Viking Therapeutics, Inc. (VKTX) Cash Flow Statement

The 2026Q3 operating cash outflow of $138.2M against a net loss of $183.2M yields an OCF/NI ratio of 0.75, meaning roughly three-quarters of the reported loss consumed cash in the period. Stock-based compensation of $17.9M explains a meaningful portion of the gap, but the remaining difference is consistent with the cash-intensive nature of clinical-stage R&D spending. Because the company reports no revenue, the cash cost of research is effectively the entire burn story rather than a timing issue in collections.

Free cash flow has been negative in every quarter presented, and the quarterly burn has risen more than sixfold over roughly two years, with a notable step-up through 2025 and 2026. Because capital expenditures are reported as zero, the entire free cash flow figure reflects operating outflows tied to research and administrative activity. Without revenue, traditional FCF margin analysis offers little insight, so the more relevant measure is the length of runway implied by the current burn rate, which the supplied data does not fully disclose.

Zero capex and near-zero depreciation and amortization suggest the company is not building manufacturing or lab infrastructure on its balance sheet during this period. This structure lowers capital intensity but also means cash spending is fully exposed to clinical trial and personnel costs, leaving little flexibility to defer investment. Investors may wish to confirm whether development activities are contracted out, since that affects how quickly spending can be scaled up or cut.

With no buybacks, dividends, or acquisitions, the entire cash position is being drawn down to fund operations, making the balance sheet cash level and any external financing the critical variables. The supplied data does not disclose cash balances or financing activity, so the adequacy of current resources cannot be assessed from this dataset. Analysts should cross-reference the balance sheet and recent financing disclosures to judge how many quarters of runway remain at the current burn.