6. Viking Therapeutics Inc. (NASDAQ:VKTX)
Viking Therapeutics, Inc. (NASDAQ: VKTX) ranks sixth and remains one of the most credible independent challengers in the obesity-drug race. Its primary candidate, VK2735, activates both GIP and GLP-1 receptors—the same broad combination targeted by tirzepatide, the active ingredient in Eli Lilly and Company’s (NYSE: LLY) Mounjaro and Zepbound. Viking Therapeutics, Inc. (NASDAQ: VKTX) is developing both injectable and oral formulations, giving it the potential to compete across two major segments of the market.
The injectable formulation has already advanced into the Phase 3 VANQUISH program. In March 2026, Viking Therapeutics, Inc. (NASDAQ: VKTX) announced the completion of enrollment in VANQUISH-2, one of two pivotal studies evaluating subcutaneous VK2735. The company has also received FDA feedback supporting the advancement of oral VK2735 into Phase 3 development, which it expected to begin in the fourth quarter of 2026. The dual-formulation strategy could allow Viking Therapeutics, Inc. (NASDAQ: VKTX) to address patients seeking powerful weekly therapy as well as those who strongly prefer a pill.
The most important question is whether Viking Therapeutics, Inc. (NASDAQ: VKTX) can independently finance, manufacture and commercialize a global obesity treatment or whether a large pharmaceutical company eventually acquires or partners with the business. Phase 3 obesity trials enroll thousands of participants and require major spending on manufacturing, regulatory work and market preparation. Positive pivotal data could make VK2735 one of the most valuable unpartnered metabolic assets in biotechnology. Clinical disappointment, safety problems or delays could erase a large part of the company’s valuation. That binary risk keeps Viking Therapeutics, Inc. (NASDAQ: VKTX) below the established commercial leaders despite the program’s considerable promise.
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Disclosure: No relevant interests to disclose. This article was originally published on BioTech HealthX.
