0000950170-24-057003 | 10-Q | XBRL Viewer

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	70,499,201	59,252,349
Common stock, shares outstanding	70,493,906	59,239,113

Commitments and Contingencies	3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Litigation On March 1, 2024, a putative securities class action complaint, captioned Yuksel v. Ventyx Biosciences, Inc. et al., No. 24CV0415 AGS DDL, was filed in the U.S. District Court for the Southern District of California against the Company and certain of its current and former officers and directors, asserting violations of Section 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Exchange Act. Stemming from the Company’s disclosure on November 6, 2023 of the results of its Phase 2 SERENITY trial of VTX958 and its decision to terminate ongoing activities and clinical trials for the development of VTX958 for the treatment of plaque psoriasis and psoriatic arthritis, the complaint alleges that the defendants made materially false and misleading statements and/or omitted material adverse facts in connection with its October 21, 2021 initial public offering and in public statements from October 21, 2021 through November 6, 2023 regarding the effectiveness and clinical and commercial prospects of VTX958, the Company’s ability to develop and commercialize product candidates, and its business prospects. The Company intends to defend the case vigorously. The Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this action. If an unfavorable outcome were to occur, it is possible that the impact could be material to the Company’s results of operations in the period(s) in which any such outcome becomes probable and estimable. Additionally, 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.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

Litigation

On March 1, 2024, a putative securities class action complaint, captioned Yuksel v. Ventyx Biosciences, Inc. et al., No. 24CV0415 AGS DDL, was filed in the U.S. District Court for the Southern District of California against the Company and certain of its current and former officers and directors, asserting violations of Section 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Exchange Act. Stemming from the Company’s disclosure on November 6, 2023 of the results of its Phase 2 SERENITY trial of VTX958 and its

decision to terminate ongoing activities and clinical trials for the development of VTX958 for the treatment of plaque psoriasis and psoriatic arthritis, the complaint alleges that the defendants made materially false and misleading statements and/or omitted material adverse facts in connection with its October 21, 2021 initial public offering and in public statements from October 21, 2021 through November 6, 2023 regarding the effectiveness and clinical and commercial prospects of VTX958, the Company’s ability to develop and commercialize product candidates, and its business prospects. The Company intends to defend the case vigorously. The Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this action. If an unfavorable outcome were to occur, it is possible that the impact could be material to the Company’s results of operations in the period(s) in which any such outcome becomes probable and estimable.

Additionally, 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.

Related Party Transactions

3 Months Ended

Mar. 31, 2024

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,
	2024		2023
Research and development - Bayside	$	254	$	250
Total research and development - related party	$	254	$	250

At March 31, 2024 and December 31, 2023, the Company had accounts payable and accrued expenses due to related parties of $0.3 million and $0.1 million, respectively. At March 31, 2024 and December 31, 2023, the Company had an immaterial amount of prepaid expenses and other current assets due from related parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Expenses \| Related Party
Related Party Transaction [Line Items]
Due to related parties	$ 0.3	$ 0.1

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

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,
	2024		2023
Research and development - Bayside	$	254	$	250
Total research and development - related party	$	254	$	250

Fair Value Measurements - Summary of Available For Sale Marketable Securities By Type Of Security (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 160,716	$ 200,612
Gross Unrealized Gain	37	145
Gross Unrealized Loss	(69)	(116)
Fair Value	160,684	200,641
U.S. government agency securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,006	67,310
Gross Unrealized Loss	(19)	(102)
Fair Value	9,987	67,208
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	133,114	118,323
Gross Unrealized Gain	37	143
Gross Unrealized Loss	(37)	(1)
Fair Value	133,114	118,465
Asset Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	17,596	14,979
Gross Unrealized Gain		2
Gross Unrealized Loss	(13)	(13)
Fair Value	$ 17,583	$ 14,968

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements - Financial Assets & Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total assets	$ 299,183	$ 248,350
Cash Equivalents
Assets:
Total assets	138,499	47,709
Cash Equivalents \| Money Market Fund
Assets:
Total assets	138,499	40,241
Cash Equivalents \| Commercial Paper
Assets:
Total assets		7,468
Marketable Securities
Assets:
Total assets	160,684	200,641
Marketable Securities \| Commercial Paper
Assets:
Total assets	133,114	118,465
Marketable Securities \| Asset Backed Securities
Assets:
Total assets	17,583	14,968
Marketable Securities \| U.S. government agency securities
Assets:
Total assets	9,987	67,208
Level 1
Assets:
Total assets	138,499	40,241
Level 1 \| Cash Equivalents
Assets:
Total assets	138,499	40,241
Level 1 \| Cash Equivalents \| Money Market Fund
Assets:
Total assets	138,499	40,241
Level 2
Assets:
Total assets	160,684	208,109
Level 2 \| Cash Equivalents
Assets:
Total assets		7,468
Level 2 \| Cash Equivalents \| Commercial Paper
Assets:
Total assets		7,468
Level 2 \| Marketable Securities
Assets:
Total assets	160,684	200,641
Level 2 \| Marketable Securities \| Commercial Paper
Assets:
Total assets	133,114	118,465
Level 2 \| Marketable Securities \| Asset Backed Securities
Assets:
Total assets	17,583	14,968
Level 2 \| Marketable Securities \| U.S. government agency securities
Assets:
Total assets	$ 9,987	$ 67,208

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
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	0	1,176,470
Common stock gross proceeds		$ 50.0
Aggregate sales proceeds			$ 150.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

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)	2024			2023
Numerator:
Net loss	$	(38,572	)	$	(38,931	)
Denominator:
Weighted average common shares outstanding, basic and diluted		61,829,976			57,638,923
Net loss per share, basic and diluted	$	(0.62	)	$	(0.68	)

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, 2024 and 2023, because to do so would be anti-dilutive:


	March 31,
	2024		2023
Shares issuable upon exercise of stock options		11,204,140		8,802,708
Unvested restricted stock units		474,297		765,280
Unvested restricted stock awards		5,295		37,060
Shares purchasable under the 2021 Employee Stock Purchase Plan		64,108		9,416
Total		11,747,840		9,614,464

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development (includes related party amounts of $254 and $250, respectively)	$ 33,747	$ 35,437
General and administrative	8,021	7,115
Total operating expenses	41,768	42,552
Loss from operations	(41,768)	(42,552)
Other (income) expense:
Interest income	(3,227)	(3,622)
Other expense	31	1
Total other (income) expense	(3,196)	(3,621)
Net loss	(38,572)	(38,931)
Unrealized gain (loss) on marketable securities	(62)	539
Foreign currency translation	(9)	23
Comprehensive loss	$ (38,643)	$ (38,369)
Net loss per share, basic	$ (0.62)	$ (0.68)
Net loss per share, diluted	$ (0.62)	$ (0.68)
Weighted average common shares outstanding, basic	61,829,976	57,638,923
Weighted average common shares outstanding, diluted	61,829,976	57,638,923

Stockholders' Equity - Schedule Of Common Stock Reserved For Future Issuance (Details)	Mar. 31, 2024 shares
Class of Stock [Line Items]
Common stock reserved and available for future issuance	15,705,695
Stock Option
Class of Stock [Line Items]
Common stock reserved and available for future issuance	11,204,140
Restricted Stock Awards
Class of Stock [Line Items]
Common stock reserved and available for future issuance	5,295
Restricted Stock Units
Class of Stock [Line Items]
Common stock reserved and available for future issuance	474,297
2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	2,397,779
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	1,624,184

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

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, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	11,747,840	9,614,464
Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	11,204,140	8,802,708
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	474,297	765,280
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	5,295	37,060
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	64,108	9,416

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

6. Stockholders' Equity

March 2024 Private Placement

See Note 1, “Organization and Business,” for more information regarding the March 2024 private placement.

ATM Sales Agreement

In December 2022, the Company entered into a Sales Agreement with Jefferies, as sales agent, pursuant to which the Company may 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. During the year ended December 31, 2023, the Company issued and sold 1,176,470 shares of common stock for aggregate gross proceeds of $50.0 million through the Sales Agreement. No shares of common stock were issued under the Sales Agreement during the three months ended March 31, 2024.

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, 2024 and December 31, 2023. 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 equivalent shares) as of March 31, 2024:


	March 31,
	2024
Issued and outstanding:
Stock options		11,204,140
Restricted stock awards		5,295
Restricted stock units		474,297
Authorized for future issuance:
2021 Equity Incentive Plan		2,397,779
2021 Employee Stock Purchase Plan		1,624,184
Total		15,705,695

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheet Details - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued research and development costs	$ 1,557	$ 1,868
Accrued clinical trial costs	2,055	4,831
Accrued payroll liabilities	2,924	7,742
Other accrued liabilities	1,215	984
Accrued related party liabilities	254	83
Total accrued expenses	$ 8,005	$ 15,508

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (38,572)	$ (38,931)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	70	31
Loss on disposal of fixed assets	98
Gain on lease termination	(88)
Amortization of right-of-use assets - operating	338	103
Stock-based compensation	6,543	6,567
Accretion of marketable securities, net	(2,044)	(2,078)
Changes in operating assets and liabilities
Prepaid expenses and other assets	(5,075)	3,758
Operating lease liabilities	(148)	(97)
Accounts payable	(1,190)	(91)
Accrued expenses	(7,557)	(183)
Net cash used in operating activities	(47,625)	(30,921)
Cash flows from investing activities
Purchases of marketable securities, available-for-sale	(25,450)	(108,835)
Proceeds from maturities of marketable securities, available-for-sale	67,390	90,000
Purchases of property and equipment	(175)	(60)
Net cash provided by (used in) investing activities	41,765	(18,895)
Cash flows from financing activities
Proceeds from issuance of common stock from private placement, net of offering costs	96,092
Proceeds from issuance of common stock from at-the-market offering,net of commissions and offering expenses		48,455
Proceeds from exercise of stock options	92	216
Deferred offering costs		(25)
Net cash provided by financing activities	96,184	48,646
Effect of exchange rates on cash, cash equivalents and restricted cash	(5)	20
Net increase (decrease) in cash, cash equivalents and restricted cash	90,319	(1,150)
Cash, cash equivalents and restricted cash, beginning of period	52,554	64,819
Cash, cash equivalents and restricted cash, end of period	142,873	63,669
Supplemental disclosure for investing and financing non-cash activities:
Purchases of property and equipment included in accounts payable and accrued expenses	60	149
Unpaid private placement offering costs	$ 1,011
Exercise of stock options		1,043
Unpaid deferred offering costs		78
Unpaid Costs Associated With The Issuance Of Common Stock From At-the-market Offering		$ 46

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance	10,338,724
Number of Shares, Granted	1,298,000
Number of Shares, Exercised	(28,136)
Number of Shares, Forfeited and cancelled	(404,448)
Number of Shares, Ending Balance	11,204,140	10,338,724
Number of Shares, Vested and expected to vest	11,204,140
Number of Shares, Exercisable	4,503,293
Weighted Average Exercise Price, Beginning balance	$ 14.42
Weighted Average Exercise Price, Granted	2.43
Weighted Average Exercise Price, Exercised	3.26
Weighted Average Exercise Price, Forfeited and cancelled	22.18
Weighted Average Exercise Price, ending balance	12.78	$ 14.42
Weighted Average Exercise Price, Vested and expected to vest	12.78
Weighted Average Exercise Price, Exercisable	$ 11.92
Weighted Average Contractual Term, Outstanding	7 years 4 months 2 days	8 years 2 months 26 days
Weighted Average Contractual Term,Options vested and expected to vest	7 years 4 months 2 days
Weighted Average Contractual Term, Options exercisable	6 years 7 months 9 days
Aggregate Intrinsic Value	$ 14,102	$ 1,737
Aggregate Intrinsic Value, Options vested and expected to vest	14,102
Aggregate Intrinsic Value, Options exercisable	$ 3,850

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Financial Assets & Liabilities Measured At Fair Value On Recurring Basis

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, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	138,499	$	—	$	—	$	138,499
Total cash equivalents		138,499		—		—		138,499
Marketable securities
U.S. government agency securities		—		9,987		—		9,987
Commercial paper		—		133,114		—		133,114
Asset backed securities		—		17,583		—		17,583
Total marketable securities		—		160,684		—		160,684
Total assets	$	138,499	$	160,684	$	—	$	299,183


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	40,241	$	—	$	—	$	40,241
Commercial paper		—		7,468		—		7,468
Total cash equivalents		40,241		7,468		—		47,709
Marketable securities
U.S. government agency securities		—		67,208		—		67,208
Commercial paper		—		118,465		—		118,465
Asset backed securities		—		14,968		—		14,968
Total marketable securities		—		200,641		—		200,641
Total assets	$	40,241	$	208,109	$	—	$	248,350

Summary of Available For Sale Marketable Securities By Type Of Security

As of March 31, 2024 and December 31, 2023, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):


	March 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. government agency securities	$	10,006	$	—	$	(19	)	$	9,987
Commercial paper		133,114		37		(37	)		133,114
Asset backed securities		17,596		—		(13	)		17,583
Total marketable securities	$	160,716	$	37	$	(69	)	$	160,684


	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. government agency securities	$	67,310	$	—	$	(102	)	$	67,208
Commercial paper		118,323		143		(1	)		118,465
Asset backed securities		14,979		2		(13	)		14,968
Total marketable securities	$	200,612	$	145	$	(116	)	$	200,641

Summary of Available For Sale Unrealized Loss Position

The following table presents available-for-sale marketable securities that were in an unrealized loss position as of March 31, 2024, aggregated by major security type and length of time in a continuous loss position (in thousands):


	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. government agency securities	$	9,987	$	(19	)	$	—	$	—	$	9,987	$	(19	)
Commercial paper	$	30,574	$	(37	)	$	—	$	—	$	30,574	$	(37	)
Asset backed securities	$	17,583	$	(13	)	$	—	$	—	$	17,583	$	(13	)

The following table presents available-for-sale marketable securities that were in an unrealized loss position as of December 31, 2023, aggregated by major security type and length of time in a continuous loss position (in thousands):


	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. government agency securities	$	47,242	$	(79	)	$	19,966	$	(23	)	$	67,208	$	(102	)
Commercial paper	$	9,965	$	(1	)	$	—	$	—		$	9,965	$	(1	)
Asset backed securities	$	9,854	$	(13	)	$	—	$	—		$	9,854	$	(13	)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
ASU 2020-06
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, ASU, material effect	true
Change in accounting principle, ASU, adoption	true
Change in accounting principle, ASU, adoption date	Jan. 01, 2024
Maximum
Summary Of Significant Accounting Policies [Line Items]
Percentage of Total Income Tax Payments	5.00%

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Date accounting standards update was adopted, in YYYY-MM-DD format.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

The presentation of the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2024 and 2023 reflect the financial results of Ventyx Biosciences, Inc. 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, 2023 were 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, 2023 and the notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on February 27, 2024.

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, 2023. 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, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024 or any future period.

Cash, Cash Equivalents and Restricted Cash

A reconciliation of the cash, cash equivalents and restricted cash reported in our condensed consolidated balance that sum to the total of the amounts shown in the condensed consolidated statements of cash flows is as follows (in thousands):


	Three months ended
	March 31,
	2024		2023
Cash and cash equivalents	$	141,898	$	63,669
Restricted cash		975		—
Total cash, cash equivalents and restricted cash	$	142,873	$	63,669

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements 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 than 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 adopted this standard on January 1, 2024 and as the Company does not have convertible debt and contracts in the Company’s own equity, the adoption of this standard did not have a material impact to the consolidated financial statements at the adoption date.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During our last fiscal quarter, the following directors and officers, as defined in Rule 16a-1(f), terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, as follows: On March 19, 2024, Christopher Krueger, our former Chief Business Officer, terminated a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of 270,000 shares of our common stock. The trading arrangement was intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement was until October 2, 2024, or earlier if all transactions under the trading arrangement are completed. No other officers or directors, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the last fiscal quarter.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Christopher Krueger
Trading Arrangements, by Individual
Name	Christopher Krueger
Title	Chief Business Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 19, 2024
Aggregate Available	270,000

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

7. Leases

In July 2023, the Company entered into a Sublease with Neurocrine for office space in San Diego, California which became the Company’s headquarters in August 2023. Under the terms of the Sublease, the Company leased the second floor of the building, including certain furniture and fixtures, located at 12790 El Camino Real in San Diego, California consisting of approximately 35,016 rentable square feet of office space. The term of this non-cancellable lease commenced on July 21, 2023, and will end on July 31, 2031. The Company is subleasing the premises for $1.0 million in the first year with 3% annual increases in each subsequent year. The

Sublease included rent abatement for the second through the seventh full calendar months of the lease term. In lieu of a cash security deposit under the Sublease, Bank of America issued on the Company’s behalf an irrevocable standby letter of credit in the amount of $0.5 million. The letter of credit is secured by a deposit of $0.5 million with the same bank and included in restricted cash on the Company’s condensed consolidated balance sheet at March 31, 2024. The Company used its incremental borrowing rate available at commencement date in determining the present value of lease payments and recognized an operating lease liability of $11.0 million and a corresponding operating lease right-of-use (“ROU”) asset of approximately $11.0 million on the condensed consolidated balance sheet during the year ended December 31, 2023.

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.

Lease Terminations

In February 2024, the Company entered into two separate lease termination agreements related to non-cancellable leases entered into in February 2021, September 2021 and May 2022, each expiring on June 30, 2026. These leases are for office facilities in Encinitas, California and the associated furniture and fixtures (the “Encinitas Asset Group”). The Company wrote off the ROU assets and operating lease liabilities associated with the Encinitas Asset Group of $0.8 million and $0.9 million, respectively, during the first quarter of 2024.

The Company’s leases have remaining terms ranging between three months to eight 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 7.3 years and 10.0%, respectively, at March 31, 2024.

During the three months ended March 31, 2024, the Company recognized operating lease costs of $0.6 million and variable lease costs of $0.1 million. During the three months ended March 31, 2023, the Company recognized operating lease costs of $0.1 million and an immaterial amount of variable lease costs. In addition, the Company made cash payments of $0.4 million and $0.1 million for operating leases during the three months ended March 31, 2024 and 2023, respectively, which are included in cash flows from operating activities in the condensed consolidated statements of cash flows.

Future minimum payments under non-cancellable leases as of March 31, 2024 were as follows (in thousands):



2024 (9 months remaining)	$	1,529
2025		2,073
2026		2,135
2027		2,199
2028		2,265
Thereafter		6,162
Total future minimum lease payments		16,363
Less: imputed interest		(4,869	)
Present value of lease liabilities		11,494
Less: lease liabilities, current		(946	)
Lease liabilities, net of current portion	$	10,548

Consolidated Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2024

Consolidated Balance Sheet [Abstract]

Summary of Property and Equipment, Net

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


	March 31,			December 31,
	2024			2023
Internal-use software	$	491		$	491
Leasehold improvements		283			—
Laboratory equipment		174			178
Furniture and fixtures		92			137
Computer hardware and software		58			58
Construction in progress		36			157
Property and equipment, gross		1,134			1,021
Less: accumulated depreciation		(306	)		(259	)
Property and equipment, net	$	828		$	762

Summary of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Accrued research and development costs	$	1,557	$	1,868
Accrued clinical trial costs		2,055		4,831
Accrued payroll liabilities		2,924		7,742
Other accrued liabilities		1,215		984
Accrued related party liabilities		254		83
Total accrued expenses	$	8,005	$	15,508

Summary of Accrued Severance Costs

A summary of accrued severance costs associated with the RIF as of March 31, 2024 is shown in the table below (in thousands):


	March 31,
	2024
Accrued severance costs as of December 31, 2023	$	2,178
Reduction in estimate for continued healthcare benefits		(89	)
Cash payments		(1,541	)
Accrued severance costs as of March 31, 2024	$	548

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

Fair Value Measurements-Recurring Basis

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.


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	138,499	$	—	$	—	$	138,499
Total cash equivalents		138,499		—		—		138,499
Marketable securities
U.S. government agency securities		—		9,987		—		9,987
Commercial paper		—		133,114		—		133,114
Asset backed securities		—		17,583		—		17,583
Total marketable securities		—		160,684		—		160,684
Total assets	$	138,499	$	160,684	$	—	$	299,183


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	40,241	$	—	$	—	$	40,241
Commercial paper		—		7,468		—		7,468
Total cash equivalents		40,241		7,468		—		47,709
Marketable securities
U.S. government agency securities		—		67,208		—		67,208
Commercial paper		—		118,465		—		118,465
Asset backed securities		—		14,968		—		14,968
Total marketable securities		—		200,641		—		200,641
Total assets	$	40,241	$	208,109	$	—	$	248,350

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. During the three months ended March 31, 2024 and 2023, there were no transfers between Level 1, Level 2 and Level 3.

As of March 31, 2024 and December 31, 2023, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):


	March 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. government agency securities	$	10,006	$	—	$	(19	)	$	9,987
Commercial paper		133,114		37		(37	)		133,114
Asset backed securities		17,596		—		(13	)		17,583
Total marketable securities	$	160,716	$	37	$	(69	)	$	160,684


	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. government agency securities	$	67,310	$	—	$	(102	)	$	67,208
Commercial paper		118,323		143		(1	)		118,465
Asset backed securities		14,979		2		(13	)		14,968
Total marketable securities	$	200,612	$	145	$	(116	)	$	200,641

All of the Company’s marketable securities as of March 31, 2024 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, 2024, 10 available-for-sale marketable securities were in an unrealized loss position. Of the 10 available-for-sale marketing securities in an unrealized loss position, all had been in an unrealized loss position for less than 12 months. As of December 31, 2023, 10 available-for-sale marketable securities were in an unrealized loss position. Of the 10 available-for-sale marketable securities in an unrealized loss position, 8 had been in an unrealized loss position for less than 12 months and 2 had been in an unrealized loss position for greater than 12 months.


	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. government agency securities	$	9,987	$	(19	)	$	—	$	—	$	9,987	$	(19	)
Commercial paper	$	30,574	$	(37	)	$	—	$	—	$	30,574	$	(37	)
Asset backed securities	$	17,583	$	(13	)	$	—	$	—	$	17,583	$	(13	)


	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. government agency securities	$	47,242	$	(79	)	$	19,966	$	(23	)	$	67,208	$	(102	)
Commercial paper	$	9,965	$	(1	)	$	—	$	—		$	9,965	$	(1	)
Asset backed securities	$	9,854	$	(13	)	$	—	$	—		$	9,854	$	(13	)

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 anticipated 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, 2024 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, 2024. 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, 2024 and the year ended December 31, 2023.

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 $0.6 million and $0.8 million at March 31, 2024 and December 31, 2023, respectively. The Company does not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized cost basis of the available-for-sale marketable

security. Uncollectible accrued interest receivables associated with an impaired available-for-sale marketable security are reversed against interest income upon identification of the impairment. No accrued interest receivables were written off during the three months ended March 31, 2024 or 2023.

- 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

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Jan. 01, 2024 shares	Oct. 19, 2021 Offeringperiod shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) Employee $ / shares shares	Dec. 31, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of employees terminated \| Employee				1
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of stock options granted \| $ / shares			$ 1.94	$ 22.42
Total intrinsic value of stock options exercised \| $			$ 0.1	$ 5.2
Incremental stock-based compensation expense \| $				$ 0.1
Unrecognized stock-based compensation expense \| $			$ 49.0
Unrecognized stock-based compensation expense, weighted average period			2 years 4 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, weighted average period			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 \| $			$ 8.0
Unrecognized stock-based compensation expense, weighted average period			2 years
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance		5,612,000	11,980,790		9,018,173
Number of shares that may be issued in accordance with plan	2,962,617	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%
Shares remained available for grant			2,397,779		317,001
2019 and 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of stock options granted			10 years
2019 and 2021 Equity Incentive Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period			1 year
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	592,523	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

Consolidated Balance Sheet Details - Summary of Accrued Severance Costs (Details) - Accrued Severance Costs $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 2,178
Reduction in estimate for continued healthcare benefits	(89)
Cash payments	(1,541)
Ending Balance	$ 548

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 6,543	$ 6,567
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	5,477	5,504
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	27	27
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	1,013	999
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 26	$ 37

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 11, 2024	Mar. 31, 2024
Class of Stock [Line Items]
Net proceeds from private placement after deducting fees to the placement agents and offering expenses		$ 96,092
Private Placement
Class of Stock [Line Items]
Number of shares issued	11,174,000
Common stock, price per share	$ 8.95
Gross proceeds from private placement	$ 100,000
Net proceeds from private placement after deducting fees to the placement agents and offering expenses	$ 95,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule Of Common Stock Reserved For Future Issuance

Common stock reserved for future issuance is as follows (in common stock equivalent shares) as of March 31, 2024:


	March 31,
	2024
Issued and outstanding:
Stock options		11,204,140
Restricted stock awards		5,295
Restricted stock units		474,297
Authorized for future issuance:
2021 Equity Incentive Plan		2,397,779
2021 Employee Stock Purchase Plan		1,624,184
Total		15,705,695

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in Financial Statements


	Three months ended
	March 31,
	2024		2023
Cash and cash equivalents	$	141,898	$	63,669
Restricted cash		975		—
Total cash, cash equivalents and restricted cash	$	142,873	$	63,669

Consolidated Balance Sheet Details

3 Months Ended

Mar. 31, 2024

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,
	2024			2023
Internal-use software	$	491		$	491
Leasehold improvements		283			—
Laboratory equipment		174			178
Furniture and fixtures		92			137
Computer hardware and software		58			58
Construction in progress		36			157
Property and equipment, gross		1,134			1,021
Less: accumulated depreciation		(306	)		(259	)
Property and equipment, net	$	828		$	762

During the three months ended March 31, 2024 and 2023, depreciation expense was immaterial.

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Accrued research and development costs	$	1,557	$	1,868
Accrued clinical trial costs		2,055		4,831
Accrued payroll liabilities		2,924		7,742
Other accrued liabilities		1,215		984
Accrued related party liabilities		254		83
Total accrued expenses	$	8,005	$	15,508

On December 5, 2023, the Company committed to and implemented a reduction in force (“RIF”) and incurred one-time termination benefits associated with severance payment obligations and continued healthcare benefits for employees terminated under the RIF of $2.2 million during the year ended December 31, 2023. Accrued severance costs associated with the RIF are included in accrued expenses on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. A summary of accrued severance costs associated with the RIF as of March 31, 2024 is shown in the table below (in thousands):


	March 31,
	2024
Accrued severance costs as of December 31, 2023	$	2,178
Reduction in estimate for continued healthcare benefits		(89	)
Cash payments		(1,541	)
Accrued severance costs as of March 31, 2024	$	548

Leases - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Feb. 29, 2024 Leases	Jul. 31, 2023 USD ($) SquareFeet	Mar. 31, 2021 Room	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lease expiration date	Jun. 30, 2026		Jun. 30, 2024
Lease termination agreement \| Leases	2
Termination, description				The leases contain various termination options
Operating lease, weighted average remaining lease term				7 years 3 months 18 days
Operating lease, weighted average discount rate				10.00%
Operating lease costs				$ 600	$ 100
Variable Lease, Cost				100
Operating lease payments				400	$ 100
Operating lease liabilities				11,494
Operating lease right-of-use assets				$ 10,414		$ 11,509
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining term				3 months
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining term				8 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
Neurocrine Biosciences, Inc. \| Sublease Agreement
Lessee, Lease, Description [Line Items]
Operating lease liabilities						11,000
Operating lease right-of-use assets						$ 11,000
Neurocrine Biosciences, Inc. \| Sublease Agreement \| Office Space
Lessee, Lease, Description [Line Items]
Number of rentable square feet \| SquareFeet		35,016
Sublease term commencing date		Jul. 21, 2023
Sublease term ending date		Jul. 31, 2031
Subleasing premises cost		$ 1,000
Subleasing premises percentage		3.00%
Letter of credit		$ 500
Security deposit made for letter of credit				$ 500
Encinitas Asset Group
Lessee, Lease, Description [Line Items]
Operating lease liabilities				900
Operating lease right-of-use assets				$ 800

Fair Value Measurements - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) MarketableSecurities	Mar. 31, 2023 USD ($)	Dec. 31, 2023 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	10		10
Available-for-sale marketable securities in an unrealized loss position \| MarketableSecurities			8
Available-for-sale marketable securities in an unrealized loss position greater than twelve months \| MarketableSecurities			2
Allowance for credit losses	$ 0
Accrued interest receivable on available-for-sale marketable securities	600,000		$ 800,000
Accrued interest receivables write-off	$ 0	$ 0
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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (38,572)	$ (38,931)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Cash, Cash Equivalents and Restricted Cash


	Three months ended
	March 31,
	2024		2023
Cash and cash equivalents	$	141,898	$	63,669
Restricted cash		975		—
Total cash, cash equivalents and restricted cash	$	142,873	$	63,669

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Adopted

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
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 from at-the-market offering, net of commissions and offering expenses	48,408		48,408
Issuance of common stock from at-the-market offering, 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
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
Balance at Dec. 31, 2022	353,895	$ 6	581,237	(1,123)	(226,225)
Balance, shares at Dec. 31, 2022		56,980,845
Balance at Dec. 31, 2023	243,923	$ 6	663,154	(50)	(419,187)
Balance, shares at Dec. 31, 2023		59,239,113
Issuance of common stock from private placement, net of issuance costs	95,081	$ 1	95,080
Issuance of common stock from private placement, net of issuance costs,shares		11,174,000
Issuance of common stock upon exercise of stock options	$ 92		92
Issuance of common stock upon exercise of stock options, shares	28,136	28,136
Issuance of common stock upon vesting of restricted common stock, shares		52,657
Stock-based compensation expense	$ 6,543		6,543
Unrealized gain (loss) on marketable securities	(62)			(62)
Foreign currency translation	(9)			(9)
Net loss	(38,572)				(38,572)
Balance at Mar. 31, 2024	$ 306,996	$ 7	$ 764,869	$ (121)	$ (457,759)
Balance, shares at Mar. 31, 2024		70,493,906

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Total Share Based Compensation Expense

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


	Three months ended
	March 31,
	2024		2023
Research and development	$	2,860	$	3,214
General and administrative		3,683		3,353
Total stock-based compensation expense	$	6,543	$	6,567

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


	Three months ended
	March 31,
	2024		2023
Stock options	$	5,477	$	5,504
Restricted stock awards		27		27
Restricted stock units		1,013		999
Employee Stock Purchase Plan		26		37
Total stock-based compensation expense	$	6,543	$	6,567

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2024:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
Outstanding as of December 31, 2023		10,338,724		$	14.42		8.24	$	1,737
Granted		1,298,000			2.43
Exercised		(28,136	)		3.26
Forfeited and cancelled		(404,448	)		22.18
Outstanding as of March 31, 2024		11,204,140		$	12.78		7.34	$	14,102
Vested and expected to vest as of March 31, 2024		11,204,140		$	12.78		7.34	$	14,102
Exercisable as of March 31, 2024		4,503,293		$	11.92		6.61	$	3,850

Summary of Assumptions Used in Black-Scholes Option Pricing Model

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,
	2024		2023
Risk-free interest rate	3.9% - 4.2%		3.5% - 4.8%
Expected volatility	99.7% - 101.5%			68.4	%
Expected term (in years)	5.5 - 10.0		0.4 - 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, 2024:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested balance as of December 31, 2023		13,236		$	3.45
Vested		(7,941	)		3.45
Unvested balance as of March 31, 2024		5,295		$	3.45

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the three months ended March 31, 2024:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested Balance as of December 31, 2023		530,726		$	21.11
Granted		—		$	—
Vested		(44,716	)	$	32.92
Forfeited		(11,713	)	$	21.79
Unvested balance as of March 31, 2024		474,297		$	19.98

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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)	2024			2023
Numerator:
Net loss	$	(38,572	)	$	(38,931	)
Denominator:
Weighted average common shares outstanding, basic and diluted		61,829,976			57,638,923
Net loss per share, basic and diluted	$	(0.62	)	$	(0.68	)

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


	March 31,
	2024		2023
Shares issuable upon exercise of stock options		11,204,140		8,802,708
Unvested restricted stock units		474,297		765,280
Unvested restricted stock awards		5,295		37,060
Shares purchasable under the 2021 Employee Stock Purchase Plan		64,108		9,416
Total		11,747,840		9,614,464

Consolidated Balance Sheet Details - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,134	$ 1,021
Less: accumulated depreciation	(306)	(259)
Property and equipment, net	828	762
Internal-use Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	491	491
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	283
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	174	178
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	92	137
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	58	58
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 36	$ 157

Consolidated Balance Sheet Details - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 2.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Research and development expenses related party	$ 254	$ 250

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in Financial Statements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 141,898	$ 51,579	$ 63,669
Restricted cash	975
Total cash, cash equivalents and restricted cash	$ 142,873		$ 63,669

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

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”). In October 2021, the 2019 Plan was terminated as to new awards upon the Company’s adoption of 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 automatically 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, 2024, the number of shares of common stock that may be issued under the 2021 Plan was automatically increased by 2,962,617 shares.

Options granted under the 2019 Plan and 2021 Plan (collectively, the “Plans”) generally vest over a period of between one and four years and expire ten years from grant date. As of March 31, 2024 and December 31, 2023, the Company had 11,980,790 and 9,018,173 shares, respectively, authorized for issuance under the Plans, and 2,397,779 and 317,001 shares, respectively, remained available for grant under the 2021 Plan.

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


	Three months ended
	March 31,
	2024		2023
Research and development	$	2,860	$	3,214
General and administrative		3,683		3,353
Total stock-based compensation expense	$	6,543	$	6,567

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


	Three months ended
	March 31,
	2024		2023
Stock options	$	5,477	$	5,504
Restricted stock awards		27		27
Restricted stock units		1,013		999
Employee Stock Purchase Plan		26		37
Total stock-based compensation expense	$	6,543	$	6,567

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2024:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
Outstanding as of December 31, 2023		10,338,724		$	14.42		8.24	$	1,737
Granted		1,298,000			2.43
Exercised		(28,136	)		3.26
Forfeited and cancelled		(404,448	)		22.18
Outstanding as of March 31, 2024		11,204,140		$	12.78		7.34	$	14,102
Vested and expected to vest as of March 31, 2024		11,204,140		$	12.78		7.34	$	14,102
Exercisable as of March 31, 2024		4,503,293		$	11.92		6.61	$	3,850

The weighted average grant date fair value of stock options granted during the three months ended March 31, 2024 and 2023 was $1.94 and $22.42 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, 2024 and 2023 was $0.1 million and $5.2 million, respectively.


	Three months ended
	March 31,
	2024		2023
Risk-free interest rate	3.9% - 4.2%		3.5% - 4.8%
Expected volatility	99.7% - 101.5%			68.4	%
Expected term (in years)	5.5 - 10.0		0.4 - 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 modifications during the three months ended March 31, 2023 provided for an acceleration of unvested options, resulting in a change in compensation expense that was immediately recognized. No incremental stock-based compensation expense was recognized during the three months ended March 31, 2024.

As of March 31, 2024, unrecognized stock-based compensation was $49.0 million which is expected to be recognized over the weighted average period of 2.4 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, 2024 and 2023, the Company did not repurchase any unvested shares.

The following table summarizes restricted stock award activity for the three months ended March 31, 2024:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested balance as of December 31, 2023		13,236		$	3.45
Vested		(7,941	)		3.45
Unvested balance as of March 31, 2024		5,295		$	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, 2024 and 2023. The total fair value of restricted stock awards vested during the three months ended March 31, 2024 and 2023 was immaterial. As of March 31, 2024, there was an immaterial amount of unrecognized stock-based compensation cost pertaining to restricted stock awards that will be recognized over a weighted average period of 0.1 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, 2024:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested Balance as of December 31, 2023		530,726		$	21.11
Granted		—		$	—
Vested		(44,716	)	$	32.92
Forfeited		(11,713	)	$	21.79
Unvested balance as of March 31, 2024		474,297		$	19.98

As of March 31, 2024, there was approximately $8.0 million of unrecognized stock-based compensation cost pertaining to restricted stock units that will be recognized over a weighted average period of 2.0 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, 2024, the number of shares of common stock that are available for sale under the ESPP was automatically increased by 592,523 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, 2024 and 2023, no shares were issued under the ESPP.

Leases - Summary of Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (9 months remaining)	$ 1,529
2025	2,073
2026	2,135
2027	2,199
2028	2,265
Thereafter	6,162
Total future minimum lease payments	16,363
Less: imputed interest	(4,869)
Total lease liabilities	11,494
Less: lease liabilities, current	(946)	$ (1,001)
Lease liabilities, net of current portion	$ 10,548	$ 11,505

Organization and Business

3 Months Ended

Mar. 31, 2024

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.

March 2024 Private Placement

On March 11, 2024, the Company issued and sold 11,174,000 shares of common stock through a private placement. The common stock had a purchase price of $8.95 per share for aggregate gross proceeds of approximately $100.0 million. The Company received approximately $95.1 million in net proceeds after deducting fees to the placement agents and offering expenses payable by the Company.

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Future Minimum Payments under Non-cancellable Leases

Future minimum payments under non-cancellable leases as of March 31, 2024 were as follows (in thousands):



2024 (9 months remaining)	$	1,529
2025		2,073
2026		2,135
2027		2,199
2028		2,265
Thereafter		6,162
Total future minimum lease payments		16,363
Less: imputed interest		(4,869	)
Present value of lease liabilities		11,494
Less: lease liabilities, current		(946	)
Lease liabilities, net of current portion	$	10,548

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	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	12790 El Camino Real
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	760
Local Phone Number	593-4832
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		70,499,332
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VTYX
Security Exchange Name	NASDAQ

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance \| shares	13,236
Number of Shares, Vested \| shares	(7,941)
Number of Shares, Ending Balance \| shares	5,295
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance \| shares	530,726
Number of Shares, Vested \| shares	(44,716)
Number of Shares, Forfeited \| shares	(11,713)
Number of Shares, Ending Balance \| shares	474,297
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 21.11
Weighted Average Grant Date Fair Value, Vested \| $ / shares	32.92
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	21.79
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 19.98

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related Party Transactions - Summary of Expense Recognized Under the Related Party (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Total research and development	$ 33,747	$ 35,437
Bayside
Related Party Transaction [Line Items]
Total research and development	254	250
Related Party
Related Party Transaction [Line Items]
Total research and development	$ 254	$ 250

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details) - Stock Option	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	3.90%	3.50%
Risk-free interest rate, Maximum	4.20%	4.80%
Expected volatility		68.40%
Expected volatility, Minimum	99.70%
Expected volatility, Maximum	101.50%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	4 months 24 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	10 years	10 years

Stock-Based Compensation - Schedule of Total Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 6,543	$ 6,567
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	2,860	3,214
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 3,683	$ 3,353

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Summary of Available For Sale Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	$ 9,987	$ 47,242
Less Than 12 Months, Unrealized Loss	(19)	(79)
12 Months or Longer, Fair Value		19,966
12 Months or Longer, Unrealized Loss		(23)
Total, Fair Value	9,987	67,208
Total, Unrealized Loss Position	(19)	(102)
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	30,574	9,965
Less Than 12 Months, Unrealized Loss	(37)	(1)
Total, Fair Value	30,574	9,965
Total, Unrealized Loss Position	(37)	(1)
Asset Backed Securities
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	17,583	9,854
Less Than 12 Months, Unrealized Loss	(13)	(13)
Total, Fair Value	17,583	9,854
Total, Unrealized Loss Position	$ (13)	$ (13)

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, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (38,572)	$ (38,931)
Denominator
Weighted average shares of common stock outstanding, basic	61,829,976	57,638,923
Weighted average shares of common stock outstanding, diluted	61,829,976	57,638,923
Net loss per share, basic	$ (0.62)	$ (0.68)
Net loss per share, diluted	$ (0.62)	$ (0.68)

- Definition

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

+ References

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 141,898	$ 51,579
Marketable securities	160,684	200,641
Prepaid expenses and other assets	17,177	12,125
Total current assets:	319,759	264,345
Property and equipment, net	828	762
Operating lease right-of-use assets	10,414	11,509
Restricted cash	975	975
Other long-term assets	102	102
Total assets	332,078	277,693
Current liabilities
Accounts payable	5,583	5,756
Accrued expenses	8,005	15,508
Current portion of operating lease liabilities	946	1,001
Total current liabilities	14,534	22,265
Operating lease liabilities, net of current portion	10,548	11,505
Total liabilities	25,082	33,770
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at March 31, 2024 and December 31, 2023; 70,499,201 and 59,252,349 shares issued at March 31, 2024 and December 31, 2023, respectively; 70,493,906 and 59,239,113 shares outstanding at March 31, 2024 and December 31, 2023, respectively	7	6
Additional paid-in capital	764,869	663,154
Accumulated other comprehensive loss	(121)	(50)
Accumulated deficit	(457,759)	(419,187)
Total stockholders' equity	306,996	243,923
Total liabilities and stockholders' equity	$ 332,078	$ 277,693