Viking Therapeutics, Inc. (NASDAQ:VKTX) is pressing ahead in the weight-loss drug race with the launch of its Phase 2 VENTURE-Oral trial to test a daily pill version of VK2735 in obese and overweight adults, a move analysts say could position the company to capitalize on Eli Lilly’s recent setback and expand treatment options beyond injections.
The study, which began in January 2025, will assess the safety, tolerability, pharmacokinetics and weight-loss efficacy of once-daily oral dosing over a 13-week period.
VK2375 is being developed in oral and subcutaneous formulations. The target population consists of adults with obesity (BMI ≥30 kg/m2) or who are overweight (BMI ≥27 kg/m2) with at least one weight-related co-morbid condition.
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The study’s primary endpoint is the percent change in body weight from baseline after 13 weeks of treatment. Secondary and exploratory endpoints will evaluate additional safety and efficacy measures.
Viking expects to release results in the second half of 2025, with William Blair projecting an August readout. Analyst Andy Hsieh wrote Tuesday, “Our base-case expectation is to replicate the 4-week Phase I results, translating to a placebo-adjusted weight loss of slightly under 7% for the highest doses.”
Hsieh highlighted the advantage of using the same active ingredient across oral and injectable formats, allowing patients to switch between the two without increasing the risk of new side effects. William Blair reiterated its Outperform rating on Viking shares.
Given the underwhelming weight loss magnitude from Eli Lilly and Co.’s (NYSE:LLY) Phase 3 ATTAIN-1 trial of orforglipron, coupled with potential uncertainties associated with the persistent rate of adverse events, the analyst believes the setback creates a clinical void for smaller competitors to fill.
“We expect Viking to rise to the occasion and demonstrate the potential of the oral tablet formulation of VK2735 as a competitive option in the maintenance setting. We therefore would be buyers before the Phase II VENTURE-oral readout,” William Blair wrote in an investor note on Tuesday.
In June, Viking Therapeutics initiated the VANQUISH Phase 3 clinical program for subcutaneous VK2735. In 2024, Viking announced topline results from the Phase 2 VENTURE study of subcutaneous VK2735 in obesity.
Patients receiving VK2735 demonstrated statistically significant reductions in mean body weight from baseline, ranging up to 14.7%, and statistically significant reductions in mean body weight relative to placebo, ranging up to 13.1%.
Price Action: VKTX stock is trading higher by 2.38% to $40.81 at last check Wednesday.
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