San Diego Biopharma Begins First-in-Human Dosing of Obesity Drug as Phase 3 Catalysts Approach
Research Report

1. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 
2. This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

For additional disclosures, please click here.

Disclosures for H.C. Wainwright & Co., Viking Therapeutics Inc., June 24, 2026

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: Viking Therapeutics, Inc. (VKTX-US) as of 06-23-2026 100 80 60 40 20 0 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 Q2 BUY:$33.00 04/27/23 BUY:$90.00 02/27/24 BUY:$102.00 11/04/24 Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. Distribution of Ratings Table as of June 23, 2026 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 531 83.89% 153 28.81% Neutral 46 7.27% 12 26.09% Sell 2 0.32% 0 0.00% Under Review 54 8.53% 22 40.74% H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Joseph Pantginis, Ph.D., Joshua Korsen, Ph.D., Matthew Keller, Ph.D., Sara Nik, Ph.D. and Lander Egaña Gorroño, Ph.D. , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Viking Therapeutics, Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of May 31, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Viking Therapeutics, Inc.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did not receive compensation from Viking Therapeutics, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in Viking Therapeutics, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

On June 24, 2026, Joseph Pantginis, Ph.D., and the research team at H.C. Wainwright & Co. reiterated a Buy rating and US$102.00 price target on Viking Therapeutics Inc (VKTX:NASDAQ), implying roughly 193% upside from the June 23, 2026 closing price of US$34.81, following the company's announcement that it had initiated a Phase 1 study of VK3019, its investigational obesity candidate.

Viking dosed VK3019 into the clinic in a Phase 1 single ascending dose study evaluating the candidate, a dual amylin and calcitonin receptor agonist (DACRA), in healthy adults with a body mass index (BMI) ≥30. The randomized, double-blind, placebo-controlled trial is designed to assess the safety, tolerability, and pharmacokinetics of single subcutaneous doses, with exploratory pharmacodynamic assessments that include changes in body weight after a single dose. In the analysts' view, the initiation marks an encouraging step for Viking's broader obesity strategy, since VK3019 offers a mechanistically distinct weight-loss candidate that could be used alone or in combination with GLP-1 or GLP-1/GIP-based therapies such as VK2735. The firm cited Viking's preclinical DACRA data, which showed meaningful effects on food intake, body weight, and metabolic markers, and noted that the program reinforces an increasingly multi-pronged obesity pipeline.

VK2735 continues to anchor the story. Enrollment has been completed across both Phase 3 VANQUISH studies, which evaluate subcutaneous VK2735 in adults with obesity or who are overweight without diabetes (VANQUISH-1) and in adults with type 2 diabetes who also have obesity or are overweight (VANQUISH-2); readouts from both trials are expected in the second half of 2027. A Phase 3 trial of oral VK2735 in obesity is expected to begin in the fourth quarter of 2026, with a design expected to parallel the VANQUISH studies while reducing pill burden through smaller tablets and fewer pills. Management indicated the oral Phase 3 trial may be shorter, with the potential for a smaller study size and reduced intensity of clinical visits, which the analysts believe could support more efficient and potentially lower execution costs; study design details are expected in the coming months.

On the maintenance front, management expanded the subcutaneous portion of the VK2735 maintenance dosing study from 4 to 8 cohorts to evaluate a broader range of monthly and every-other-week dosing strategies, aiming to inform regimen selection for the VANQUISH extension study following the 78-week primary endpoint. Data from the subcutaneous maintenance cohorts are expected in the third quarter of 2026, with oral maintenance data to follow in the first half of 2027. Management framed potential outcomes across a range of scenarios: a best case of continued weight loss following transition, a base case of relatively flat weight (within a few percentage points either up or down), which would be viewed as a strong outcome, and a downside scenario of sharp weight regain.

The firm's valuation is based on contributions from three clinical-stage assets: VK2735 (67.4% contribution, 80% chance of success), VK2809 (28.2% contribution, 80% chance of success), and VK0214 (4.5% contribution, 30% chance of success), derived from a clinical net present value (NPV) model that allows multiple assumptions affecting a drug's commercial profile to be adjusted. Risk factors that could impede the stock from reaching the price target include failed or inconclusive clinical trials or the inability to secure adequate funding to progress its drugs through the development pathway.