February 12, 2026
BIOINVEST NEWS: Viking (VKTX)
Viking Therapeutics (VKTX) – BIOINVEST BREAKING NEWS – VK2735 Oral Advancing Directly to Phase III after Positive EOP2 w/FDA
VKTX reported yesterday that a productive end of Phase II meeting with the FDA will allow the company to advance ‘2735 oral directly into Phase III development without another Phase II. The EOP2 meeting allows for time-saving Phase III program for oral VK2735, which could shrink the gap between Phase III VANQUISH and the oral datasets. While we await more concrete details on Phase III oral design which will start in Q3, we expect a two-trial program (separate T2D and obesity, like VANQUISH). Importantly, the Phase III oral program will be shorter in duration, smaller in overall trial size, and fewer in-clinic visits, with the potential to leverage subQ safety for the oral FDA filing. In our view, oral ‘2735 is likely to be second to market after oral Wegovy and will shorten the gap with subQ, as the first and only incretin with both subq and oral that could lead to a very competitive offering. VKTX is positioning 2026 as a pivotal year for execution, transitioning from development-focused toward commercial readiness with the Phase III VANQUISH data due in 2027. Q3 will be very important for VKTX as we expect positive ‘2735 maintenance data to serve as a major catalyst.
VKTX has also completed enrollment in the maintenance trial and data is slated for 3Q26 as VKTX’s next clinical major catalyst with insights on subQ and oral maintenance regimens post-subQ induction. While autoinjector use is not expected in the Phase I maintenance trial, management noted a huge supply for implementation in the Phase III VANQUISH program, as VANQUISH-2 enrollment completion is expected this quarter. We anticipate potential details on VANQUISH baseline demographics later this year.
VKTX also said a DACRA (amylin) IND filing is expected this quarter, with dosing initiation likely in 2Q26 and initial SAD data potentially by year-end. We expect VKTX to develop both subQ and oral DACRA formulations over time which would be an excellent complement to the subQ and oral ‘2735 program providing obesity patients four different options. In our view, the subQ and oral ‘2735 have significant potential with potentially differentiated safety and profile among the 2nd generation GLP-1 options with oral being the 2nd to market. The subQ and potentially oral DACRA drugs would cement VKTX as a leader in obesity drug development. Q3 will be very important for VKTX as we expect positive ‘2735 maintenance data to serve as a major catalyst.