Viking Therapeutics reported its first-quarter 2025 financial results, posting a GAAP loss per share of $0.41, missing estimates of $0.32 to $0.34. The company reported a net loss of $45.6 million, exceeding the estimated $37.9 million, and an operating loss of $55.5 million compared to the $46.9 million estimate. Operating expenses were $55.5 million. As of March 31, 2025, Viking held $852 million in cash, cash equivalents, and short-term investments. The company announced that Phase 3 trials for its subcutaneous drug VK2735 are expected to begin in the second quarter of 2025, while the Phase 2 VENTURE oral dosing trial in obesity is fully enrolled, with data anticipated in the second half of 2025. Viking has entered a broad manufacturing agreement with CordenPharma to support future commercialization of VK2735. Management highlighted rapid progress in the first quarter, including the initiation and completion of enrollment in the Phase 2 VENTURE oral dosing trial. CEO Brian highlighted a conservative target of 8% weight loss to beat in Phase 2 results and noted potential for weekly dosing profiles and oral formulations for VK2735 and related compounds. Analysts at Morgan Stanley and Raymond James maintain positive outlooks, with price targets of $102 and $125 respectively, citing ongoing execution in obesity drug development and upcoming catalysts. Viking’s stock declined following the earnings report. The company’s pipeline and manufacturing partnerships remain key focus areas as it advances clinical development and prepares for commercialization.