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Viking Therapeutics, Inc. — Viking+Therapeutics+Corporate+Presentation+August+2026 (company IR deck)
Viking Therapeutics, Inc. (VKTX) · 0 slides · Filed Oct 28, 2026
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Slide 1 — Corporate Presentation
Corporate Presentation August 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 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). 2
Slide 3 — Investment Highlights
Investment Highlights 3 ●Developing novel therapeutics for metabolic and endocrine diseases ဝ Multiple clinical programs demonstrate potential best-in-class efficacy data ●Metabolic Disease Programs ဝ VK2735: GLP-1/GIP dual agonist for obesity VANQUISH Phase 3 program underway ဝ VK2735 Oral: GLP-1/GIP dual agonist for obesity Phase 3 obesity studies to begin 4Q26 ဝ VK3019: Amylin agonist for obesity Phase 1 underway ●Additional Programs ဝ VK2809: Selective thyroid receptor-β agonist for MASH; successful Phase 2b data reported 2Q24 ဝ VK0214: Selective thyroid receptor-β agonist for X-ALD; successful Phase 1b data reported 4Q24
Slide 4 — Pipeline Overview
Pipeline Overview 4 Development Programs Indication Stage of Development Status Preclin Phase 1 Phase 2 Phase 3 VK2735 (Dual GLP-1/GIP agonist) Obesity Phase 3 in process; Phase 1 maintenance study in process VK2735 Oral (Dual GLP-1/GIP agonist) Obesity Phase 3 to begin 4Q26 VK3019 (Amylin agonist) Obesity Phase 1 in process Additional metabolic VK2809 (TRβ agonist) MASH Phase 2b VOYAGE trial successfully completed VK0214 (TRβ agonist) X-ALD Phase 1b study demonstrated PoC
Slide 5 — VK2735 Dual GLP-1/GIP Agonist
VK2735 Dual GLP-1/GIP Agonist Obesity
Slide 6 — Peptide Hormone Receptor Agonist Program
Peptide Hormone Receptor Agonist Program 6 ●Program initiated in 2019 ●Evaluated GLP-1 mono, GLP-1/GIP dual, GLP-1/GIP/GCGR triple agonists ●Prioritized dual GLP-1/GIP agonists based on promising initial profile ●VK2735 selected as lead development compound; two follow-ons IND-ready ●Injectable Phase 1 SAD/MAD study completed 1H23 ●Injectable Phase 3 studies underway; VANQUISH registration program ●Oral Phase 1 SAD/MAD study completed 2H24 ●VENTURE-Oral Phase 2 obesity study completed 3Q25 ●Oral Phase 3 studies to begin 4Q26
Slide 7 — VK2735 Demonstrates Differentiated PK Profile in Primates
7 ●PK profile demonstrates higher Cmax, later Tmax, longer T1/2 vs. tirzepatide ●Differences lead to increased exposures over time VK2735 Demonstrates Differentiated PK Profile in Primates 0 24 48 72 96 120 144 168 0 500 1000 1500 2000 Mean Plasma Concentration - Single Dose Time (h) Concentration (ng/mL) Tirzepatide VK2735 0 24 48 72 96 120 144 168 0 1000 2000 3000 4000 Mean Plasma Concentration - Week 8 Time (h) Concentration (ng/mL) Tirzepatide VK2735
Slide 8 — VK2735 Induces Rapid Weight Loss in Obese Primate Model
-10 -8 -6 -4 -2 0 2 Vehicle (n=12) Tirzepatide (n=12) VK2735 (n=12) Change from baseline (%) 8 Mean Weight Change at 8 Weeks *** *** ●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 Percent change 3.3% -6.5% -9.5% p-value vs. vehicle - <0.001 <0.001 p-value vs. TZP - - 0.10 ***p<0.001 VK2735 Induces Rapid Weight Loss in Obese Primate Model
Slide 9 — VK2735 Oral Tablet Formulation
VK2735 Oral Tablet Formulation
Slide 10 — Oral VK2735 Phase 1 Results: Weight Change At 28 Days
Oral VK2735 Phase 1 Results: Weight Change At 28 Days 10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 Placebo (n=18) 2.5 mg (n=8) 5 mg (n=6) 10 mg (n=6) 20 mg (n=8) 40 mg (n=7) 60 mg (n=9) 80 mg (n=9) 100 mg (n=9) % Change From Baseline Baseline BW (kg) 98.3 102.3 95.3 97.1 111.3 90.0 107.7 102.0 102.7 Mean % Change in Body Weight at Day 28 ●Dose dependent reduction in body weight observed across VK2735 dosing cohorts ●Up to approximately 7% placebo- adjusted weight loss at 100 mg *** Notes: Baseline BMI ≥30 in all subjects.*p<0.05, **p<0.01, ***p<0.001. % Change in BW: -1.4% -0.3% -0.8% -1.1% -3.5% -5.1% -4.1% -5.2% -8.2% Placebo-adjusted: - 1.0% 0.6% 0.3% -2.2% -3.7% -2.7% -3.9% -6.8% p-value vs placebo - - - - 0.017 0.0001 0.0026 <0.0001 <0.0001 * *** *** **
Slide 11 — VK2735 Oral Phase 1 Results: Weight Loss Through Day 57
0 8 15 22 28 34 43 49 57 Study Day -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 from Baseline (%, LSM ± SE) Body Weight Percent Change VK2735 80/100/100/100 mg VK2735 60/80/80/80 mg VK2735 40/60/60/60 mg VK2735 20/40/40/40 mg VK2735 15/20/20/20 mg VK2735 5/10/10/10 mg VK2735 2.5/5/5/5 mg VK2735 2.5 mg Placebo -0.9 % 0.8 % 0.0 % -1.5 % -3.1 % -4.5 %** -2.6 % -4.0 %* -8.3 %*** VK2735 Oral Phase 1 Results: Weight Loss Through Day 57 Change From Baseline Body Weight Over 57 Days ●Weight loss effects largely maintained through Day 57 ●4 Weeks from last study dose ●Suggests maintenance may be feasible at lower doses vs. induction 11 Notes: Baseline BMI ≥30 in all subjects. *p-value < 0.05, **p-value < 0.01, ***p-value < 0.001. p-value for the comparison of the LS Mean Difference from baseline between treatment and placebo. x Last dose
Slide 12 — VK2735 Oral Phase 1 Study: GI Tolerability Summary
VK2735 Oral Phase 1 Study: GI Tolerability Summary 12 ●Promising tolerability; dose-dependent mild nausea observed at higher doses Common GI related TEAEs Number of subjects reporting (%) Placebo (n=19) VK2735 2.5 mg (n=8) VK2735 5 mg (n=7) VK2735 10 mg (n=6) VK2735 20 mg (n=8) VK2735 40 mg (n=8) VK2735 60 mg (n=9) VK2735 80 mg (n=9) VK2735 100 mg (n=9) GERD 1 (5%) 0 (0%) 0 (0%) 0 (0%) 1 (13%) 0 (0%) 1 (11%) 2 (22%) 0 (0%) Nausea Mild 2 (11%) 0 (0%) 1 (14%) 0 (0%) 2 (25%) 2 (25%) 2 (22%) 6 (67%) 6 (67%) Moderate 0 (0%) 0 (0%) 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%) 0 (0%) 0 (0%) Vomiting 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 1 (11%) 1 (11%) Abdominal pain 2 (11%) 0 (0%) 1 (14%) 1 (17%) 0 (0%) 0 (0%) 1 (11%) 0 (0%) 0 (0%) Diarrhea 4 (21%) 0 (0%) 0 (0%) 0 (0%) 1 (13%) 0 (0%) 1 (11%) 1 (11%) 1 (11%) Constipation 3 (16%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 3 (33%) 2 (22%) 4 (44%) Notes: Safety population, includes all randomized subjects who received at least one dose of study drug or placebo. GERD: gastroesophageal reflux disease.
Slide 13 — VK2735 Oral Phase 1 Study Takeaways
VK2735 Oral Phase 1 Study Takeaways 13 ●Up to 8.2% reduction in body weight observed after 28 days of oral dosing ●Progressive effect suggests further weight loss possible with longer treatment ●Majority of weight loss maintained 4 weeks after final dose ●Excellent tolerability profile through 100 mg dose level; 99% of AEs mild to moderate ●Minimal GI AEs; low rates of vomiting, diarrhea, constipation in higher dose cohorts ●Exploratory transition from 80 mg QD to 80 mg QoD suggests feasibility of lower dose maintenance regimens
Slide 14 — VK2735 VENTURE Oral Dosing Study
VK2735 VENTURE Oral Dosing Study Topline Results
Slide 15 — VENTURE Oral Dosing Phase 2a Study
VENTURE Oral Dosing Phase 2a Study 15 W0 W2 W19 Randomize Placebo (n=40) Follow-up 15 mg VK2735 (n=40) 30 mg VK2735 (n=40) 60 mg VK2735 (n=40) 90 mg VK2735 (n=40) 120 mg VK2735 (n=40) 90 mg VK2735 (n=40) -> 30 mg maintenance x 7 wks Double-Blind Treatment, 13 Weeks of daily dosing 6 Week follow-up Obese subjects, BMI ≥30 or ≥27 with comorbidity Screening, 28 days ●Multicenter, parallel cohort, 13-week trial in obese subjects o 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; 30 mg x 7 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; maintenance cohort = 30 mg x 1 wk, 60 mg x 1 wk, 90 mg x 4 wks, 30 mg x 7 wks. W13 W4 W6
Slide 16 — VK2735 VENTURE Oral Results: Weight Change At 13 Weeks
VK2735 VENTURE Oral Results: Weight Change At 13 Weeks 16 -14 -12 -10 -8 -6 -4 -2 0 Placebo (n=40) 15 mg (n=40) 30 mg (n=40) 60 mg (n=38) 90 mg (n=39) 120 mg (n=39) % Change From Baseline Baseline BW (kg) 105.2 99.0 102.9 102.8 103.4 101.9 Mean % Change in Body Weight at Week 13 Notes: Baseline BMI ≥30 in all subjects; ***p<0.001. ●Significant reduction in body weight observed after 13 weeks ●Up to approximately 12% reduction from baseline with no plateau ●Dose dependent effect observed across all treatment groups % Change in BW: -1.3% -2.3% -7.0% -8.7% -11.1% -12.2% Placebo-adjusted: - -1.0% -5.7% -7.4% -9.8% -10.9% p-value vs. placebo - - <0.0001 <0.0001 <0.0001 <0.0001 *** *** *** *** Notes: 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 ~75 mg
Slide 17 — VK2735 Oral Phase 2 Results: Weight Loss Through Week 13
0 1 2 3 4 5 6 7 8 9 10 11 12 13 Week -14 -12 -10 -8 -6 -4 -2 0 (LSM±SE) Body Weight Percent Change from Baseline VK2735 30/60/90/120 mg VK2735 30/60/90 mg VK2735 30/60 mg VK2735 30 mg VK2735 15 mg Placebo -1.3 % -11.1 %*** -9.2 %*** VK2735 Oral Phase 2 Results: Weight Loss Through Week 13 Change From Baseline Body Weight Over 13 Weeks ●Up to 12.2% mean weight loss among treated subjects ●Progressive weight loss observed in all treatment groups ●Statistically significant difference vs. placebo observed at all time points for doses >15 mg ●Preliminary follow-up data demonstrate continued weight loss through Week 16 17 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. x -1.3% -2.3% -7.0% -8.7% -11.1% -12.2% *** *** *** ***
Slide 18 — VK2735 Oral Phase 2 Results: Exploratory Maintenance Cohort
0 1 2 3 4 5 6 7 8 9 10 11 12 13 Week -14 -12 -10 -8 -6 -4 -2 0 (LSM±SE) Body Weight Percent Change from Baseline Vk2735 30/60/90/30 mg VK2735 30/60/90 mg Placebo -1.3 % -11.1 %*** -9.2 %*** VK2735 Oral Phase 2 Results: Exploratory Maintenance Cohort Change From Baseline Body Weight Over 13 Weeks ●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 18 x Transition from 90 mg to 30 mg QD (Green line only) Titration scheme: 90 mg cohort (gold line)= 30 mg x 2 wks, 60 mg x 2 wks, 90 mg x 9 wks 90 mg/30 mg cohort (green line) = 30 mg x 1 wk, 60 mg x 1 wk, 90 mg x 4 wks, 30 mg x 7 wks -11.1%*** -9.2%*** -1.3% -8.1% ● 90mg→30 mg 90mg fixed ***p-value < 0.001
Slide 19 — VK2735 Oral Phase 2 Study: GI Tolerability Summary
VK2735 Oral Phase 2 Study: GI Tolerability Summary 19 ● 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 Common drug-related GI TEAEs Number of subjects reporting (%) 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%) Notes: Safety population, includes all randomized subjects who received at least one dose of study drug or placebo. GERD: gastroesophageal reflux disease. Potential Future Dose Range ~20 mg to ~75 mg
Slide 20 — GI AEs Generally Observed Early and Subside Over Time
GI AEs Generally Observed Early and Subside Over Time 20 ● GI AEs, expected per GLP-1 mechanism: nausea, vomiting, diarrhea, constipation Up titration Up titration Up titration
Slide 21 — VK2735 VENTURE Oral Phase 2 Study Takeaways, Next Steps
VK2735 VENTURE Oral Phase 2 Study Takeaways, Next Steps 21 ●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 ●Phase 3 studies in obesity and obesity with type 2 diabetes planned for 4Q26
Slide 22 — VK2735 Subcutaneous Formulation
VK2735 Subcutaneous Formulation Obesity
Slide 23 — Subcutaneous Formulation: Phase 1 SAD/MAD Takeaways
Subcutaneous Formulation: Phase 1 SAD/MAD Takeaways 23 ●SAD study: Tmax ~72 hours, gradual onset; T1/2 170 – 253 hours, amenable to weekly dosing ●MAD study: Dose-dependent improvement in weight loss of up to 7.8% from baseline reported after 28 days in subjects with BMI ≥30 ●Durable weight loss maintained 21 days after last dose ●Reductions in liver fat indicate additional metabolic benefits ●Excellent exposures from weekly dosing suggests monthly dosing a possibility ●Promising safety and tolerability, 98% of AEs mild to moderate
Slide 24 — VK2735 VENTURE Phase 2a Obesity Study Design
VK2735 VENTURE Phase 2a Obesity Study Design 0 1 2 3 4 5 6 7 8 9 10 11 12 13 -2 Screening Randomization First Dose Study Weeks All Groups: Counseling for reduced calorie diet and exercise PLACEBO N=35 ● Phase 2a multicenter, parallel cohort, 13-week trial in obese patients (BMI ≥30 or ≥27 with comorbidity) o 3-week titration blocks applied at doses ≥5 mg ● Primary endpoint: Percent change in body weight at Week 13 vs. placebo -4 N=35 2.5 mg 2.5 mg N=35 N=35 2.5 mg N=35 19 5 mg 5 mg 7.5 mg 10 mg 5 mg 7.5 mg 10 mg 15 mg End of Treatment Follow-up Visit End of Study Last Dose 24 Screening Begins
Slide 25 — VENTURE Phase 2 Study Achieved Primary Endpoint
-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) Change from baseline (%) 25 Mean % Change in Body Weight After 13 Weeks *** *** ●Significant reduction in body weight observed after 13 weeks ●Up to approximately 15% reduction from baseline ●Dose dependent effect observed across cohorts Percent change -1.7% -9.1% -10.9% -12.9% -14.7% Placebo-adjusted - -7.4% -9.2% -11.3% -13.1% p-value vs. placebo - <0.0001 <0.0001 <0.0001 <0.0001 ***p<0.0001 *** VENTURE Phase 2 Study Achieved Primary Endpoint Baseline weight (kg) 105 kg 103 kg 98 kg 103 kg 101 kg ***
Slide 26 — VENTURE Phase 2 Results: Rapid, Progressive Weight Loss Observed
VENTURE Phase 2 Results: Rapid, Progressive Weight Loss Observed Change From Baseline Body Weight Over 13 Weeks ●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 26 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: 2.5 mg cohort = 2.5 x 13 weeks 5 mg cohort = 2.5 mg x 3 wks, 5 mg x 10 wks 10 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 mg cohort = 5 mg x 3 wks, 7.5 mg x 3 wks, 10 mg x 3 wks, 15 mg x 4 wks 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Week -16 -14 -12 -10 -8 -6 -4 -2 0 (LSM±SE) Body Weight Percent Change from Baseline VK2735 5/7.5/10/15 mg VK2735 2.5/5/7.5/10 mg VK2735 2.5/5 mg VK2735 2.5 mg Placebo -1.7 % -9.1 %*** -10.9 %*** -12.9 %*** -14.7 %***
Slide 27 — VENTURE Phase 2 Study: GI Tolerability Summary
VENTURE Phase 2 Study: GI Tolerability Summary 27 ●Majority (94%) GI specific TEAEs among VK2735 patients were mild or moderate Common GI related TEAEs Number of patients reporting (%) Placebo (n=35) VK2735 2.5 mg (n=35) VK2735 5 mg (n=35) VK2735 10 mg (n=35) VK2735 15 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%) GERD: Gastroesophageal reflux disease.
Slide 28 — Time Course of GI AEs Through 13 Weeks; 10 mg and 15 mg Cohorts
Time Course of GI AEs Through 13 Weeks; 10 mg and 15 mg Cohorts 28 ● GI AEs most common, expected per GLP-1 mechanism: nausea, vomiting, diarrhea, constipation ● Generally observed early, subside over time Rate of Reported GI AEs Over Time - 10.0 mg Vomiting Nausea Diarrhoea Constipation 0 4 8 12 16 20 24 28 32 36 40 44 48 % of Subjects in Each Week W13 W12 W11 W10 W9 W8 W7 W6 W5 W4 W3 W2 W1 Rate of Reported GI AEs Over Time - 15.0 mg Vomiting Nausea Diarrhoea Constipation 0 4 8 12 16 20 24 28 32 36 40 44 48 % of Subjects in Each Week W13 W12 W11 W10 W9 W8 W7 W6 W5 W4 W3 W2 W1 *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. 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 29 — VENTURE Phase 2 Study Takeaways
VENTURE Phase 2 Study Takeaways 29 ●Up to 14.7% mean weight loss observed after 13 weeks of VK2735 treatment ●Promising tolerability, 92% of all drug related TEAEs mild to moderate ●Majority of GI-related AEs occur early in treatment, resolve ●Durable weight loss observed, >90% of efficacy retained 4 weeks after last dose ●Significant improvement observed in cardiometabolic status – prediabetes, metabolic syndrome ●Durability, PK profile suggestive of potential monthly regimen ●Results published in January 2026: Bays, et al., Obesity, 2026; 0:1-13
Slide 30 — VK2735 Subcutaneous: VANQUISH Phase 3 Overview
VK2735 Subcutaneous: VANQUISH Phase 3 Overview 30 ●Two Phase 3 studies initiated in 2Q25 ဝ VANQUISH 1: Patients with obesity ဝ VANQUISH 2: Patients with type 2 diabetes and obesity ●Studies include extension to assess long-term safety, efficacy ●Enrollment complete in both studies
Slide 31 — VANQUISH Phase 3 Study Design
VANQUISH Phase 3 Study Design Screening Begins 0 56 62 72 78 -2 Screening Randomization 3:2:3:3 First Dose Study Weeks -4 84 End of Treatment Follow-up Visit End of Study 76 74 70 68 64 60 58 54 52 50 48 46 44 42 40 38 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 All Groups: Counseling for reduced calorie diet and exercise PLACEBO 7.5 mg 12.5 mg 17.5 mg 15 mg 12.5 mg 10 mg 10 mg 7.5 mg 7.5 mg 5 mg 5 mg 5 mg 2.5 mg 2.5 mg 2.5 mg 1.25 mg 1.25 mg 1.25 mg 31 Patients with obesity (VANQUISH-1, n=4668) or Patients with obesity and type 2 diabetes (VANQUISH-2, n=1011) o Primary endpoint: Percentage change in body weight from baseline o Secondary endpoint: Percentage of patients with ≥5%, ≥10%, ≥15%, ≥20% weight loss Last Dose
Slide 32 — VK2735 Subcutaneous Maintenance Study – Enrollment Complete
32 W0 W38 Randomize 22.5 mg weekly SC (n=15) 22.5 mg monthly SC 20.0 mg weekly SC (n=15) 20.0 mg monthly SC 17.5 mg weekly SC (n=15) 17.5 mg monthly SC 17.5 mg weekly SC (n=15) 15.0 mg monthly SC 17.5 mg weekly SC (n=15) 10.0 mg monthly SC 17.5 mg weekly SC (n=15) 10.0 mg QOW SC 15.0 mg weekly SC (n=15) 7.5 mg QOW SC 17.5 mg weekly SC (n=15) 5.0 mg QOW SC 17.5 mg weekly SC (n=15) 17.5 mg weekly SC 17.5 mg weekly SC (n=30) Placebo weekly SC Placebo weekly SC (n=15) Placebo weekly SC 21 Weekly Doses 12 Week Maintenance 5 Week Follow-Up Healthy subjects with BMI ≥30 Screening, 42 days W33 W21 Weekly SC Titration Maintenance VK2735 Subcutaneous Maintenance Study – Enrollment Complete ●Designed to evaluate transition to biweekly and monthly SC regimens ●Endpoints: Safety, tolerability, PK, wt change ●Results expected in 3Q26 ●Oral maintenance to follow; results 1H27
Slide 33 — Financial Summary
Financial Summary 33 ●Capital structure and summary financials Capital Structure June 30, 2026 (‘000s) Shares outstanding 116,653 Options, RSUs 7,834 Total shares, options, RSUs 124,487 Financials June 30, 2026 (‘000s) Cash burn YTD $203,865 Cash and ST Investments $501,874
Slide 34 — Investment Highlights
Investment Highlights 34 ●Developing novel therapeutics for metabolic and endocrine diseases ဝ Multiple clinical programs demonstrate potential best-in-class efficacy data ●Metabolic Disease Programs ဝ VK2735: GLP-1/GIP dual agonist for obesity VANQUISH Phase 3 program underway ဝ VK2735 Oral: GLP-1/GIP dual agonist for obesity Phase 3 obesity studies to begin 4Q26 ဝ VK3019: Amylin agonist for obesity Phase 1 underway ●Additional Programs ဝ VK2809: Selective thyroid receptor-β agonist for MASH; successful Phase 2b data reported 2Q24 ဝ VK0214: Selective thyroid receptor-β agonist for X-ALD; successful Phase 1b data reported 4Q24
Slide 35 — Corporate Presentation
Corporate Presentation August 2026