Here is a look at two biotech stocks that performed poorly in 2025 but might have upside based on their pipelines. Viking Therapeutics (VKTX) is focusing on its weight-loss drug VK2735 which is currently in phase 3. Mid-stage results looked stronger than some big pharma competitors, and they are working on an oral version. The main catalyst to watch is the phase 3 data readout expected next year, though other clinical updates should come sooner. BioNTech (BNTX) is trying to move past inconsistent COVID vaccine revenue by pivoting to oncology. They have important data readouts coming this year for cancer treatments, including therapies for head and neck cancer and endometrial cancer. Positive data from these late-stage trials could help the stock recover.