Viking Therapeutics (VKTX, Financials) reported its fourth-quarter and full-year 2024 financial results, highlighting progress in its obesity drug pipeline and a strong cash position of $903 million.

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In the second quarter of 2025, the business intends to start Phase 3 studies for their subcutaneous obesity therapy, VK2735.

Targeting metabolic and endocrine diseases, the San Diego-based biopharmaceutical company also continues working on an oral version of VK2735. Over a 13-week timeframe, the continuing Phase 2 VENTURE-Oral Dosing experiment seeks to evaluate its safety and effectiveness. Viking thinks the oral alternative offers a smooth transition from the subcutaneous form and might appeal to individuals reluctant about injectable therapies.

The business completed an End-of-Phase 2 meeting with the FDA in the fourth quarter to get comments on its Phase 3 preparations. With patients in the highest dosage group losing up to 14.7% of body weight after 13 weeks, earlier studies of VK2735 have indicated statistically significant weight reduction. Safety statistics have been positive, with most negative incidences recorded as mild to severe.

Viking is pursuing VK2809, an experimental treatment for metabolic dysfunction-associated steatohepatitis (MASH), outside VK2735. A Phase 2b VOYAGE study showed that VK2809 dramatically lowers liver fat content and enhances biomarkers linked to cardiovascular risk. Viking is also looking at joint venture prospects for VK0214, an X-linked adrenoleukodystrophy (X-ALD) therapy.

Viking claimed a net loss of $35.4 million ($0.32 per share), compared to a loss of $24.6 million ($0.25 per share) in the same period the previous year. Rising to $31 million from $20.5 million a year earlier, increased research and development spending helped to explain the larger deficit. Driven by manufacturing and clinical trial expenditures, full-year R&D spending came in at $101.6 million.

Viking came out of 2024 with a strong cash position of $903 million, up from $362 million in 2023, despite the losses. Management feels this gives enough money to further many initiatives, including Phase 3 experiments for VK2735.