Viking Therapeutics Inc: VK2735 Data Preview: Maintenance Data 3Q26 Provides Opportunity for Near term Upside

Research evidence excerpt

Viking Therapeutics Inc: VK2735 Data Preview: Maintenance Data 3Q26 Provides Opportunity for Near term Upside

IdeaMStrategically, mgt. is evaluating both the SC and oral formulations as part of a

maintenance regimen, while the oral formulation has the potential to enable a seamless

transition from injectable induction to lower‑burden chronic therapy. Meanwhile, a

monthly injectable regimen may present a meaningfully lower treatment burden than

traditional weekly injections, particularly with user‑friendly subcutaneous delivery devices

that support ease of administration. The ability to maintain patients on the same molecule

across both injectable and oral formulations may reduce the risk of new or unexpected

side effects, improve adherence, and support long‑term persistence.

Key Obesity Players Evaluating Maintenance Options

There continues to be a clear shift in how leading players frame obesity, as a chronic

condition requiring ongoing maintenance rather than a one‑time intervention, with

durability increasingly emerging as the key driver of long‑term outcomes. Data from Novo

(covered by Thibault Boutherin) and Lilly (covered by Terence Flynn) consistently

reinforce this view, demonstrating that discontinuation of incretin‑based therapies is

associated with meaningful rebound weight gain. In Novo’s STEP 1 extension, patients

regained ~67% of prior weight loss within one year of stopping semaglutide, while STEP 4

showed that patients switched to placebo after a 20‑week run‑in regained ~6.9% body

weight over 48 weeks despite continued lifestyle intervention, in contrast to continued

weight loss on therapy. We view these data as central to why competitors are increasingly

investing in maintenance strategies ( Exhibit 6 ), as the risk of rebound represents a