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Dec 31, 2022
Ventyx Biosciences Q4 2022 Earnings Report
Reported financial results for the fourth quarter and full year ended December 31, 2022, and highlighted recent pipeline and business progress.
Key Takeaways
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.
Forward Guidance
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.
Positive Outlook
- Topline Phase 2 data for VTX002 in ulcerative colitis expected in H2 2023
- Topline Phase 2 data for VTX958 in plaque psoriasis expected in Q4 2023
- Initiated a Phase 2 proof-of-mechanism trial of VTX2735 in CAPS patients
- Expect to initiate a Phase 1 trial of VTX3232 in the first half of 2023
- Current cash, cash equivalents and marketable securities are sufficient to fund planned operations into 2025
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