 Up titration to 5 mg Up titration to 7.5 mg Up titration to 10 mg Up titration to 7.5 mg Up titration to 10 mg Up titration to 15 mg
Slide 18 — VK2735 Subcutaneous: VANQUISH Phase 3 Overview
18 VK2735 Subcutaneous: VANQUISH Phase 3 Overview Two Phase 3 Studies Ongoing Data Expected 2H27 Studies include extension to assess long-term safety, efficacy • 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 weight-related co-morbid condition • Enrollment completed in 4Q25 • Assess the efficacy and safety of VK2735 SC once weekly for 78 weeks • Enrolled approximately 1,000 adults with type 2 diabetes who have obesity or are overweight • Enrollment completed in 1Q26 VANQUISH-1 VANQUISH-2
Slide 19 — VANQUISH Phase 3 Study Design
19 VANQUISH Phase 3 Study Design 4 wk screening Patients with obesity (VANQUISH-1) or Patients with obesity and type 2 diabetes (VANQUISH-2) VANQUISH-1, -2 studies underway – Primary endpoint: Percentage change in body weight from baseline – Secondary endpoint: Percentage of patients with ≥5%, ≥10%, ≥15%, ≥20% weight loss – Exploratory endpoints: Changes in function, metabolic health, mental health, productivity Endpoint Randomization 6-week follow-up (W84) Double-Blind Treatment, Weeks 1-78 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 54 56 58 60 62 64 66 68 70 72 74 76 78 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg Placebo 17.5 mg
Slide 20 — VK2735 Oral Tablet Formulation +
20 VK2735 Oral Tablet Formulation + Phase 1 and VENTURE Phase 2 Study Results
Slide 21 — VK2735 Oral 28-Day MAD Study Demonstrates Progressive,
21 Phase 1 Oral MAD Study Efficacy Tolerability Minimal GI AEs; low rates of vomiting, diarrhea, constipation Durability Progressive effect suggests further weight loss possible with longer treatment Majority of weight loss maintained 4 weeks after final dose Maintenance Exploratory transition from 80 mg QD to 80 mg QoD suggests feasibility of lower dose maintenance regimens VK2735 Oral 28-Day MAD Study Demonstrates Progressive, Dose-Dependent Weight Loss 8.2% Up to body weight reduction at 28 days
Slide 22 — VENTURE Oral Dosing Phase 2a Study Design
22 VENTURE Oral Dosing Phase 2a Study Design Multicenter, parallel cohort, 13-week trial in obese subjects; Double-blind treatment, 13 weeks of daily dosing weeks 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Placebo (n=40) 15mg (n=40) 30mg (n=40) 60mg (n=40) 90mg (n=40) 120mg (n=40) Maintenance (n=40) 15mg 30mg 30mg 30mg 60mg 30mg 60mg 90mg 90mg 120mg 30mg 60mg 90mg 30mg 19 -4 Obese subjects, BMI ≥30 or ≥27 with comorbidity 60mg 6 wk follow-up 4 wk screening Randomization Placebo
Slide 23 — VK2735 Oral Phase 2 Results Show Sustained Weight Loss
23 VK2735 Oral Phase 2 Results Show Sustained Weight Loss • 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 time points for doses >15 mg Notes: Baseline BMI ≥30 in all subjects. ***p-value <0.001 for all doses >15 mg. p-value for the comparison of the LS Mean Difference from baseline between treatment and placebo. Body Weight Percent Change from Baseline (LSM±SE) Potential Future Dose Range
Slide 24 — VK2735 Oral Phase 2 Results Show Sustained Weight Loss
24 VK2735 Oral Phase 2 Results Show Sustained Weight Loss • 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 time points for doses >15 mg • Encouraging durability across potential future dose range • Majority of weight loss maintained for an additional 3 weeks following completion of dosing • Supports durability observed in prior clinical studies Weight Loss Maintained Following Completion of Dosing Week 16 Change Potential Future Dose Range Body Weight Percent Change from Baseline (LSM±SE) Notes: Baseline BMI ≥30 in all subjects. ***p-value <0.001 for all doses >15 mg. p-value for the comparison of the LS Mean Difference from baseline between treatment and placebo.
Slide 25 — VK2735 Oral Phase 2 Maintenance Cohort Shows Continued Impact at
25 VK2735 Oral Phase 2 Maintenance Cohort Shows Continued Impact at Lower Doses • Exploratory cohort to evaluate transition to low dose maintenance • Down-titration from 90mg to 30mg produced continued gradual weight loss through Week 13 • Suggests lower maintenance dose retains and may further extend body weight reduction Titration scheme: 90 mg cohort (blue line)= 30 mg x 2 wks, 60 mg x 2 wks, 90 mg x 9 wks 90 mg/30 mg cohort (red line) = 30 mg x 1 wk, 60 mg x 1 wk, 90 mg x 4 wks, 30 mg x 7 wks Body Weight Percent Change from Baseline over 13 Weeks (LSM±SE) ***p-value < 0.001 Transition from 90 mg to 30 mg QD (red line only) -8.1% ●
Slide 26 — VENTURE Oral Study Favorable Tolerability Profile
26 Placebo (n=40) VK2735 15 mg (n=40) VK2735 30 mg (n=40) VK2735 60 mg (n=40) VK2735 90 mg (n=40) VK2735 120 mg (n=40) Discontinued treatment early 7 (18%) 8 (20%) 8 (20%) 11 (28%) 10 (25%) 15 (38%) Discontinued study early 2 (5%) 4 (10%) 5 (13%) 5 (13%) 3 (8%) 5 (13%) Overall TEAEs 34 (85%) 35 (88%) 33 (83%) 33 (83%) 37 (93%) 36 (90%) Drug related TEAEs 27 (68%) 28 (70%) 30 (75%) 31 (78%) 37 (93%) 34 (85%) Drug related TEAEs leading to study discontinuation 1 (3%) 0 (0%) 1 (3%) 0 (0%) 1 (3%) 0 (0%) VENTURE Oral Study Favorable Tolerability Profile • Majority (98%) of drug related TEAEs among VK2735 subjects mild or moderate • Treatment discontinuations generally dose-dependent; may be related to titration rate • Most common TEAEs leading to discontinuation of drug: nausea, vomiting, constipation Notes: TEAE = Treatment Emergent Adverse Event. Study safety population, defined as all patients who were randomized and received at least one dose of study drug or placebo. Titration scheme: 15 mg cohort = 15 mg x 13 weeks; 30 mg cohort = 30 mg x 13 wks; 60 mg cohort = 30 mg x 2 wks, 60 mg x 11 wks; 90 mg cohort = 30 mg x 2 wks, 60 mg x 2 wks, 90 mg x 9 wks; 120 mg cohort = 30 mg x 2 wks, 60 mg x 2 wks, 90 mg x 2 wks, 120 mg x 7 wks. Potential Future Dose Range ~20 mg to ~60 mg Number of patients reporting (%)
Slide 27 — VK2735 Oral Phase 2 Study: GI Tolerability Summary
27 VK2735 Oral Phase 2 Study: GI Tolerability Summary Placebo (n=40) VK2735 15 mg (n=40) VK2735 30 mg (n=40) VK2735 60 mg (n=40) VK2735 90 mg (n=40) VK2735 120 mg (n=40) GERD 0 (0%) 3 (8%) 0 (0%) 2 (5%) 1 (3%) 3 (8%) Nausea Mild 16 (40%) 12 (30%) 15 (38%) 13 (33%) 22 (55%) 15 (38%) Moderate 3 (8%) 2 (5%) 7 (18%) 8 (20%) 7 (18%) 7 (18%) Severe 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 2 (5%) Vomiting 4 (10%) 2 (5%) 6 (15%) 8 (20%) 14 (35%) 14 (35%) Abdominal pain 1 (3%) 1 (3%) 2 (5%) 1 (3%) 1 (3%) 2 (5%) Diarrhea 5 (13%) 2 (5%) 3 (8%) 6 (15%) 6 (15%) 10 (25%) Constipation 9 (23%) 9 (23%) 8 (20%) 12 (30%) 17 (43%) 11 (28%) • Majority (99%) of GI adverse events mild to moderate and expected from GLP-1 mechanism • Doses ≤60 mg similar to placebo; titration rate likely to impact GI profile Potential Future Dose Range ~20 mg to ~60 mg Common drug-related GI TEAEs Number of subjects reporting (%) Notes: Safety population, includes all randomized subjects who received at least one dose of study drug or placebo. GERD: gastroesophageal reflux disease. TEAE = Treatment Emergent Adverse Event. Study safety population, defined as all patients who were randomized and received at least one dose of study drug or placebo. Titration scheme: 15 mg cohort = 15 mg x 13 weeks; 30 mg cohort = 30 mg x 13 wks; 60 mg cohort = 30 mg x 2 wks, 60 mg x 11 wks; 90 mg cohort = 30 mg x 2 wks, 60 mg x 2 wks, 90 mg x 9 wks; 120 mg cohort = 30 mg x 2 wks, 60 mg x 2 wks, 90 mg x 2 wks, 120 mg x 7 wks.
Slide 28 — GI AEs Generally Observed Early and Subside Over Time
28 GI AEs Generally Observed Early and Subside Over Time Time Course of Gl AEs Through 13 Weeks - All Cohorts Combined (% of participants) Up titration Up titration Up titration 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 Constipation Diarrhea Nausea Vomiting
Slide 29 — VK2735 VENTURE
29 VK2735 VENTURE Oral Phase 2 Study Takeaways • VK2735 VENTURE oral Phase 2 study data supports flexible dosing and maintenance strategies across treatment phases • Demonstrates potential leading efficacy, safety & tolerability • Unique PK supports potential for extended and long-term maintenance dosing Up to 12.2% reduction in body weight observed after 13 weeks of oral dosing Progressive, dose-dependent weight loss observed across all treatment groups Exploratory maintenance cohort successfully demonstrates proof of concept Promising tolerability profile through 120 mg dose; 98% of TEAEs mild to moderate Majority GI AEs mild to moderate, transient; likely to improve with optimized titration Sub-cutaneous to oral maintenance study ongoing, data expected 2027
Slide 30 — VK2735 Oral: SUNRISE Phase 3 Overview
30 VK2735 Oral: SUNRISE Phase 3 Overview Two Phase 3 Studies Ongoing Data Expected 2028 • Assess the efficacy & safety of daily oral VK2735 for 68 weeks • Targeting enrollment of 560 adults who are obese or overweight with at least one weight-related co-morbid condition • Initiated 4Q26 • Assess the efficacy & safety of daily oral VK2735 for 68 weeks • Targeting enrollment of 560 adults with type 2 diabetes who have obesity or are overweight • Initiated 4Q26 SUNRISE-1 SUNRISE-2
Slide 31 — SUNRISE Phase 3 Study Design
31 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 54 56 58 60 62 64 66 68 SUNRISE Phase 3 Study Design 4 wk screening Patients with obesity (SUNRISE-1) or Patients with obesity and type 2 diabetes (SUNRISE-2) SUNRISE-1, -2 studies underway – Primary endpoint: Percentage change in body weight from baseline – Secondary endpoint: Percentage of patients with ≥5%, ≥10%, ≥15%, ≥20% weight loss – Exploratory endpoints: Changes in function, metabolic health, mental health, productivity Randomization Endpoint 6-week follow-up (W74) Double-Blind Treatment, Weeks 1-68 10.0 mg 17.5 mg 10.0 mg 17.5 mg 35.0 mg 10.0 mg 17.5 mg 27.5 mg Placebo 55.0 mg 27.5 mg 27.5 mg 35.0 mg
Slide 32 — VK2735-102 Maintenance Study:
32 VK2735-102 Maintenance Study: Topline Results
Slide 33 — Expanding on VK2735 Holistic Weight Loss Potential
33 VK2735 SC Maintenance Expanding on VK2735 Holistic Weight Loss Potential Phase 2 data presented 8/19/2025 • Up to 12.2% body weight reduction after 13 weeks • Encouraging safety and tolerability with 99% of GI-specific Treatment Emergent AEs Mild or Moderate • Extended half-life drives robust patient outcomes SUNRISE Phase 3 obesity and T2D trials underway Phase 2 data presented 2/27/2024 • Up to 14.7% body weight reduction after 13 weeks • Large and established safety profile and tolerability dataset across multiple trials VANQUISH Phase 3 trials in obesity and T2D fully enrolled with data expected in 2H27 Maintenance data presented today • Potential to unlock new platform opportunities across maintenance use cases • Establish convenient dosing regimens including monthly or every-other-week while maintaining excellent tolerability SC to oral maintenance study underway; data expected 2027 VK2735 SC VK2735 Oral VK2735 SC Maintenance
Slide 34 — VK2735-102: Maintenance Study Design
34 VK2735-102: Maintenance Study Design Part 1: Subcutaneous (SC) maintenance dosing 38 5-week follow-up 12-week maintenance Weekly SC titration (21 weekly doses) 6-week screening Randomization Healthy subjects with BMI ≥30 • Designed to evaluate transition from Weekly (QW) to SC monthly (QM) or every other week (QOW) dosing regimens • Endpoints: Safety, tolerability, PK, weight change 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 22.5 mg monthly SC 20.0 mg monthly SC 17.5 mg monthly SC 15.0 mg monthly SC 10.0 mg monthly SC 10.0 mg QOW SC 7.5 mg QOW SC 5.0 mg QOW SC 17.5 mg weekly SC Placebo weekly SC Placebo weekly SC 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 17.5 mg 20.0 mg 22.5 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 1.25 mg 2.5 mg 5.0 mg 7.5 mg 10.0 mg 12.5 mg 15.0 mg 17.5 mg 17.5 mg 17.5 mg 17.5 mg 17.5 mg 17.5 mg 17.5 mg 17.5 mg Placebo 15.0 mg 20.0 mg Maintenance dosing period begins
Slide 35 — Maintenance Study: Induction Weight Loss Through Week 21
35 Maintenance Study: Induction Weight Loss Through Week 21 • Significant and progressive 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 baseline for 17.5 mg dose (n=118) • No evidence of plateau Notes: ****p<0.0001. Patients were required to have baseline BMI ≥30 kg/m2. Patients treated with VK2735 were titrated to final doses Body Weight Percent Change from Baseline over 21 Weeks (LSM±SE)
Slide 36 — High Proportion of VK2735 Participants Achieve Key Weight Loss
36 High Proportion of VK2735 Participants Achieve Key Weight Loss Thresholds at Week 21 5% Weight Loss 10% Weight Loss 15% Weight Loss 20% Weight Loss VK2735, Combined n=143 1 98% 90% 65% 32% Placebo n=15 13% 0% 0% 0% p-value vs. placebo <0.0001 <0.0001 <0.0001 <0.01 1. Observed values for subjects with weight measurement at W21 visit.
Slide 37 — Maintenance Study: Maintenance of Weight Loss with Every-
37 Maintenance Study: Maintenance of Weight Loss with Every- Other-Week Dosing • Up to approximately 97% maintenance of weight loss observed following transition to every-other-week dosing • Compares favorably to 61% maintenance effect for participants transitioned from 17.5 mg QW to placebo; p<0.01 all cohorts • Weight loss from baseline remains highly significant across all cohorts Percent of Weight Loss Maintained from W21 to W33 (LSM±SE) Notes: Patients were required to have baseline BMI ≥30 kg/m2.
Slide 38 — Maintenance Study: Maintenance of Weight Loss with Monthly
38 Maintenance Study: Maintenance of Weight Loss with Monthly Dosing • Up to approximately 90% maintenance of weight loss observed following transition to monthly dosing • Compares favorably to 61% maintenance effect for participants transitioned from 17.5 mg QW to placebo; p<0.01 all cohorts • Weight loss from baseline remains highly significant across all cohorts Percent of Weight Loss Maintained from W21 to W33 (LSM±SE) Notes: Patients were required to have baseline BMI ≥30 kg/m2.
Slide 39 — Maintenance Study: 17.5 mg Weekly Dosing Provides Highly
39 Maintenance Study: 17.5 mg Weekly Dosing Provides Highly Competitive 22% Weight Loss at W33 • Continued weekly dosing at 17.5 mg leads to progressive weight loss of up to approximately 22% • No plateau observed, suggesting continued weight loss with further dosing • Highly competitive vs. existing multi- agonist therapies dosed for longer periods Body Weight Percent Change from Baseline over 33 Weeks (LSM±SE) Notes: Patients were required to have baseline BMI ≥30 kg/m2. Patients treated with VK2735 were titrated to final doses.
Slide 40 — Discontinuation and GI Tolerability Summary – Induction Phase Through
40 Discontinuation and GI Tolerability Summary – Induction Phase Through Week 21 Notes: 1) Safety population, includes all randomized subjects who received at least one dose of study drug. 2) Subjects treated with VK2735 were titrated to final dose as indicated: Week 1 = 1.25 mg; Week 2 = 2.5 mg; Week 3-4 = 5.0 mg; Week 5-6 = 7.5 mg; Week 7-8 = 10.0 mg; Week 9-10 = 12.5 mg; Week 11-12 = 15.0 mg; Week 13-14 = 17.5 mg; Week 15-16 = 20.0 mg; Week 17 = 22.5 mg. Dose Level 1,2 Placebo (n=15) VK2735 Combined (n=166) VK2735 15 mg QW (n=15) VK2735 17.5 mg QW (n=121) VK2735 20 mg QW (n=15) VK2735 22.5 mg QW (n=15) Discontinued treatment early 0 (0%) 22 (13%) 2 (13%) 15 (12%) 1 (7%) 4 (27%) Discontinued treatment due to adverse event 0 (0%) 1 (1%) 0 (0%) 1 (1%) 0 (0%) 0 (0%) Treatment emergent adverse events (TEAEs) 7 (47%) 116 (70%) 11 (73%) 83 (69%) 10 (67%) 12 (80%) Common GI AEs, # of subjects reporting, (%) Nausea Mild 1 (7%) 67 (40%) 6 (40%) 47 (39%) 3 (20%) 11 (73%) Moderate 0 (0%) 3 (2%) 0 (0%) 2 (2%) 0 (0%) 1 (7%) Severe 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Vomiting 1 (7%) 45 (27%) 6 (40%) 32 (26%) 2 (13%) 5 (33%) Diarrhea 3 (20%) 33 (20%) 3 (20%) 24 (20%) 3 (20%) 3 (20%) Constipation 1 (7%) 18 (11%) 1 (7%) 12 (10%) 1 (7%) 4 (27%) Encouraging tolerability despite accelerated titration scheme; GI AEs in-line with expected from GLP-1/GIP agonism
Slide 41 — Discontinuation and GI Tolerability Summary – Every Other Week
41 Discontinuation and GI Tolerability Summary – Every Other Week Maintenance Dosing Through Week 33 Dose Level 1,2 Placebo (n=27) VK2735 Combined QOW (n=37) VK2735 5.0 mg QOW (n=12) VK2735 7.5 mg QOW (n=13) VK2735 10.0 mg QOW (n=12) Discontinued treatment early 0 (0%) 1 (3%) 0 (0%) 0 (0%) 1 (8%) Discontinued treatment due to adverse event 0 (0%) 1 (3%) 0 (0%) 0 (0%) 1 (8%) Treatment emergent adverse events (TEAEs) 14 (52%) 14 (38%) 4 (33%) 5 (39%) 5 (42%) Common GI AEs, # of subjects reporting, (%) Nausea Mild 0 (0%) 2 (5%) 1 (8%) 1 (8%) 0 (0%) Moderate 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Severe 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Vomiting 2 (7%) 1 (3%) 0 (0%) 0 (0%) 1 (8%) Diarrhea 1 (4%) 2 (5%) 0 (0%) 2 (15%) 0 (0%) Constipation 1 (4%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Notes: 1) Safety population, includes all randomized subjects who received at least one dose of study drug on or after Week 21. 2) Subjects treated with VK2735 were titrated to final doses as indicated: Week 1 = 1.25 mg; Week 2 = 2.5 mg; Week 3-4 = 5.0 mg; Week 5-6 = 7.5 mg; Week 7-8 = 10.0 mg; Week 9-10 = 12.5 mg; Week 11-12 = 15.0 mg; Week 13-14 = 17.5 mg. At Week 21 subjects were transitioned to maintenance dosing as indicated and treated for 12 weeks: 17.5 mg weekly to 5.0 mg every other week (QOW); 15 mg weekly to 7.5 mg QOW; 17.5 mg weekly to 10 mg QOW. Rates of common GI AEs similar to placebo following transition from weekly to every-other-week dosing
Slide 42 — Discontinuation and GI Tolerability Summary – Monthly Maintenance Dosing
42 Discontinuation and GI Tolerability Summary – Monthly Maintenance Dosing Through Week 33 Notes: 1) Safety population, includes all randomized subjects who received at least one dose of study drug on or after Week 21. 2) Subjects treated with VK2735 were titrated to final doses as indicated: Week 1 = 1.25 mg; Week 2 = 2.5 mg; Week 3-4 = 5.0 mg; Week 5-6 = 7.5 mg; Week 7-8 = 10.0 mg; Week 9-10 = 12.5 mg; Week 11-12 = 15.0 mg; Week 13-14 = 17.5 mg; Week 15-16 = 20.0 mg; Week 17 = 22.5 mg. At Week 21 subjects were transitioned to maintenance dosing as indicated and treated for 12 weeks: 17.5 mg weekly to 10.0 mg once monthly (QM); 17.5 mg weekly to 15.0 mg QM; 17.5 mg weekly to 17.5 mg QM; 20.0 mg weekly to 20.0 mg QM; 22.5 mg once weekly to 22.5 mg QM. Dose Level 1,2 Placebo (n=27) VK2735 Combined QM (n=66) VK2735 10 mg QM (n=16) VK2735 15 mg QM (n=14) VK2735 17.5 mg QM (n=11) VK2735 20 mg QM (n=14) VK2735 22.5 mg QM (n=11) Discontinued treatment early 0 (0%) 3 (5%) 0 (0%) 1 (7%) 1 (9%) 1 (7%) 0 (0%) Discontinued treatment due to adverse event 0 (0%) 1 (2%) 0 (0%) 0 (0%) 0 (0%) 1 (7%) 0 (0%) Treatment emergent adverse events (TEAEs) 14 (52%) 32 (49%) 7 (44%) 7 (50%) 5 (46%) 7 (50%) 6 (55%) Common GI AEs, # of subjects reporting, (%) Nausea Mild 0 (0%) 3 (4.5%) 1 (6%) 2 (14%) 0 (0%) 0 (0%) 0 (0%) Moderate 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Severe 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Vomiting 2 (7%) 5 (8%) 2 (13%) 1 (7%) 1 (9%) 1 (7%) 0 (0%) Diarrhea 1 (4%) 3 (5%) 1 (6%) 0 (0%) 0 (0%) 2 (14%) 0 (0%) Constipation 1 (4%) 2 (3%) 1 (6%) 1 (7%) 0 (0%) 0 (0%) 0 (0%) Rates of common GI AEs similar to placebo following transition from weekly to monthly dosing
Slide 43 — VK2735-102 Study Establishes Maintenance Use Case
43 VK2735-102 Study Establishes Maintenance Use Case Rapid Induction with Durable, Tolerable Maintenance Potential • Up to ~90% (monthly dosing) and ~97% (every-other-week dosing) of week 21 weight loss maintained at week 33 after switching to less-frequent dosing • Indicates credible maintenance paradigm and reinforces flexibility and platform potential with ability to reach new patient populations • Data supports both substantial weekly weight loss paired with durable, maintenance of that weight loss across multiple less-frequent dosing models • Up to ~19% placebo-adj weight loss at week 21 • ~18% placebo-adj weight loss at week 21 in 17.5mg cohort with up to ~22% placebo-adj weight loss at week 33 on continued 17.5 mg weekly, with no plateau observed • Highly competitive vs. existing therapies dosed for longer periods • Improved AE profile as dosing switches to less-frequent administration indicates potential adherence benefits • Maintenance-phase GI adverse events comparable to placebo; low discontinuation observed • Clean profile suited to primary care prescribing and long-term patient use Rapid Weight Loss Induction Sustained Loss on Maintenance Dosing Tolerability Potentially Amenable for Long Term Use Part 2 of study exploring SC to oral maintenance dosing underway; data expected 2027
Slide 44 — VK3019 Amylin Agonist
44 VK3019 Amylin Agonist
Slide 45 — Amylin Overview
45 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: Symlin, 2005 (AZN), for type 1 and 2 diabetes Graphics: Pharmacological Rev. 2015, 67(3), 564-600. • Adiposity • Nociception • Maternal behaviors • Neurogenesis • Anxiolytic/antidepressant • Bone homeostasis
Slide 46 — Amylin Agonists: Primate PK Profile Following Single SC Dose
46 Amylin Agonists: Primate PK Profile Following Single SC Dose • VK compounds show improved exposures vs cagrilintide • T1/2 suggest weekly dosing feasible • Encouraging BW change observed after single sub-cutaneous doses Compound Tmax (h) Cmax (ng/mL) AUCinf (h*ng/mL) T1/2 (days) BW Change Day 7 Cagrilintide 24 618 106,000 5.0 -6.5% VK3012 24 1020 170,000 5.3 -6.6% VK3019 48 875 130,000 3.6 -10.0% 0 7 14 21 -15 -10 -5 0 Day Cagrilintide VK3012 VK3019 NHP Body Weight Change (Single Dose) Change from Baseline (%)
Slide 47 — Amylin Program: Next Steps
47 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
Slide 48 — Summary
48 Summary
Slide 49 — Financial Summary
49 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 F I N A N C I A L S Cash burn YTD $203,865 Cash and ST Investments $501,874
Slide 50 — Viking Therapeutics: Advancing Blockbuster Metabolic Pipeline and
50 Viking Therapeutics: Advancing Blockbuster Metabolic Pipeline and Preparing for Obesity Commercialization Lead VK2735 Well-Positioned in a Blockbuster Market Positioning Therapeutics for Maximal Patient Flexibility and Optionality Oral and Injectable Formulations Under Development Images are not the actual product. • Dual agonist of GLP-1 and GIP receptors for obesity • Currently in VANQUISH Phase 3 trials • Potentially 3rd obesity franchise to market • Multiple dosing options under development to enable greater patient choice and retain long-term benefits • Amylin agonist VK3019 in Phase 1 development • Additional best-in-class and first-in-class assets for expanded indications, including MASH and X-ALD • Oral tablet formulation currently in SUNRISE Phase 3 trials • Positioned to be 1st dual agonist GLP-1/GIP oral product to market Pipeline of Next-Generation Assets
Slide 51 — Corporate Presentation
Corporate Presentation October 2026