Viking Therapeutics, Inc. 10-K

Item 9A. Controls and Procedures. Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act. Disclosure controls and procedures are controls and other procedures designed to ensure that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on our management’s evaluation (with the participation of the individuals serving as our principal executive officer and principal financial officer) of our disclosure controls and procedures as required by Rules 13a-15 and 15d-15 under the Exchange Act, each of the individuals serving as our principal executive officer and principal financial officer has concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2025, the end of the period covered by this report. Management’s Report on Internal Control over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Internal control over financial reporting is a process designed under the supervision and with the participation of our management, including the individuals serving as our principal executive officer and principal financial officer, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Management conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013 Framework). Based on this 77 assessment, our management concluded that, as of December 31, 2025, our internal control over financial reporting was effective based on those criteria. Changes in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting during the fiscal quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Attestation Report on Internal Control over Financial Reporting. Our independent registered public accounting firm, CBIZ CPAs P.C., issued an attestation report on our internal control over financial reporting, as noted below. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON INTERNAL CONTROL OVER FINANCIAL REPORTING To the Stockholders and Board of Directors of Viking Therapeutics, Inc. Opinion on Internal Control Over Financial Reporting We have audited Viking Therapeutics, Inc.'s (the “Company”) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet as of December 31, 2025 and the related consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows and the related notes (collectively referred to as the “financial statements”) for the year ended December 31, 2025 of the Company, and our report dated February 11, 2026 expressed an unqualified opinion on those financial statements. Basis for Opinion The Company's management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying “Management Annual Report on Internal Control over Financial Reporting”. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 78 Because of the inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that degree of compliance with the policies or procedures may deteriorate. /s/ CBIZ CPAs P.C. Costa Mesa, California February 11, 2026 79 Item 9B. Other Information. Insider Adoption or Termination of Trading Arrangements: During the fiscal quarter ended December 31, 2025, none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K. Resignation of Chief Operating Officer: On February 10, 2026, Marianne Mancini informed us that she will be retiring and therefore resigning from her role as our Chief Operating Officer, effective April 30, 2026. Ms. Mancini has served as our Chief Operating Officer since January 2021. We thank Ms. Mancini for her years of service and valuable contributions to our Company. Item 9C. Disclosure Regarding Foreign J urisdictions that Prevent Inspections. Not applicable. 80 PART III Item 10. Directors, Executive Off icers and Corporate Governance. The information required by this item will be contained in our definitive proxy statement on Schedule 14A to be filed with the SEC in connection with our 2026 annual meeting of stockholders, or the Proxy Statement, which we expect to file not later than 120 days after the end of our year ended December 31, 2025, and is incorporated in this report by reference. Item 11. Executi ve Compensation. The information required by this item will be contained in the Proxy Statement, which we expect to file not later than 120 days after the end of our year ended December 31, 2025, and is incorporated in this report by reference. Item 12. Security Ownership of Certain Beneficial Ow ners and Management and Related Stockholder Matters. The information required by this item will be contained in the Proxy Statement, which we expect to file not later than 120 days after the end of our year ended December 31, 2025, and is incorporated in this report by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence. The information required by this item will be contained in the Proxy Statement, which we expect to file not later than 120 days after the end of our year ended December 31, 2025, and is incorporated in this report by reference. Item 14. Principal Accou nting Fees and Services. The information required by this item will be contained in the Proxy Statement, which we expect to file not later than 120 days after the end of our year ended December 31, 2025, and is incorporated in this report by reference. 81 PART IV Item 15. Exhibits, Financ ial Statement Schedules. (a)(1) The Financial Statements required to be filed by Items 8 and 15(c) of this Annual Report on Form 10-K, and filed herewith, are as follows: Page Number in this Annual Report on Form 10-K Report of Independent Registered Public Accounting Firm F- 2 Report of Independent Registered Public Accounting Firm F- 4 Consolidated Balance Sheets F- 5 Consolidated Statements of Operations and Comprehensive Loss F- 6 Consolidated Statements of Stockholders’ Equity F- 7 Consolidated Statements of Cash Flows F- 8 Notes to Consolidated Financial Statements F- 9 (a)(2) Financial Statement Schedules have been omitted because they are either not applicable or the required information is included in the financial statements or notes thereto listed in (a)(1) above. (a)(3) Exhibits. The following exhibits are filed herewith or incorporated herein by reference: Exhibit Number Description Registrant’s Form Date Filed with the SEC Exhibit Number 3.1 Amended and Restated Certificate of Incorporation. S-1 7/1/2014 3.3 3.2 Amended and Restated Bylaws of Viking Therapeutics, Inc., effective as of May 9, 2023. 8-K 5/11/2023 3.1 4.1 Form of Common Stock Certificate. S-1 7/1/2014 4.1 4.2 Description of Registrant’s Securities. 10-K 2/1/2023 4.2 10.1# Form of Indemnification Agreement between Viking Therapeutics, Inc. and its directors and executive officers. S-1 7/1/2014 10.1 10.2# 2014 Equity Incentive Plan. S-1/A 3/2/2015 10.2 10.3# 2024 Equity Incentive Plan. S-8 5/22/2024 4.2 10.4# Form of Stock Option Award Agreement (2024 Equity Incentive Plan). S-8 5/22/2024 4.3 10.5# Form of Restricted Stock Unit Award Agreement (2024 Equity Incentive Plan). S-8 5/22/2024 4.4 10.6# Form of Restricted Stock Award Agreement (2024 Equity Incentive Plan). S-8 5/22/2024 4.5 10.7# 2024 Employee Stock Purchase Plan. S-8 5/22/2024 4.6 10.8# Employment Agreement, effective as of June 2, 2014, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D. S-1/A 9/2/2014 10.6 10.9# First Amendment to Employment Agreement, effective as of March 14, 2016, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D. 8-K 3/15/2016 10.1 10.10# Employment Agreement, effective as of May 21, 2025, by and between Viking Therapeutics, Inc. and Marianne Mancini. 10-K 2/26/2025 10.10 82 Exhibit Number Description Registrant’s Form Date Filed with the SEC Exhibit Number 10.11# Employment Agreement, effective as of May 21, 2025, by and between Viking Therapeutics, Inc. and Greg Zante. 10-K 2/26/2025 10.11 10.12#* Non-Employee Director Compensation Policy. 10.13† Master License Agreement, dated May 21, 2014, by and among Viking Therapeutics, Inc., Ligand Pharmaceuticals Incorporated and Metabasis Therapeutics, Inc. 10-Q 7/24/2024 10.1 10.14† First Amendment to Master License Agreement, dated September 6, 2014, by and among Viking Therapeutics, Inc., Ligand Pharmaceuticals Incorporated and Metabasis Therapeutics, Inc. 10-Q 7/24/2024 10.2 10.15† Second Amendment to Master License Agreement, dated April 8, 2015, by and among Viking Therapeutics, Inc., Ligand Pharmaceuticals Incorporated and Metabasis Therapeutics, Inc. 10-Q 7/24/2024 10.3 10.16#† Common Stock Purchase Agreement, dated February 20, 2014, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D. 10-K 2/26/2025 10.11 10.17# Amendment No. 1 to Common Stock Purchase Agreement, dated May 4, 2015, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D. 10-Q 6/12/2015 10.5 10.18#*† Amendment No. 2 to Common Stock Purchase Agreement, dated May 17, 2025, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D. 10.19#*† Amendment No. 3 to Common Stock Purchase Agreement, dated October 27, 2025, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D. 10.20† Strategic Manufacturing and Supply Agreement, dated March 10, 2025, by and among Viking Therapeutics Ireland Limited, Corden Pharma Schweizerhalle GmbH, Corden Pharma GmbH and Corden Pharma Colorado, Inc. 10-Q 4/24/2025 10.1 10.21† Prepayment Agreement, dated March 10, 2025, by and among Viking Therapeutics Ireland Limited, Corden Pharma Schweizerhalle GmbH, Corden Pharma GmbH and Corden Pharma Colorado, Inc. 10-Q 4/24/2025 10.2 10.22† Manufacturing and Supply (Drug Product) Agreement, dated March 10, 2025, by and among Viking Therapeutics Ireland Limited, Corden Pharma GmbH, Corden Pharma Lisbon S.A. and Corden Pharma S.p.A. 10-Q 4/24/2025 10.3 10.23 At-The-Market Equity Offering Sales Agreement, dated as of July 28, 2021, by and among Viking Therapeutics, Inc., Stifel, Nicolaus & Company, Incorporated Truist Securities, Inc. and H.C. Wainwright & Co., LLC. S-3 7/28/2021 1.2 10.24 Amendment No. 1 to At-the-Market Equity Offering Sales Agreement, dated as of July 26, 2023, by and among Viking Therapeutics, Inc., Stifel, Nicolaus & Company, Incorporated, Truist Securities, Inc., H.C. Wainwright & Co., LLC and BTIG, LLC. 10-Q 7/26/2023 10.1 19 Insider Trading Policy 10-K 2/26/2025 19 21.1 List of Subsidiaries of Viking Therapeutics, Inc. 10-K 2/26/2025 21.1 23.1* Consent of CBIZ CPAs P.C., Independent Registered Public Accounting Firm. 83 Exhibit Number Description Registrant’s Form Date Filed with the SEC Exhibit Number 23.2* Consent of Marcum LLP, Independent Registered Public Accounting Firm. 24.1* Power of Attorney (included on the signature page to this Annual Report on Form 10-K). 31.1* Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934. 31.2* Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934. 32.1* Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 97 Viking Therapeutics, Inc. Clawback Policy 10-K 2/7/2024 97 101.INS Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document 101.SCH Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents 104 Cover page formatted as Inline XBRL and contained in Exhibit 101 Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024, (ii) Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025, 2024 and 2023, (iii) Consolidated Statements of Stockholders’ Equity for the period from December 31, 2023 to December 31, 2025, (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023, and (v) Notes to Consolidated Financial Statements. * Filed herewith. # Indicates compensatory plan or arrangement. † Certain identified information has been omitted pursuant to Item 601(b)(10) of Regulation S-K because such information is both (i) not material and (ii) information that the Registrant treats as private or confidential. The Registrant hereby undertakes to furnish supplemental copies of the unredacted exhibit upon request by the SEC. Item 16 . Form 10- K Summary. None. 84 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Viking Therapeutics, Inc. Date: February 11, 2026 By: /s/ Brian Lian, Ph.D. Brian Lian, Ph. D. President and Chief Executive Officer POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints, jointly and severally, Brian Lian, Ph.D. and Greg Zante, and each of them acting individually, as his attorney-in-fact, each with full power of substitution and resubstitution, for him in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Name Title Date /s/ Brian Lian, Ph.D. President, Chief Executive Officer and Director (Principal Executive Officer) February 11, 2026 Brian Lian, Ph.D. /s/ Greg Zante Chief Financial Officer (Principal Accounting and Financial Officer) February 11, 2026 Greg Zante /s/ Lawson Macartney, B.V.M.S., Ph.D. Director February 11, 2026 Lawson Macartney, B.V.M.S., Ph.D. /s/ Matthew W. Foehr Director February 11, 2026 Matthew W. Foehr /s/ J. Matthew Singleton Director February 11, 2026 J. Matthew Singleton 85 INDEX TO FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID: 199 ) F- 2 Report of Independent Registered Public Accounting Firm (PCAOB ID: 688 ) F- 4 Consolidated Balance Sheets as of December 31, 2025 and 2024 F- 5 Consolidated Statements of Operations and Comprehensive Loss for the Years ended December 31, 2025, 2024 and 2023 F- 6 Consolidated Statements of Stockholders’ Equity for the Years ended December 31, 2025, 2024 and 2023 F- 7 Consolidated Statements of Cash Flows for the Years ended December 31, 2025, 2024 and 2023 F- 8 Notes to Consolidated Financial Statements F- 9 F- 1 Report of Independent Regist ered Public Accounting Firm To the Stockholders and Board of Directors of Viking Therapeutics, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Viking Therapeutics, Inc. (the “Company”) as of December 31, 2025, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for the year ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company's internal control over financial reporting as of December 31, 2025 based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013 and our report dated February 11, 2026, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Accrual for preclinical study and clinical trial costs As described in Note 1 to the financial statements, the Company estimates its preclinical study and clinical trial expenses based on the services it received pursuant to contracts with research institutions and contract research organizations (“CROs”) that conduct and manage preclinical studies and clinical trials on the Company’s behalf. Clinical trial-related contracts vary significantly in length, and may be for a fixed amount based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or a combination of these elements. The Company accrues service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of the Company’s service providers invoice the Company in arrears, and to the extent that amounts invoiced differ from its estimates of expenses incurred, the Company accrues for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. The principal consideration for our determination that performing procedures related to the preclinical study and clinical trial expenses, specifically related to the year-end accrual for preclinical study and clinical trial costs, is a critical audit matter is that there was judgment F- 2 by management in determining the achievement of milestones, patient enrollments and occurrence of other events that creates a present obligation for the Company to pay the research institutions and CROs for their services. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) obtaining an understanding of the Company’s estimation process relating to accrual for preclinical study and clinical trial costs; (ii) testing management’s identification of milestones, patient enrollment requirements and other events in its contracts with the research institutions and CROs; (iii) testing management’s determination of the accrual for preclinical study and clinical trial costs for a sample of such milestones, patient enrollments and other events; and (iv) testing the mathematical accuracy of the schedule of accrual for preclinical study and clinical trial costs prepared by management. /s/ CBIZ CPAs P.C. We have served as the Company’s auditor since 2014. Costa Mesa, California February 11, 2026 F- 3 Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors of Viking Therapeutics, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Viking Therapeutics, Inc. (the “Company”) as of December 31, 2024, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ Marcum llp Marcum llp We have served as the Company’s auditor since 2014. Costa Mesa, California February 26, 2025 F- 4 Viking Therapeutics, Inc. Consolidated Balance Sheets (In thousands, except share and per share amounts) December 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 165,810 $ 26,676 Short-term investments – available-for-sale 539,929 875,936 Prepaid clinical trial and preclinical study costs 8,053 3,476 Prepaid expenses and other current assets 1,806 1,128 Total current assets 715,598 907,216 Right-of-use assets 85 1,003 Deferred financing costs — 56 Deposits 46 46 Total assets $ 715,729 $ 908,321 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 53,251 $ 9,813 Other accrued liabilities 23,279 17,111 Lease liability, current 137 489 Total current liabilities 76,667 27,413 Lease liability, net of current portion — 630 Total long-term liabilities — 630 Total liabilities 76,667 28,043 Commitments and contingencies ( Note 10 ) Stockholders’ equity: Preferred stock, $ 0.00001 par value: 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024 — — Common stock, $ 0.00001 par value: 300,000,000 shares authorized at December 31, 2025 and December 31, 2024; 114,793,067 shares issued and outstanding at December 31, 2025 and 111,573,519 shares issued and outstanding at December 31, 2024 1 1 Treasury stock at cost, no shares at December 31, 2025 and December 31, 2024 — — Additional paid-in capital 1,486,229 1,368,972 Accumulated deficit ( 847,546 ) ( 487,907 ) Accumulated other comprehensive loss 378 ( 788 ) Total stockholders’ equity 639,062 880,278 Total liabilities and stockholders’ equity $ 715,729 $ 908,321 The accompanying notes are an integral part of these consolidated financial statements. F- 5 Viking Therapeutics, Inc. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except per share amounts) Year Ended December 31, 2025 2024 2023 Revenues $ — $ — $ — Operating expenses: Research and development 344,955 101,644 63,806 General and administrative 48,387 49,277 37,021 Total operating expenses 393,342 150,921 100,827 Loss from operations ( 393,342 ) ( 150,921 ) ( 100,827 ) Other income (expense): Amortization of financing costs ( 56 ) ( 94 ) ( 88 ) Interest income, net 33,704 40,940 15,020 Realized gain on investments, net 55 112 — Total other income, net 33,703 40,958 14,932 Net loss ( 359,639 ) ( 109,963 ) ( 85,895 ) Other comprehensive loss, net of tax: Unrealized gain (loss) on securities 1,119 ( 173 ) 742 Foreign currency translation gain (loss) 47 ( 226 ) ( 29 ) Comprehensive loss $ ( 358,473 ) $ ( 110,362 ) $ ( 85,182 ) Basic and diluted net loss per share $ ( 3.19 ) $ ( 1.01 ) $ ( 0.91 ) Weighted-average shares used to compute basic and diluted net loss per share 112,667 109,037 94,347 The accompanying notes are an integral part of these consolidated financial statements. F- 6 Viking Therapeutics, Inc. Consolidated Statements of Stockhol ders’ Equity (In thousands, except share amounts) Common Stock Additional Paid-In Accumulated Accumulated Other Comprehensive Treasury Stock Shares Amount Capital Deficit Gain (Loss) Amount Total Balance at December 31, 2022 78,257,258 $ 1 $ 445,267 $ ( 292,049 ) $ ( 1,102 ) $ ( 6,795 ) $ 145,322 Employee stock-based compensation, net — — 16,750 — — — 16,750 Shares withheld related to employee tax withholding ( 509,686 ) — ( 7,121 ) — — — ( 7,121 ) Issuance of common stock under employee stock plans 2,359,694 — 6,768 — — — 6,768 Sale of common stock, net of issuance costs 20,006,504 — 271,882 — — — 271,882 Unrealized gain on investments — — — — 742 — 742 Unrealized currency translation loss — — — — ( 29 ) — ( 29 ) Net Loss — — — ( 85,895 ) — — ( 85,895 ) Balance at December 31, 2023 100,113,770 $ 1 $ 733,546 $ ( 377,944 ) $ ( 389 ) $ ( 6,795 ) $ 348,419 Employee stock-based compensation, net — — 29,712 — — — 29,712 Shares withheld related to employee tax withholding ( 541,876 ) — ( 42,101 ) — — — ( 42,101 ) Issuance of common stock under employee stock plans 3,133,672 — 10,813 — — — 10,813 Sale of common stock, net of issuance costs 8,867,953 — 637,002 — — 6,795 643,797 Unrealized loss on investments — — — — ( 173 ) — ( 173 ) Unrealized currency translation loss — — — — ( 226 ) — ( 226 ) Net Loss — — — ( 109,963 ) — — ( 109,963 ) Balance at December 31, 2024 111,573,519 $ 1 $ 1,368,972 $ ( 487,907 ) $ ( 788 ) $ — $ 880,278 Employee stock-based compensation, net — — 40,818 — — — 40,818 Issuance of common stock under employee stock plans 1,088,940 — 2,491 — — — 2,491 Sale of common stock, net of issuance costs 2,130,608 — 73,948 — — — 73,948 Unrealized gain on investments — — — — 1,119 — 1,119 Unrealized currency translation gain — — — — 47 — 47 Net Loss — — — ( 359,639 ) — — ( 359,639 ) Balance at December 31, 2025 114,793,067 $ 1 $ 1,486,229 $ ( 847,546 ) $ 378 $ — $ 639,062 The accompanying notes are an integral part of these consolidated financial statements. F- 7 Viking Therapeutics, Inc. Consolidated Statements o f Cash Flows (In thousands) Year Ended December 31, 2025 2024 2023 Cash flows from operating activities Net loss $ ( 359,639 ) $ ( 109,963 ) $ ( 85,895 ) Adjustments to reconcile net loss to net cash used in operating activities (Accretion) amortization of investment premiums ( 9,284 ) ( 17,267 ) ( 8,202 ) Amortization of financing costs 56 94 88 Stock-based compensation 40,818 29,712 16,750 Amortization of right-of-use assets 431 346 292 Realized gain on investment ( 55 ) ( 112 ) — Interest expense related to operating lease liability 10 38 43 Changes in operating assets and liabilities: Prepaid expenses and other current assets ( 5,199 ) 446 6,408 Accrued interest, net of interest receivable on maturity of investments 5,076 1,199 321 Accounts payable 43,438 2,303 ( 1,018 ) Accrued expenses 6,168 5,816 ( 1,816 ) Lease liability ( 505 ) ( 402 ) ( 347 ) Net cash used in operating activities ( 278,685 ) ( 87,790 ) ( 73,376 ) Cash flows from investing activities Purchases of investments ( 418,037 ) ( 1,113,368 ) ( 478,303 ) Proceeds from sales and maturities of investments 759,425 560,002 299,217 Net cash (used in) provided by investing activities 341,388 ( 553,366 ) ( 179,086 ) Cash flows from financing activities Public offering, net of offering costs — 597,094 269,760 Value of shares withheld related to employee tax withholding — ( 42,101 ) ( 7,121 ) Proceeds from warrant and option exercises and stock issuances under employee stock purchase plan 2,491 10,813 6,768 ATM offering, net of fees 73,948 46,658 1,969 Net cash provided by financing activities 76,439 612,464 271,376 Net (decrease) increase in cash and cash equivalents 139,142 ( 28,692 ) 18,914 Cash and cash equivalents beginning of period 26,676 55,516 36,632 Effect of exchange rate changes on cash ( 8 ) ( 148 ) ( 30 ) Cash and cash equivalents end of period $ 165,810 $ 26,676 $ 55,516 Supplemental disclosure of non-cash investing and financing transactions Unpaid deferred public offering and other financing costs $ 50 $ 50 $ 50 Right-of-use asset obtained in exchange for lease obligation $ — $ 223 $ — The accompanying notes are an integral part of these consolidated financial statements. F- 8 Viking Therapeutics, Inc. Notes to Consolidated Financ ial Statements 1. Organization, Liquidity and Management’s Plan, and Summary of Significant Accounting Policies The Company Viking Therapeutics, Inc., a Delaware corporation, together with its subsidiaries (the “Company”), is a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders. In June 2021, the Company formed an Australian subsidiary, Viking Therapeutics, PTY LTD. In January 2025, the Company formed an Irish subsidiary, Viking Therapeutics Ireland Limited. The Company was incorporated under the laws of the State of Delaware on September 24, 2012 and its principal executive offices are located in San Diego, California, with subsidiaries located in Adelaide, Australia and Dublin, Ireland. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements relate to accounting for accruals for our clinical and preclinical efforts and stock-based compensation. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Viking Therapeutics, Inc. and its wholly-owned subsidiaries, Viking Therapeutics, PTY LTD, incorporated in Australia and Viking Therapeutics Ireland Limited, incorporated in Ireland. All significant intercompany balances and transactions have been eliminated in consolidation. The Company determines the functional currencies of its international subsidiaries by reviewing the environment where each subsidiary primarily generates and expends cash. For international subsidiaries whose functional currencies are the local currencies, the Company translates the financial statements into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for each period for expenses. The Company includes translation-related adjustments in comprehensive income and in accumulated other comprehensive loss in the equity section of our consolidated balance sheets. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. Investments Available-for-Sale Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive loss. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The amortization of premiums and accretion of discounts is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally F- 9 insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity. Prepaid Clinical Trial and Preclinical Study Costs Prepaid clinical trial and preclinical study costs represent advance payments by the Company for future clinical trial and preclinical study services to be performed by the clinical research organization and other research organizations. Such amounts are recognized as research and development expense as the related clinical trial and preclinical study services are performed. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and lease liability obligations are included in the Company’s balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liability obligations represent its obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Please refer to Note 5 for additional information. Deferred Financing Costs Deferred financing costs represent legal, accounting and other direct costs related to the Company’s efforts to raise capital through a public or private sale of the Company’s common stock. Costs related to the public sale of the Company’s common stock are deferred until the completion of the applicable offering, at which time such costs are reclassified to additional paid-in-capital as a reduction of the proceeds. Costs related to the private sale of the Company’s common stock are deferred until the completion of the applicable offering, at which time such costs are amortized over the term of the applicable purchase agreement. Revenue Recognition The Company has not recorded any revenues since its inception. However, in the future, the Company may enter into collaborative research and licensing agreements, under which the Company could be eligible for payments made in the form of upfront license fees, research funding, cost reimbursement, contingent event-based payments and/or royalties. The Company adopted Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, and all related amendments (“ASC 606” or “the revenue standard”). ASC 606 is a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The revenue standard is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 provides that an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The revenue standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, and costs to obtain or fulfill contracts. The Company will apply ASC 606 prospectively to all contracts. Research and Development Expenses All costs of research and development are expensed in the period incurred. Research and development costs primarily consist of fees paid to CROs and clinical trial sites, employee and consultant related expenses, which include salaries, benefits and stock-based compensation for research and development personnel, external research and development expenses incurred pursuant to agreements with third-party manufacturing organizations, facilities costs, travel costs, dues and subscriptions, depreciation and materials used in preclinical studies, clinical trials and research and development. F- 10 The Company estimates its preclinical study and clinical trial expenses based on the services it received pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on the Company’s behalf. Clinical trial-related contracts vary significantly in length, and may be for a fixed amount based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or a combination of these elements. The Company accrues service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of the Company’s service providers invoice the Company in arrears, and to the extent that amounts invoiced differ from its estimates of expenses incurred, the Company accrues for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include: • fees paid to CROs, consultants and laboratories in connection with preclinical studies; • fees paid to CROs, clinical trial sites, investigators and consultants in connection with clinical trials; and • fees paid to contract manufacturers and service providers in connection with the production, testing and packaging of active pharmaceutical ingredients and drug materials for preclinical studies and clinical trials. Payments under some of these agreements depend on factors such as the milestones accomplished, including enrollment of certain numbers of patients, site initiation and the completion of clinical trial milestones. To date, the Company has not experienced any events requiring it to make material adjustments to its accruals for service fees. If the Company does not identify costs that it has begun to incur or if it underestimates or overestimates the level of services performed or the costs of these services, its actual expenses could differ from its estimates which could materially affect its results of operations. Adjustments to the Company’s accruals are recorded as changes in estimates become evident. Furthermore, based on amounts invoiced to the Company by its service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as services are rendered. Related to the Company’s Australian subsidiary, Viking Therapeutics, PTY LTD, the Company is eligible to receive under the AusIndustry Research and Tax Development Tax Incentive Program, an amount of cash from the Australian Taxation Office (ATO). The annual tax incentive is available to the Company on the basis of specific criteria with which the Company must comply related to research and development expenditures in Australia. As there is no specific GAAP guidance related to how to record this research and development tax incentive, the Company looked to International Accounting Standard (IAS) 20 and determined that it will recognize these research and development tax incentives as contra research and development expense once received. The amounts are determined based on a cost-reimbursement basis, and the incentive is related to the Company’s research and development expenditures and is due regardless of whether any Australian tax is owed. Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred to general and administrative expense, as recoverability of such expenditures is uncertain. Stock-Based Compensation The Company generally uses the straight-line method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model (the “Black-Scholes model”). The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the grant date, the Company determines the grant date fair value, as a publicly traded company, using the intrinsic value, or the closing price of the Company’s common stock on the date of grant. At the point where the criteria are deemed probable of being met, the Company records stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria are expected to be completed. For the Company’s 2014 Employee Stock Purchase Plan (the “2014 ESPP”) and 2024 Employee Stock Purchase Plan which replaced the 2014 ESPP (the “2024 ESPP” and, together with the 2014 ESPP, the “ESPPs”), the Company generally recognizes compensation expense for the fair value of the purchase options, as measured on the grant date, and uses the graded vesting method to allocate this compensation cost to each purchase period within the related two-year offering period. As the 2014 ESPP allowed and the 2024 ESPP F- 11 allows for up to one increase in contributions during each purchase period, as an employee elects to increase his or her contributions, the Company treats this as an accounting modification. The pre- and post-modification values are calculated on the date of the modification, and the incremental expense is then amortized over the remaining purchase periods. Income Taxes The Company accounts for its income taxes using the liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations. Accounting Standards Codification Topic 740-10, Income Taxes , clarifies the accounting for uncertainty in income taxes recognized in the Company’s financial statements in accordance with GAAP. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. Foreign Currency The financial statements of the Company’s foreign subsidiaries whose functional currency is the local currency is translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the period. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive loss” as equity in the consolidated balance sheet. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Comprehensive Loss The Company’s comprehensive loss consists of net loss and foreign currency translation adjustments arising from the consolidation of the Company’s foreign subsidiaries. Net Loss per Common Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, the Company currently does not have any deemed common share equivalents; therefore, its basic and diluted net loss per share calculations are the same. The following table presents the computation of basic and diluted net loss per common share (in thousands, except share and per share data): Year Ended December 31, 2025 2024 2023 Historical net loss per share Numerator Net loss $ ( 359,639 ) $ ( 109,963 ) $ ( 85,895 ) Denominator Weighted-average common shares outstanding 112,788,146 109,220,217 94,530,086 Less: Weighted-average shares subject to repurchase ( 120,843 ) ( 183,095 ) ( 183,095 ) Denominator for basic and diluted net loss per share 112,667,303 109,037,122 94,346,991 Basic and diluted net loss per share $ ( 3.19 ) $ ( 1.01 ) $ ( 0.91 ) F- 12 Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares): Year Ended December 31, 2025 2024 2023 Restricted stock units 2,113,636 2,537,352 2,855,656 Common stock subject to repurchase 120,843 183,095 183,095 Common stock options 5,114,754 4,734,460 5,248,682 7,349,233 7,454,907 8,287,433 Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information related to income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The Company prospectively adopted ASU 2023-09 for the year ended December 31, 2025 . See Note 8. Recently Issued Accounting Pronouncements Not Yet Adopted In April 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which clarifies the accounting for share-based consideration payable to a customer, including the interaction between Topic 718 and Topic 606. ASU 2025-04 is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods. The Company is currently evaluating the impact of ASU 2025-04 on its consolidated financial statements. In March 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which requires public entities to provide enhanced disclosures about the nature of certain expenses presented in the income statement, including the disaggregation of expenses such as employee compensation, depreciation and amortization, and other significant expense categories, as applicable. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements. 2. Investments in Marketable Securities The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. As of December 31, 2025 and 2024, the Company’s investments were in money market funds, commercial paper, corporate debt securities and government debt securities. During the year ended December 31, 2025, the Company sold available-for-sale securities with proceeds of $ 358.2 million and recognized realized gains of $ 10,000 , which are included in other income (expense). There were no sales of available-for-sale securities during the year ended December 31, 2024. Investments classified as available-for-sale as of December 31, 2025 consisted of the following (in thousands): As of December 31, 2025 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Aggregate Estimated Fair Value Commercial paper (2) $ 12,713 $ — $ — $ 12,713 Corporate debt securities (2) 489,335 864 ( 85 ) 490,114 Government debt securities (2) 37,037 68 ( 3 ) 37,102 $ 539,085 $ 932 $ ( 88 ) $ 539,929 (1) Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2025, there were 176 securities in an unrealized gain position and 59 securities in an unrealized loss position. The unrealized gains F- 13 were less than $ 51,000 individually and $ 932,000 in the aggregate. The unrealized losses were less than $ 11,000 individually and $ 88,000 in the aggreg ate. None of these securities have been in a continuous unrealized loss or unrealized gain position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. (2) At December 31, 2025, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and $ 105.0 million of the corporate debt securities were scheduled to mature outside of one year at the time of purchase. Investments classified as available-for-sale as of December 31, 2024 consisted of the following (in thousands): As of December 31, 2024 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Aggregate Estimated Fair Value Commercial paper (2) $ 10,520 $ — $ — $ 10,520 Corporate debt securities (2) 719,469 708 ( 860 ) 719,317 Government debt securities (2) 146,222 94 ( 217 ) 146,099 $ 876,211 $ 802 $ ( 1,077 ) $ 875,936 (1) Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2024, there were 197 securities in an unrealized gain position and 132 securities in an unrealized loss position. The unrealized gains were less than $ 32,000 individually and $ 802,000 in the aggregate. The unrealized losses were less than $ 66,000 individually and $ 1,077,000 in the aggregate. None of these securities have been in a continuous unrealized loss or unrealized gain position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. (2) At December 31, 2024, no ne of these securities were classified as cash and cash equivalents on the Company’s balance sheet and no ne of the corporate debt securities were scheduled to mature outside of one year at the time of purchase. 3. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, investments and accounts payable. The carrying amounts reported in the accompanying consolidated balance sheets for cash and cash equivalents and accounts payable approximate fair value because of the short-term maturity of those instruments. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of December 31, 2025 and 2024, all of the Company’s financial assets that were subject to fair value measurements were valued using observable inputs. The Company’s financial assets valued based on Level 1 inputs consist of money market funds and certificates of deposit. The Company’s financial assets valued based on Level 2 inputs consist of corporate debt securities, which consist of investments in highly-rated investment-grade corporations, and government debt securities. F- 14 The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. As of December 31, 2025, the Company’s investments were in money market funds, commercial paper, corporate debt securities and government debt securities. The fair values of the Company’s financial instruments are presented below (in thousands): Fair Value Measurements at December 31, 2025 Total Level 1 Level 2 Level 3 Financial assets carried at fair value: Cash equivalents: $ 59,124 $ 56,529 $ 2,595 Short-term investments Commercial paper, available for sale 12,713 — 12,713 — Corporate debt securities, available-for-sale 490,114 — 490,114 — Government debt securities, available-for-sale 37,102 — 37,102 — Total financial assets $ 599,053 $ 56,529 $ 542,524 $ — Fair Value Measurements at December 31, 2024 Total Level 1 Level 2 Level 3 Financial assets carried at fair value: Cash equivalents: $ 18,592 $ 17,554 $ 1,038 $ — Short-term investments Commercial paper, available for sale 10,520 — 10,520 — Corporate debt securities, available-for-sale 719,317 — 719,317 — Government debt securities, available-for-sale 146,099 — 146,099 — Total financial assets $ 894,528 $ 17,554 $ 876,974 $ — 4. Agreements with Ligand Pharmaceuticals Incorporated In May 2014 , the Company entered into a master license agreement with Ligand Pharmaceuticals, Inc. (“Ligand”), as amended (the “Master License Agreement”), pursuant to which, among other things, the Company acquired the rights to a number of research and development programs under patents related to the Company’s VK2809, VK0214, VK5211, VK0612, erythropoietin receptor (“EPOR”) and diacylglycerol acyltransferase-1 (“DGAT-1”) programs, related know-how controlled by Ligand and physical quantities of VK2809, VK0214, VK5211, VK0612, EPOR and DGAT-1 compounds. Pursuant to the terms of the Master License Agreement, the Company has the exclusive right and sole responsibility and decision-making authority for researching and developing any pharmaceutical products that contain or comprise one or any combination of the technology and compounds licensed from Ligand pursuant to the Master License Agreement (the “Licensed Products”). The Company also has the exclusive right and sole responsibility and decision-making authority to conduct all clinical trials and preclinical studies that the Company believes are appropriate to obtain the regulatory approvals necessary for commercialization of the Licensed Products, and the Company will own and maintain all regulatory filings and all regulatory approvals for the Licensed Products. Additionally, pursuant to the terms of the Master License Agreement, the Company has the sole decision-making authority and responsibility and the exclusive right to commercialize any of the Licensed Products, either by itself or, in certain circumstances, through sublicensees selected by the Company. The Company also has the exclusive right to manufacture or have manufactured any Licensed Product itself or, in certain circumstances, through sublicensees or third parties selected by the Company. The Company will own any intellectual property that it develops in connection with the license granted under the Master License Agreement. As partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement, the Company issued to Ligand at the closing of the Company’s initial public offering (“IPO”) 3,655,964 shares of its common stock having an estimated aggregate value of $ 29.2 million. As further partial consideration for the grant of the rights and licenses to the Company by Ligand under the Master License Agreement, the Company has agreed to pay to Ligand certain one-time, non-refundable milestone payments in connection with the Licensed Products of up to $ 1.54 billion in the aggregate upon the achievement of certain development, regulatory and sales milestones. The Company F- 15 will also pay to Ligand royalties on aggregate annual worldwide net sales of Licensed Products by the Company, its affiliates and its sublicensees at tiered percentage rates from the low-to-upper single digits based upon net sales. The term of the Master License Agreement will continue unless the agreement is terminated by the Company or Ligand, and each of the Company and Ligand have the right to terminate the Master License Agreement in certain circumstances, including, without limitation, if the other party defaults on certain of its obligations under the Master License Agreement. Ligand has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (1) in the event of the Company’s insolvency or bankruptcy, (2) if the Company does not pay an undisputed amount owing under the Master License Agreement when due and fails to cure such default within a specified period of time, or (3) if the Company defaults on certain of its material and substantial obligations and fails to cure the default within a specified period of time. The Company has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (i) if Ligand does not pay an undisputed amount owing under the Master License Agreement when due and fails to cure such default within a specified period of time, or (ii) if Ligand defaults on certain of its material and substantial obligations and fails to cure the default within a specified period of time. In addition, provisions of the Master License Agreement can be terminated on a licensed program-by-program basis under certain circumstances. In the event that the Master License Agreement is terminated in its entirety or with respect to a specific licensed program for any reason: (A) all licenses granted to the Company under the Master License Agreement (or with respect to the specific licensed program) will terminate and the Company will, upon Ligand’s request (subject to Ligand assuming legal responsibility for any clinical trials of the Licensed Products then ongoing), assign and transfer to Ligand (or to such transferee as Ligand may direct), at no cost to Ligand, all regulatory documentation and all regulatory approvals prepared or obtained by the Company or on its behalf related to the Licensed Products (or those related to the specific licensed program), or, if Ligand does not make such a request, the Company will wind down any ongoing clinical trials with respect to the Licensed Products (or those related to the specific licensed program) at no cost to Ligand; (B) the Company will, upon Ligand’s request, sell and transfer to Ligand (or to such transferee as Ligand may direct), at a price equal to 125 % of the Company’s costs of goods, any and all chemical, biological or physical materials relating to or comprising the Licensed Products (or those related to the specific licensed program); (C) the Company will have, for a period of six months following termination, the right to sell on the normal business terms in existence before such termination any finished commercial inventory of Licensed Products (or those related to the specific licensed program) which remains on hand, so long as the Company pays to Ligand the applicable royalties and sales milestones; (D) Ligand has the right to require the Company to assign to Ligand the trademarks owned by the Company relating to the Licensed Products (or those related to the specific licensed program); and (E) the Company will grant to Ligand a non-exclusive, worldwide, royalty-bearing sublicensable license under any patent rights and know-how controlled by the Company to the extent necessary to make, have made, import, use, offer to sell and sell the Licensed Products (or those related to the specific licensed program) anywhere in the world at a royalty rate in the low single digits. Under the Master License Agreement, the Company has agreed to indemnify Ligand for claims relating to the performance of the Company’s obligations under the Master License Agreement, any breach of the representations and warranties made by the Company under the Master License Agreement, clinical trials conducted by the Company and the research, development and commercialization of the Licensed Products by the Company and its affiliates, sublicensees, distributors and agents. In addition, Ligand has agreed to indemnify the Company for claims relating to the performance of its obligations under the Master License Agreement, its breach of representations and warranties under the agreement and its research and development of the licensed compounds before the effective date of the Master License Agreement. Each party’s indemnification obligations will not apply to the extent the claims result from the negligence or willful misconduct of the indemnified party or any of its employees, agents, officers or directors or from the indemnified party’s breach of its representations or warranties set forth in the Master License Agreement. In May 2014, the Company also entered into a Management Rights Letter (the “Management Rights Letter”) with Ligand that required the Company to expand the size of the Company’s Board of Directors to create an additional directorship on the Company’s Board of Directors and to allow Ligand to appoint an individual to fill the new directorship. On March 28, 2023 , the Management Rights Letter terminated upon the date that Ligand ceased to beneficially own at least 7.5 % of the Company’s outstanding voting stock. 5. Operating Leases – Right-of-Use Assets and Lease Liability Obligations As of December 31, 2025, the Company has one operating lease (the “Office Lease”) and one operating sublease (the "Office Sublease"). The Office Lease is for office space under a lease that commenced on March 1, 2022 and expires on March 31, 2026 (the “Term”). The Office Sublease is for office space under a sublease that commenced on September 16, 2024 and expires on March 31, 2026 (the F- 16 "Sublease Term"). Refer to Note 10 for information regarding the updated lease expiry. Below is a summary of the Company’s ROU assets and lease liabilities as of December 31, 2025 and December 31, 2024 (in thousands, except for years and %): December 31, 2025 December 31, 2024 Right of use assets $ 85 $ 1,003 Lease liability obligations, current $ 137 $ 489 Lease liability obligations, less current portion — 630 Total lease liability obligations $ 137 $ 1,119 Weighted-average remaining lease term 0.25 years 2.57 years Weighted-average discount rate 6.28 % 3.65 % During the years ended December 31, 2025, 2024 and 2023, the Company recognized $ 500,000 , $ 404,000 and $ 339,000 , respectively, in operating lease expenses, which are included in operating expenses in the Company’s statements of operations. Approximate future minimum lease payments for the Company’s right-of-use assets over the remaining lease period as of December 31, 2025 are as follows (in thousands): 2026 139 2027 — Total minimum lease payments $ 139 Less: amount representing interest $ ( 2 ) Total lease liability obligations $ 137 The Office Lease provides the Company with an option to extend the term of the Office Lease for a period of five years beyond the Term. If the option is exercised, the renewal term will be upon the same terms and conditions as the original Office Lease, except that the base rent will be equal to the prevailing market rate as determined pursuant to the terms of the Office Lease. 6. Stockholders’ Equity Preferred Stock The Company is authorized to issue up to 10,000,000 shares of $ 0.00001 par value preferred stock, with no shares of preferred stock outstanding as of December 31, 2025 and 2024. The Company’s Board of Directors is authorized to designate the terms and conditions of any preferred stock the Company issues without further action by the common stockholders. Common Stock The Company is authorized to issue up to 300,000,000 shares of common stock, $ 0.00001 par value per share. In February 2014, the Company entered into a stock purchase agreement with one of its founders. The agreement provided for the purchase of 1,000,000 shares of the Company’s common stock at a price per share of $ 0.01 in exchange for future services to be rendered to the Company as measured by certain performance criteria. The shares were subject to a repurchase option and were to vest in two tranches of 500,000 shares each, upon achievement of the performance target or upon a triggering event as defined. The Company determined that the fair value of the unrecognized expense was $ 168,000 at February 20, 2014, the grant date. In May 2015, the Company repurchased 633,810 of these shares at a purchase price of $ 0.00001 per share. In connection with the repurchase, the Company entered into an amendment to the stock purchase agreement to provide that the remaining 366,190 shares will continue to vest in two tranches of 183,095 shares each, upon achievement of the performance target or upon a triggering event as defined. The pro rata grant date fair value of the unrecognized expense is $ 62,000 . In October 2015, a triggering event became probable of occurrence and was deemed achieved in October 2016; therefore, the Company recorded $ 31,000 of stock-based compensation expense through December 31, 2016. No similar expense was recognized during the years ended December 31, 2024 and 2023. In May 2025, the Company modified the performance targets related to the remaining 183,095 unvested shares, such that the shares vest upon the achievement of three performance goals. The incremental cost related to this modification totaled $ 5.2 million. These F- 17 performance targets were deemed probable of occurring upon execution of the modification. In July 2025, a triggering event occurred and a performance target was achieved. Due to the achievement of this performance target, 62,252 shares vested. In October 2025, the Company modified one of the two remaining performance targets, such that the shares vest upon the achievement of an updated performance target. The incremental cost related to this modification totaled $ 0.3 million. As of December 31, 2025, none of the awards had been forfeited and the 90,633 unvested shares related to the two remaining performance targets were deemed probable to vest , resulting in the Company recording stock-based compensation expense of $ 4.5 million during the twelve months ended December 31, 2025. The Company will continue to reassess at each reporting period whether these unvested shares related to performance targets remain probable to vest. The remaining 30,210 unvested shares related to one of the performance targets were deemed improbable to vest. The Company will begin to record compensation expense using the fair value to determine stock-based compensation expense in its financial statements over the period the Company estimates the performance target will actually be achieved if and when it is deemed probable. In July 2021, the Company entered into an At-The-Market Equity Offering Sales Agreement (the “ATM Agreement”), with Stifel, Nicolaus & Company, Incorporated, Truist Securities, Inc. and H.C. Wainwright & Co. LLC (collectively, the “Agents”), pursuant to which the Company may offer and sell, from time to time, through or to the Agents, as sales agent or principal (the “ATM Offering”), shares of the Company’s common stock (the “ATM Shares”). Any ATM Shares offered and sold in the ATM Offering were to be issued pursuant to the Company’s universal Shelf Registration Statement on Form S-3 (File No. 333-258231) (the “2021 Shelf Registration Statement”) and the 424(b) prospectus supplement relating to the ATM Offering dated August 11, 2021. The 2021 Shelf Registration Statement terminated on July 26, 2023. From its inception through the termination of the 2021 Shelf Registration Statement, 1,587,404 shares of the Company’s common stock were sold pursuant to the ATM Offering for aggregate net proceeds to the Company of approximately $ 13.6 million. In March 2022, the Company’s Board of Directors authorized a stock repurchase program effective March 18, 2022, whereby the Company could purchase up to $ 50.0 million in shares of its common stock over a period of up to two years (the “Repurchase Program”). The Repurchase Program was to be carried out at the discretion of a committee of the Company’s Board of Directors through open market purchases, one or more Rule 10b5-1 trading plans, block trades and in privately negotiated transactions. Through March 18, 2024 , the termination date of the Repurchase Program, an aggregate of 729,034 shares of the Company’s common stock were repurchased by the Company under the Repurchase Program. Shares repurchased by the Company under the Repurchase Program were held in treasury and reissued by the Company as part of the March 2024 Offering (as defined below). In April 2023, the Company completed an underwritten public offering of its common stock (the “April 2023 Offering”) pursuant to the 2021 Shelf Registration Statement. In the April 2023 Offering, the Company sold an aggregate of 19,828,300 shares of its common stock at a public offering price of $ 14.50 per share, which included the exercise in full by the underwriters of their option to purchase 2,586,300 additional shares of common stock. Upon the closing of the April 2023 Offering, the Company received net proceeds of $ 270.0 million, after deducting underwriting discounts, commissions and other offering expenses. In July 2023, the Company filed an automatic universal shelf registration statement on Form S-3 (File No. 333-273460) as a well-known seasoned issuer as defined in Rule 405 under the Securities Act of 1933, as amended, which became effective upon filing (the “2023 Shelf Registration Statement”). The 2023 Shelf Registration Statement allows the Company to offer an indeterminate amount of securities, including equity securities, debt securities, warrants, rights, units and depositary shares, from time to time as described in the 2023 Shelf Registration Statement. The specific terms of any offering under the 2023 Shelf Registration Statement will be established at the time of such offering. The 2023 Shelf Registration Statement will expire on July 26, 2026 . In July 2023, the Company entered into an Amendment No. 1 to At-The-Market Equity Offering Sales Agreement (the “ATM Agreement Amendment”) with Stifel, Nicolaus & Company, Incorporated, Truist Securities, Inc., H.C. Wainwright & Co. LLC and BTIG, LLC. Pursuant to the ATM Agreement Amendment, BTIG, LLC was added as a sales agent for the ATM Offering and the ATM Agreement was amended to provide that the ATM Offering could be conducted off of registration statements on Form S-3 subsequently filed by the Company. Any ATM Shares offered and sold in the ATM Offering will now be issued pursuant to the 2023 Shelf Registration Statement and the prospectus, dated July 26, 2023, relating to the sale of up to $ 200.0 million of shares of our common stock pursuant to the ATM Offering, that was included in the 2023 Shelf Registration Statement (the “ATM Prospectus”). The 2023 Shelf Registration Statement will expire on July 26, 2026 . From the date of the ATM Prospectus through December 31, 2025, 3,556,911 shares of the Company’s common stock were sold pursuant to the ATM Offering and, as of December 31, 2025, the Company may sell shares of its common stock for remaining gross proceeds of up to $ 75.7 million from time to time pursuant to the ATM Prospectus. In March 2024, the Company completed an underwritten public offering of its common stock (the “March 2024 Offering”) pursuant to the 2023 Shelf Registration Statement. In the March 2024 Offering, the Company sold an aggregate of 7,441,650 shares of its common stock at a public offering price of $ 85.00 per share, which included the exercise in full by the underwriters of their option to purchase 970,650 additional shares of common stock. Of the shares sold, 2,193,251 were issued out of the Company’s treasury shares. Upon the F- 18 closing of the March 2024 Offering, the Company received net proceeds of $ 597.1 million, after deducting underwriting discounts, commissions and other offering expenses. During the years ended December 31, 2025, 2024 and 2023, and in accordance with the 2014 ESPP and 2024 ESPP, the Company issued an aggregate of 20,231 , 168,332 and 180,174 shares of its common stock to certain employees, respectively. 7. Stock-Based Compensation In connection with the IPO, the Company’s 2014 Equity Incentive Plan (the “2014 Plan”) and the 2014 ESPP became effective on April 28, 2015, the date of the execution and delivery of the underwriting agreement for the IPO. A total of 1,527,770 shares of the Company’s common stock were initially reserved for issuance under the 2014 Plan, and 458,331 shares of the Company’s common stock were initially reserved for issuance under the 2014 ESPP. From January 1, 2016 and through December 31, 2024, in accordance with the terms of the 2014 Plan, an additional 15,407,065 shares of the Company’s common stock were added to the number of shares reserved for issuance under the 2014 Plan, and, in accordance with the terms of the 2014 ESPP, an additional 4,402,017 shares of the Company’s common stock were added to the number of shares reserved for issuance under the 2014 ESPP. The Company generally uses the straight-line method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the grant date, the Company determines the grant date fair value, as a publicly traded company, using the intrinsic value, or the closing price of its common stock on the date of grant. At the point where the criteria are deemed probable of being met, the Company records stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria are expected to be completed. For the 2014 ESPP and 2024 ESPP, the Company generally recognizes compensation expense for the fair value of the purchase options, as measured on the grant date, and uses the graded vesting method to allocate this compensation cost to each purchase period within the related two-year offering period. As the 2014 ESPP previously allowed, and the 2024 ESPP currently allows, for up to one increase in contributions during each purchase period, then as an employee elects to increase their contributions, the Company treats this as an accounting modification. The pre- and post-modification values are calculated on the date of the modification, and the incremental expense is then amortized over the remaining purchase periods. 2014 Plan. The Company’s 2014 Equity Incentive Plan (the “2014 Plan”) provided that the compensation committee of the Company’s Board of Directors (the “Compensation Committee”) could grant or issue stock options, stock appreciation rights, restricted shares, restricted stock units and unrestricted shares, deferred share units, performance and cash-settled awards and dividend equivalent rights to participants under the 2014 Plan. Initially, a total of 1,527,770 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 Plan. The 2014 Plan provided that the number of shares available for issuance under the 2014 Plan would, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1 of each year commencing on January 1, 2016 and ended on (and including) January 1, 2024, in an amount equal to 3.5 % of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year. The shares of common stock deliverable pursuant to awards under the 2014 Plan are authorized but unissued shares of the Company’s common stock, or shares of the Company’s common stock that the Company otherwise holds in treasury or in trust. The 2014 Plan provided that any shares of the Company’s common stock underlying awards that are settled in cash or otherwise expire, or are forfeited, terminated or cancelled (including pursuant to an exchange program established by the Compensation Committee) prior to the issuance of stock would again be available for issuance under the 2014 Plan. In addition, shares of the Company’s common stock that are withheld (or not issued) in payment of the exercise price or taxes relating to an award, and shares of the Company’s common stock equal to the number surrendered in payment of any exercise price or withholding taxes relating to an award, would again be available for issuance under the 2014 Plan. As of December 31, 2023, there were 5,939,750 shares of the Company’s common stock available for issuance and, effective January 1, 2024, an additional 3,503,981 shares of the Company’s common stock were added to the number of shares reserved for issuance under the 2014 Plan in accordance with the terms of the 2014 Plan. 2024 Plan. On May 21, 2024, the Company’s stockholders approved the Viking Therapeutics, Inc. 2024 Equity Incentive Plan (the “2024 Plan”), which replaces the 2014 Plan. No further awards have been or will be made under the 2014 Plan since May 21, 2024. The number of shares of common stock initially authorized for issuance pursuant to the 2024 Plan is equal to (a) 12,000,000 shares of common stock, plus (b) up to a maximum of 7,674,614 shares of common stock subject to outstanding stock options or other equity F- 19 awards previously granted under the 2014 Plan that will become available for future issuance under the 2024 Plan to the extent that, after May 21, 2024, any such equity award terminates or expires prior to exercise or settlement, is not issued because the award is settled in cash, is forfeited because of the failure to vest or is reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. 2014 ESPP. Initially, a total of 458,331 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 ESPP. The 2014 ESPP provided that the number of shares available for issuance under the 2014 ESPP would, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1 of each year commencing on January 1, 2016 and ended on (and including) January 1, 2024, in an amount equal to 1 % of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year. The shares of common stock available for purchase pursuant to the 2014 ESPP were authorized but unissued shares of the Company’s common stock, shares of the Company’s common stock that the Company otherwise held in treasury or shares of the Company’s common stock that were purchased on the open market in arms’ length transactions in accordance with applicable securities laws. Shares of the Company’s common stock were offered for purchase under the 2014 ESPP as determined by the Compensation Committee through a series of successive offerings that each had a term of 24 months and consisted of four consecutive purchase periods of six months each. As of December 31, 2023, there were 4,251,444 shares of the Company’s common stock available for issuance and, effective January 1, 2024, an additional 1,001,137 shares of the Company’s common stock were added to the number of shares reserved for issuance under the 2014 ESPP in accordance with the terms of the 2014 ESPP. On May 20, 2024, 166,816 shares of the Company’s common stock were purchased by participants of the 2014 ESPP. 2024 ESPP. On May 21, 2024, the Company’s stockholders approved the Viking Therapeutics, Inc. 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which replaced the 2014 ESPP. No further shares have been, or will be, issued to participants under the 2014 ESPP since May 21, 2024. The maximum number of shares of the Company’s common stock that may be issued under the 2024 ESPP will not exceed 5,500,000 shares for issuance pursuant to purchases under the 2024 ESPP. The shares of common stock available for purchase pursuant to the 2024 ESPP are authorized but unissued shares of the Company’s common stock, shares of the Company’s common stock that the Company otherwise held in treasury or shares of the Company’s common stock that are purchased on the open market in arms’ length transactions in accordance with applicable securities laws. Shares of the Company’s common stock will be offered for purchase under the 2024 ESPP as determined by the Compensation Committee through a series of successive offerings that each have a term of 24 months and consist of four consecutive purchase periods of six months each. Prior to the commencement of any future offering under the 2024 ESPP, the Compensation Committee may determine that the current offering shall end, may commence a new offering on the first day after the end of such terminal purchase period (or any desired later date), and may decide that future offerings will consist of one or more consecutive purchase periods, each to be of such duration as determined by the Compensation Committee; however, no offering will exceed 27 months and no purchase period will exceed one year . Each employee of the Company who (1) is an employee on the first date of any offering under the 2024 ESPP, (2) is customarily scheduled to work for more than 20 hours per week and more than five months per calendar year, and (3) meets such other criteria as may be determined by the Compensation Committee (consistent with Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”)), is eligible to participate in the 2024 ESPP for each purchase period within such offering. The purchase price per share of the Company’s common stock under the 2024 ESPP may not be less than, and will initially be equal to, the lesser of: (1) 85 % of the fair market value per share of the Company’s common stock on the first day of the offering, or (2) 85 % of the fair market value per share of the Company’s common stock on the date the purchase right is exercised, which will be the last day of the applicable purchase period. During the years ended December 31, 2025, 2024 and 2023, the Company recognized the following stock-based compensation expense (in thousands): Year Ended December 31, 2025 2024 2023 Stock-based compensation expense by type of award: Stock options 15,279 11,017 5,768 Restricted stock and restricted stock units 24,787 17,601 9,420 Employee stock purchase plan 752 1,094 1,562 Total stock-based compensation expense included in expenses $ 40,818 $ 29,712 $ 16,750 Stock-based compensation expense by line item: Research and development expenses 13,163 8,921 4,732 General and administrative expenses 27,655 20,791 12,018 Total stock-based compensation expense included in expenses $ 40,818 $ 29,712 $ 16,750 F- 20 The following table sets forth the Company’s unrecognized stock-based compensation expense, net of estimated forfeitures, by type of award and the weighted-average period over which that expense is expected to be recognized (in thousands, except for years): As of December 31, 2025 Unrecognized Expense Weighted- average Recognition Period (in years) Type of award: Stock options $ 19,813 2.26 Restricted stock and restricted stock units $ 18,288 1.72 The following table is a summary of restricted shares granted during the years ended December 31, 2025, 2024 and 2023: Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2022 183,095 $ 0.17 Granted — $ — Vested — $ — Forfeited — $ — Repurchased — $ — Unvested at December 31, 2023 183,095 $ 0.17 Granted — $ — Vested — $ — Forfeited — $ — Repurchased — $ — Unvested at December 31, 2024 183,095 $ 0.17 Granted — $ — Vested ( 62,252 ) $ 0.17 Forfeited — $ — Repurchased — $ — Unvested at December 31, 2025 120,843 $ 0.17 The following table summarizes restricted stock unit activity during the years ended December 31, 2025, 2024 and 2023: Shares Weighted- Average Grant Date Value Unvested at December 31, 2022 1,868,518 $ 5.37 Granted 1,772,243 $ 8.52 Vested ( 785,105 ) $ 5.40 Forfeited — $ — Unvested at December 31, 2023 2,855,656 $ 7.32 Granted 1,310,533 $ 17.40 Vested ( 1,551,003 ) $ 8.68 Forfeited — $ — Cancelled ( 77,834 ) $ 7.77 Unvested at December 31, 2024 2,537,352 $ 11.68 Granted 563,171 $ 42.82 Vested ( 854,220 ) $ 19.24 Forfeited ( 132,667 ) $ 5.99 Cancelled — $ — Unvested December 31, 2025 2,113,636 $ 17.28 F- 21 The Company issues performance-based restricted stock units (“PRSU awards”). These awards are issued to certain of its employees and the shares subject to these PRSU awards will vest upon the Company achieving certain milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the applicable grant date. At the grant date, the Company determines the grant date fair value, as a publicly traded company, using the intrinsic value, or the closing price of the Company’s common stock on the date of grant. At the point where the criteria are deemed probable of being met, the Company records stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria are expected to be completed. In January 2021, the Company issued 205,500 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards would vest upon the Company achieving certain milestones, with 100 % of the shares subject to the PRSU awards vesting upon the achievement of three of the milestones over a four-year period and 133.3 % of the shares subject to the PRSU awards vesting upon the achievement of all four milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant date. As of January 4, 2025, the date of cancellation, 132,000 PRSU awards were unvested and cancelled, 10,000 PRSU awards had been forfeited, and two of the milestones had been met, resulting in the Company recording cumulative stock-based compensation expense of $ 766,000 . In January 2022, the Company issued 657,000 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards shall vest upon the Company achieving certain milestones, with 100 % of the shares subject to the PRSU awards vesting upon the achievement of three of the milestones over a four-year period and 133.3 % of the shares subject to the PRSU awards vesting upon the achievement of all four milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant dates. As of December 31, 2025, no PRSU awards were forfeited, three of the four milestones had been met and the remaining one was deemed improbable of achievement, resulting in the Company recording cumulative stock-based compensation expense of $ 3.2 million through December 31, 2025 and no stock-based compensation expense during the twelve months ended December 31, 2025. In January 2023, the Company issued 920,000 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards shall vest upon the Company achieving certain milestones, with 100 % of the shares subject to the PRSU awards vesting upon the achievement of three of the milestones over a four-year period and 133.3 % of the shares subject to the PRSU awards vesting upon the achievement of all four milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant dates. As of December 31, 2025, no PRSU awards were forfeited, two of the four milestones had been met and the remaining two milestones were deemed probable of achievement, resulting in the Company recording cumulative stock-based compensation expense of $ 10.1 million through December 31, 2025 and stock-based compensation expense of $ 1.8 million during the twelve months ended December 31, 2025. In January 2024, the Company issued 677,500 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards shall vest upon the Company achieving certain milestones, with 100 % of the shares subject to the PRSU awards vesting upon the achievement of three of the milestones over a four-year period and 133.3 % of the shares subject to the PRSU awards vesting upon the achievement of all four milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant date. As of December 31, 2025, no PRSU awards had been forfeited, two of the four milestones had been met and the remaining two milestones were deemed probable of achievement, resulting in the Company recording cumulative stock-based compensation expense of $ 12.4 million through December 31, 2025 and stock-based compensation expense of $ 1.7 million during the twelve months ended December 31, 2025. In January 2025, the Company issued 228,000 PRSU awards to several of its employees, which are reflected in the above table summarizing restricted stock unit activity. The shares subject to these PRSU awards shall vest upon the Company achieving certain milestones, with 100 % of the shares subject to the PRSU awards vesting upon the achievement of three of the milestones over a four-year period and 133.3 % of the shares subject to the PRSU awards vesting upon the achievement of all four milestones over a four-year period, with any then-unvested portion of the PRSU awards to be cancelled on the four-year anniversary of the grant date. As of December 31, 2025, no PRSU awards had been forfeited, two of the four milestones had been met, one of the four milestones had been partially met and the remaining milestone was deemed probable of achievement, resulting in the Company recording stock-based compensation expense of $ 9.2 million during the twelve months ended December 31, 2025. F- 22 The following table summarizes stock option activity during the years ended December 31, 2025, 2024 and 2023: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at December 31, 2022 5,157,857 $ 5.45 6.66 $ 20,515,000 Granted 1,488,990 $ 9.34 Exercised ( 1,394,415 ) $ 4.59 Forfeited — $ — Cancelled ( 3,750 ) $ 4.05 Options outstanding at December 31, 2023 5,248,682 $ 6.79 7.10 $ 62,210,000 Granted 1,219,200 $ 23.25 Exercised ( 1,706,172 ) $ 6.07 Forfeited ( 27,250 ) $ 39.31 Cancelled — $ — Options outstanding at December 31, 2024 4,734,460 $ 11.10 7.28 $ 141,297,000 Granted 659,033 $ 36.84 Exercised ( 214,489 ) $ 9.06 Forfeited ( 52,500 ) $ 35.75 Cancelled ( 11,750 ) $ 40.33 Options outstanding at December 31, 2025 5,114,754 $ 14.18 6.66 $ 114,000,000 Options exercisable at December 31, 2025 2,863,379 $ 9.85 5.80 $ 74,000,000 The Company received $ 2.0 million, $ 10.4 million and $ 6.4 million in cash proceeds from exercises of stock options during the years ended December 31, 2025, 2024 and 2023, respectively. The total fair value of stock options that vested during the years ended December 31, 2025, 2024 and 2023 wa s $ 11.8 million, $ 7.3 million and $ 4.0 million, respectively. Compensation expense for stock options granted to employees is based on the estimated grant date fair value and is recognized ratably over the vesting period of the applicable option. The estimated per share weighted average fair value of stock options granted to employees during the years ended December 31, 2025, 2024 and 2023 was $ 26.78 , $ 16.83 and $ 6.76 , respectively. As stock-based compensation expense recognized is based on options ultimately expected to vest, the fair value of each employee option grant during the years ended December 31, 2025, 2024 and 2023 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Year ended December 31, 2025 2024 2023 Expected volatility 83.2 % 82.9 % 81.3 % Expected term (in years) 5.93 6.09 6.17 Risk-free interest rate 4.18 % 3.87 % 3.88 % Expected dividend yield 0 % 0 % 0 % Expected Volatility. The expected volatility rate used to value stock option grants is based on the volatility of the Company’s historical share prices. Expected Term . The Company elected to utilize the “simplified” method for “plain vanilla” options to value stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. F- 23 Risk-free Interest Rate . The risk-free interest rate assumption was based on zero-coupon U.S. Treasury instruments that had terms consistent with the expected term of the Company’s stock option grants. Expected Dividend Yield . The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Forfeitures are accounted for as actual forfeitures occur. Since the Company had a net operating loss carryforward as of December 31, 2025, no excess tax benefits for the tax deductions related to stock-based awards were recognized in the Consolidated Statements of Operations. Common Stock Reserved for Future Issuance Common stock reserved for future issuance as of December 31, 2025 is as follows: Restricted stock units 2,113,636 Common stock options 5,114,754 Available for grant under the 2024 Plan 10,871,963 Available for issuance under Employee Stock Purchase Plan 5,478,253 23,578,606 8. Income Taxes Our income before provision for (benefit from) income taxes for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands): December 31, 2025 2024 2023 Current: U.S. loss before income taxes $ ( 203,522 ) $ ( 105,855 ) $ ( 84,866 ) Foreign loss before income taxes ( 156,117 ) ( 4,108 ) ( 1,029 ) Loss before income taxes $ ( 359,639 ) $ ( 109,963 ) $ ( 85,895 ) Income tax expense from continuing operations consists of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands): December 31, 2025 2024 2023 Current: Federal $ — $ — $ — State 1 1 1 $ 1 $ 1 $ 1 Deferred: Federal $ ( 60,357 ) $ ( 33,180 ) $ ( 22,303 ) State ( 20,756 ) ( 11,926 ) ( 6,785 ) Foreign ( 19,561 ) — — $ ( 100,674 ) $ ( 45,106 ) $ ( 29,088 ) Change in valuation allowance 100,674 45,106 29,088 Total income tax expense $ 1 $ 1 $ 1 F- 24 The reconciliations of the U.S. federal statutory tax rate to the effective income tax rate for the year ended December 31, 2025 is as follows (in thousands, except %): December 31, 2025 Tax provision at U.S. Federal statutory rates $ ( 75,524 ) 21 % State income taxes net of federal benefit 1 0 % Foreign tax effects Ireland: Statutory Tax Rate Difference 13,238 ( 4 )% Change in Valuation Allowance 19,468 ( 5 )% Other Foreign Jurisdictions: 78 ( 0 )% Research and development credits ( 22,639 ) 6 % Change in federal valuation allowance 60,357 ( 17 )% Non-taxable or non-deductible items 565 ( 0 )% Share-based compensation 4,221 ( 1 )% Other 236 ( 0 )% Effective income tax rate $ 1 — The reconciliations of the U.S. federal statutory tax rate to the effective income tax rate for the years ended December 31, 2024 and 2023 are as follows: December 31, 2024 2023 Tax provision at U.S. Federal statutory rates 21 % 21 % State income taxes net of federal benefit 9 % 7 % Non-deductible permanent items — ( 1 )% Stock options 3 % 3 % Research and development credits 10 % 4 % Change in valuation allowance ( 43 )% ( 34 )% Effective income tax rate — — Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred taxes as of December 31, 2025 and 2024 are as follows (in thousands): December 31, 2025 2024 Deferred tax assets: Accrued liabilities $ 174 $ 403 Intangible assets 134,134 93,056 Net operating loss carryforwards 68,178 40,799 Share-based compensation 4,237 2,796 Credit Carryforwards 58,261 27,199 Other — 91 Total deferred tax assets 264,984 164,344 Valuation Allowance ( 264,737 ) ( 164,063 ) Total deferred tax assets, net of allowance $ 247 $ 281 Deferred tax liabilities: Right of use assets $ ( 24 ) $ ( 281 ) Other ( 223 ) — Total deferred tax liabilities: $ ( 247 ) $ ( 281 ) Net deferred tax assets (liabilities): $ — $ — F- 25 A valuation allowance of $ 264.7 million and $ 164.1 million at December 31, 2025 and December 31, 2024, respectively, has been recorded to offset net deferred tax assets, as the Company is unable to conclude that it is more likely than not that such deferred tax assets will be realized. At December 31, 2025, the Company had approximately $ 194.7 million of federal net operating loss carryforwards, of which $ 17.7 million will begin to expire in 2032 and the remaining $ 177.0 million of which can be carried forward indefinitely. The Company has $ 110.6 million of state net operating loss carryforwards that will begin to expire in 2034 . The Company has $ 156.1 million of foreign net operating loss carryforwards that can be carried forward indefinitely. The Company's ability to utilize its federal net operating loss carryforwards may be limited under Section 382 of the Internal Revenue Code of 1986, as amended (the "Code"). Specifically, this limitation may arise in the event of an "ownership change," which is defined by Section 382 of the Code as a cumulative change in ownership of the Company of more than 50 % within a three-year period. If the Company undergoes one or more ownership changes in connection with any future transactions in its stock, the Company's ability to utilize net operating loss carryforwards to offset federal taxable income, if any, could potentially result in increased future tax liability to the Company. An ownership change under Section 382 of the Code occurred during the year ended December 31, 2018. However, as of December 31, 2025, there is no limitation on the federal and state net operating losses. The Company is subject to U.S. federal income tax, as well as income tax in various state and foreign jurisdictions. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and various state agencies for the years ended December 31, 2021 through December 31, 2025. At December 31, 2025, the Company has federal and state research and development tax credit carry-forwards of approximately $ 41.5 million and $ 21.2 million, respectively. The federal credits begin to expire in 2036 . The state credits do not expire. The differences between the Company's effective income tax rate and the statutory federal rate for the year ended December 31, 2025 and the year ended December 31, 2024 relate primarily to losses incurred for which no tax benefit was recognized, due to uncertainty of realization. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. At each of December 31, 2025 and December 31, 2024, the Company provided a full valuation allowance against its deferred tax assets due to uncertainty surrounding the realization of those assets as a result of historical taxable net losses. The Company has reviewed its operations and has not identified any material uncertain tax positions. As a result, there is no liability for uncertain tax positions in the income tax provision as of December 31, 2025 or December 31, 2024. 9. Related-Party Transactions In May 2014, the Company entered into the Master License Agreement with Ligand, pursuant to which, among other things, Ligand granted the Company an exclusive worldwide license to certain clinical and preclinical programs. See Note 4 for more information related to this agreement. In connection with the Master License Agreement, the Company considered Ligand to be a related party. 10. Commitments and Contingencies In November 2021, the Company entered into an Office Lease (the “Office Lease”) with One Pacific Heights. LLC. The Office Lease is for approximately 7,940 rentable square feet of space located at 9920 Pacific Heights Blvd, Suite 350, San Diego, California 92121 (the “Premises”). The Premises currently serve as the Company’s corporate headquarters. Monthly base rent payments due under the Office Lease for the Premises are $ 28,187 , subject to annual increases of 3.0 % during the term of the Office Lease. Under the Office Lease, the Company is responsible for certain charges for common area maintenance and other costs, including utility expenses and the Office Lease provides for abatement of rent during certain periods and escalating rent payments throughout the term of the Office Lease. In October 2025, the Company amended the Office Lease (the “Amended Lease”). The Amended Lease is for approximately 25,062 rentable square feet of space located at 9920 Pacific Heights Blvd, Suite 500, San Diego, California 92121 (the “New Premises”). The New Premises will be the Company's corporate headquarters upon the later of (i) the date of substantial completion of certain tenant improvements provided for in the Amended Lease or (ii) April 1, 2026 (the “Substitution Date”). The Amended Lease will expire on the last day of the 67th month following the Substitution Date (the “Term”). Monthly base rent payments due under the Amended Lease for the New Premises are $ 63,000 , subject to annual increases pursuant to the Amended Lease F- 26 during the Term. Under the Amended Lease, the Company is responsible for certain charges for common area maintenance and other costs, including utility expenses, and the Amended Lease provides for abatement of rent during certain periods and escalating rent payments throughout the Term. In September 2024 the Company entered into an Office Sublease with TÜV SÜD America Inc. (the “Office Sublease”) The Office Sublease is for approximately 6,307 rentable square feet of space located at 9920 Pacific Heights Blvd, Suite 325, San Diego, California 92121 (the “Subleased Premises”). Monthly base rent payments due under the Office Sublease for the Subleased Premises are $ 12,614 , subject to annual increases of 3.0 % during the term of the Office Sublease. Under the Office Sublease, the Company is responsible for certain other costs, including utility expenses. On March 10, 2025, the Company entered into multi-year manufacturing agreements (the “Manufacturing Agreements”) with Corden Pharma Colorado, Inc. and affiliates (“CordenPharma”), securing dedicated capacity for the annual manufacture and supply of active pharmaceutical ingredient and final drug product for VK2735. The Manufacturing Agreements provide the Company with exclusive use of dedicated manufacturing line(s) and related equipment at CordenPharma's facilities. Based on evaluation of these arrangements under FASB Accounting Standards Codification 842, the Company has determined that they contain an embedded lease of the identified manufacturing assets as described above; however, as of December 31, 2025, the lease has not yet commenced because construction of the identified assets is ongoing and the Company does not yet have control or access for their intended use. 11. Segment Reporting The Company is a clinical-stage biopharmaceutical company focused on the development of novel first-in-class or best-in-class therapies for the treatment of metabolic and endocrine disorders, with three compounds currently in clinical trials. The Company manages its business activities on a consolidated basis and operates in one reportable segment. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). The CODM utilizes the Company’s long-range plan, which includes drug pipeline roadmaps and long-range financial models, as key inputs to resource allocation decisions. In order to ensure that these long-range financial models are reliable, the CODM will perform look-back comparisons and budget versus actual analyses. The CODM makes decisions on resource allocation and monitors budget versus actual results using losses from operations and its effect on the Company’s cash balance. Significant expenses within loss from operations include research and development, and general and administrative expenses, which are each separately presented on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Other segment items within net loss include interest income, net and amortization of financing costs. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. The Company adopted ASU 2023-07 effective December 31, 2024 , on a retrospective basis. The adoption of ASU 2023-07 did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s segment-related disclosures. Refer to Note 11 for further information on the Company’s reportable segment. 12. Subsequent Events The Company evaluated subsequent events through the date of the filing of this Annual Report on Form 10-K with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of December 31, 2025, and events which occurred subsequent to December 31, 2025 but were not recognized in the financial statements. The Company has determined that there were no subsequent events which required recognition, adjustment to or disclosure in the financial statements. F- 27