Ventyx Biosciences Inc · Q4 2022 earnings

Briefing

Reported financial results for the fourth quarter and full year ended December 31, 2022, and highlighted recent pipeline and business progress.

Ventyx Biosciences reported a net loss of $35.2 million for the fourth quarter of 2022, compared to a net loss of $17.8 million for the fourth quarter of 2021. The company's cash, cash equivalents, and marketable securities totaled $356.6 million as of December 31, 2022, which is expected to fund operations into 2025.

• Phase 2 trials of VTX958 (TYK2 inhibitor) are ongoing in plaque psoriasis, Crohn’s disease and psoriatic arthritis, with topline Phase 2 data in plaque psoriasis expected in Q4 2023.
• The Phase 2 trial of VTX002 (S1P1R modulator) in ulcerative colitis (UC) is on track to complete enrollment by mid-2023, with topline data expected in H2 2023.
• Initiated a Phase 2 proof-of-mechanism trial of VTX2735 (peripheral NLRP3 inhibitor) in patients with cryopyrin-associated periodic syndrome (CAPS).
• Cash, cash equivalents and marketable securities of $356.6 million at the end of 2022 plus an additional $48.4 million in net proceeds raised in Q1 2023 under our “At-the-market” (ATM) program are expected to fund operations into 2025.

Headline financials

Revenue & EPS history

Ventyx anticipates multiple key clinical milestones in 2023, including topline Phase 2 data for VTX002 in ulcerative colitis expected in H2 2023 and topline Phase 2 data for VTX958 in plaque psoriasis expected in Q4 2023. Additionally, they recently initiated a Phase 2 proof-of-mechanism trial of VTX2735 in CAPS patients, and expect to initiate a Phase 1 trial of their novel CNS-penetrant NRLP3 inhibitor VTX3232 in the first half of 2023.