UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Ventyx Biosciences, Inc. FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR (Exact Name of Registrant as Specified in its Charter) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-40928 (Former name, former address ...

Exhibit 99.1 Ventyx Biosciences Reports Second Quarter 2025 Financial Results and Highlights Recent Corporate Progress SAN DIEGO, CA, Aug 7, 2025 (GLOBE NEWSWIRE) -- Ventyx Biosciences, Inc. (Nasdaq: VTYX) ("Ventyx", "Company"), a clinical-stage biopharmaceutical company focused on developing innovative oral therapies for patients with autoimmune, inflammatory, and neurodegenerative diseases, today reported second quarter financial results and highlighted recent pipeline and business progress. "We continue ...

Positive topline Phase 2a biomarker data position VTX3232 as a potential disease-modifying therapy for patients with Parkinson’s disease Data from the Phase 2 study of VTX2735 in patients with recurrent pericarditis expected in Q4 2025 Phase 2 study of VTX3232 in participants with obesity and cardiometabolic risk factors is fully-enrolled and on track to yield topline data in early Q4 2025 Cash, cash equivalents and marketable securities balance of $209.0M as of June 30, 2025 expected to fund planned operat ...

Core Viewpoint - Ventyx Biosciences, Inc. (VTYX) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][4]. Earnings Estimates and Stock Ratings - The Zacks rating system is primarily driven by changes in a company's earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [2]. - The correlation between earnings estimate revisions and stock price movements is strong, making the Zacks rating system valuable for investors [3][5]. Impact of Institutional Investors - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to significant buying or selling activity that affects stock prices [5]. - An increase in earnings estimates typically results in a higher fair value for a stock, prompting institutional investors to act accordingly [5]. Ventyx Biosciences' Earnings Outlook - The recent upgrade for Ventyx Biosciences reflects an improvement in the company's underlying business, which is expected to drive the stock price higher [6]. - Over the past three months, the Zacks Consensus Estimate for Ventyx has increased by 6%, with expectations for the fiscal year ending December 2025 set at -$1.85 per share, unchanged from the previous year [9]. Zacks Rank System Performance - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - Ventyx's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [11].

Core Insights - The study successfully established the safety and tolerability of VTX3232 in patients with early-stage Parkinson's disease, with no drug-related treatment-emergent adverse events reported [1][2] - VTX3232 demonstrated significant reductions in NLRP3-related biomarkers in both cerebrospinal fluid (CSF) and plasma, indicating sustained target engagement [1][3] - The company plans to initiate a placebo-controlled Phase 2 trial for VTX3232 in Parkinson's disease and potentially in other neurodegenerative disorders like Alzheimer's disease [3][6] Study Details - The Phase 2a study evaluated a 40mg oral daily dose of VTX3232 in ten patients over a 28-day treatment period, focusing on safety and tolerability [3][4] - Key secondary objectives included pharmacokinetic profiling and measuring effects on biomarkers of NLRP3 inhibition, with significant reductions observed in IL-1, IL-6, and hsCRP [3][4] - The study showed that VTX3232 maintained plasma and CSF levels above the IC90 for IL-1b for 24 hours [3][9] Biomarker Findings - VTX3232 treatment resulted in reductions of biomarkers such as IL-1β, IL-18, IL-6, and hsCRP, with some approaching the limit of quantitation [9] - Statistically significant improvements were noted in motor and non-motor symptoms of Parkinson's disease, as measured by MDS-UPDRS [9] - No acute changes were observed in exploratory PET imaging, consistent with the short duration of the study [9] Future Development - Ventyx intends to present the complete dataset at a future medical meeting and publish full results in a peer-reviewed journal [5] - The company is also conducting a 12-week Phase 2 trial of VTX3232 in participants with obesity and cardiometabolic risk factors, with topline results expected in H2 2025 [1][8] - Planning for a double-blind, placebo-controlled, dose-ranging Phase 2 trial in Parkinson's disease is underway [6]

Summary of Ventyx Biosciences (VTYX) Conference Call Company Overview - **Company**: Ventyx Biosciences (VTYX) - **Date**: June 5, 2025 - **Key Speakers**: Raju Mohan (CEO), Matt Moore (COO) Key Programs and Trials - Ventyx is focused on its pipeline, particularly in the field of inflammasomes, specifically NLRP3 [7][8] - Three Phase II readouts are anticipated: 1. **Parkinson's Disease Trial**: In early Parkinson's patients using CNS molecule VTX-3232, with results expected in June 2025 [8][9][10] 2. **Recurrent Pericarditis Trial**: An open-label trial modeled after Arcalist, with results expected in the second half of 2025 [13][15] 3. **Obesity and Cardiometabolic Risk Trial**: A placebo-blinded trial using VTX-3232, with results expected in the fall of 2025 [14][15] Financial Position - Ventyx is in a strong cash position with approximately $200 million available, allowing for continued execution of trials without immediate pressure to seek partnerships or sales [19][81][84] Strategic Partnerships - Sanofi has a right of first negotiation (ROFIN) for VTX-3232, which will be triggered after the cardiometabolic readout [21][25] - The interest from Sanofi is heightened due to their commitment to neurodegenerative diseases and previous successes in the field [26][27] Market Interest and Valuation - The stock is currently trading at a low valuation, around cash levels, attracting interest from various investors [20][21] - The upcoming data releases are expected to significantly impact investor sentiment and stock valuation [20][22] Data Expectations and Success Criteria - For the Parkinson's trial, success is defined by: - Safety of the treatment - Evidence of drug exposure in cerebrospinal fluid (CSF) - Biomarker modulation in CSF, particularly suppression of IL-1 beta and downstream effects [42][43][62][72] - The obesity trial is designed to detect weight loss and other metabolic markers, with a focus on safety and activity [113][125] Competitive Landscape - Roche is also conducting trials related to NLRP3 in Parkinson's, but has not released data, creating uncertainty in the competitive landscape [91][97] - Other companies are exploring similar pathways, indicating a growing interest in inflammasome inhibitors [98][108] Conclusion - Ventyx is positioned for significant developments in the coming months with multiple trials and potential strategic partnerships on the horizon. The focus remains on executing trials effectively while maintaining a strong financial position to support long-term growth and value creation for shareholders [84][90][135]

Company Overview - Ventyx Biosciences, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative oral therapies for patients with autoimmune, inflammatory, and neurodegenerative diseases [3] - The company leverages expertise in medicinal chemistry, structural biology, and immunology to discover differentiated oral small molecule therapeutics for conditions with high unmet medical need [3] Product Pipeline - Ventyx's portfolio includes NLRP3 inhibitors such as VTX2735, which is in Phase 2 development for recurrent pericarditis, and VTX3232, a CNS-penetrant NLRP3 inhibitor in Phase 2 development for neurodegenerative and cardiometabolic diseases [4] - The inflammatory bowel disease portfolio features two Phase 2 compounds: tamuzimod (VTX002), an S1P1R modulator, and VTX958, a TYK2 inhibitor [4] Upcoming Events - Company executives will participate in a fireside chat at the Jefferies Global Healthcare Conference on June 5, 2025, from 12:50 to 1:20 PM ET [2] - A webcast of the event will be available on the Ventyx website, with a replay accessible for ninety days post-event [2]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents Ventyx Biosciences, Inc.'s unaudited condensed consolidated financial statements for Q1 2025, including key financial statements and notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased from **$276.6 million** to **$253.5 million** in Q1 2025, driven by a reduction in marketable securities Condensed Consolidated Balance Sheet Highlights (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $28,076 | $27,260 | | Marketable securities | $200,731 | $225,683 | | Total current assets | $242,558 | $229,625 | | **Total assets** | **$253,480** | **$276,563** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $12,394 | $12,776 | | **Total liabilities** | **$21,847** | **$22,518** | | **Total stockholders' equity** | **$231,633** | **$254,045** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss decreased to **$27.4 million** in Q1 2025 from **$38.6 million** in Q1 2024, primarily due to lower R&D expenses Condensed Consolidated Statements of Operations (in thousands, except per share data) | | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $22,898 | $33,747 | | General and administrative | $7,199 | $8,021 | | **Total operating expenses** | **$30,097** | **$41,768** | | Loss from operations | ($30,097) | ($41,768) | | Interest income | ($2,666) | ($3,227) | | **Net loss** | **($27,440)** | **($38,572)** | | Net loss per share, basic and diluted | ($0.39) | ($0.62) | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity decreased to **$231.6 million** in Q1 2025, primarily due to the net loss, partially offset by stock-based compensation - The primary drivers for the change in stockholders' equity during Q1 2025 were the **net loss of $27.4 million** and **stock-based compensation of $5.0 million**[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly decreased to **$25.7 million** in Q1 2025, with no financing activities this quarter Summary of Cash Flows (in thousands) | | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($25,718) | ($47,625) | | Net cash provided by investing activities | $26,415 | $41,765 | | Net cash provided by financing activities | $— | $96,184 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed disclosures on Ventyx's business, accounting policies, financial assets, legal proceedings, equity, and R&D expenses by program - Ventyx is a clinical-stage biopharmaceutical company focused on developing oral therapies for autoimmune, inflammatory, and neurodegenerative diseases[29](index=29&type=chunk) - A securities class action and a shareholder derivative action filed against the company were both voluntarily dismissed without prejudice in February 2025[51](index=51&type=chunk)[52](index=52&type=chunk) - In September 2024, the company issued **70,601 shares of Series A non-voting convertible preferred stock** to a subsidiary of Sanofi for gross proceeds of approximately **$27.0 million**, granting Sanofi a right of first negotiation (ROFN) for VTX3232[55](index=55&type=chunk)[56](index=56&type=chunk) - In March 2024, the company raised approximately **$100.0 million** in gross proceeds through a private placement of **11,174,000 shares of common stock**[54](index=54&type=chunk) R&D Expenses by Program (in thousands) | Program | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | VTX2735 | $1,914 | $990 | | VTX3232 | $5,471 | $1,846 | | Tamuzimod | $3,821 | $10,793 | | VTX958 | $1,992 | $10,215 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, clinical pipeline, and capital resources, noting decreased R&D expenses and sufficient liquidity for the next 12 months - The company is advancing its NLRP3 inhibitor portfolio, with **VTX2735** in a Phase 2 trial for recurrent pericarditis and **VTX3232** in Phase 2 trials for Parkinson's disease and obesity[88](index=88&type=chunk) - Following Phase 2 results, the company intends to find a partner for the future development of tamuzimod and does not plan to commit significant internal resources to the further development of VTX958[88](index=88&type=chunk) Change in R&D Expenses by Program (Q1 2025 vs Q1 2024, in thousands) | Program | Change | | :--- | :--- | | VTX2735 | $924 increase | | VTX3232 | $3,625 increase | | Tamuzimod | ($6,972) decrease | | VTX958 | ($8,223) decrease | | **Total R&D Expenses** | **($10,849) decrease** | - The decrease in G&A expenses by **$0.8 million** in Q1 2025 compared to Q1 2024 was primarily due to lower compensation-related expenses and professional service fees[112](index=112&type=chunk) - As of March 31, 2025, the company had **$228.8 million** in cash, cash equivalents, and marketable securities and believes these funds are sufficient for at least the next twelve months[114](index=114&type=chunk)[117](index=117&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Ventyx Biosciences is a smaller reporting company and, as such, is not required to provide the information requested under this item - As a smaller reporting company, Ventyx is not required to provide quantitative and qualitative disclosures about market risk[137](index=137&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and Interim Principal Financial Officer, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025 - The company's management concluded that disclosure controls and procedures were effective as of the end of the reporting period[138](index=138&type=chunk) - No material changes in internal control over financial reporting were identified during the quarter ended March 31, 2025[139](index=139&type=chunk) [PART II. OTHER INFORMATION](index=31&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) Details two legal actions against the company, a securities class action and a shareholder derivative action, both voluntarily dismissed without prejudice - A putative securities class action complaint filed on March 1, 2024, was voluntarily dismissed without prejudice on February 10, 2025[51](index=51&type=chunk) - A shareholder derivative action filed on December 6, 2024, was voluntarily dismissed without prejudice on February 24, 2025[52](index=52&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) Details significant risks including operating losses, financing needs, product candidate dependence, clinical development uncertainties, supply chain risks, and intense competition - The company has a history of significant operating losses, with an accumulated deficit of **$581.7 million** as of March 31, 2025, and expects to continue incurring losses[145](index=145&type=chunk) - The business is entirely dependent on the success of its product candidates, which face a high risk of failure in development, as exemplified by the termination of VTX958 development for psoriasis[155](index=155&type=chunk)[156](index=156&type=chunk) - The company relies on suppliers in China for manufacturing and research, making it subject to risks from U.S.-China trade relations, political instability, and potential legislation like the BIOSECURE Act[230](index=230&type=chunk)[231](index=231&type=chunk)[234](index=234&type=chunk) - The company faces intense competition from well-established pharmaceutical companies with substantially greater financial, scientific, and commercial resources[185](index=185&type=chunk) - The company's stock price has been and may continue to be volatile, and the company has previously been subject to securities class action litigation following periods of volatility[144](index=144&type=chunk)[430](index=430&type=chunk)[476](index=476&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=110&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no sales of unregistered equity securities during the quarter ended March 31, 2025, that had not been previously disclosed in a Current Report on Form 8-K - No unregistered sales of equity securities were made during the quarter that were not previously reported[477](index=477&type=chunk) [Defaults Upon Senior Securities](index=110&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None - None[478](index=478&type=chunk) [Mine Safety Disclosures](index=110&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Not Applicable[479](index=479&type=chunk) [Other Information](index=110&type=section&id=Item%205.%20Other%20Information) During the last fiscal quarter, no directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No officers or directors adopted or terminated a Rule 10b5-1 trading plan during the last fiscal quarter[480](index=480&type=chunk) [Exhibits](index=111&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including corporate governance documents and officer certifications - The report includes key corporate governance documents and required officer certifications as exhibits[481](index=481&type=chunk)

[Corporate Progress and Outlook](index=1&type=section&id=Corporate%20Progress%20and%20Outlook) Ventyx Biosciences advances its clinical pipeline, leading in NLRP3 inhibitors with two Phase 2 compounds, anticipating multiple 2025 data readouts, and maintaining a $228.8 million cash balance to fund operations into H2 2026 - Ventyx leads in NLRP3 inhibitor discovery and development, with **VTX3232** and **VTX2735** advancing through Phase 2 trials for neurodegenerative, cardiovascular, and metabolic diseases[2](index=2&type=chunk) - The company expanded its Scientific Advisory Board with experts in NLRP3, recurrent pericarditis, and neurodegenerative and cardiovascular diseases to prepare for the next development phase[3](index=3&type=chunk) - Cash, cash equivalents, and marketable securities totaling **$228.8 million** as of March 31, 2025, are projected to fund planned operations into at least the second half of 2026[1](index=1&type=chunk)[10](index=10&type=chunk) - Multiple key data readouts are anticipated in 2025, including **VTX3232** in early Parkinson's disease (Q2), **VTX2735** in recurrent pericarditis (H2), and **VTX3232** in obesity and cardiometabolic risk factors (H2)[4](index=4&type=chunk) [Pipeline Updates and Anticipated Milestones](index=1&type=section&id=Pipeline%20Updates%20and%20Anticipated%20Milestones) Ventyx provides updates on its NLRP3 inhibitor portfolio, advancing three Phase 2 trials with data expected throughout 2025, and explores partnership opportunities for its IBD portfolio following promising Phase 2 results [NLRP3 Inhibitor Portfolio](index=1&type=section&id=NLRP3%20Inhibitor%20Portfolio) The NLRP3 portfolio includes peripheral inhibitor VTX2735 and CNS-penetrant VTX3232, with Phase 2 trial completions for Parkinson's disease in Q2 2025 and recurrent pericarditis and cardiometabolic diseases in H2 2025 - **VTX3232** Phase 2 open-label biomarker trial for Parkinson's disease is on track for Q2 2025 completion, evaluating safety, pharmacokinetics in plasma and CSF, and various biomarkers[3](index=3&type=chunk) - **VTX2735** Phase 2 open-label trial for recurrent pericarditis anticipates topline results in H2 2025, assessing safety, change in pain score (NRS), and change in hsCRP[5](index=5&type=chunk) - **VTX3232** Phase 2 placebo-controlled trial for cardiometabolic diseases expects topline results in H2 2025, evaluating monotherapy and combination with semaglutide, with safety and change in hsCRP as key endpoints[5](index=5&type=chunk) [Inflammatory Bowel Disease (IBD) Portfolio](index=2&type=section&id=Inflammatory%20Bowel%20Disease%20(IBD)%20Portfolio) The IBD portfolio, featuring tamuzimod for ulcerative colitis and VTX958 for Crohn's disease, has shown promising Phase 2 data, leading the company to explore partnership opportunities for both candidates - Following positive Phase 2 data, the company is exploring partnership opportunities for **Tamuzimod** (S1P1R Modulator) in ulcerative colitis, potentially as a backbone for future combination therapies[10](index=10&type=chunk) - **VTX958** (TYK2 Inhibitor) Phase 2 data indicated disease-modifying benefits in Crohn's disease with a robust, dose-dependent endoscopic response, prompting Ventyx to explore partnership opportunities for its continued development[7](index=7&type=chunk)[10](index=10&type=chunk) [First Quarter 2025 Financial Results](index=2&type=section&id=First%20Quarter%20Financial%20Results) Ventyx reported a reduced net loss of **$27.4 million** in Q1 2025, down from **$38.6 million** in Q1 2024, driven by lower operating expenses, particularly in R&D, while maintaining a strong **$228.8 million** cash position Financial Metrics | Financial Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | R&D Expenses | $22.9 million | $33.7 million | | G&A Expenses | $7.2 million | $8.0 million | | Net Loss | $27.4 million | $38.6 million | | Cash Position | $228.8 million | N/A | - The company believes its current cash, cash equivalents, and marketable securities of **$228.8 million** are sufficient to fund planned operations into at least the second half of 2026[10](index=10&type=chunk) [Financial Tables](index=4&type=section&id=Financial%20Tables) This section presents the unaudited condensed consolidated financial statements as of March 31, 2025, including the Statement of Operations and the Balance Sheet [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the three months ended March 31, 2025, Ventyx reported a net loss of **$27.44 million** ($0.39 per share), a reduction from **$38.57 million** ($0.62 per share) in 2024, driven by decreased total operating expenses Condensed Consolidated Statements of Operations and Comprehensive Loss | (in thousands, except per share data) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $22,898 | $33,747 | | General and administrative | $7,199 | $8,021 | | **Total operating expenses** | **$30,097** | **$41,768** | | Loss from operations | ($30,097) | ($41,768) | | Interest income | ($2,666) | ($3,227) | | **Net loss** | **($27,440)** | **($38,572)** | | Net loss per share, basic and diluted | ($0.39) | ($0.62) | [Selected Condensed Consolidated Balance Sheet Data](index=4&type=section&id=Selected%20Condensed%20Consolidated%20Balance%20Sheet%20Data) As of March 31, 2025, Ventyx reported **$228.8 million** in cash, cash equivalents, and marketable securities, a decrease from **$252.9 million** at year-end 2024, with total assets at **$253.5 million** and stockholders' equity at **$231.6 million** Selected Condensed Consolidated Balance Sheet Data | (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and marketable securities | $228,807 | $252,943 | | Total assets | $253,480 | $276,563 | | Total liabilities | $21,847 | $22,518 | | Total stockholders' equity | $231,633 | $254,045 |

Core Insights - Ventyx Biosciences is a clinical-stage biopharmaceutical company focused on developing innovative oral therapies for autoimmune, inflammatory, and neurodegenerative diseases [8] Pipeline Updates and Anticipated Milestones - Ventyx is advancing two novel NLRP3 inhibitors, VTX3232 and VTX2735, through Phase 2 trials targeting neurodegenerative, cardiovascular, and metabolic diseases [2] - The Phase 2 biomarker trial for VTX3232 in Parkinson's disease is expected to complete in Q2 2025, with key endpoints including safety and pharmacokinetics [3] - Results from the Phase 2 trial of VTX3232 in obesity and cardiometabolic risk factors, as well as VTX2735 in recurrent pericarditis, are anticipated in the second half of 2025 [3][4] Financial Overview - As of March 31, 2025, Ventyx reported cash, cash equivalents, and marketable securities of $228.8 million, sufficient to fund operations into at least H2 2026 [11][17] - Research and Development (R&D) expenses for Q1 2025 were $22.9 million, down from $33.7 million in Q1 2024 [11] - General and Administrative (G&A) expenses decreased to $7.2 million in Q1 2025 from $8.0 million in Q1 2024 [11] - The net loss for Q1 2025 was $27.4 million, compared to a net loss of $38.6 million in Q1 2024 [11][15] Inflammatory Bowel Disease (IBD) Portfolio - Ventyx's IBD portfolio includes two Phase 2 compounds: tamuzimod (VTX002), an S1P1R modulator, and VTX958, a TYK2 inhibitor [9] - Tamuzimod has shown robust clinical and endoscopic remission rates compared to placebo, positioning it as a potential backbone for future combination therapies in ulcerative colitis [11] - VTX958 demonstrated a dose-dependent endoscopic response in Crohn's disease, suggesting potential disease-modifying benefits [11]