Viking Therapeutics Announces Closing of Public Offering of Common Stock And Full Exercise of Underwriters’ Option to Purchase Additional Shares

SAN DIEGO — Viking Therapeutics, Inc. (“Viking”) (Nasdaq: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, announced the closing of its previously announced underwritten public offering of 19,828,300 shares of its common stock at a public offering price of $14.50 per share, which includes the exercise in full by the underwriters of their option to purchase up to 2,586,300 additional shares of common stock. The gross proceeds to Viking from this offering are approximately $287.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

William Blair & Company, L.L.C. acted as lead book-running manager for the offering and Raymond James & Associates, Inc. acted as joint book-running manager for the offering. Truist Securities, Inc., BTIG, LLC, Oppenheimer & Co. Inc. and H.C. Wainwright & Co., LLC also acted as bookrunners for the offering. Maxim Group LLC, Roth Capital Partners, LLC and Laidlaw & Company (UK) Ltd. acted as co-managers for the offering.

Viking currently intends to use the net proceeds from the offering for continued development of its VK2809, VK2735 and VK0214 programs and for general research and development, working capital and general corporate purposes.

The securities described above were offered by Viking pursuant to a shelf registration statement on Form S-3 (File No. 333-258231), previously filed with the Securities and Exchange Commission (the “SEC”) on July 28, 2021, and declared effective on August 11, 2021. A final prospectus supplement and accompanying prospectus related to the offering was filed with the SEC on March 31, 2023 and is available on the SEC’s website at Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting William Blair & Company, L.L.C. at 150 North Riverside Plaza, Chicago, Illinois 60606, Attention: Prospectus Department, by telephone at (800) 621-0687, or by email at [email protected]. These documents may also be obtained by contacting Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, or by email at [email protected].

About Viking Therapeutics, Inc.

Viking Therapeutics, Inc. 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. Viking’s research and development activities leverage its expertise in metabolism to develop innovative therapeutics designed to improve patients’ lives. Viking’s clinical programs include VK2809, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the treatment of lipid and metabolic disorders, which is currently being evaluated in a Phase 2b study for the treatment of biopsy-confirmed non-alcoholic steatohepatitis (NASH) and fibrosis. In a Phase 2a trial for the treatment of non-alcoholic fatty liver disease (NAFLD) and elevated LDL-C, patients who received VK2809 demonstrated statistically significant reductions in LDL-C and liver fat content compared with patients who received placebo. Viking is also developing VK2735, a novel dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors for the potential treatment of various metabolic disorders. VK2735 is currently being evaluated in a Phase 1 clinical trial. In the rare disease space, Viking is developing VK0214, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the potential treatment of X-linked adrenoleukodystrophy (X-ALD). VK0214 is currently being evaluated in a Phase 1b clinical trial in patients with the adrenomyeloneuropathy (AMN) form of X-ALD. Viking holds exclusive worldwide rights to a portfolio of five therapeutic programs, including VK2809 and VK0214, which are based on small molecules licensed from Ligand Pharmaceuticals Incorporated.