0000950170-23-021286 | 10-Q | XBRL Viewer

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Fair Value Measurements - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) MarketableSecurities	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) MarketableSecurities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value liabilities, into level 3 transfer amount	$ 0	$ 0
Fair value liabilities, out of level 3 transfer amount	$ 0	$ 0
Available-for-sale marketable securities in an unrealized loss position \| MarketableSecurities	33		37
Available-for-sale marketable securities in an unrealized loss position \| MarketableSecurities	29		32
Available-for-sale marketable securities in an unrealized loss position greater than twelve months \| MarketableSecurities	4		5
Allowance for credit losses	$ 0
Accrued interest receivable on available-for-sale marketable securities	$ 1,000,000.0		$ 900,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets		Prepaid Expense and Other Assets
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities unrealized loss position	12 months		12 months

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Research and development expenses related party	$ 250	$ 203

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details) - Stock Options	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	3.50%	1.60%
Risk-free interest rate, Maximum	4.80%	2.30%
Expected volatility	68.40%	75.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	4 months 24 days	6 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	10 years	10 years

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule Of Common Stock Reserved For Future Issuance

Common stock reserved for future issuance is as follows (in common stock equivalents shares) as of March 31, 2023:


	March 31,
	2023
Issued and outstanding:
Stock options		8,802,708
Restricted stock awards		37,060
Restricted stock units		765,280
Authorized for future stock award grants:
2021 Equity Incentive Plan		2,457,585
2021 Employee Stock Purchase Plan		1,059,101
Total		13,121,734

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary of Right-of-use Assets and Lease Liabilities

The Company’s right-of-use assets and lease liabilities were as follows (in thousands):


	March 31,		December 31,
	2023		2022
Assets:
Operating lease right-of-use assets	$	1,436	$	1,537
Liabilities:
Current portion of operating lease liabilities		426		412
Operating lease liabilities, net of current portion		1,036		1,146
Total lease liabilities	$	1,462	$	1,558

Summary of Future Minimum Payments under Non-cancellable Leases

Future minimum payments under non-cancellable leases as of March 31, 2023 were as follows (in thousands):


Years ending December 31,
Remainder of 2023	$	401
2024		517
2025		503
2026		255
Total future minimum lease payments		1,676
Less: imputed interest		(214	)
Present value of lease liabilities		1,462
Less: lease liabilities, current		(426	)
Lease liabilities, net of current portion	$	1,036

Consolidated Balance Sheet Details - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 714	$ 502
Less: accumulated depreciation	(128)	(95)
Property and equipment, net	586	407
Internal-use Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	188	188
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	145	142
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	162	104
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	58	$ 68
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 161

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 20, 2022	Feb. 28, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Net proceeds from private placement after deducting fees to the placement agents and offering expenses			$ 48,455
Common stock, shares authorized			900,000,000	900,000,000
Common stock, par value			$ 0.0001	$ 0.0001
Common stock voting rights			Holders of outstanding shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders
ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued		1,176,470
Common stock, price per share		$ 42.50
Common stock gross proceeds		$ 50,000
Common stock amount of net proceeds		$ 48,400
Aggregate sales proceeds				$ 150,000
Private Placement
Class of Stock [Line Items]
Number of shares issued	5,350,000
Common stock, price per share	$ 33.00
Gross proceeds from private placement	$ 176,600
Net proceeds from private placement after deducting fees to the placement agents and offering expenses	$ 165,200

Convertible Preferred Stock - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Class Of Stock [Line Items]
Preferred stock, issuance costs	$ 25

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Expense Recognized Under the Related Party

Expense recognized by the Company under the related party Support Services Agreement with Bayside was as follows (in thousands):


	Three months ended
	March 31,
	2023		2022
Research and development - Bayside	$	250	$	203
Total research and development - related party	$	250	$	203

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance \| shares	569,757
Number of Shares, Granted \| shares	203,511
Number of Shares, Forfeited \| shares	(7,988)
Number of Shares, Ending Balance \| shares	765,280
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 15.86
Weighted Average Grant Date Fair Value, Granted \| $ / shares	32.83
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	32.18
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 20.20

Fair Value Measurements - Summary of Available For Sale Marketable Securities By Type Of Security (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 313,799	$ 292,886
Gross Unrealized Gain	45	20
Gross Unrealized Loss	(598)	(1,112)
Fair Value	313,246	291,794
U S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	21,982	39,989
Gross Unrealized Loss	(129)	(422)
Fair Value	21,853	39,567
U.S. government agency securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	84,978	75,337
Gross Unrealized Gain	11
Gross Unrealized Loss	(272)	(358)
Fair Value	84,717	74,979
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		3,005
Gross Unrealized Loss		(15)
Fair Value		2,990
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	204,419	172,162
Gross Unrealized Gain	34	20
Gross Unrealized Loss	(193)	(316)
Fair Value	204,260	171,866
Asset Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,420	2,393
Gross Unrealized Loss	(4)	(1)
Fair Value	$ 2,416	$ 2,392

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 6,567	$ 3,444
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	5,504	2,708
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	27	29
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	999	655
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 37	$ 52

Leases - Summary of Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 1,436	$ 1,537
Liabilities
Current portion of operating lease liabilities	426	412
Operating lease liabilities, net of current portion	1,036	1,146
Total lease liabilities	$ 1,462	$ 1,558

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The presentation of the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2023 and 2022 reflect the financial results of Ventyx Biosciences, Inc. and its two wholly-owned subsidiaries, Oppilan Pharma Ltd (“Oppilan”) and Zomagen Biosciences Ltd. (“Zomagen”), on a consolidated basis. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. The condensed consolidated balance sheet data as of December 31, 2022 was derived from the Company’s audited financial statements. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022 and the notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on March 23, 2023. The Company's significant accounting policies are detailed in “Note 2: Summary of Significant Accounting Policies” of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Except as set forth below, there have been no changes to the Company's significant accounting policies from those disclosed in the annual report. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. The results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023 or any future period.
Risks and Uncertainties	Risks and Uncertainties Economic uncertainty in various global markets, including the U.S. and Europe, caused by political instability and conflict, such as the ongoing conflict in Ukraine, and economic challenges caused by the COVID-19 pandemic, have led to market disruptions, including significant volatility in commodity prices, credit and capital market instability and supply chain interruptions, which have caused volatile changes to inflation globally. The Company’s business, financial condition and results of operations could be materially and adversely affected by further negative impact on the global economy and capital markets resulting from these global economic conditions, particularly if such conditions are prolonged or worsen. Although, to date, the Company has not been materially impacted by these global economic and geopolitical conditions, it is impossible to predict the extent to which operations will be impacted in the short and long term, or the ways in which such instability could impact business and results of operations. The extent and duration of these market disruptions, whether as a result of the military conflict between Russia and Ukraine and effects of the Russian sanctions, geopolitical tensions, volatile changes to inflation or otherwise, are impossible to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this report.
Investments in Marketable Securities, Available-for-Sale	Investments in Marketable Securities, Available-for-Sale The Company maintains a portfolio of investments which have included U.S. Treasury securities, U.S. government agency securities, corporate debt securities, commercial paper and asset-backed securities (“ABS”). The Company’s investments in marketable securities are available-for-sale securities and the marketable securities are reported at fair value. Investments in marketable securities with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments in marketable securities with contractual maturities of 12 months or greater at the balance sheet date are considered long-term investments. Unrealized gains and losses are included in accumulated other comprehensive loss, net of tax. The cost of securities sold is determined on a specific identification basis, and realized gains and losses, if any, are included in other (income) expense within the condensed consolidated statements of operations and comprehensive loss. The Company regularly reviews its investment portfolio to determine if any security is impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires judgment. In making this judgment, the Company evaluates, among other items, the time frame and extent to which the fair market value of a security is less than its amortized cost and the Company’s intent and ability to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis.
Deferred Offering Costs	Deferred Offering Costs The Company has deferred offering costs consisting of accounting and legal fees directly attributable to the Open Market Sales AgreementSM (“Sales Agreement”) with Jefferies LLC (“Jefferies”). Costs are deferred until shares are sold under the Sales Agreement, at which time they are reclassified to additional paid-in capital as a reduction against the proceeds received.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the Financial Accounting Standards Board (“FASB”) with respect to fair value reporting for financial assets and liabilities. The carrying amounts of the Company’s current financial assets and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Financial assets measured at fair value on a recurring basis include cash equivalents and marketable securities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher shareholder’s rights, and (3) whether collateral is required. In addition, this ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. This ASU may be applied on a full retrospective or modified retrospective basis. The amendments within this ASU are effective for the Company’s fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the ASU is permitted to fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the potential impact that this standard may have on its condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company adopted this standard on January 1, 2023 and as the Company does not have material trade or financing receivables or held to maturity debt securities, and as management does not expect to incur credit losses on available-for-sale marketable debt securities held by the Company, the adoption of this standard did not have a material impact to the condensed consolidated financial statements at the adoption date.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 63,669	$ 64,819
Marketable securities	313,246	253,122
Prepaid expenses and other assets (includes related party amounts of $49 and $47, respectively)	10,136	12,747
Total current assets:	387,051	330,688
Property and equipment, net	586	407
Operating lease right-of-use assets	1,436	1,537
Marketable securities		38,672
Other long-term assets	96	96
Total assets	389,169	371,400
Current liabilities
Accounts payable	6,552	6,433
Accrued expenses (includes related party amounts of $240 and $64, respectively)	9,537	9,514
Current portion of operating lease liabilities	426	412
Total current liabilities	16,515	16,359
Operating lease liabilities, net of current portion	1,036	1,146
Total liabilities	17,551	17,505
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at March 31, 2023 and December 31, 2022; 58,385,787 and 57,025,847 shares issued at March 31, 2023 and December 31, 2022, respectively; 58,348,727 and 56,980,845 shares outstanding at March 31, 2023 and December 31, 2022, respectively	6	6
Additional paid-in capital	637,329	581,237
Accumulated other comprehensive loss	(561)	(1,123)
Accumulated deficit	(265,156)	(226,225)
Total stockholders' equity	371,618	353,895
Total liabilities and stockholders' equity	$ 389,169	$ 371,400

Fair Value Measurements - Financial Assets & Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Total assets	$ 365,868	$ 314,515
Cash Equivalents
Assets:
Total assets	52,622	22,721
Cash Equivalents \| Money Market Fund
Assets:
Total assets	52,622	22,721
Marketable Securities
Assets:
Total assets	313,246	291,794
Marketable Securities \| Commercial Paper
Assets:
Total assets	204,260	171,866
Marketable Securities \| Asset Backed Securities
Assets:
Total assets	2,416	2,392
Marketable Securities \| U S Treasury Securities
Assets:
Total assets	21,853	39,567
Marketable Securities \| U.S. government agency securities
Assets:
Total assets	84,717	74,979
Marketable Securities \| Corporate Debt Securities
Assets:
Total assets		2,990
Level 1
Assets:
Total assets	74,475	62,288
Level 1 \| Cash Equivalents
Assets:
Total assets	52,622	22,721
Level 1 \| Cash Equivalents \| Money Market Fund
Assets:
Total assets	52,622	22,721
Level 1 \| Marketable Securities
Assets:
Total assets	21,853	39,567
Level 1 \| Marketable Securities \| U S Treasury Securities
Assets:
Total assets	21,853	39,567
Level 2
Assets:
Total assets	291,393	252,227
Level 2 \| Marketable Securities
Assets:
Total assets	291,393	252,227
Level 2 \| Marketable Securities \| Commercial Paper
Assets:
Total assets	204,260	171,866
Level 2 \| Marketable Securities \| Asset Backed Securities
Assets:
Total assets	2,416	2,392
Level 2 \| Marketable Securities \| U.S. government agency securities
Assets:
Total assets	$ 84,717	74,979
Level 2 \| Marketable Securities \| Corporate Debt Securities
Assets:
Total assets		$ 2,990

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	At the Market	Common Stock	Common Stock At the Market	Additional Paid-in Capital	Additional Paid-in Capital At the Market	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2021	$ 279,199		$ 5		$ 397,051		$ (58)	$ (117,799)
Balance, shares at Dec. 31, 2021			50,408,830
Issuance of common stock upon exercise of stock options	86				86
Issuance of common stock upon exercise of stock options, shares			298,414
Issuance of common stock upon vesting of restricted common stock, shares			22,576
Adjustment to offering expenses in the initial public offering	26				26
Stock-based compensation expense	3,444				3,444
Unrealized gain (loss) on marketable securities	(942)						(942)
Foreign currency translation	42						42
Net loss	(22,732)							(22,732)
Balance at Mar. 31, 2022	259,123		$ 5		400,607		(958)	(140,531)
Balance, shares at Mar. 31, 2022			50,729,820
Balance at Dec. 31, 2022	353,895		$ 6		581,237		(1,123)	(226,225)
Balance, shares at Dec. 31, 2022			56,980,845
Issuance of common stock under the at-the-market sales agreement, net of commissions and offering expenses		$ 48,408				$ 48,408
Issuance of common stock under the at-the-market sales agreement, net of commissions and offering expenses, shares				1,176,470
Issuance of common stock upon exercise of stock options	$ 1,117				1,117
Issuance of common stock upon exercise of stock options, shares	183,470		183,470
Issuance of common stock upon vesting of restricted common stock, shares			7,942
Stock-based compensation expense	$ 6,567				6,567
Unrealized gain (loss) on marketable securities	539						539
Foreign currency translation	23						23
Net loss	(38,931)							(38,931)
Balance at Mar. 31, 2023	$ 371,618		$ 6		$ 637,329		$ (561)	$ (265,156)
Balance, shares at Mar. 31, 2023			58,348,727

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The presentation of the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2023 and 2022 reflect the financial results of Ventyx Biosciences, Inc. and its two wholly-owned subsidiaries, Oppilan Pharma Ltd (“Oppilan”) and Zomagen Biosciences Ltd. (“Zomagen”), on a consolidated basis. All intercompany transactions and balances have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. The condensed consolidated balance sheet data as of December 31, 2022 was derived from the Company’s audited financial statements. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022 and the notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on March 23, 2023.

The Company's significant accounting policies are detailed in “Note 2: Summary of Significant Accounting Policies” of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Except as set forth below, there have been no changes to the Company's significant accounting policies from those disclosed in the annual report.

The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. The results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023 or any future period.

Risks and Uncertainties

Economic uncertainty in various global markets, including the U.S. and Europe, caused by political instability and conflict, such as the ongoing conflict in Ukraine, and economic challenges caused by the COVID-19 pandemic, have led to market disruptions, including significant volatility in commodity prices, credit and capital market instability and supply chain interruptions, which have caused volatile changes to inflation globally. The Company’s business, financial condition and results of operations could be materially and adversely affected by further negative impact on the global economy and capital markets resulting from these global economic conditions, particularly if such conditions are prolonged or worsen.

Although, to date, the Company has not been materially impacted by these global economic and geopolitical conditions, it is impossible to predict the extent to which operations will be impacted in the short and long term, or the ways in which such instability could impact business and results of operations. The extent and duration of these market disruptions, whether as a result of the military conflict between Russia and Ukraine and effects of the Russian sanctions, geopolitical tensions, volatile changes to inflation or otherwise, are impossible to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this report.

Investments in Marketable Securities, Available-for-Sale

The Company maintains a portfolio of investments which have included U.S. Treasury securities, U.S. government agency securities, corporate debt securities, commercial paper and asset-backed securities (“ABS”). The Company’s investments in marketable securities are available-for-sale securities and the marketable securities are reported at fair value. Investments in marketable securities with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments in marketable securities with contractual maturities of 12 months or greater at the balance sheet date are considered long-term investments. Unrealized gains and losses are included in accumulated other comprehensive loss, net of tax. The cost of securities sold is determined on a specific identification basis, and realized gains and losses, if any, are included in other (income) expense within the condensed consolidated statements of operations and comprehensive loss.

The Company regularly reviews its investment portfolio to determine if any security is impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires judgment. In making this judgment, the Company evaluates, among other items, the time frame and extent to which the fair market value of a security is less than its amortized cost and the Company’s intent and ability to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis.

Deferred Offering Costs

The Company has deferred offering costs consisting of accounting and legal fees directly attributable to the Open Market Sales AgreementSM (“Sales Agreement”) with Jefferies LLC (“Jefferies”). Costs are deferred until shares are sold under the Sales Agreement, at which time they are reclassified to additional paid-in capital as a reduction against the proceeds received.

Fair Value of Financial Instruments

The Company follows Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the Financial Accounting Standards Board (“FASB”) with respect to fair value reporting for financial assets and liabilities. The carrying amounts of the Company’s current financial assets and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Financial assets measured at fair value on a recurring basis include cash equivalents and marketable securities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher shareholder’s rights, and (3) whether collateral is required. In addition, this ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. This ASU may be applied on a full retrospective or modified retrospective basis. The amendments within this ASU are effective for the Company’s fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the ASU is permitted to fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the potential impact that this standard may have on its condensed consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company adopted this standard on January 1, 2023 and as the Company does not have material trade or financing receivables or held to maturity debt securities, and as management does not expect to incur credit losses on available-for-sale marketable

debt securities held by the Company, the adoption of this standard did not have a material impact to the condensed consolidated financial statements at the adoption date.

Leases - Summary of Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 401
2024	517
2025	503
2026	255
Total future minimum lease payments	1,676
Less: imputed interest	(214)
Total lease liabilities	1,462	$ 1,558
Less: lease liabilities, current	(426)	(412)
Lease liabilities, net of current portion	$ 1,036	$ 1,146

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	Ventyx Biosciences, Inc.
Entity Central Index Key	0001851194
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity File Number	001-40928
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2996852
Entity Address, Address Line One	662 Encinitas Blvd
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Encinitas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92024
City Area Code	760
Local Phone Number	593-4832
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		58,556,952
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VTYX
Security Exchange Name	NASDAQ

Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	9,614,464	7,894,945
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	8,802,708	7,114,036
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	765,280	675,679
Unvested Restricted Stock Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	37,060	95,296
Shares purchasable under the 2021 Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	9,416	9,934

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

Equity Incentive Plans

In February 2019, the Company adopted its 2019 Equity Incentive Plan (the “2019 Plan”) and in October 2021, the 2019 Plan was terminated as to new awards and the Company’s board of directors adopted, and the Company’s stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on October 19, 2021. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to employees, directors or consultants of the Company.

The number of common shares available for issuance under the 2021 Plan is 5,612,000 shares of common stock plus any common shares subject to stock options, restricted stock units or similar awards granted under the 2019 Plan that expire, are forfeited or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest, with the maximum number of common shares to be added to the 2021 Plan equal to 4,978,561 common shares. Additionally, shares available for issuance under the 2021 Plan increase on the first day of each fiscal year, beginning with the Company’s 2023 fiscal year, equal to the lesser of 5,102,000 common shares, 5% of the outstanding common shares on the last day of the immediately preceding fiscal year, or such number of common shares determined by the board of directors. On January 1, 2023, the number of shares of common stock that may be issued under the 2021 Plan was automatically increased by 2,851,292 shares.

Options granted under the 2019 Plan and 2021 Plan (the “Plans”) generally vest over a period of between two and four years and expire ten years from grant date. As of March 31, 2022 and December 31, 2022, the Company had 9,018,173 and 6,161,504 shares, respectively, authorized for issuance under the Plans, and 2,457,585 and 1,195,138 shares, respectively, remained available for grant.

Total stock-based compensation expense related to share-based awards was comprised of the following (in thousands):


	Three months ended
	March 31,
	2023		2022
Research and development	$	3,214	$	1,195
General and administrative		3,353		2,249
Total stock-based compensation expense	$	6,567	$	3,444

Stock-based compensation expense by type of share-based award (in thousands):


	Three months ended
	March 31,
	2023		2022
Stock options	$	5,504	$	2,708
Restricted stock awards		27		29
Restricted stock units		999		655
Employee Stock Purchase Plan		37		52
Total stock-based compensation expense	$	6,567	$	3,444

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2023:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2022		7,592,856		$	11.82		8.74	$	159,929
Granted		1,776,554			34.73
Exercised		(183,470	)		6.09
Forfeited and cancelled		(383,232	)		24.09
Outstanding as of March 31, 2023		8,802,708		$	15.94		8.75	$	156,884
Vested and expected to vest as of March 31, 2023		8,802,708		$	15.94		8.75	$	156,884
Exercisable as of March 31, 2023		2,871,829		$	7.63		7.99	$	74,312

The weighted average grant date fair value of stock options granted during the three months ended March 31, 2023 and 2022 was $22.42 and $8.78 per share, respectively. The intrinsic value of a stock option is the difference between the market price of the common stock at measurement date and the exercise price of the option. The total intrinsic value of stock options exercised during the three months ended March 31, 2023 and 2022 was $5.2 million and $3.6 million, respectively.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The following assumptions were used in the Black-Scholes option pricing model to estimate the fair value of stock options granted to employees under the Company’s Plans during the periods presented:


	Three months ended
	March 31,
	2023			2022
Risk-free interest rate	3.5% - 4.8%			1.6% - 2.3%
Expected volatility		68.4	%		75.0	%
Expected term (in years)	0.4 - 10.0			6.0 - 10.0
Expected dividend yield		—			—

During the three months ended March 31, 2023, the Company recorded incremental stock-based compensation expense of approximately $0.1 million pertaining to the modification of stock options in connection with the termination of one employee. The modification provided for an acceleration of unvested options, resulting in a change in compensation expense that was immediately recognized. As of March 31, 2023, unrecognized stock-based compensation was $72.3 million which is expected to be recognized over the weighted average period of 2.9 years.

Restricted Stock Awards

The Company grants restricted stock awards pursuant to the Plans and satisfies such grants through the issuance of new shares. Restricted stock awards generally vest over a period of three years. Upon the termination of service of a restricted stockholder, the Company has the option to repurchase any unvested shares and based on this, restricted stock awards are not included in outstanding common stock until fully vested. During the three months ended March 31, 2023 and 2022, the Company did not repurchase any unvested shares.

The following table summarizes restricted stock award activity for the three months ended March 31, 2023:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested balance as of December 31, 2022		45,002		$	3.45
Vested		(7,942	)		3.45
Unvested balance as of March 31, 2023		37,060		$	3.45

The Company records a liability for unvested restricted stock awards subject to repurchase and reduces the liability as the underlying shares vest. The liability was immaterial as of March 31, 2023 and 2022. The total fair value of restricted stock awards vested during the three months ended March 31, 2023 and 2022 was immaterial. As of March 31, 2023, there was approximately $0.1 million of unrecognized stock-based compensation cost pertaining restricted stock awards that will be recognized over a weighted average period of 1.1 years.

Restricted Stock Units

The Company grants restricted stock units pursuant to the Plans and satisfies such grants through the issuance of new shares as they vest. Restricted stock units generally vest over a period of four years. The following table summarizes restricted stock unit activity for the three months ended March 31, 2023:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested Balance as of December 31, 2022		569,757		$	15.86
Granted		203,511		$	32.83
Forfeited		(7,988	)	$	32.18
Unvested balance as of March 31, 2023		765,280		$	20.20

As of March 31, 2023, there was approximately $14.2 million of unrecognized stock-based compensation cost pertaining to restricted stock units that will be recognized over a weighted average period of 3.1 years.

Employee Stock Purchase Plan

In October 2021, the board of directors and stockholders approved the 2021 Employee Stock Purchase Plan (“ESPP”) which became effective on October 19, 2021. The maximum number of shares of common stock that will be made available for sale under the ESPP is equal to 510,000 shares of common stock. In addition, the number of shares of common stock available for issuance under the ESPP will be increased on the first day of each fiscal year, beginning with fiscal year 2023, in an amount equal to the lesser of 1,020,000 shares of common stock, 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year or such

number of common shares determined by the board of directors. On January 1, 2023, the number of shares of common stock that are available for sale under the ESPP was automatically increased by 570,258 shares.

Participating employees purchase stock under the ESPP at a price equal to the lower of 85% of the closing price on the applicable offering commencement date or 85% of the closing price on the applicable offering termination date. The ESPP provides for two offering periods of six months’ duration with purchase periods terminating on either May 15 or November 15. Contributions under the ESPP are limited to a maximum of 15% of an employee’s eligible compensation and a maximum of 3,000 shares per year. During the three months ended March 31, 2023 and 2022, no shares were issued under the ESPP.

Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss Per Share

Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders:


	Three months ended
	March 31,
(in thousands, except share and per share amounts)	2023			2022
Numerator:
Net loss	$	(38,931	)	$	(22,732	)
Denominator:
Weighted average common shares outstanding, basic and diluted		57,638,923			50,585,255
Net loss per share, basic and diluted	$	(0.68	)	$	(0.45	)

The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share (in common stock equivalent shares) at March 31, 2023 and 2022, because to do so would be anti-dilutive:


	March 31,
	2023		2022
Shares issuable upon exercise of stock options		8,802,708		7,114,036
Unvested restricted stock units		765,280		675,679
Unvested restricted stock awards		37,060		95,296
Shares purchasable under the 2021 Employee Stock Purchase Plan		9,416		9,934
Total		9,614,464		7,894,945

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid expense and other assets, related party	$ 49	$ 47
Accrued expenses, related party	$ 240	$ 64
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	58,385,787	57,025,847
Common stock, shares outstanding	58,348,727	56,980,845

Consolidated Balance Sheet Details

3 Months Ended

Mar. 31, 2023

Consolidated Balance Sheet [Abstract]

Consolidated Balance Sheet Details

4. Consolidated Balance Sheet Details

Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	March 31,			December 31,
	2023			2022
Internal-use software	$	188		$	188
Laboratory equipment		145			142
Furniture and fixtures		162			104
Computer hardware and software		58			68
Construction in progress		161			—
Property and equipment, gross		714			502
Less: accumulated depreciation		(128	)		(95	)
Property and equipment, net	$	586		$	407

During the three months ended March 31, 2023 and 2022, depreciation expense was immaterial.

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022
Accrued research and development costs	$	3,746	$	2,450
Accrued clinical trial costs		2,580		1,235
Accrued payroll liabilities		2,252		4,208
Other accrued liabilities		719		1,557
Accrued related party liabilities		240		64
Total accrued expenses	$	9,537	$	9,514

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

7. Leases

In February 2021, the Company assumed an operating lease in Encinitas, California for its office facilities, and in June 2021 the Company signed an amendment to add an additional term and additional suites in the office building in Encinitas, California. This non-cancellable lease expires on June 30, 2026. In September 2021, the Company executed an operating lease which adds existing office space in its existing building in Encinitas, California. The non-cancellable lease also expires on June 30, 2026.

In May 2022, the Company entered into a lease agreement to add office space to its existing lease in Encinitas, California. The non-cancellable lease commenced on June 1, 2022 and expires on June 30, 2026. The office building leases do not contain renewal options.

In March 2021, the Company signed a three-year operating lease for a multi-function ventilated research laboratory and office space in Ghent, Belgium. The non-cancellable lease expires on June 30, 2024. This laboratory and office space lease includes two, two-year renewal options.

The Company’s leases have remaining terms ranging between one year to four years. The leases contain various termination options. The Company’s leases do not contain any residual value guarantees or material restrictive covenants.

The weighted average remaining lease term and discount rate for the Company’s operating leases were approximately 3.2 years and 9.0%, respectively, at March 31, 2023.

During the three months ended March 31, 2023 and 2022, the Company recognized operating lease costs of $0.1 million, and an immaterial amount of variable lease costs in both periods. In addition, the Company made cash payments of $0.1 million for operating leases during the three months ended March 31, 2023 and 2022, which are included in cash flows from operating activities in the condensed consolidated statements of cash flows.

The Company’s right-of-use assets and lease liabilities were as follows (in thousands):


	March 31,		December 31,
	2023		2022
Assets:
Operating lease right-of-use assets	$	1,436	$	1,537
Liabilities:
Current portion of operating lease liabilities		426		412
Operating lease liabilities, net of current portion		1,036		1,146
Total lease liabilities	$	1,462	$	1,558

Future minimum payments under non-cancellable leases as of March 31, 2023 were as follows (in thousands):


Years ending December 31,
Remainder of 2023	$	401
2024		517
2025		503
2026		255
Total future minimum lease payments		1,676
Less: imputed interest		(214	)
Present value of lease liabilities		1,462
Less: lease liabilities, current		(426	)
Lease liabilities, net of current portion	$	1,036

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance \| shares	45,002
Number of Shares, Vested \| shares	(7,942)
Number of Shares, Ending Balance \| shares	37,060
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 3.45
Weighted Average Grant Date Fair Value, Vested \| $ / shares	3.45
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 3.45

Leases - Additional Information (Details) $ in Millions	1 Months Ended				3 Months Ended
Leases - Additional Information (Details) $ in Millions	May 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021 Room	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Lease expiration date		Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2024
Termination, description					The leases contain various termination options.
Lessee, Operating Lease, Existence of Option to Terminate [true false]					true
Operating lease, weighted average remaining lease term					3 years 2 months 12 days
Operating lease, weighted average discount rate					9.00%
Operating lease costs \| $					$ 0.1	$ 0.1
Operating lease payments \| $					$ 0.1	$ 0.1
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining term					1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining term					4 years
Laboratory
Lessee, Lease, Description [Line Items]
Number of lab lease \| Room				2
Lease, renewal term				2 years
Laboratory \| Belgium
Lessee, Lease, Description [Line Items]
Lease, term of contract				3 years
Office Space
Lessee, Lease, Description [Line Items]
Number of lab lease \| Room				2
Lease, renewal term				2 years
Office Space \| Belgium
Lessee, Lease, Description [Line Items]
Lease, term of contract				3 years
Office Space \| California
Lessee, Lease, Description [Line Items]
Lease expiration date	Jun. 30, 2026
Lease commencement date	Jun. 01, 2022

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (38,931)	$ (22,732)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	31	21
Amortization of right-of-use assets - operating	103	69
Stock-based compensation	6,567	3,444
Accretion of marketable securities, net	(2,078)
Changes in operating assets and liabilities
Prepaid expenses and other assets (includes related party amounts of ($2) and ($5), respectively	3,758	5,099
Operating lease liabilities	(97)	(64)
Accounts payable (includes related party amounts of $0 and $305, respectively)	(91)	(1,782)
Accrued expenses (includes related party amounts of ($110) and $10, respectively)	(183)	3,219
Net cash used in operating activities	(30,921)	(12,726)
Cash flows from investing activities
Purchases in marketable securities, available-for-sale	(108,835)	(68,675)
Proceeds from maturities of marketable securities, available-for-sale	90,000	52,210
Purchases of property and equipment	(60)	(38)
Net cash provided by (used in) investing activities	(18,895)	(16,503)
Cash flows from financing activities
Proceeds from issuance of common stock from private placement, net of offering costs	48,455
Proceeds from exercise of stock options	216	86
Deferred offering costs	(25)
Net cash provided by financing activities	48,646	86
Effect of exchange rates on cash and cash equivalents	20	42
Net decrease in cash and cash equivalents	(1,150)	(29,101)
Cash and cash equivalents, beginning of period	64,819	70,791
Cash and cash equivalents, end of period	63,669	$ 41,690
Supplemental disclosure for investing and financing non-cash activities:
Exercise of stock options	1,043
Purchases of property and equipment included in accounts payable and accrued expenses	149
Unpaid deferred offering costs	78
Unpaid costs associated with the issuance of common stock under the at-the-market sales agreement	$ 46

Stock-Based Compensation - Schedule of Total Stock-based Compensation Expense Related To Share-based Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 6,567	$ 3,444
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	3,214	1,195
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 3,353	$ 2,249

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders Equity

6. Stockholders' Equity

ATM Sales Agreement

In December 2022, the Company entered into a Sales Agreement with Jefferies, as sales agent, pursuant to which the Company could offer and sell in an at-the-market offering, from time to time through Jefferies, shares of common stock providing for aggregate sales proceeds of up to $150.0 million. The Company has no obligation to sell any shares under the Sales Agreement, and could at any time suspend solicitations and offers under the Sales Agreement.

In February 2023, the Company issued and sold 1,176,470 shares of common stock through the Sales Agreement. The common stock had an average purchase price of $42.50 per share for aggregate gross proceeds of $50.0 million. The Company received approximately $48.4 million in net proceeds after deducting commissions and offering expenses payable by the Company.

September 2022 Private Placement

On September 20, 2022, the Company issued and sold 5,350,000 shares of common stock through a private placement to certain qualified institutional buyers and institutional accredited investors. The common stock had a purchase price of $33.00 per share for aggregate gross proceeds of approximately $176.6 million. The Company received approximately $165.2 million in net proceeds after deducting fees to the placement agents and other offering expenses payable by the Company.

Common Stock

The Company is authorized to issue up to 900,000,000 shares of common stock having a par value of $0.0001 par value as of March 31, 2023 and December 31, 2022. Holders of outstanding shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Subject to the rights of the holders of any class of the Company’s capital stock having any preference or priority over common stock, the holders of common stock are entitled to receive dividends that are declared by the Company’s board of directors out of legally available funds.

Common stock reserved for future issuance is as follows (in common stock equivalents shares) as of March 31, 2023:


	March 31,
	2023
Issued and outstanding:
Stock options		8,802,708
Restricted stock awards		37,060
Restricted stock units		765,280
Authorized for future stock award grants:
2021 Equity Incentive Plan		2,457,585
2021 Employee Stock Purchase Plan		1,059,101
Total		13,121,734

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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	Mar. 31, 2023 Subsidiary
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-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Jan. 01, 2023 shares	Oct. 19, 2021 Offeringperiod shares	Mar. 31, 2023 USD ($) Employee $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of employees terminated \| Employee			1
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of stock options granted \| $ / shares			$ 22.42	$ 8.78
Total intrinsic value of stock options exercised \| $			$ 5.2	$ 3.6
Incremental stock-based compensation expense \| $			0.1
Unrecognized stock-based compensation expense \| $			$ 72.3
Unrecognized stock-based compensation expense, weighted average period			2 years 10 months 24 days
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period			3 years
Unrecognized stock-based compensation expense other than stock option \| $			$ 0.1
Unrecognized stock-based compensation expense, weighted average period			1 year 1 month 6 days
Shares repurchased			0	0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period			4 years
Unrecognized stock-based compensation expense other than stock option \| $			$ 14.2
Unrecognized stock-based compensation expense, weighted average period			3 years 1 month 6 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance		5,612,000
Number of shares that may be issued in accordance with plan	2,851,292	5,102,000
Number of common shares to be added		4,978,561
Percentage of outstanding shares of common stock that may be issued in accordance with plan		5.00%
2019 and 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance			9,018,173		6,161,504
Term of stock options granted			10 years
Shares remained available for grant			2,457,585		1,195,138
2019 and 2021 Equity Incentive Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period			2 years
2019 and 2021 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period			4 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance	570,258	510,000
Number of shares that may be issued in accordance with plan		1,020,000
Percentage of closing price on offering commencement date that participating employees purchase stock under plan		85.00%
Percentage of closing price on offering termination date that participating employees purchase stock under plan		85.00%
Number of offering periods \| Offeringperiod		2
Duration of offering periods		6 months
Maximum percentage of eligible compensation of employee		15.00%
Maximum number of shares an employee can purchase under plan		3,000
Percentage of outstanding shares of common stock that may be issued in accordance with plan		1.00%
Shares issued under employee stock purchase plan, shares			0	0

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development (includes related party amounts of $250 and $203, respectively)	$ 35,437	$ 17,409
General and administrative	7,115	5,338
Total operating expenses	42,552	22,747
Loss from operations	(42,552)	(22,747)
Other (income) expense:
Interest income	(3,622)	(132)
Other expense	1	117
Total other (income) expense	(3,621)	(15)
Net loss	(38,931)	(22,732)
Unrealized gain (loss) on marketable securities	539	(942)
Foreign currency translation	23	42
Comprehensive loss	$ (38,369)	$ (23,632)
Net loss per share, basic	$ (0.68)	$ (0.45)
Net loss per share, diluted	$ (0.68)	$ (0.45)
Weighted average common shares outstanding, basic	57,638,923	50,585,255
Weighted average common shares outstanding, diluted	57,638,923	50,585,255

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Total Stock-based Compensation Expense Related To Share-based Awards

Total stock-based compensation expense related to share-based awards was comprised of the following (in thousands):


	Three months ended
	March 31,
	2023		2022
Research and development	$	3,214	$	1,195
General and administrative		3,353		2,249
Total stock-based compensation expense	$	6,567	$	3,444

Stock-based compensation expense by type of share-based award (in thousands):


	Three months ended
	March 31,
	2023		2022
Stock options	$	5,504	$	2,708
Restricted stock awards		27		29
Restricted stock units		999		655
Employee Stock Purchase Plan		37		52
Total stock-based compensation expense	$	6,567	$	3,444

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2023:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2022		7,592,856		$	11.82		8.74	$	159,929
Granted		1,776,554			34.73
Exercised		(183,470	)		6.09
Forfeited and cancelled		(383,232	)		24.09
Outstanding as of March 31, 2023		8,802,708		$	15.94		8.75	$	156,884
Vested and expected to vest as of March 31, 2023		8,802,708		$	15.94		8.75	$	156,884
Exercisable as of March 31, 2023		2,871,829		$	7.63		7.99	$	74,312

Summary of Assumptions Used in Black-Scholes Option Pricing Model


	Three months ended
	March 31,
	2023			2022
Risk-free interest rate	3.5% - 4.8%			1.6% - 2.3%
Expected volatility		68.4	%		75.0	%
Expected term (in years)	0.4 - 10.0			6.0 - 10.0
Expected dividend yield		—			—

Summary of Restricted Stock Award Activity

The following table summarizes restricted stock award activity for the three months ended March 31, 2023:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested balance as of December 31, 2022		45,002		$	3.45
Vested		(7,942	)		3.45
Unvested balance as of March 31, 2023		37,060		$	3.45

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the three months ended March 31, 2023:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested Balance as of December 31, 2022		569,757		$	15.86
Granted		203,511		$	32.83
Forfeited		(7,988	)	$	32.18
Unvested balance as of March 31, 2023		765,280		$	20.20

Related Party Transactions - Summary of Expense Recognized Under the Related Party (Details) - Research and Development - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Expense recognized under related party	$ 250	$ 203
Bayside
Related Party Transaction [Line Items]
Expense recognized under related party	$ 250	$ 203

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs, other than the quoted prices included in Level 1 that are either directly or indirectly observable.

Level 3: Unobservable inputs in which there is little or no market activity, which require the reporting entity to develop its own assumptions.

The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	52,622	$	—	$	—	$	52,622
Total cash equivalents		52,622		—		—		52,622
Marketable securities
U.S. Treasury securities		21,853		—		—		21,853
U.S. government agency securities		—		84,717		—		84,717
Commercial paper		—		204,260		—		204,260
Asset backed securities		—		2,416		—		2,416
Total marketable securities		21,853		291,393		—		313,246
Total assets	$	74,475	$	291,393	$	—	$	365,868


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	22,721	$	—	$	—	$	22,721
Total cash equivalents		22,721		—		—		22,721
Marketable securities
U.S. Treasury securities		39,567		—		—		39,567
U.S. government agency securities		—		74,979		—		74,979
Corporate debt securities		—		2,990		—		2,990
Commercial paper		—		171,866		—		171,866
Asset backed securities		—		2,392		—		2,392
Total marketable securities		39,567		252,227		—		291,794
Total assets	$	62,288	$	252,227	$	—	$	314,515

In determining the fair value of its Level 2 investments, the Company relied on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. These quoted prices were obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical or similar securities. There were no transfers into or out of Level 3 securities during the three months ended March 31, 2023 and 2022.

As of March 31, 2023 and December 31, 2022, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):


	March 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	21,982	$	—	$	(129	)	$	21,853
U.S. government agency securities		84,978		11		(272	)		84,717
Commercial paper		204,419		34		(193	)		204,260
Asset backed securities		2,420		—		(4	)		2,416
Total marketable securities	$	313,799	$	45	$	(598	)	$	313,246


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	39,989	$	—	$	(422	)	$	39,567
U.S. government agency securities		75,337		—		(358	)		74,979
Corporate debt securities		3,005		—		(15	)		2,990
Commercial paper		172,162		20		(316	)		171,866
Asset backed securities		2,393		—		(1	)		2,392
Total marketable securities	$	292,886	$	20	$	(1,112	)	$	291,794

All of the Company’s marketable securities as of March 31, 2023 have maturity dates of less than one year.

The Company reviews its marketable securities at each reporting date to determine if any security is impaired, which would require the Company to record an allowance for credit losses in that respective period. In making this judgment, the Company considers the intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value and the duration and extent that the market value has been less than cost.

As of March 31, 2023, 33 available-for-sale marketable securities were in an unrealized loss position. Of the 33 available-for-sale marketable securities in an unrealized loss position, 29 had been in an unrealized loss position for less than 12 months and 4 had been in an unrealized loss position for greater than 12 months. As of December 31, 2022, 37 available-for-sale marketable securities were in an unrealized loss position. Of the 37 available-for-sale marketable securities in an unrealized loss position, 32 had been in an unrealized loss position for less than 12 months and 5 had been in an unrealized loss position for greater than 12 months.

The Company evaluated the securities individually for impairment and considered factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that the Company would be required to sell the security before its anticipating recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on the Company’s review of these marketable securities, the Company believes none of the unrealized losses are the result of a credit loss as of March 31, 2023 because the Company does not intend to sell these securities prior to maturity and it is not more-likely-than-not that the Company will be required to sell these securities before the recovery of their amortized cost basis. As such, the Company did not record an allowance for credit losses as of March 31, 2023. The decline in market value in the Company’s marketable securities was primarily attributable to an increase in interest rates during the three months ended March 31, 2023 and the year ended December 31, 2022.

Accrued interest receivable on available-for-sale marketable securities, included in prepaid expenses and other assets on the Company’s condensed consolidated balance sheets, was $1.0 million and $0.9 million at March 31, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Financial Assets & Liabilities Measured At Fair Value On Recurring Basis


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	52,622	$	—	$	—	$	52,622
Total cash equivalents		52,622		—		—		52,622
Marketable securities
U.S. Treasury securities		21,853		—		—		21,853
U.S. government agency securities		—		84,717		—		84,717
Commercial paper		—		204,260		—		204,260
Asset backed securities		—		2,416		—		2,416
Total marketable securities		21,853		291,393		—		313,246
Total assets	$	74,475	$	291,393	$	—	$	365,868


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	22,721	$	—	$	—	$	22,721
Total cash equivalents		22,721		—		—		22,721
Marketable securities
U.S. Treasury securities		39,567		—		—		39,567
U.S. government agency securities		—		74,979		—		74,979
Corporate debt securities		—		2,990		—		2,990
Commercial paper		—		171,866		—		171,866
Asset backed securities		—		2,392		—		2,392
Total marketable securities		39,567		252,227		—		291,794
Total assets	$	62,288	$	252,227	$	—	$	314,515

Summary Of Available For Sale Marketable Securities By Type Of Security

As of March 31, 2023 and December 31, 2022, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):


	March 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	21,982	$	—	$	(129	)	$	21,853
U.S. government agency securities		84,978		11		(272	)		84,717
Commercial paper		204,419		34		(193	)		204,260
Asset backed securities		2,420		—		(4	)		2,416
Total marketable securities	$	313,799	$	45	$	(598	)	$	313,246


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	39,989	$	—	$	(422	)	$	39,567
U.S. government agency securities		75,337		—		(358	)		74,979
Corporate debt securities		3,005		—		(15	)		2,990
Commercial paper		172,162		20		(316	)		171,866
Asset backed securities		2,393		—		(1	)		2,392
Total marketable securities	$	292,886	$	20	$	(1,112	)	$	291,794

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

Litigation

In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.

Acquisitions - Additional Information (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common stock, shares issued	58,385,787	57,025,847
Common stock, par value	$ 0.0001	$ 0.0001

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Prepaid expense and other assets, related party amounts	$ (2)	$ (5)
Accounts payable, related party amounts	0	305
Accrued expenses, related party amounts	$ 176	$ (101)

Consolidated Balance Sheet Details - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued research and development costs	$ 3,746	$ 2,450
Accrued clinical trial costs	2,580	1,235
Accrued payroll liabilities	2,252	4,208
Other accrued liabilities	719	1,557
Accrued related party liabilities	240	64
Total accrued expenses	$ 9,537	$ 9,514

Consolidated Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2023

Consolidated Balance Sheet [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 31,			December 31,
	2023			2022
Internal-use software	$	188		$	188
Laboratory equipment		145			142
Furniture and fixtures		162			104
Computer hardware and software		58			68
Construction in progress		161			—
Property and equipment, gross		714			502
Less: accumulated depreciation		(128	)		(95	)
Property and equipment, net	$	586		$	407

Summary of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022
Accrued research and development costs	$	3,746	$	2,450
Accrued clinical trial costs		2,580		1,235
Accrued payroll liabilities		2,252		4,208
Other accrued liabilities		719		1,557
Accrued related party liabilities		240		64
Total accrued expenses	$	9,537	$	9,514

Organization and Business

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1. Organization and Business

Organization

Ventyx Biosciences, Inc. (“Ventyx” or “the Company”) is a clinical-stage pharmaceutical company developing a pipeline of novel small molecule product candidates to address a range of inflammatory diseases with significant unmet medical need. The Company was incorporated in the State of Delaware in November 2018, with its principal operations in California. The Company leverages its drug discovery and development expertise to develop novel and differentiated therapeutics that target both the innate and adaptive immune system.

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (38,931)	$ (22,732)
Denominator
Weighted average shares of common stock outstanding, basic	57,638,923	50,585,255
Weighted average shares of common stock outstanding, diluted	57,638,923	50,585,255
Net loss per share, basic	$ (0.68)	$ (0.45)
Net loss per share, diluted	$ (0.68)	$ (0.45)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

10. Related Party Transactions

On October 17, 2019, the Company entered into a Research and Development Support Services Agreement with Bayside Pharma, LLC (“Bayside”) that outlined the terms of services provided by Bayside to the Company, as well as the fees charged for such services. Bayside is a research and development services company that provides certain research and development support services and facilities. Bayside is owned by an employee of the Company. The Company pays Bayside monthly for costs incurred under the agreement. Either party may terminate the support services agreement by giving 30 days’ prior notice.

Expense recognized by the Company under the related party Support Services Agreement with Bayside was as follows (in thousands):


	Three months ended
	March 31,
	2023		2022
Research and development - Bayside	$	250	$	203
Total research and development - related party	$	250	$	203

At March 31, 2023 and December 31, 2022, the Company had accounts payable and accrued expenses due to related parties of $0.2 million and $0.1 million, respectively. At March 31, 2023 and December 31, 2022, the Company had an immaterial amount of prepaid expenses to related parties.

Stockholders' Equity - Schedule Of Common Stock Reserved For Future Issuance (Details)	Mar. 31, 2023 shares
Class of Stock [Line Items]
Common stock reserved and available for future issuance	13,121,734
Stock Options
Class of Stock [Line Items]
Common stock reserved and available for future issuance	8,802,708
Restricted Stock Awards
Class of Stock [Line Items]
Common stock reserved and available for future issuance	37,060
Restricted Stock Units
Class of Stock [Line Items]
Common stock reserved and available for future issuance	765,280
2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	2,457,585
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	1,059,101

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders:


	Three months ended
	March 31,
(in thousands, except share and per share amounts)	2023			2022
Numerator:
Net loss	$	(38,931	)	$	(22,732	)
Denominator:
Weighted average common shares outstanding, basic and diluted		57,638,923			50,585,255
Net loss per share, basic and diluted	$	(0.68	)	$	(0.45	)

Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share


	March 31,
	2023		2022
Shares issuable upon exercise of stock options		8,802,708		7,114,036
Unvested restricted stock units		765,280		675,679
Unvested restricted stock awards		37,060		95,296
Shares purchasable under the 2021 Employee Stock Purchase Plan		9,416		9,934
Total		9,614,464		7,894,945

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance	7,592,856
Number of Shares, Granted	1,776,554
Number of Shares, Exercised	(183,470)
Number of Shares, Forfeited and cancelled	(383,232)
Number of Shares, Ending Balance	8,802,708	7,592,856
Number of Shares, Vested and expected to vest	8,802,708
Number of Shares, Exercisable	2,871,829
Weighted Average Exercise Price, Beginning balance	$ 11.82
Weighted Average Exercise Price, Granted	34.73
Weighted Average Exercise Price, Exercised	6.09
Weighted Average Exercise Price, Forfeited and cancelled	24.09
Weighted Average Exercise Price, ending balance	15.94	$ 11.82
Weighted Average Exercise Price, Vested and expected to vest	15.94
Weighted Average Exercise Price, Exercisable	$ 7.63
Weighted Average Contractual Term, Outstanding	8 years 9 months	8 years 8 months 26 days
Weighted Average Contractual Term, Vested and expected to vest	8 years 9 months
Weighted Average Contractual Term, Exercisable	7 years 11 months 26 days
Aggregate Intrinsic Value	$ 156,884	$ 159,929
Aggregate Intrinsic Value, Vested and expected to vest	156,884
Aggregate Intrinsic Value, Exercisable	$ 74,312