Vktx presentation to shareholders

Vktx presentation to shareholders

• 1. Corporate Presentation October 2024

• 2. Forward-Looking Statements This presentation contains statements about our future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks relating to: both our and our collaborators’ ability to successfully research, obtain regulatory approvals for, develop and commercialize products based upon our technologies; our ability to obtain and maintain proprietary protection for our technologies and product candidates; our reliance on third parties to manufacture our preclinical and clinical drug supplies; competitive pressures; our ability to obtain and maintain strategic collaborations; compliance with our in-license agreements; our ability to successfully execute on, and receive favorable results from, our proprietary drug development efforts; market acceptance of our drug candidates; retaining members of our senior management; and our ability to raise additional funds to finance our operations. The forward-looking statements included in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. While we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this presentation. For more information regarding risks and uncertainties that could affect the results of our operations or financial condition review our filings with the Securities and Exchange Commission (in particular, our most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q). 2

• 3. Investment Highlights ● Developing novel therapeutics for metabolic and endocrine diseases ဝ Multiple clinical programs demonstrate best-in-class efficacy data ● Metabolic Disease Programs ဝ VK2735: GLP-1/GIP dual agonist for obesity ▪ VENTURE Phase 2 obesity study successfully achieved primary, secondary endpoints ဝ VK2735 Oral: GLP-1/GIP dual agonist for obesity ▪ Phase 1 study demonstrated positive PoC, reduced in body weight; Phase 2 planned for 4Q24 ဝ VK2809: Selective thyroid receptor-β agonist for NASH/MASH ▪ VOYAGE Phase 2b trial successfully demonstrated NASH resolution, fibrosis improvement ● Rare Disease Program ဝ VK0214: Selective thyroid receptor-β agonist for X-ALD ▪ Phase 1b in patients ongoing; data expected 2H24 3

• 4. Pipeline Overview Potential data events expected over next 3-6 months ဝ VK2735 Oral: Additional Phase 1 data in healthy subjects ဝ VK0214: Phase 1b data in X-linked adrenoleukodystrophy 4 Development Programs Indication Stage of Development Status Preclin Phase 1 Phase 2 Phase 3 VK2735 (Dual GLP-1/GIP agonist) Obesity Phase 2 VENTURE study recently completed VK2735 Oral (Dual GLP-1/GIP agonist) Obesity Phase 1 ongoing;Phase 2 planned VK2809 (TRβ agonist) NASH Phase 2b VOYAGE trial recently completed VK0214 (TRβ agonist) X-ALD Phase 1b study recently completed

• 5. VK2735: Dual GLP-1/GIP Receptor Agonist Metabolic Disorders

• 6. GLP-1/GIP Dual Agonists for Metabolic Disorders 6 GLP-1/GIP Receptor Co-Activation and Downstream Effects ● Peptides secreted by intestines after meals ● Complementary tissue distribution and activities ● Stimulate insulin production, induce satiety ● Therapeutic benefits in obesity, NASH, diabetes Graphics: Trends in Endocrinology and Metabolism 2020, 31(6), 410-421. Glucagon-Like Peptide 1 Receptor Glucose-Dependent Insulinotropic Polypeptide Receptor GLP-1 Receptor Activity GIP Receptor Activity Indirect Activities

• 7. Novel Peptide-Based Dual Agonists 7 ● Potent binding (<500nM) to human GLP-1 and GIP receptors ● Variable GIP activity ● Robust weight loss observed in rodent models ● Predictable PK; T1/2 2 – 7 days in primates; variable exposures ● VK2735 selected for further development Relative Weight Change at 14 Days in Rodent Model of Obesity 10 100 1000 10000 0 24 48 72 96 120 144 168 192 216 240 264 288 312 336 Plasma Concentration (ng/mL) Time (h) VK2745 Plasma Concentrations in Male Cynomolgus Monkeys following a Single Subcutaneous Dose of 0.2 mg/kg B03896 B03899 B03900 VK2745 Plasma Concentrations vs. Time in Primates Representative PK profile: Generally wellbehaved with extended T1/2 50 60 70 80 90 100 110 120 -8 -6 -4 -2 0 2 4 6 8 10 12 14 Study day Relative Body Weight (% of Baseline) Vehicle VK2735 VK2742 VK2743 VK2744 VK2745 VK2746 VK2747

• 8. VK2735 Metabolic Effects Exceed GLP-1 Mono-Agonist Effects ● GLP-1 receptor activity similar to known agonist semaglutide (<300nM) ● VK2735 demonstrates broad improvements vs. GLP-1 monoagonism at same dose level ● Robust reduction in all relevant metabolic markers ● Data support additive benefit of GIP-agonist activity on top of GLP-1 activation 8 -55 -45 -35 -25 -15 -5 Body Weight Blood Glucose Plasma Insulin Plasma TG Placebo-adjusted change from baseline (%) Semaglutide VK2735 Placebo-Adjusted Change From Baseline (%) at Day 21 in Rodent Model of Obesity Semaglutide VK2735 -18% -27% -7% -22% -35% -55% -26% -49% p-value vs semaglutide <0.0001 <0.0001 0.1499 0.0034

• 9. VK2735 Phase 1 Clinical Study Design 9 ● Randomized, placebo-controlled, stacked SAD/MAD study design ● MAD: Weekly doses for 28 days ● Primary objectives: Safety, tolerability ● Exploratory: Body weight, glucose, liver fat

• 10. VK2735 Phase 1 SAD Results 10 ● All planned SAD cohorts were completed ဝ 0.25 mg, 0.5 mg. 1.0 mg, 2.5 mg, 5.0 mg, 7.5 mg ● PK profile: T1/2 170 – 250 hours, amenable to weekly dosing ● Tmax 75 to 90 hours implies gradual onset of exposure ● Clinical observations ဝ No SAEs reported ဝ Nausea reported, increasing with increased dose; expected on-mechanism effect ● No vomiting reported until top dose (7.5 mg); appears to be dose-limiting in SAD setting

• 11. % Change in BW: -1.8% -2.5% -3.7% -4.1% -7.4% -7.8% Placebo-adjusted: - -0.7% -1.9% -2.3% -5.6% -6.0% p-value vs placebo - 0.64 0.17 0.09 0.0003 0.0002 VK2735 Phase 1 MAD Results: Weight Change After 28 Days 11 -8 -7 -6 -5 -4 -3 -2 -1 0 Placebo (n=10) 0.5 mg (n=6) 1.5 mg (n=6) 1.5/3/5/5 mg (n=7) 3/5/5/7.5 mg (n=6) 5/5/7.5/10 mg (n=6) % Change From Baseline Baseline BW (kg) 121.1 101.2 114.8 115.3 116.3 95.9 *** Mean % Change in Body Weight at Day 29 ● Reduction in body weight observed in all VK2735 dosing cohorts ● Dose dependent effect observed across VK2735 cohorts ● Significant reduction vs. placebo observed at higher VK2735 doses *** Notes: Baseline BMI ≥30 in all MAD subjects. ***p<0.001

• 12. VK2735 Phase 1 Results: Rapid, Progressive Weight Loss Observed Change From Baseline Body Weight Over 28 Days ● Progressive weight loss observed in all VK2735 dosing cohorts ● Dose dependent effects observed ● No evidence of plateau in this dosing window 12 Notes: Baseline BMI ≥30 in all MAD subjects. ***p<0.001 Lowest, middle, and highest dose cohorts displayed. 0 8 15 22 29 Days -9 -8 -7 -6 -5 -4 -3 -2 -1 0 from Baseline (kg, LSM ± SE) Body Weight Change VK2735 5/5/7.5/10 mg VK2735 1.5/3/5/5 mg VK2735 0.5 mg Placebo -2.2 -2.6 -4.5 -7.6***

• 13. -7 -6 -5 -4 -3 -2 -1 0 0.5 mg (n=6) 1.5 mg (n=6) 1.5/3/5/5 mg (n=7) 3/5/5/7.5 mg (n=6) 5/5/7.5/10 mg (n=6) Change from baseline (%) VK2735 Phase 1 Results: Robust Weight Loss Maintained At 43 Days 13 Placebo-Adjusted Change From Baseline Body Weight in Healthy Volunteers *** *** ● 21 days after last VK2735 dose ● Differences relative to placebo improve compared to Day 29 timepoint ● Suggests durable benefit following brief exposures Placebo-adjusted % change in BW -1.3% -3.4% -4.0% -7.0% -6.0% p-value vs. placebo 0.34 0.015 0.004 <0.0001 0.0002 ** * Notes: All subjects in MAD study were required to have baseline BMI ≥30. *p<0.05; **p<0.01; ***p<0.001

• 14. VK2735 Phase 1 MAD Study: GI Tolerability Summary 14 ● Majority of all reported AEs (98%) mild or moderate ● Mechanism-based mild (89%) to moderate (11%) nausea observed ● No discontinuations related to GI adverse events Most common AEs to date Number of subjects reporting (%) Placebo (n=10) 0.5 mg (n=6) 1.5 mg (n=6) 1.5/3/5/5 mg (n=7) 3/5/5/7.5 mg (n=6) 5/5/7.5/10 mg (n=6) GERD 0 (0%) 0 (0%) 0 (0%) 3 (43%) 2 (33%) 1 (17%) Nausea 5 (50%) 2 (33%) 4 (67%) 5 (71%) 5 (83%) 2 (33%) Vomiting 1 (10%) 2 (33%) 0 (0%) 2 (29%) 1 (17%) 1 (17%) Abdominal pain 1 (10%) 0 (0%) 1 (17%) 3 (43%) 4 (67%) 2 (33%) Diarrhea 3 (30%) 1 (17%) 1 (17%) 2 (29%) 0 (0%) 0 (0%) Constipation 0 (0%) 1 (17%) 1 (17%) 2 (29%) 1 (17%) 0 (0%) GERD: Gastroesophageal reflux disease.

• 15. VK2735 Phase 1 Study Takeaways 15 ● Encouraging early profile observed in healthy subjects with BMI ≥30 ● Dose-dependent improvement in weight loss of up to 7.8% (6.0% placeboadjusted) reported after 28 days ● Durable weight loss maintained 21 days after last dose ● Reductions in plasma lipids, liver fat indicate broad metabolic benefits ● PK data suggest excellent exposures from weekly dosing regimen ● Promising safety and tolerability, 98% of AEs mild to moderate

• 16. VK2735 VENTURE Phase 2 Obesity Study Design 16 D1 W4 W19 Randomize Placebo (n=35) Follow-up 2.5 mg VK2735 (n=35) 5.0 mg VK2735 (n=35) 10.0 mg VK2735 (n=35) 15.0 mg VK2735 (n=35) Double-Blind Treatment, 13 Weekly doses 6 Week follow-up Obese subjects, BMI ≥30 or ≥27 with comorbidity Screening, 28 days ● Multicenter, parallel cohort, 13 week trial in obese subjects o 3 week titration blocks applied at doses ≥5 mg ● Primary endpoint: Percent change in body weight at Week 13 vs. placebo W7 W10 W13

• 17. 17 ● Well-balanced demographics among cohorts ● Gender breakout generally 2:1 to 3:1 women to men ● BMI, weight consistent across Tx arms Mean Baseline Characteristics Placebo (n=34) 2.5 mg (n=35) 5.0 mg (n=35) 10.0 mg (n=35) 15.0 mg (n=35) Age 48 50 52 47 51 Sex, M:F (%) 18:82 23:77 34:66 34:66 23:77 White (%) 77 80 89 74 80 Weight (kg) 105 103 98 103 101 BMI (kg/m2) 39 38 36 37 37 VK2735 VENTURE Study Demographics

• 18. -15 -12 -9 -6 -3 0 Placebo (n=34) VK2735 2.5 mg (n=35) VK2735 5.0 mg (n=35) VK2735 10.0 mg (n=35) VK2735 15.0 mg (n=35) Change from baseline (%) 18 Mean % Change in Body Weight After 13 Weeks **** **** ● Significant reduction in body weight observed after 13 weeks ● Up to approximately 15% reduction from baseline ● Dose dependent effect observed across cohorts Percent change -1.7% -9.1% -10.9% -12.9% -14.7% Placebo-adjusted - -7.4% -9.2% -11.3% -13.1% p-value vs. placebo - <0.0001 <0.0001 <0.0001 <0.0001 ****p<0.0001 **** VENTURE Study Achieves Primary Endpoint Baseline weight (kg) 105 kg 103 kg 98 kg 103 kg 101 kg ****

• 19. VENTURE Phase 2 Results: Rapid, Progressive Weight Loss Observed Change From Baseline Body Weight Over 13 Weeks ● Progressive weight loss observed in all VK2735 dosing cohorts ● All doses statistically significant vs. placebo starting in Week 1 and maintained through Week 13 ● Dose dependent effects observed ● No evidence of plateau suggests further body weight reduction possible with continued dosing 19 Notes: ***p<0.0001. Patients were required to have baseline BMI ≥30 kg/m2 or BMI≥27 kg/m2 with at least one weight-related comorbid condition. Patients treated with VK2735 were titrated to final doses as indicated: 2.5 mg cohort = 2.5 x 13 weeks 5 mg cohort = 2.5 mg x 3 wks, 5 mg x 10 wks 10 mg cohort = 2.5 mg x 3 wks, 5 mg x 3 wks, 7.5 mg x 3 wks, 10 mg x 4 wks 15 mg cohort = 5 mg x 3 wks, 7.5 mg x 3 wks, 10 mg x 3 wks, 15 mg x 4 wks 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Week -16 -14 -12 -10 -8 -6 -4 -2 0 (LSM±SE) Body Weight Percent Change from Baseline VK2735 5/7.5/10/15 mg VK2735 2.5/5/7.5/10 mg VK2735 2.5/5 mg VK2735 2.5 mg Placebo -1.7 % -9.1 %*** -10.9 %*** -12.9 %*** -14.7 %***

• 20. 0 15 30 45 60 75 90 Placebo (n=34) VK2735 2.5 mg (n=35) VK2735 5.0 mg (n=35) VK2735 10.0 mg (n=35) VK2735 15.0 mg (n=35) Change from baseline (%) 20 Patients Reporting ≥10% Weight Loss at 13 Weeks **** *** ● Up to 88% of patients experienced ≥10% weight loss ● Majority of patients receiving ≥5 mg and greater demonstrated 10% weight loss ● Lowest 2.5 mg dosing cohort showed 10x placebo rate Percent of patients 3.7% 39.3% 62.1% 70.4% 88.0% p-value vs. placebo - 0.0036 0.0002 <0.0001 <0.0001 **p<0.01, ***p<0.001, ****p<0.0001 **** VENTURE Study Achieves Key Secondary Endpoint Baseline weight (kg) 105 kg 103 kg 98 kg 103 kg 101 kg **

• 21. % Change in BW: -14.7% -17.1% -8.0% -10.8% -15.6% -26.5% -22.5% Duration in Weeks 13 16 20 26 48 48 72 Comparison With Published Data for Other Weight Loss Agents 21 -30 -25 -20 -15 -10 -5 0 VK2735 (15 mg) CagriSema (4.5+2.4mg) Semaglutide (2.4 mg) Cagrilintide (4.5 mg) Pemvidutide (2.4 mg) Triple-G (12 mg) Tirzepatide (15 mg) % Change From Baseline Change in Body Weight Across Competitive Landscape ● VK2735 weight loss appears competitive with other agents despite shorter trial duration ● Longer-term data will be key for determining maximal efficacy Notes: Data represent change from baseline. Indicates approximate tirzepatide 12 week weight loss in Phase 3 Surmount 1 study (~8%).

• 22. Number of subjects reporting (%) Placebo (n=35) VK2735 2.5 mg (n=35) VK2735 5 mg (n=35) VK2735 10 mg (n=35) VK2735 15 mg (n=35) VK2735 Combined (n=140) Discontinued treatment early 5 (14%) 2 (6%) 4 (11%) 5 (14%) 7 (20%) 18 (13%) Discontinued study early 2 (6%) 0 (0%) 1 (3%) 2 (6%) 2 (6%) 5 (4%) Overall TEAEs 24 (69%) 25 (71%) 31 (89%) 30 (86%) 32 (91%) 118 (84%) Drug related TEAEs 15 (43%) 21 (60%) 27 (77%) 26 (74%) 30 (86%) 104 (74%) Drug related TEAEs leading to study discontinuation 0 (0%) 0 (0%) 0 (0%) 0 (0%) 1 (3%) 1 (1%) VENTURE Study Discontinuation Rates Well-Balanced 22 ● Discontinuations well balanced between placebo, VK2735 treatment groups ● Majority (92%) of drug related TEAEs among VK2735 patients mild or moderate ● One VK2735 treated patient experienced SAE of dehydration Notes: Study safety population, defined as all patients who were randomized and received at least one dose of study drug. Data as of February 20, 2024.

• 23. VENTURE Phase 2 Study: GI Tolerability Summary 23 ● Majority (95%) GI specific TEAEs among VK2735 patients mild or moderate Common GI related TEAEs Number of subjects reporting (%) Placebo (n=35) VK2735 2.5 mg (n=35) VK2735 5 mg (n=35) VK2735 10 mg (n=35) VK2735 15 mg (n=35) VK2735 Combined (n=140) GERD 1 (3%) 2 (6%) 5 (14%) 4 (11%) 6 (17%) 17 (12%) Nausea Mild 7 (20%) 6 (17%) 11 (31%) 9 (26%) 15 (43%) 41 (29%) Moderate 0 (0%) 3 (9%) 5 (14%) 4 (11%) 7 (20%) 19 (14%) Severe 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Vomiting 0 (0%) 3 (9%) 6 (17%) 6 (17%) 10 (29%) 25 (18%) Abdominal pain 1 (3%) 1 (3%) 2 (6%) 1 (3%) 2 (6%) 6 (4%) Diarrhea 3 (9%) 11 (31%) 6 (17%) 7 (20%) 4 (11%) 28 (20%) Constipation 4 (11%) 7 (20%) 10 (29%) 9 (26%) 10 (29%) 36 (26%) Decreased appetite 0 (0%) 2 (6%) 5 (14%) 9 (26%) 6 (17%) 22 (16%) GERD: Gastroesophageal reflux disease.

• 24. Time Course of GI AEs Through 13 Weeks; Combined Cohorts 24 ● GI AEs most common, expected per GLP-1 mechanism: nausea, vomiting, diarrhea, constipation ● Generally observed early, subside over time Combined cohorts, blinded data as of 2/20/2024.

• 25. VENTURE Phase 2 Study Takeaways and Next Steps 25 ● Up to 14.7% weight loss from baseline observed after 13 weeks of VK2735 treatment ● Promising tolerability, 92% of all drug related TEAEs mild to moderate ● Majority of GI-related AEs occur early in treatment, resolve ● End of Phase 2 meeting planned for 4Q24

• 26. VK2735: Oral Formulation Metabolic Disorders

• 27. Oral Formulation Overview 27 ● Exploratory work pursued to develop oral formulation of VK2735 ● Multiple variations evaluated in multiple species ● Highly iterative process ● Resulted in oral tablet with reproducible exposures ● Tablet formulation progressed into Phase 1 clinical trial ● Ongoing efforts to understand breadth, applicability of oral formulation

• 28. Oral VK2735: Early PoC Signal in Animals 28 ● Efficacy signals from DIO rodent model and primate PK studies ● Significant weight loss vs. controls in rodent DIO model ● Rapid effect observed in primate PK study ● Data demonstrate expected PD effects from dual agonists Notes: 1. Mice treated with 30 mpk VK2735 formulation as oral gavage. Primates treated with 25 mg VK2735 tablet formulation. -18 -15 -12 -9 -6 -3 0 Mice Day 14 Monkeys Day 3 Placebo-adjusted change in body weight from baseline (%) Control Oral VK2735 Control1 VK2735 -4.9% -16.4% 0.7% -3.4% p-value vs. control 0.0006 0.0034 Placebo-Adjusted BW Change From Baseline (%)

• 29. VK2735-101 Oral Study 29 ● Phase 1 MAD study design ● Single-site, placebo-controlled extension of ongoing trial ● Primary objectives: Safety, tolerability ● Exploratory assessments: Body weight, glucose, lipids after 28 days First in human study design - N=8-10 per cohort (~4:1 active:placebo) - Titration utilized for doses >2.5 mg Multiple dose cohort 1 2.5 mg x 4 weeks Treatment 28 days Multiple dose cohort 2 2.5, 5.0, 5.0, 5.0 mg DLRT Multiple dose cohort 3 5, 10, 10, 10 mg DLRT DLRT Multiple dose cohort 4 15, 20, 20, 20 mg DLRT DLRT = Dose Level Review Team Multiple dose cohort 5 20, 40, 40, 40 mg DLRT

• 30. % Change in BW: -2.1% -0.3% -0.9% -1.1% -3.2% -5.3% Placebo-adjusted: - 1.8% 1.2% 1.0% -1.1% -3.3% p-value vs placebo - - - - 0.23 0.0006 Oral VK2735 Phase 1 Results: Weight Change After 28 Days 30 -6 -5 -4 -3 -2 -1 0 Placebo (n=10) 2.5 mg (n=8) 2.5/5/5/5 mg (n=6) 5/10/10/10 mg (n=6) 15/20/20/20 mg (n=8) 20/40/40/40 mg (n=7) % Change From Baseline Baseline BW (kg) 94.6 102.3 95.3 97.1 111.2 90.0 Mean % Change in Body Weight at Day 28 ● Dose dependent reduction in body weight observed across VK2735 dosing cohorts ● Significant reduction vs. placebo observed at highest VK2735 dose *** Notes: Baseline BMI ≥30 in all subjects. ***p<0.001

• 31. Oral VK2735 Phase 1 Results: Weight Change After 34 Days 31 -6 -5 -4 -3 -2 -1 0 Placebo (n=10) 2.5 mg (n=8) 2.5/5/5/5 mg (n=6) 5/10/10/10 mg (n=6) 15/20/20/20 mg (n=8) 20/40/40/40 mg (n=7) % Change From Baseline Baseline BW (kg) 94.6 102.3 95.3 97.1 111.2 90.0 Mean % Change in Body Weight at Day 34 ● 6 days after last VK2735 dose ● Sustained weight loss observed in higher dose cohorts ● Differences relative to placebo improve compared to Day 28 timepoint ● Suggests durable benefit following brief exposures *** Notes: Baseline BMI ≥30 in all subjects. ***p<0.001 % Change in BW: -1.6% -0.1% 0.3% -1.8% -3.1% -5.2% Placebo-adjusted: - 1.6% 1.9% -0.2% -1.4% -3.6% p-value vs placebo - - - - 0.13 0.0003

• 32. 20 0 0 33 63 86 0 0 0 0 25 57 0 20 40 60 80 100 Placebo (n=10) 2.5 mg (n=8) 2.5/5/5/5 mg (n=6) 5/10/10/10 mg (n=6) 15/20/20/20 mg (n=8) 20/40/40/40 mg (n=7) % of Subjects >3% Weight Loss >5% Weight Loss Oral VK2735 Phase 1 Results: Subjects with ≥3% and ≥5% Weight Loss Proportion of Subjects With ≥3% and ≥5% Weight Loss ● Dose response shows increased From Baseline at Day 28 proportion of subjects with 3% and 5% at higher doses with increasing VK2735 dose ● Potential to improve with higher dose and/or longer dosing period 32 Notes: Baseline BMI ≥30 in all subjects. *p<0.05 vs. placebo. * *

• 33. % of subjects reporting “early satiety” 10% 0% 17% 33% 38% 57% % change in BW -2.1% -0.3% -0.9% -1.1% -3.2% -5.3% VK2735-101 Oral: Clinical Observations Align With Weight Change 33 Change From Baseline Body Weight vs. Satiety ● Clinical observations align with weight change; increase in satiety generally tracks with increase in dose ● Satiety an established characteristic of incretin receptor activation -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 Placebo 2.5 mg 2.5/5/5/5mg 5/10/10/10mg 15/20/20/20mg 20/40/40/40mg Change from baseline (%) % Reporting "early satiety" % Change in BW Subjects reporting “early satiety” (%) 10 20 30 40 50 60

• 34. VK2735 Oral Phase 1 Results: Progressive Weight Loss Observed Change From Baseline Body Weight Over 28 Days ● Overall dose dependent effects among VK2735 cohorts ● Progressive weight loss observed with higher VK2735 doses; no plateau observed for doses ≥20mg ● Body weight trends suggests further weight reduction possible with longer dosing period 34 Notes: Baseline BMI ≥30 in all subjects. ***p<0.001 0 8 15 22 28 Study Day -6 -5 -4 -3 -2 -1 0 1 from Baseline (LSM ± SE) Body Weight Percent Change VK2735 20/40/40/40 mg VK2735 15/20/20/20 mg VK2735 5/10/10/10 mg VK2735 2.5/5/5/5 mg VK2735 2.5 mg Placebo -2.1 % -0.3 %* -0.9 % -1.1 % -3.2 % -5.3 %*** x

• 35. % Change in BW: -2.1% -0.3% -0.9% -1.1% -3.2% -5.3% Placebo-adjusted: - 1.8% 1.2% 1.0% -1.1% -3.3% p-value vs placebo - - - - 0.23 0.0006 Injectable and Oral VK2735 Body Weight Change at 4 Weeks 35 -6 -5 -4 -3 -2 -1 0 Placebo (n=10) 2.5 mg (n=8) 2.5/5/5/5 mg (n=6) 5/10/10/10 mg (n=6) 15/20/20/20 mg (n=8) 20/40/40/40 mg (n=7) % Change From Baseline Baseline BW (kg) 94.6 102.3 95.3 97.1 111.2 90.0 Mean % Change in Body Weight: Oral *** Notes: Baseline BMI ≥30 in all subjects. ***p<0.001 -8 -7 -6 -5 -4 -3 -2 -1 0 Placebo (n=10) 0.5 mg (n=6) 1.5 mg (n=6) 1.5/3/5/5 mg (n=7) 3/5/5/7.5 mg (n=6) 5/5/7.5/10 mg (n=6) % Change From Baseline Baseline BW (kg) 121.1 101.2 114.8 115.3 116.3 95.9 *** *** Mean % Change in Body Weight: Sub-Q % Change in BW: -1.8% -2.5% -3.7% -4.1% -7.4% -7.8% Placebo-adjusted: - -0.7% -1.9% -2.3% -5.6% -6.0% p-value vs placebo - - - 0.09 0.0003 0.0002

• 36. VK2735 Oral Phase 1 Study: GI Tolerability Summary 36 ● All GI-specific TEAEs among VK2735 subjects were mild or moderate (79% mild) ● No clinically meaningful difference in overall GI AEs compared with placebo Common GI related TEAEs Number of subjects reporting (%) Placebo (n=10) VK2735 2.5 mg (n=8) VK2735 5 mg (n=7) VK2735 10 mg (n=6) VK2735 20 mg (n=8) VK2735 40 mg (n=8) VK2735 Combined (n=37) GERD 2 (20%) 0 (0%) 0 (0%) 0 (0%) 1 (13%) 0 (0%) 1 (3%) Nausea Mild 0 (0%) 0 (0%) 1 (14%) 0 (0%) 2 (25%) 2 (25%) 5 (14%) Moderate 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Severe 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Vomiting 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Abdominal pain 3 (30%) 0 (0%) 1 (14%) 1 (17%) 0 (0%) 1 (13%) 3 (8%) Diarrhea 2 (20%) 0 (0%) 0 (0%) 0 (0%) 1 (13%) 0 (0%) 1 (3%) Constipation 2 (20%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) GERD: Gastroesophageal reflux disease.

• 37. VK2735 Oral Phase 1 Study: Adverse Events and Discontinuations 37 ● Overall AE profile similar to placebo ● All TEAEs among VK2735 subjects reported as mild to moderate (76% mild) ● No SAEs reported in any group Number of subjects Placebo (n=10) VK2735 2.5 mg (n=8) VK2735 5 mg (n=7) VK2735 10 mg (n=6) VK2735 20 mg (n=8) VK2735 40 mg (n=8) VK2735 Combined (n=37) Discontinued study early 0 (0%) 0 (0%) 1 (14%) 0 (0%) 0 (0%) 1 (13%) 2 (5%) Treatment emergent adverse events, TEAEs 10 (100%) 6 (75%) 6 (86%) 4 (67%) 6 (75%) 7 (88%) 29 (78%) Drug related TEAEs 6 (60%) 4 (50%) 4 (57%) 3 (50%) 4 (50%) 7 (88%) 22 (60%) Serious adverse events 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) 0 (0%) Notes: Study safety population, defined as all patients who were randomized and received at least one dose of study drug. Data as of March 18, 2024. Patients treated with VK2735 were titrated to final doses as indicated: 2.5 mg cohort = 2.5 daily x 4 weeks; 5 mg cohort = 2.5 mg daily x 1 wk, 5 mg daily x 3 wks; 10 mg cohort = 5 mg daily x 1 wk, 10 mg daily x 3 wks; 20 mg cohort = 15 mg daily x 1 wk, 20 mg daily x 3 wks; 40 mg cohort = 20 mg daily x 1 wk, 40 mg daily x 3 wks.

• 38. VK2735 Oral Phase 1 Study Takeaways and Next Steps 38 ● Up to 5.3% mean weight loss observed after 28 days of VK2735 treatment ● Progressive effect suggests further weight loss possible with longer treatment ● Excellent preliminary tolerability, all TEAEs mild to moderate ● Low rate of common GI AEs nausea, diarrhea; all mild; no vomiting or constipation ● Dose response and tolerability suggest further weight loss possible with increased dose; escalation ongoing ● Phase 2 obesity trial planned for 4Q24

• 39. VK2809: Selective Thyroid Receptor-β Agonist NASH/MASH

• 40. Thyroid Hormone Receptor Overview 40 Nuclear hormone receptors: 2 main types Positive effects ● Regulates lipid metabolism ● Reduces LDL-C, triglycerides, atherogenic proteins ● Improves metabolic control Therapeutic goal, lipid setting: Beta receptor selectivity, minimize alpha effects Thyroid hormone receptor beta (TRβ) Liver Negative effects ● Proarrhythmic potential ● Elevates heart rate ● Bone/cartilage effects Thyroid hormone receptor alpha (TRα) Heart, skeletal muscle

• 41. VK2809: Unique Liver-Targeted Characteristics VK2809, Novel Prodrug VK2809A, Potent TRβ Agonist, 2.2 nM Ki 41 Selective activation, differentiated chemistry lends VK2809 liver selectivity; potentially minimizes risk of systemic effects ● Cyp3A4-mediated cleavage of prodrug ● 3A4 is primarily expressed in liver ● Results in targeted delivery of drug to liver Following oral dosing: 14C QWBA (4 h) Heart Liver Large Intestinal Contents Brain Kidney Small Intestinal Contents High Low Heart Liver Large Intestinal Contents Brain Kidney Small Intestinal Contents High Low

• 42. VK2809: Phase 2b VOYAGE Study

• 43. VOYAGE Study: 12-Month Phase 2b Study of VK2809 43 D1 M3 MRI-PDFF M13 Safety Randomize Placebo Follow-up 1.0 mg VK2809 QD 2.5 mg VK2809 QD 5 mg VK2809 QOD 10 mg VK2809 QOD Double-Blind Treatment, 12 months 4 Weeks Biopsy-confirmed NASH/MASH Screening, Biopsy MRI-PDFF ● Multi-arm, dose-ranging, 12-month Phase 2 trial o Primary endpoint: Change in MRI-PDFF vs. placebo at 3 months o Secondary endpoint: Change in histology at 12 months (NAS, fibrosis markers, etc.) M12 Biopsy, MRI-PDFF

• 44. -60 -50 -40 -30 -20 -10 0 Placebo (n=62) VK2809 1 mg QD (n=17) VK2809 2.5 mg QD (n=59) VK2809 5 mg QOD (n=36) VK2809 10 mg QOD (n=57) Change from baseline (%) 44 Median Relative % Change in Liver Fat at 12 Weeks *** *** ● Significant liver fat reduction observed at 12 weeks ● Up to 57% median reduction ● Liver fat reductions were sustained or improved through Week 52 Percent change -5.4% -37.5% -49.5% -42.5% -56.7% p-value vs. placebo - 0.075 <0.0001 <0.0001 <0.0001 ***p<0.001 *** VOYAGE Study Achieves Primary Endpoint Baseline liver fat 20.4% 21.7% 20.3% 18.4% 21.5%

• 45. VK2809 Demonstrates Consistent Liver Fat Reduction in T2D ● 44% of VOYAGE patients had type 2 diabetes ● VK2809 demonstrated consistent liver fat reductions across diabetic, non-diabetic subgroups ● Type 2 patients remain highly responsive to targeted TR agonism 45 -55 -45 -35 -25 -15 -5 5 Placebo 1.0 mg VK2809 2.5 mg VK2809 5.0 mg QOD VK2809 10.0 mg QOD VK2809 Placebo-adjusted change from baseline (%) With T2D Without T2D Baseline liver fat 21.8% 19.4% 17.1% 23.1% 18.3% 21.6% 16.9% 19.9% 20.1% 22.6% LSM Change From Baseline (%) at Week 12 Among Patients With and Without Type 2 Diabetes With T2D Without T2D 2.1% -6.2% -35.8% -19.4% -43.1% -47.0% -39.5% -33.9% -53.9% -51.2% *p<0.05, ***p<0.001 * *** *** *** *** *** ***

• 46. VK2809 Demonstrates Consistent Liver Fat Reduction Across F2, F3 ● VOYAGE enrolled approximately 75% F2, F3 fibrosis; 25% F1 ● VK2809 demonstrated similar efficacy across all fibrosis stages ● Suggests consistent benefit among advanced fibrosis patients with elevated liver fat 46 -60 -50 -40 -30 -20 -10 0 Placebo 1.0 mg VK2809 2.5 mg VK2809 5.0 mg QOD VK2809 10.0 mg QOD VK2809 Placebo-adjusted change from baseline (%) F2 Fibrosis F3 Fibrosis Baseline liver fat 22.1% 18.3% 20.2% 17.6% 18.5% 18.8% 17.5% 21.4% 24.3% 18.4% LSM Change From Baseline (%) at Week 12 Among Patients With F2, F3 Fibrosis F2 Fibrosis F3 Fibrosis -7.8% -1.6% -11.0% -21.1% -44.9% -40.1% -38.0% -39.0% -49.2% -57.5% **p<0.01, ***p<0.001 *** *** ** *** *** ***

• 47. 0 15 30 45 60 75 90 Placebo (n=48) VK2809 1 mg QD (n=14) VK2809 2.5 mg QD (n=55) VK2809 5 mg QOD (n=27) VK2809 10 mg QOD (n=49) Proportion of Patients (%) 47 Patients with ≥30% Relative Reduction in Liver Fat at 52 Weeks *** *** ● Up to 88% of VK2809 patients experienced response, as defined by ≥30% decrease in liver fat at Week 52 ● Combined VK2809 cohorts demonstrated 79% response rate ● Reduction in liver fat correlated with improved odds of long-term histology benefit1 Response rate 27.1% 64.3% 78.2% 74.1% 87.8% p-value vs. placebo - 0.012 <0.0001 0.0002 <0.0001 *** VK2809 Cohorts Maintain High Response Rates Through 52 Weeks 1) Ther. Adv. Gastroenterol., 9(5), 692-701, (2016). * Notes: Includes all patients with baseline and Week 52 MRI. *p<0.05; **p<0.01; ***p<0.001

• 48. 0 15 30 45 60 75 Placebo (n=41) VK2809 1 mg QD (n=14) VK2809 2.5 mg QD (n=52) VK2809 5 mg QOD (n=27) VK2809 10 mg QOD (n=44) Proportion of Patients (%) 48 Patients Demonstrating Resolution of NASH With no Worsening of Fibrosis *** ** ● NASH resolution without worsening of fibrosis1 ● Key regulatory endpoint Proportion of patients 29.3% 71.4% 65.4% 63.0% 75.0% p-value vs. placebo - 0.0215 0.0023 0.0091 0.0001 ** VK2809 NASH Resolution Observed in up to 75% of Patients *p<0.05; **p<0.01; ***p<0.001 1) Resolution of NASH defined as NAS inflammation score of 0-1, ballooning score of 0. * Notes: Includes all patients with baseline and post-baseline MRI, and week 52 biopsy.

• 49. 0 15 30 45 60 Placebo (n=41) VK2809 1 mg QD (n=14) VK2809 2.5 mg QD (n=52) VK2809 5 mg QOD (n=27) VK2809 10 mg QOD (n=44) Proportion of Patients (%) 49 Patients Demonstrating ≥1-Stage Fibrosis Improvement, With no Worsening of NASH * ● Patients with ≥1-stage improvement in fibrosis, without worsening of NASH1 ● Key regulatory endpoint Proportion of patients 34.1% 57.1% 44.2% 51.9% 56.8% p-value vs. placebo - 0.1543 0.4414 0.0304 0.0497 * VK2809 Treatment Improves Fibrosis Stage *p<0.05; **p<0.01; ***p<0.001 1) No worsening of NASH defined as no increase from baseline in ballooning, inflammation, or steatosis. Notes: Includes all patients with baseline and post-baseline MRI, and week 52 biopsy.

• 50. 0 10 20 30 40 50 Placebo (n=41) VK2809 1 mg QD (n=14) VK2809 2.5 mg QD (n=52) VK2809 5 mg QOD (n=27) VK2809 10 mg QOD (n=44) Proportion of Patients (%) 50 Patients Demonstrating ≥1-Stage Fibrosis Improvement and Resolution of NASH * ● Patients with ≥1-stage improvement in fibrosis AND resolution of NASH1 Proportion of patients 19.5% 50.0% 40.4% 40.7% 47.7% p-value vs. placebo - 0.0856 0.0508 0.0206 0.0115 * VOYAGE Demonstrates Fibrosis Improvement and NASH Resolution *p<0.05; **p<0.01; ***p<0.001 1) Resolution of NASH defined as NAS inflammation score of 0-1, ballooning score of 0. Notes: Includes all patients with baseline and post-baseline MRI, and week 52 biopsy.

• 51. -25 -20 -15 -10 -5 0 5 Placebo (n=46) VK2809 1 mg QD (n=14) VK2809 2.5 mg QD (n=50) VK2809 5 mg QOD (n=26) VK2809 10 mg QOD (n=46) Change from baseline (%) 51 Mean Relative Change in LDL-C at 52 Weeks *** ** ● Significant reductions in LDL-C observed at 52 weeks ● Magnitude of effect and statistical significance improved compared to 12 week results ● Other lipids also demonstrate improvement Percent change 2.6% -18.0% -19.0% -21.7% -22.6% p-value vs. placebo - 0.0034 <0.0001 <0.0001 <0.0001 *** VOYAGE Study Results: Significant LDL-C Reduction Observed Baseline LDL-C (mg/dL) 107 90 108 93 105 *p<0.05; **p<0.01; ***p<0.001 ***

• 52. VK2809 Demonstrates Consistent Safety, Tolerability Profile 52 ● Majority of reported AEs (94%) mild or moderate ● Discontinuations due to AEs well balanced between placebo, treatment groups ● GI-related AEs similar to placebo Most common AEs to date Number of subjects reporting (%) Placebo (n=65) VK2809 1 mg QD (n=17) VK2809 2.5 mg QD (n=66) VK2809 5.0 mg QOD (n=37) VK2809 10.0 mg QOD (n=61) VK2809 Combined (n=181) Treatment emergent adverse events, TEAEs 51 (78.5%) 14 (82.4%) 55 (83.3%) 29 (78.4%) 58 (95.1%) 156 (86.2%) Drug-related TEAEs1 22 (33.8%) 7 (41.2%) 13 (19.7%) 9 (24.3%) 24 (39.3%) 53 (29.3%) TEAEs leading to discontinuation 6 (9.2%) 2 (11.8%) 1 (1.5%) 2 (5.4%) 6 (9.8%) 11 (6.1%) Drug-related GI adverse events 12 (18.5%) 4 (23.5%) 3 (4.5%) 1 (2.7%) 7 (11.5%) 15 (8.3%) Nausea 5 (7.7%) 2 (11.8%) 2 (3.0%) 1 (2.7%) 3 (4.9%) 8 (4.4%) Diarrhea 2 (3.1%) 3 (17.6%) 2 (3.0%) 1 (2.7%) 3 (4.9%) 9 (5.0%) Notes: Study safety population, defined as all patients who were randomized and received at least one dose of study drug. 1) Deemed by investigator as possibly, probably, or definitely related to study drug.

• 53. VK2809 VOYAGE Takeaways and Next Steps 53 ● Achieves primary endpoint demonstrating robust reduction in liver fat at 12 weeks ● Histologic endpoints demonstrate NASH resolution, improvement in fibrosis, and combination of both at 52 weeks ● Significant reductions in plasma lipids LDL-C, triglycerides, Lp(a), ApoB, ApoC-III ● Excellent tolerability, rate of GI-related side effects similar to placebo ● Promising safety, 94% of AEs mild to moderate ● End of Phase 2 meeting planned for 4Q24

• 54. X-Linked Adrenoleukodystrophy VK0214: Selective Thyroid Receptor-β Agonist

• 55. % Difference: -42.0% -79.7% -76.6% -54.3% p-value: <0.0001 <0.0001 <0.0001 <0.0001 VK0214: Summary Profile ● Potent small molecule thyroid receptor agonist ● 8 nM Ki at TR receptor ● >20:1 selective for β:α ● Oral formulation, once-daily dosing ● Robust lipid lowering effects in multiple models VK0214 55 Demonstrates in vitro and vivo efficacy comparable to VK2809 -80 -60 -40 -20 0 Plasma Triglycerides Plasma Cholesterol Liver Triglycericdes Liver Cholesterol % Reduction VK0214 treated vs. vehicle Change in Lipids Following 12 Weeks of Dosing With VK0214; Rodent NASH model

• 56. TRβ and X-Linked Adrenoleukodystrophy Caused by mutation in gene for the ATP-Binding Cassette transporter D1 (ABCD1) ● Peroxisomal transporter of very long chain fatty acids (VLCFA) Graphic adapted from http://www.x-ald.nl/origin-and-metabolism-of-vlcfa/. ABCD1: Normal function to transport VLCFA into peroxisome for degradation X-ALD: Defective ABCD1 leads to accumulation of VLCFA in tissues High VLCFA levels disrupt cell membranes; inflammatory demyelination in brain tissue; motor neuron deterioration TRβ Agonists: Stimulate expression of compensatory transporters ABCD2, 3; may mitigate VLCFA elevation 56

• 57. % Change: 3.8% -0.7% -12.5% -21.4% -19.5% -19.1% -18.9% p-value: - 0.2827 0.0230 0.0040 0.0060 0.0003 0.0049 VK0214 Phase 1 Results: LDL-C Reduction Observed After 14 Days 57 ● Reduction in LDL-C similar to observations with VK2809 ● Initial effect observed @ ~10 mg ● Data to date indicate a ~20% reduction from baseline -25 -20 -15 -10 -5 0 5 Placebo (n=11) VK0214 5 mg (n=6) VK0214 10 mg (n=6) VK0214 25 mg (n=6) VK0214 50 mg (n=6) VK0214 75 mg (n=6) VK0214 100 mg (n=6) % Change From Baseline Baseline (mg/dL) 139.7 127.5 129.7 138.0 136.2 104.8 133.0 ** Mean % Change in LDL-C at Day 14 *p<0.05; **p<0.01; ***p<0.001 ** * ** *** Magnitude of LDL-C reductions are consistent with TR agonist mechanism

• 58. VK0214 Phase 1b Study in Adrenomyeloneuropathy 58 Screening 21 days D1 D7 D14 D21 D28 D35 Randomize Placebo (up to n=12) Follow-up 20 mg VK0214 (up to n=9) 40 mg VK0214 (up to n=9) Higher doses pending low/mid data Double-Blind Treatment, Days 1 - 28 7-day follow-up Adult males with adrenomyeloneuropathy ● Multicenter, parallel cohort, 28-day Phase 1b trial in adrenomyeloneuropathy o Higher doses may be explored pending review of initial cohorts ● Safety, tolerability, change in VLCFAs in male patients with AMN

• 59. Financial Summary 59 ● Capital structure and summary financials Capital Structure1In ‘000s Financials June 30, 2024 ($’000s) Shares outstanding 110,796 Cash burn YTD $110,484 Options, RSUs 8,128 Cash and ST Investments $942,263 Total shares, options, RSUs 118,924 Notes: 1) As of June 30, 2024

• 60. Investment Highlights ● Developing novel therapeutics for metabolic and endocrine diseases ဝ Multiple clinical programs demonstrate best-in-class efficacy data ● Metabolic Disease Programs ဝ VK2735: GLP-1/GIP dual agonist for obesity ▪ VENTURE Phase 2 obesity study successfully achieved primary, secondary endpoints ဝ VK2735 Oral: GLP-1/GIP dual agonist for obesity ▪ Phase 1 study demonstrated positive PoC, reduced in body weight; Phase 2 planned for 4Q24 ဝ VK2809: Selective thyroid receptor-β agonist for NASH/MASH ▪ VOYAGE Phase 2b trial successfully demonstrated NASH resolution, fibrosis improvement ● Rare Disease Program ဝ VK0214: Selective thyroid receptor-β agonist for X-ALD ▪ Phase 1b in patients ongoing; data expected 2H24 60

• 61. Corporate Presentation October 2024