How VKTX (Viking Therapeutics) Makes Money in 2026: A Deep-Dive With Income Statement

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Understanding how a biotech company like Viking Therapeutics makes money is essential for investors and anyone interested in the business of biotechnology. In this post, we break down Viking Therapeutics's quarterly income statement (Q4 2025) using a Sankey chart to visualize the financial flows — what comes in, where it goes, and what's left as profit.

Quick Viking Therapeutics Overview

Viking Therapeutics operates as a clinical-stage biopharmaceutical company focused on developing novel therapies for metabolic and endocrine disorders, including obesity, type 2 diabetes, and NASH. Revenue comes primarily from collaboration agreements, grants, and milestone payments in its pipeline programs, though total revenue was not reported or was negligible in the latest quarter. As a pre-commercial biotech with no approved products, the company invests heavily in R&D for lead candidates like VK2735 (dual GLP-1/GIP agonist) and VK2809 (thyroid receptor beta agonist).

Revenue Breakdown

• Total Revenue (Q4 2025): $0 (+0% YoY)
  • No significant revenue segments reported.
  • Growth is powered by pipeline advancements, though revenue remains minimal as the company advances clinical trials without product sales.

Gross Profit and Margins

• Gross Profit: N/A (N/A gross margin)
  • Cost of Revenue: $0 (+0% YoY)
  • Viking Therapeutics maintains no meaningful gross margins due to its pre-revenue clinical-stage status, with focus on R&D rather than commercial operations.
• Most costs come from R&D and other operating expenses.

Operating Income and Expenses

• Operating Income: N/A (+N/A YoY, N/A margin)
• Operating Expenses: $164.7M (+256.3% YoY)
  • R&D: $153.5M (+395.2% YoY, 0.0% of revenue) — Heavy investments in clinical trials for obesity and metabolic disease programs, including Phase 2/3 trials for VK2735 and VK2809.
  • SG&A: $11.3M (-26.0% YoY, 0.0% of revenue) — Primarily administrative, legal, and overhead costs supporting pipeline development.
  • Viking Therapeutics continues to prioritize innovation while expanding operations through aggressive clinical investments.

Net Income

• Pre-Tax Income: N/A (+N/A YoY, N/A margin)
• Income Tax: N/A (N/A effective tax rate)
• Net Income: $157.7M (+345.2% YoY, 0.0% net margin)
• Viking Therapeutics converts a significant portion of non-operating items into profit due to non-cash gains or other income sources offsetting high R&D burn.

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What Drives Viking Therapeutics's Money Machine?

• Pipeline Milestones: Core value from collaboration revenue and grants, though minimal in Q4 2025.
• R&D Investment: $153.5M spend reflects key metric of clinical progress in obesity drugs amid GLP-1 market boom.
• Cash Position: Strategic investments in trials funded by prior equity raises and partnerships.
• Future growth areas: Obesity and NASH programs like VK2735, though not yet profitable.

Visualizing Viking Therapeutics's Financial Flows

The Sankey chart below visualizes how each dollar flows from gross revenue, through costs and expenses, down to net income. This helps investors spot where value is created, what areas weigh on profits, and how efficiently the company operates.

• Most revenue flows into gross profit, with operating expenses (especially R&D) taking the largest chunk.
• Even after large investments, net income shows positive swing from non-operating items.

Key Takeaways

• Viking Therapeutics's money comes overwhelmingly from collaboration and grant income (minimal in quarter).
• High R&D spend illustrates the power of Viking Therapeutics's clinical-stage biotech model.
• Heavy investment in R&D, balanced by efficiency in SG&A costs.
• Ongoing growth is driven by obesity drug pipeline advancements.

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FAQ About Viking Therapeutics's Income Statement

1. What is the main source of Viking Therapeutics's revenue in 2025?

Viking Therapeutics generates over 0% of its revenue from collaboration agreements and grants. No significant revenue was reported in Q4 2025 as the company remains pre-commercial.

2. How profitable is Viking Therapeutics in Q4 2025?

Viking Therapeutics reported net income of $157.7M in Q4 2025, with a net margin of approximately 0.0%, reflecting strong non-operating gains despite R&D losses.

3. What are the largest expense categories for Viking Therapeutics?

The biggest expenses on Viking Therapeutics's income statement are operating expenses, particularly Research & Development (R&D) and Sales, General & Administrative (SG&A) costs. R&D investment reached $153.5M in Q4 2025, as Viking Therapeutics prioritizes clinical trials in obesity and metabolic disorders.

4. Why does R&D operate at a loss?

R&D, despite generating minimal associated revenue, posted expenses of over $153.5M in Q4 2025. This is because Viking Therapeutics aggressively invests in Phase 2/3 trials for VK2735 and other programs, believing these will drive long-term growth—even if unprofitable today.

5. How does Viking Therapeutics's effective tax rate compare to previous years?

Viking Therapeutics's effective tax rate in Q4 2025 was N/A, consistent with previous years. This moderate rate is primarily due to net operating loss carryforwards and non-cash items in biotech operations.