VKTX

Viking is a pure clinical-stage biotech whose entire equity value hinges on VK2735, a dual GLP-1/GIP agonist for obesity. The Phase 2 VENTURE data the 10-K cites — up to 14.7% weight loss from baseline and 13.1% placebo-adjusted at 13 weeks — is genuinely competitive with the incumbent injectables, and the August 2025 oral VENTURE-Oral trial hit primary and secondary endpoints with a clean tolerability profile. With VANQUISH-1 enrollment completed in November 2025 and Phase 3 oral dosing slated for Q3 2026, the catalyst calendar is real and near-term, which explains why the stock is up 8.8% today.

The numbers, however, demand sobriety. FY2025 revenue is zero (and has been zero every year shown back to 2021), while the loss exploded to -$360M from -$110M as R&D more than tripled to $345M to fund the Phase 3 push. Operating cash flow swung to -$279M. The balance sheet is the only thing standing between Viking and a dilutive raise: $166M of cash plus $716M of total assets against just $76.7M of liabilities (L/E 0.12x) is healthy, but at the current burn that runway is roughly two to three years before another equity offering — and share count already crept +2.9% YoY against an accumulated deficit of -$848M.