Viking Therapeutics plunged more than 30% in early U.S. trading after releasing mid-stage results for its experimental oral obesity pill, VK2735, that investors judged less competitive than rival candidates. The 280-patient Phase 2 VENTURE-Oral study showed the once-daily tablet produced mean weight-loss of up to 12.2%, or 26.6 pounds, after 13 weeks. By contrast, placebo recipients lost 1.3%. The drug met its primary and secondary endpoints, with as many as 80% of treated patients achieving at least a 10% reduction in body weight. Safety and tolerability tempered enthusiasm. Overall treatment discontinuation reached 28% among VK2735 users compared with 18% for placebo, driven largely by gastrointestinal issues; 58% of participants on the drug reported nausea and 26% experienced vomiting. At the highest dose, 38% of patients stopped therapy early. Analysts noted the dropout rate exceeds the 21.9% seen over 72 weeks with Eli Lilly’s oral GLP-1 candidate, orforglipron, raising questions about VK2735’s competitive standing in the fast-growing obesity-drug market dominated by Lilly and Novo Nordisk. Viking said weight loss remained progressive through week 13 and intends to test lower maintenance doses and longer treatment durations while it advances an injectable formulation of VK2735 in Phase 3 trials.