Ventyx Biosciences(VTYX) - 2025 Q1 - Quarterly Results

Corporate Progress and Outlook 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] - 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] - 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][10] - 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] Pipeline Updates and Anticipated Milestones 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 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] - 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] - 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] Inflammatory Bowel Disease (IBD) Portfolio 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] - 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][10] First Quarter 2025 Financial Results 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] Financial Tables 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 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 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 |