Viking advances VK2735 to Phase 3, but Ligand disputes VK2809 license; cash burn triples

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 24, 2025 · ~2 min read

Key Changes

• high

  Ligand notified Viking on April 24, 2026 of intent to terminate the license for VK2809, the company's thyroid hormone receptor beta agonist for NASH. Viking disputes the termination and will defend its rights, but loss of $17.7 million VK2809 would materially harm the business.

  Risk Factors: Ligand License Dispute verify on EDGAR →
• high

  VK2735 subcutaneous advanced to Phase 3 with VANQUISH-1 and VANQUISH-2 trials fully enrolled by March 2026. Oral formulation completed Phase 2 in August 2025 with statistically significant weight loss versus placebo; Phase 3 oral studies planned for Q4 2026.

  MD&A: VK2735 Clinical Progress verify on EDGAR →
• high

  R&D expenses surged 263% to $150.2 million in Q1 2026 (vs. $41.4 million prior year), driven by $103.2 million in Phase 3 trial costs. Operating cash burn doubled to $113.9 million, reducing cash and investments to $603.0 million from $851.9 million year-over-year.

  MD&A: Financial Performance verify on EDGAR →