Obesity has become a “winner-takes-credibility” category. It’s not enough to show weight loss in a trial deck anymore — the market cares about what patients can actually stay on, how doctors will prescribe it, and how frictionless the regimen looks once you leave the controlled world of studies. That’s why pre-revenue names can still command attention: the right clinical profile can flip expectations overnight, but the wrong tolerability signal can erase years of hype just as fast.
This company sits right on that fault line with VK2735. The upside case isn’t a clever story about market size; it’s a narrow question about whether efficacy and tolerability can coexist without forcing compromises that limit adoption. In 2026 the “maybe” phase ends: late-stage work and the cadence of updates start putting hard boundaries around what’s realistic, and execution speed becomes almost as important as the data itself.
Top points of the analysis
The company is a pre-revenue biotech: revenues are zero…