Viking Therapeutics, Inc Morgan Stanley 24th Annual Global Healthcare Conference

Sure. No, thanks a lot to Morgan Stanley for the invitation. We've got a great schedule and really happy to be here. We really appreciate it. A lot happening at Viking this year. The main program is in obesity. It's a peptide we call VK2735. Completed a phase II study and showed approximately 15% weight loss from baseline after 13 weeks. We advanced it into phase III development. We have two ongoing phase III trials today. One's called VANQUISH-1 in patients with obesity, and one's called VANQUISH-2, and that's in patients with obesity and type 2 diabetes. Both trials fully enrolled and both likely to read out data toward the second half of 2027. Those are weekly subcutaneous injections. We've got another formulation of the same compound that's an oral tablet formulation.

Showed promising data in a phase II trial, so we're planning to move that into two very similar phase III trials in the fourth quarter. I think of that program as being 12 to 18 months behind the subcu program. So we'll kick those off in the fourth quarter. We've really been focused on with the company providing products that give patients the greatest amount of optionality, whether it's a subcutaneous injection, oral tablet, and we're conducting a study now that explores different dosing regimens. So following weight loss with a weekly regimen, we're transitioning people to an every other week regimen or a monthly regimen. Looking at, we call it maintenance study. We're looking at what happens to body weight after you transition from weekly to every other week or monthly.

The goal there is to keep people roughly where they were when they made the transition to less frequent dosing. We have guided to data from that study this quarter, and we will maintain that guidance today.

Yeah. Well, we would hope that for the general population, BMI above 30 or 27 plus one comorbidity, that we would provide a viable therapeutic option. One thing that I think differentiates us from other development programs and marketed programs is we have the same molecule, GLP-1/GIP, in both the subcu and the oral formulation. So you could transition presumably from one to the other without necessarily an increase in the risk of new adverse events or anything like that. If we can successfully develop the less frequent dosing regimen, it is another opportunity to keep patients on therapy and improve persistence. Long-term persistence, a big challenge with these patients. But long-term persistence is really what is required to realize the long-term benefits of sustained weight loss.

We would hope that we are differentiated because we can provide more options to keep people on therapy for a longer period of time and maintain a healthy weight.

Yeah. The way we look at the orals is it's going to probably continue to be the smaller component of the market. Still a pretty substantial component of the market, but way we see it is 75/25, something like that, injectable oral. The recent launches, the peptide launch that was earlier this year has done remarkably well. It's sort of been assisted by having the same brand name for both the injectable and the oral product. The second launch, a small molecule oral GLP-1 agonist, a little bit slower out of the gate, but now picking up steam. We see both as, I think, really expanding the market, not necessarily cannibalizing the injectable market, but leading to an expansion.

Ultimately, we see the orals as maybe being a little bit of a funnel to the injectable products since the orals don't match the same degree of weight loss compared to the injectables. So once someone's on an oral, they're comfortable with the side effect profile, they're excited to be losing weight, and they get to maybe 8%-10% weight loss, there's really only one way they can go to achieve higher weight loss, and that's through an injectable product. So we see conversely, the oral market as really potentially being a big expander to the subcu market.

Because there were shortages in some of the earlier launches, we spent a lot of time looking at sourcing manufacturing capacity. Right now we have a base agreement with CordenPharma, I think a well-known party in the peptide manufacturing space. Our agreement with there is for a multi-ton capacity of API, at least 100 million units of vial and syringe products, at least 100 million units of auto-injector products, and then at least 1 billion tablets as well. All of those elements are expandable at our option. Since the CordenPharma agreement, I think we announced that in March of 2025, we've added three additional API manufacturers, all in the multi-ton range. We will continue to build in redundancies across the supply chain for vial and syringe, as well as auto-injector.

All continuing to develop there, but I think we feel pretty good about the API situation.