Viking closes $225M convertible notes and $297M stock sale after upsized option exercises

Viking Therapeutics closed two concurrent capital raises on September 25, 2026. The company entered into an underwriting agreement on September 23, 2026 to issue and sell 7,857,143 shares of common stock at a public offering price of $35.00 per share.¹ Underwriters were granted a 30-day option to purchase up to an additional 1,178,571 shares, which they exercised in full on September 24, 2026.¹ Net proceeds from the equity offering totaled approximately $297.0 million after deducting underwriting discounts, commissions and estimated expenses, and giving effect to the exercised option.¹

Separately, Viking entered into an agreement to issue $225,000,000 aggregate principal amount of 2.00% Convertible Senior Notes due 2032.¹ An underwriter option for an additional $33,750,000 aggregate principal amount was exercised in full on September 24, 2026.¹ The initial conversion rate is 19.7044 shares of common stock per $1,000 principal amount of notes, representing an initial conversion price of approximately $50.75 per share.¹ Net proceeds from the debt offering were approximately $250.8 million.¹ Both offerings closed on September 25, 2026.¹ Viking said it intends to use the combined net proceeds for continued clinical development, advancement and commercialization of its VK2735 program, continued clinical development and advancement of its VK3019 program, and general corporate purposes.¹

The financings followed topline data from a maintenance-dosing study of VK2735, Viking's dual GLP-1/GIP agonist. The filing was dated September 23, 2026.¹ Subjects randomized to every-other-week dosing regimens maintained up to 97% of mean weight loss achieved in the weekly induction period, compared with 61% mean weight loss maintenance among subjects randomized to placebo (p<0.0001 vs. placebo).² Participants randomized to monthly dosing regimens maintained up to 90% of mean weight loss achieved during the induction period, compared with 61% for placebo (p=0.0002 vs. placebo).² During the 21-week induction phase, weight loss ranged from approximately 16% to 19% compared with approximately 0% for placebo (p<0.0001 vs. baseline and placebo, all cohorts).² Viking said it plans to explore oral maintenance dosing regimens in an upcoming part 2 to the current study.²