Ventyx Biosciences (VTYX) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	true
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		70,710,667
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VTYX
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 61,765	$ 51,579
Marketable securities	213,060	200,641
Prepaid expenses and other assets	14,583	12,125
Total current assets:	289,408	264,345
Property and equipment, net	703	762
Operating lease right-of-use assets	9,918	11,509
Restricted cash	975	975
Other long-term assets	96	102
Total assets	301,100	277,693
Current liabilities
Accounts payable	2,286	5,756
Accrued expenses	9,006	15,508
Current portion of operating lease liabilities	1,011	1,001
Total current liabilities	12,303	22,265
Operating lease liabilities, net of current portion	10,025	11,505
Total liabilities	22,328	33,770
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at September 30, 2024 and December 31, 2023; 70,669,131 shares issued and outstanding at September 30, 2024; 59,252,349 and 59,239,113 shares issued and outstanding, respectively, at December 31, 2023	7	6
Additional paid-in capital	802,850	663,154
Accumulated other comprehensive loss	873	(50)
Accumulated deficit	(524,958)	(419,187)
Total stockholders' equity	278,772	243,923
Total liabilities and stockholders' equity	301,100	277,693
Series A Non-Voting Convertible Preferred Stock
Stockholders' equity:
Series A non-voting convertible preferred stock, $0.0001 par value; 100,000,000 shares authorized at September 30, 2024 and December 31, 2023; 70,601 and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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	70,669,131	59,252,349
Common stock, shares outstanding	70,669,131	59,239,113
Series A Non-Voting Convertible Preferred Stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	70,601	0
Preferred stock, shares outstanding	70,601	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development (includes related party amounts of $249, $417, $752 and $776, respectively)	$ 30,629	$ 49,750	$ 92,181	$ 133,747
General and administrative	7,923	8,201	23,851	23,901
Total operating expenses	38,552	57,951	116,032	157,648
Loss from operations	(38,552)	(57,951)	(116,032)	(157,648)
Other (income) expense:
Interest income	(3,350)	(3,932)	(10,360)	(11,453)
Other expense	47	8	99	14
Total other (income) expense	(3,303)	(3,924)	(10,261)	(11,439)
Net loss	(35,249)	(54,027)	(105,771)	(146,209)
Unrealized gain on marketable securities	922	192	741	544
Foreign currency translation	199	11	182	72
Comprehensive loss	$ (34,128)	$ (53,824)	$ (104,848)	$ (145,593)
Net loss per share, basic	$ (0.5)	$ (0.92)	$ (1.56)	$ (2.51)
Net loss per share, diluted	$ (0.5)	$ (0.92)	$ (1.56)	$ (2.51)
Weighted average common shares outstanding, basic	70,667,570	58,880,427	67,694,970	58,363,174
Weighted average common shares outstanding, diluted	70,667,570	58,880,427	67,694,970	58,363,174

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Research and development expenses related party	$ 249	$ 417	$ 752	$ 776

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Series A Non-Voting Convertible Preferred Stock	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	4,273			4,273
Issuance of common stock upon exercise of stock options, shares			770,934
Issuance of common stock upon vesting of restricted common stock, shares			33,917
Shares issued under employee stock purchase plan	214			214
Shares issued under employee stock purchase plan, shares			9,765
Stock-based compensation expense	22,443			22,443
Unrealized gain on marketable securities	544				544
Foreign currency translation	72				72
Net loss	(146,209)					(146,209)
Balance at Sep. 30, 2023	283,640		$ 6	656,575	(507)	(372,434)
Balance, shares at Sep. 30, 2023			58,971,931
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
Balance at Jun. 30, 2023	327,807		$ 6	646,918	(710)	(318,407)
Balance, shares at Jun. 30, 2023			58,713,982
Issuance of common stock upon exercise of stock options	1,649			1,649
Issuance of common stock upon exercise of stock options, shares			249,257
Issuance of common stock upon vesting of restricted common stock, shares			8,692
Stock-based compensation expense	8,008			8,008
Unrealized gain on marketable securities	192				192
Foreign currency translation	11				11
Net loss	(54,027)					(54,027)
Balance at Sep. 30, 2023	283,640		$ 6	656,575	(507)	(372,434)
Balance, shares at Sep. 30, 2023			58,971,931
Balance at Dec. 31, 2023	243,923		$ 6	663,154	(50)	(419,187)
Balance, shares at Dec. 31, 2023			59,239,113
Issuance of preferred stock from private placement, net of issuance costs	26,642			26,642
Issuance of preferred stock from private placement, net of issuance costs, shares		70,601
Issuance of common stock from private placement, net of issuance costs	95,046		$ 1	95,045
Issuance of common stock from private placement, net of issuance costs, shares			11,174,000
Issuance of common stock upon exercise of stock options	$ 130			130
Issuance of common stock upon exercise of stock options, shares	133,571		133,571
Issuance of common stock upon vesting of restricted common stock, shares			65,544
Shares issued under employee stock purchase plan	$ 114			114
Shares issued under employee stock purchase plan, shares			56,903
Stock-based compensation expense	17,765			17,765
Unrealized gain on marketable securities	741				741
Foreign currency translation	182				182
Net loss	(105,771)					(105,771)
Balance at Sep. 30, 2024	278,772		$ 7	802,850	873	(524,958)
Balance, shares at Sep. 30, 2024		70,601	70,669,131
Balance at Jun. 30, 2024	280,795		$ 7	770,745	(248)	(489,709)
Balance, shares at Jun. 30, 2024			70,662,806
Issuance of preferred stock from private placement, net of issuance costs	26,642			26,642
Issuance of preferred stock from private placement, net of issuance costs, shares		70,601
Issuance of common stock upon exercise of stock options	12			12
Issuance of common stock upon exercise of stock options, shares			5,575
Issuance of common stock upon vesting of restricted common stock, shares			750
Stock-based compensation expense	5,451			5,451
Unrealized gain on marketable securities	922				922
Foreign currency translation	199				199
Net loss	(35,249)					(35,249)
Balance at Sep. 30, 2024	$ 278,772		$ 7	$ 802,850	$ 873	$ (524,958)
Balance, shares at Sep. 30, 2024		70,601	70,669,131

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (105,771)	$ (146,209)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	201	98
Loss on disposal of fixed assets	100
Gain on lease termination	(88)
Loss on impairment		285
Amortization of operating lease right-of-use assets	832	440
Stock-based compensation	17,765	22,443
Accretion of marketable securities, net	(7,404)	(6,989)
Changes in operating assets and liabilities
Prepaid expenses and other assets	(2,474)	5,679
Operating lease liabilities	(607)	(234)
Accounts payable	(3,468)	2,839
Accrued expenses	(6,710)	6,781
Net cash used in operating activities	(107,624)	(114,867)
Cash flows from investing activities
Purchases of marketable securities, available-for-sale	(208,413)	(243,607)
Proceeds from maturities of marketable securities, available-for-sale	204,140	298,725
Purchases of property and equipment	(235)	(303)
Net cash (used in) provided by investing activities	(4,508)	54,815
Cash flows from financing activities
Proceeds from issuance of common stock from private placement, net of offering costs	95,046
Proceeds from issuance of Series A non-voting convertible preferred stock from private placement, net of offering costs	26,850
Proceeds from issuance of common stock from at-the-market offering,net of commissions and offering expenses		48,408
Proceeds from exercise of stock options	130	4,273
Proceeds from issuance of common stock under employee stock purchase plan	114	214
Deferred offering costs		(151)
Net cash provided by financing activities	122,140	52,744
Effect of exchange rates on cash, cash equivalents and restricted cash	178	74
Net increase (decrease) in cash, cash equivalents and restricted cash	10,186	(7,234)
Cash, cash equivalents and restricted cash, beginning of period	52,554	64,819
Cash, cash equivalents and restricted cash, end of period	62,740	57,585
Supplemental disclosure for investing and financing non-cash activities:
Purchases of property and equipment included in accounts payable and accrued expenses		103
Unpaid deferred offering costs		$ 59
Unpaid costs associated with the issuance of Series A non-voting convertible preferred stock from private placement	$ 208

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (35,249)	$ (54,027)	$ (105,771)	$ (146,209)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	No 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

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 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 biopharmaceutical 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 $ 95.0 million in net proceeds after deducting fees to the placement agents and offering expenses payable by the Company. September 2024 Issuance of Series A Non-Voting Convertible Preferred Stock from Private Placement On September 23, 2024, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Aventis Inc., a wholly-owned subsidiary of Sanofi, a global healthcare and pharmaceutical company (together with Aventis Inc., “Sanofi”), pursuant to which the Company issued an aggregate of 70,601 shares of Series A non-voting convertible preferred stock, par value $ 0.0001 per share (the “Series A Preferred Stock”), each convertible into 100 shares of common stock, at an as-converted price of $ 3.8243 per common share, for gross proceeds of approximately $ 27.0 million, in a private placement (the “Series A Private Placement”). In connection with the Securities Purchase Agreement, the Company granted Sanofi a right of first negotiation (“ROFN”) for a license, grant or transfer, including by option or sale, or any rights to research, develop, commercialize, or otherwise exploit VTX3232, the Company’s CNS-penetrant NLRP3 inhibitor. The Company evaluated the ROFN for performance obligations under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”) concluding that there were none. As a result, the Company recognized the Series A Preferred Stock as permanent equity within the condensed consolidated financial statements as of September 30, 2024. The Company received approximately $ 26.6 million in net proceeds after deducting issuance costs payable by the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 and nine months ended September 30, 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 and nine months ended September 30, 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): Nine months ended September 30, 2024 2023 Cash and cash equivalents $ 61,765 $ 56,610 Restricted cash 975 975 Total cash, cash equivalents and restricted cash $ 62,740 $ 57,585 Net Loss Per Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted average number of common shares outstanding during the period, plus the weighted average number of potential shares of common stock from the assumed conversion of the Series A Preferred Stock, exercise of stock options, the assumed vesting of restricted stock awards and restricted stock units and the number of shares purchasable under the 2021 Employee Stock Purchase Plan (“2021 ESPP”), if dilutive. Because the Company was in a net loss position, basic and diluted net loss per share were the same for all periods presented. 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 no t have a material impact to the consolidated financial statements at the adoption date.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurement s 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. 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): September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market fund $ 24,276 $ — $ — $ 24,276 Total cash equivalents 24,276 — — 24,276 Marketable securities U.S. Treasury securities 20,762 — — 20,762 U.S. government agency securities — 34,674 — 34,674 Corporate debt securities — 18,820 — 18,820 Commercial paper — 132,436 — 132,436 Asset backed securities — 6,368 — 6,368 Total marketable securities 20,762 192,298 — 213,060 Total assets $ 45,038 $ 192,298 $ — $ 237,336 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 nine months ended September 30, 2024 and 2023 , there were no transfers between Level 1, Level 2 and Level 3. As of September 30, 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): September 30, 2024 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Loss Value Marketable securities: U.S. Treasury securities $ 20,570 $ 192 $ — $ 20,762 U.S. government agency securities 34,446 228 — 34,674 Corporate debt securities 18,750 73 ( 3 ) 18,820 Commercial paper 132,169 270 ( 3 ) 132,436 Asset backed securities 6,354 14 — 6,368 Total marketable securities $ 212,289 $ 777 $ ( 6 ) $ 213,060 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 September 30, 2024 have maturity dates of less than one year. As of September 30, 2024 , two available-for-sale marketable securities were in an unrealized loss position. Of the two available-for-sale marketable securities in an unrealized loss position, both had been in an unrealized loss position for less than 12 months. As of December 31, 2023 , ten available-for-sale marketable securities were in an unrealized loss position. Of the ten available-for-sale marketable securities in an unrealized loss position, eight had been in an unrealized loss position for less than 12 months and two had been in an unrealized loss position for greater than 12 months. The following table presents available-for-sale marketable securities that were in an unrealized loss position as of September 30, 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 Corporate debt securities $ 3,908 $ ( 3 ) $ — $ — $ 3,908 $ ( 3 ) Commercial paper $ 3,873 $ ( 3 ) $ — $ — $ 3,873 $ ( 3 ) 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 ) 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. 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 September 30, 2024 . These marketable securities are of high credit quality, and 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 no t record an allowance for credit losses as of September 30, 2024. During the nine months ended September 30, 2024, the immaterial unrealized losses were due to market fluctuations and were only sustained for a short period of time. During the year ended December 31, 2023, the decline in market value in the Company’s marketable securities was primarily attributable to an increase in interest rates. 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 $ 0.4 million and $ 0.8 million at September 30, 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 nine months ended September 30, 2024 or 2023 .

Consolidated Balance Sheet Deta

Consolidated Balance Sheet Details	9 Months Ended
	Sep. 30, 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): September 30, December 31, 2024 2023 Internal-use software $ 491 $ 491 Leasehold improvements 283 — Laboratory equipment 155 178 Furniture and fixtures 92 137 Computer hardware and software 58 58 Construction in progress 36 157 Property and equipment, gross 1,115 1,021 Less: accumulated depreciation ( 412 ) ( 259 ) Property and equipment, net $ 703 $ 762 During the three and nine months ended September 30, 2024 , depreciation expense was $ 0.1 million and $ 0.2 million, respectively. During the three and nine months ended September 30, 2023, depreciation expense was immaterial. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued research and development costs $ 907 $ 1,868 Accrued clinical trial costs 2,014 4,831 Accrued payroll liabilities 4,407 7,742 Other accrued liabilities 1,595 984 Accrued related party liabilities 83 83 Total accrued expenses $ 9,006 $ 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 September 30, 2024 and December 31, 2023 . A summary of accrued severance costs associated with the RIF as of September 30, 2024 is shown in the table below (in thousands): September 30, 2024 Accrued severance costs as of December 31, 2023 $ 2,178 Reduction in estimate for continued healthcare benefits ( 114 ) Cash payments ( 2,061 ) Accrued severance costs as of September 30, 2024 $ 3

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Litigation Securities Class Action On March 1, 2024, a putative securities class action complaint, captioned Yuksel v. Ventyx Biosciences, Inc., et al. , No. 3:24-cv-00415-AGA-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 Sections 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Securities 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 that the defendants issued materially false and misleading statements and/or failed to disclose 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. On April 30, 2024, a motion for appointment of a lead plaintiff was filed. The lead plaintiff motion remains pending. 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.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 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. September 2024 Issuance of Series A Non-Voting Convertible Preferred Stock from Private Placement See Note 1, “Organization and Business,” for more information regarding the September 2024 issuance of Series A Preferred Stock from 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 nine months ended September 30, 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 as of September 30, 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 September 30, 2024: September 30, 2024 Shares issuable upon conversion of Series A non-voting preferred stock 7,060,100 Issued and outstanding: Stock options 10,483,769 Restricted stock units 429,042 Authorized for future issuance: 2021 Equity Incentive Plan 3,050,378 2021 Employee Stock Purchase Plan 1,567,281 Total 22,590,570 Series A Preferred Stock The Company is authorized to issue up to 100,000,000 shares of preferred stock having a par value of $ 0.0001 as of September 30, 2024 and December 31, 2023 . On September 23, 2024, the Company filed a Certificate of Designations of Preferences, Rights and Limitations of Series A Non-Voting Convertible Preferred Stock (the “Certificate of Designations”) with the Secretary of State of the State of Delaware, effective as of the time of filing, designating 70,601 shares of its authorized and unissued preferred stock as Series A Preferred Stock and setting forth the powers, preferences, rights, qualifications, limitations and restrictions of the Series A Preferred Stock. The following is a description of the terms of the Series A Preferred Stock: Conversion. The Series A Preferred Stock is convertible at the option of each holder at any time into 100 shares of Common Stock for each share of Series A Preferred Stock , subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization. The Series A Preferred Stock will not be convertible by a holder to the extent that such holder or any of its affiliates would beneficially own in excess of 4.99 % (the “Maximum Percentage”) of the common stock outstanding immediately after giving effect to such conversion, as further described in the Certificate of Designations. A holder may increase or decrease the Maximum Percentage to any other percentage (not in excess of 19.99 % of the issued and outstanding common stock immediately after giving effect to the issuance of the common stock issuable upon conversion of the Series A Preferred Stock) by delivering a written notice to the Company, provided that (i) any such increase in the Maximum Percentage will not be effective until the 61 st day after such notice is delivered to the Company and (ii) any such increase or decrease does not apply to any other holder of Series A Preferred Stock or the validity of any prior conversion of the Series A Preferred Stock. Voting. Holders of shares of Series A Preferred Stock shall have no voting rights on any Company matter. Dividends. Holders to Series A Preferred Stock shall be entitled to receive, only when, as and if declared by the Company’s board of directors, out of any funds and assets legally available therefore, a dividend on each outstanding share of Series A Preferred Stock equal to $ 0.0001 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock), prior and in preference to any declaration or payment of any dividend (other than dividends on shares of common stock payable in shares of common stock) on common stock during the same calendar year. The right to receive dividends on shares of Series A Preferred Stock is non-cumulative, and no right to dividends shall accrue to holders of Series A Preferred Stock by reason of the fact that dividends on such shares are not declared or paid. Subject to the preferential rights described above, holders of the Series A Preferred Stock are entitled to receive dividends on shares of Series A Preferred Stock equal (on an as-converted to common stock basis) to and in the same form as dividends actually paid on shares of the common stock. Liquidation. In the event of any liquidation as defined in the Certificate of Designation, the assets of the Company shall be distributed, after payment in full of any dividends declared by unpaid on the Series A Preferred Stock, among the holders of the shares of Series A Preferred Stock and common stock pro rata based on the number of shares held by each such holder (on an as-converted to common stock basis), after payment in full of any dividends declared by unpaid on the Series A Preferred Stock.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	7. Leases In July 2023, the Company entered into a Sublease with Neurocrine Biosciences, Inc. 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 approximately $ 2.0 million per year with 3 % annual increases in each subsequent year. The Company subleased the premises for approximately $ 1.0 million in the first year, which included the 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 September 30, 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 expired on June 30, 2024 . The Company exercised its option to extend the lease term through June 30, 2026 , resulting in an immaterial operating lease liability and corresponding operating lease ROU asset. 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 one year and seven 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 6.8 years and 10.1 %, respectively, at September 30, 2024. During the three and nine months ended September 30, 2024 , the Company recognized operating lease costs of $ 0.6 million and $ 1.8 million, respectively, and variable lease costs of $ 0 and $ 0.2 million, respectively. During the three and nine months ended September 30, 2023 , the Company recognized operating lease costs of $ 0.5 million and $ 0.8 million, respectively, and an immaterial amount of variable lease costs in both periods. In addition, the Company made cash payments of $ 1.5 million and $ 0.6 million for operating leases during the nine months ended September 30, 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 September 30, 2024 were as follows (in thousands): Years ending December 31, 2024 (3 months remaining) $ 513 2025 2,073 2026 2,135 2027 2,199 2028 2,265 Thereafter 6,162 Total future minimum lease payments 15,347 Less: imputed interest ( 4,311 ) Present value of lease liabilities 11,036 Less: lease liabilities, current ( 1,011 ) Lease liabilities, net of current portion $ 10,025

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 , the Company had 12,102,048 and 9,018,173 shares, respectively, authorized for issuance under the Plans, and 3,050,378 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 Nine months ended September 30, September 30, 2024 2023 2024 2023 Research and development $ 2,648 $ 4,112 $ 8,082 $ 11,443 General and administrative 2,803 3,896 9,683 11,000 Total stock-based compensation expense $ 5,451 $ 8,008 $ 17,765 $ 22,443 Stock-based compensation expense by type of share-based award (in thousands): Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Stock options $ 4,619 $ 6,864 $ 14,981 $ 19,103 Restricted stock awards — 27 37 82 Restricted stock units 792 1,051 2,655 3,097 Employee Stock Purchase Plan 40 66 92 161 Total stock-based compensation expense $ 5,451 $ 8,008 $ 17,765 $ 22,443 Stock Options The following table summarizes stock option activity for the nine months ended September 30, 2024: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2023 10,338,724 $ 14.42 8.24 $ 1,737 Granted 2,739,250 2.88 Exercised ( 133,571 ) 0.97 Forfeited and cancelled ( 2,460,634 ) 15.28 Outstanding as of September 30, 2024 10,483,769 $ 11.37 7.75 $ 920 Vested and expected to vest as of September 30, 2024 10,483,769 $ 11.37 7.75 $ 920 Exercisable as of September 30, 2024 4,921,703 $ 12.92 6.55 $ 747 The weighted average grant date fair value of stock options granted during the nine months ended September 30, 2024 and 2023 was $ 2.34 and $ 22.56 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 nine months ended September 30, 2024 and 2023 was $ 0.5 million and $ 22.5 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: Nine months ended September 30, 2024 2023 Risk-free interest rate 3.5 % - 5.2 % 3.4 % - 4.8 % Expected volatility 99.7 % - 102.6 % 68.4 % - 73.5 % Expected term (in years) 0.3 - 10.0 0.4 - 10.0 Expected dividend yield — — During the three and nine months ended September 30, 2024 , the Company recorded a net decrease to stock-based compensation expense of approximately $ 0.1 million. The net decrease of approximately $ 0.1 million was comprised of the reversal of approximately $ 0.3 million of stock-based compensation expense associated with the acceleration of unvested options in connection with the termination of one employee, offset by the recognition of $ 0.2 million of stock-based compensation expense associated with the extended term of vested and unvested options resulting from an amended consulting agreement for one consultant. The resulting net decrease to stock-based compensation expense was recognized immediately. During the nine months ended September 30, 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 during the nine months ended September 30, 2023 provided for an acceleration of unvested options, resulting in a change in compensation expense that was immediately recognized. As of September 30, 2024 , unrecognized stock-based compensation was $ 32.8 million which is expected to be recognized over the weighted average period of 2.3 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 nine months ended September 30, 2024 and 2023 , the Company did no t repurchase any unvested shares. The following table summarizes restricted stock award activity for the nine months ended September 30, 2024: Weighted Average Grant Date Number Fair Value of Shares Per Share Unvested balance as of December 31, 2023 13,236 $ 3.45 Vested ( 13,236 ) 3.45 Unvested balance as of September 30, 2024 — $ — 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 $ 0 as of September 30, 2024 and immaterial as of September 30, 2023. The total fair value of restricted stock awards vested during the nine months ended September 30, 2024 and 2023 was immaterial. As of September 30, 2024, all stock-based compensation expense pertaining to restricted stock awards was recognized. 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 nine months ended September 30, 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 ( 52,308 ) $ 31.42 Forfeited ( 49,376 ) $ 29.71 Unvested balance as of September 30, 2024 429,042 $ 18.86 As of September 30, 2024 , there was approximately $ 5.0 million of unrecognized stock-based compensation cost pertaining to restricted stock units that will be recognized over a weighted average period of 1.5 years. Employee Stock Purchase Plan In October 2021, the board of directors and stockholders approved the 2021 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 nine months ended September 30, 2024 and 2023 , 56,903 and 9,765 s hares, respectively, were issued under the ESPP at average share prices of $ 2.01 and $ 21.91 , respectively.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 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 Nine months ended September 30, September 30, (in thousands, except share and per share amounts) 2024 2023 2024 2023 Numerator: Net loss $ ( 35,249 ) $ ( 54,027 ) $ ( 105,771 ) $ ( 146,209 ) Denominator: Weighted average common shares outstanding, basic and diluted 70,667,570 58,880,427 67,694,970 58,363,174 Net loss per share, basic and diluted $ ( 0.50 ) $ ( 0.92 ) $ ( 1.56 ) $ ( 2.51 ) 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 September 30, 2024 and 2023, because to do so would be anti-dilutive: September 30, 2024 2023 Shares issuable upon exercise of stock options 10,483,769 8,975,249 Shares issuable upon conversion of Series A non-voting preferred stock 7,060,100 — Unvested restricted stock units 429,042 752,737 Unvested restricted stock awards — 21,177 Shares purchasable under the 2021 Employee Stock Purchase Plan 55,590 12,297 Total 18,028,501 9,761,460

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
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 Nine months ended September 30, September 30, 2024 2023 2024 2023 Research and development - Bayside $ 249 $ 417 $ 752 $ 776 Total research and development - related party $ 249 $ 417 $ 752 $ 776 At September 30, 2024 and December 31, 2023 , the Company had accounts payable and accrued expenses due to related parties of $ 0.2 million and $ 0.1 million, respectively. At September 30, 2024 and December 31, 2023 , the Company had $ 0 and an immaterial amount, respectively, of prepaid expenses and other current assets due from related parties.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 and nine months ended September 30, 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 and nine months ended September 30, 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	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): Nine months ended September 30, 2024 2023 Cash and cash equivalents $ 61,765 $ 56,610 Restricted cash 975 975 Total cash, cash equivalents and restricted cash $ 62,740 $ 57,585
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted average number of common shares outstanding during the period, plus the weighted average number of potential shares of common stock from the assumed conversion of the Series A Preferred Stock, exercise of stock options, the assumed vesting of restricted stock awards and restricted stock units and the number of shares purchasable under the 2021 Employee Stock Purchase Plan (“2021 ESPP”), if dilutive. Because the Company was in a net loss position, basic and diluted net loss per share were the same for all periods presented.
Recent Accounting Pronouncements	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 no t have a material impact to the consolidated financial statements at the adoption date.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in Financial Statements	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): Nine months ended September 30, 2024 2023 Cash and cash equivalents $ 61,765 $ 56,610 Restricted cash 975 975 Total cash, cash equivalents and restricted cash $ 62,740 $ 57,585

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market fund $ 24,276 $ — $ — $ 24,276 Total cash equivalents 24,276 — — 24,276 Marketable securities U.S. Treasury securities 20,762 — — 20,762 U.S. government agency securities — 34,674 — 34,674 Corporate debt securities — 18,820 — 18,820 Commercial paper — 132,436 — 132,436 Asset backed securities — 6,368 — 6,368 Total marketable securities 20,762 192,298 — 213,060 Total assets $ 45,038 $ 192,298 $ — $ 237,336 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 September 30, 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): September 30, 2024 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Loss Value Marketable securities: U.S. Treasury securities $ 20,570 $ 192 $ — $ 20,762 U.S. government agency securities 34,446 228 — 34,674 Corporate debt securities 18,750 73 ( 3 ) 18,820 Commercial paper 132,169 270 ( 3 ) 132,436 Asset backed securities 6,354 14 — 6,368 Total marketable securities $ 212,289 $ 777 $ ( 6 ) $ 213,060 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 September 30, 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 Corporate debt securities $ 3,908 $ ( 3 ) $ — $ — $ 3,908 $ ( 3 ) Commercial paper $ 3,873 $ ( 3 ) $ — $ — $ 3,873 $ ( 3 ) 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 ) 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.

Consolidated Balance Sheet De_2

Consolidated Balance Sheet Details (Tables)	9 Months Ended
	Sep. 30, 2024
Consolidated Balance Sheet [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2024 2023 Internal-use software $ 491 $ 491 Leasehold improvements 283 — Laboratory equipment 155 178 Furniture and fixtures 92 137 Computer hardware and software 58 58 Construction in progress 36 157 Property and equipment, gross 1,115 1,021 Less: accumulated depreciation ( 412 ) ( 259 ) Property and equipment, net $ 703 $ 762
Summary of Accrued Expenses	Accrued expenses consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued research and development costs $ 907 $ 1,868 Accrued clinical trial costs 2,014 4,831 Accrued payroll liabilities 4,407 7,742 Other accrued liabilities 1,595 984 Accrued related party liabilities 83 83 Total accrued expenses $ 9,006 $ 15,508
Summary of Accrued Severance Costs	A summary of accrued severance costs associated with the RIF as of September 30, 2024 is shown in the table below (in thousands): September 30, 2024 Accrued severance costs as of December 31, 2023 $ 2,178 Reduction in estimate for continued healthcare benefits ( 114 ) Cash payments ( 2,061 ) Accrued severance costs as of September 30, 2024 $ 3

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024: September 30, 2024 Shares issuable upon conversion of Series A non-voting preferred stock 7,060,100 Issued and outstanding: Stock options 10,483,769 Restricted stock units 429,042 Authorized for future issuance: 2021 Equity Incentive Plan 3,050,378 2021 Employee Stock Purchase Plan 1,567,281 Total 22,590,570

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Future Minimum Payments under Non-cancellable Leases	Future minimum payments under non-cancellable leases as of September 30, 2024 were as follows (in thousands): Years ending December 31, 2024 (3 months remaining) $ 513 2025 2,073 2026 2,135 2027 2,199 2028 2,265 Thereafter 6,162 Total future minimum lease payments 15,347 Less: imputed interest ( 4,311 ) Present value of lease liabilities 11,036 Less: lease liabilities, current ( 1,011 ) Lease liabilities, net of current portion $ 10,025

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 Nine months ended September 30, September 30, 2024 2023 2024 2023 Research and development $ 2,648 $ 4,112 $ 8,082 $ 11,443 General and administrative 2,803 3,896 9,683 11,000 Total stock-based compensation expense $ 5,451 $ 8,008 $ 17,765 $ 22,443 Stock-based compensation expense by type of share-based award (in thousands): Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Stock options $ 4,619 $ 6,864 $ 14,981 $ 19,103 Restricted stock awards — 27 37 82 Restricted stock units 792 1,051 2,655 3,097 Employee Stock Purchase Plan 40 66 92 161 Total stock-based compensation expense $ 5,451 $ 8,008 $ 17,765 $ 22,443
Summary of Stock Option Activity	The following table summarizes stock option activity for the nine months ended September 30, 2024: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2023 10,338,724 $ 14.42 8.24 $ 1,737 Granted 2,739,250 2.88 Exercised ( 133,571 ) 0.97 Forfeited and cancelled ( 2,460,634 ) 15.28 Outstanding as of September 30, 2024 10,483,769 $ 11.37 7.75 $ 920 Vested and expected to vest as of September 30, 2024 10,483,769 $ 11.37 7.75 $ 920 Exercisable as of September 30, 2024 4,921,703 $ 12.92 6.55 $ 747
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: Nine months ended September 30, 2024 2023 Risk-free interest rate 3.5 % - 5.2 % 3.4 % - 4.8 % Expected volatility 99.7 % - 102.6 % 68.4 % - 73.5 % Expected term (in years) 0.3 - 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 nine months ended September 30, 2024: Weighted Average Grant Date Number Fair Value of Shares Per Share Unvested balance as of December 31, 2023 13,236 $ 3.45 Vested ( 13,236 ) 3.45 Unvested balance as of September 30, 2024 — $ —
Summary of Restricted Stock Unit Activity	The following table summarizes restricted stock unit activity for the nine months ended September 30, 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 ( 52,308 ) $ 31.42 Forfeited ( 49,376 ) $ 29.71 Unvested balance as of September 30, 2024 429,042 $ 18.86

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine months ended September 30, September 30, (in thousands, except share and per share amounts) 2024 2023 2024 2023 Numerator: Net loss $ ( 35,249 ) $ ( 54,027 ) $ ( 105,771 ) $ ( 146,209 ) Denominator: Weighted average common shares outstanding, basic and diluted 70,667,570 58,880,427 67,694,970 58,363,174 Net loss per share, basic and diluted $ ( 0.50 ) $ ( 0.92 ) $ ( 1.56 ) $ ( 2.51 )
Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share	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 September 30, 2024 and 2023, because to do so would be anti-dilutive: September 30, 2024 2023 Shares issuable upon exercise of stock options 10,483,769 8,975,249 Shares issuable upon conversion of Series A non-voting preferred stock 7,060,100 — Unvested restricted stock units 429,042 752,737 Unvested restricted stock awards — 21,177 Shares purchasable under the 2021 Employee Stock Purchase Plan 55,590 12,297 Total 18,028,501 9,761,460

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
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 Nine months ended September 30, September 30, 2024 2023 2024 2023 Research and development - Bayside $ 249 $ 417 $ 752 $ 776 Total research and development - related party $ 249 $ 417 $ 752 $ 776

Organization and Business - Add

Organization and Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Sep. 23, 2024	Mar. 11, 2024	Sep. 30, 2024
Class of Stock [Line Items]
Net proceeds from private placement after deducting fees and issuance costs			$ 95,046
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 and issuance costs		$ 95,000
Series A Non-Voting Convertible Preferred Stock
Class of Stock [Line Items]
Gross proceeds from private placement	$ 27,000
Net proceeds from private placement after deducting fees and issuance costs	$ 26,600
Preferred stock, shares issued	70,601
Preferred stock, par value	$ 0.0001
Number of shares of common stock converted	100
Preferred stock, price per share	$ 3.8243

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 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%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in Financial Statements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 61,765	$ 51,579	$ 56,610
Restricted cash	975		975
Total cash, cash equivalents and restricted cash	$ 62,740		$ 57,585

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets & Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Total assets	$ 237,336	$ 248,350
Cash Equivalents
Assets:
Total assets	24,276	47,709
Cash Equivalents | Money Market Fund
Assets:
Total assets	24,276	40,241
Cash Equivalents | Commercial Paper
Assets:
Total assets		7,468
Marketable Securities
Assets:
Total assets	213,060	200,641
Marketable Securities | Commercial Paper
Assets:
Total assets	132,436	118,465
Marketable Securities | Asset Backed Securities
Assets:
Total assets	6,368	14,968
Marketable Securities | U.S. Treasury Securities
Assets:
Total assets	20,762
Marketable Securities | U.S. government agency securities
Assets:
Total assets	34,674	67,208
Marketable Securities | Corporate Debt Securities
Assets:
Total assets	18,820
Level 1
Assets:
Total assets	45,038	40,241
Level 1 | Cash Equivalents
Assets:
Total assets	24,276	40,241
Level 1 | Cash Equivalents | Money Market Fund
Assets:
Total assets	24,276	40,241
Level 1 | Marketable Securities
Assets:
Total assets	20,762
Level 1 | Marketable Securities | U.S. Treasury Securities
Assets:
Total assets	20,762
Level 2
Assets:
Total assets	192,298	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	192,298	200,641
Level 2 | Marketable Securities | Commercial Paper
Assets:
Total assets	132,436	118,465
Level 2 | Marketable Securities | Asset Backed Securities
Assets:
Total assets	6,368	14,968
Level 2 | Marketable Securities | U.S. government agency securities
Assets:
Total assets	34,674	$ 67,208
Level 2 | Marketable Securities | Corporate Debt Securities
Assets:
Total assets	$ 18,820

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) MarketableSecurities	Sep. 30, 2023 USD ($)	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	2		10
Available-for-sale marketable securities in an unrealized loss position | MarketableSecurities	2		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	400,000		$ 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

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Available For Sale Marketable Securities By Type Of Security (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 212,289	$ 200,612
Gross Unrealized Gain	777	145
Gross Unrealized Loss	(6)	(116)
Fair Value	213,060	200,641
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	20,570
Gross Unrealized Gain	192
Fair Value	20,762
U.S. government agency securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	34,446	67,310
Gross Unrealized Gain	228
Gross Unrealized Loss		(102)
Fair Value	34,674	67,208
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	18,750
Gross Unrealized Gain	73
Gross Unrealized Loss	(3)
Fair Value	18,820
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	132,169	118,323
Gross Unrealized Gain	270	143
Gross Unrealized Loss	(3)	(1)
Fair Value	132,436	118,465
Asset Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	6,354	14,979
Gross Unrealized Gain	14	2
Gross Unrealized Loss		(13)
Fair Value	$ 6,368	$ 14,968

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Available For Sale Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value		$ 47,242
Less Than 12 Months, Unrealized Loss		(79)
12 Months or Longer, Fair Value		19,966
12 Months or Longer, Unrealized Loss		(23)
Total, Fair Value		67,208
Total, Unrealized Loss Position		(102)
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	$ 3,908
Less Than 12 Months, Unrealized Loss	(3)
Total, Fair Value	3,908
Total, Unrealized Loss Position	(3)
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	3,873	9,965
Less Than 12 Months, Unrealized Loss	(3)	(1)
Total, Fair Value	3,873	9,965
Total, Unrealized Loss Position	$ (3)	(1)
Asset Backed Securities
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value		9,854
Less Than 12 Months, Unrealized Loss		(13)
Total, Fair Value		9,854
Total, Unrealized Loss Position		$ (13)

Consolidated Balance Sheet De_3

Consolidated Balance Sheet Details - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,115	$ 1,021
Less: accumulated depreciation	(412)	(259)
Property and equipment, net	703	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	155	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 De_4

Consolidated Balance Sheet Details - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued research and development costs	$ 907	$ 1,868
Accrued clinical trial costs	2,014	4,831
Accrued payroll liabilities	4,407	7,742
Other accrued liabilities	1,595	984
Accrued related party liabilities	83	83
Total accrued expenses	$ 9,006	$ 15,508

Consolidated Balance Sheet De_5

Consolidated Balance Sheet Details - Summary of Accrued Severance Costs (Details) - Accrued Severance Costs $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 2,178
Reduction in estimate for continued healthcare benefits	(114)
Cash payments	(2,061)
Ending Balance	$ 3

Consolidated Balance Sheet De_6

Consolidated Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Severance costs				$ 2,200
Depreciation	$ 100	$ 201	$ 98

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 23, 2024
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
Aggregate sales proceeds			$ 150
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001		$ 0.0001
Redeemable preferred stock shares designated				70,601
Shares conversion description	The Series A Preferred Stock is convertible at the option of each holder at any time into 100 shares of Common Stock for each share of Series A Preferred Stock
Number of shares of common stock converted				100
Preferred stock, convertible, ownership percentage of maximum shares allowed				4.99%
Preferred stock, convertible, ownership percentage of shares allowed, increase decrease				19.99%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule Of Common Stock Reserved For Future Issuance (Details)	Sep. 30, 2024 shares
Class of Stock [Line Items]
Common stock reserved and available for future issuance	22,590,570
Stock Option
Class of Stock [Line Items]
Common stock reserved and available for future issuance	10,483,769
Restricted Stock Units
Class of Stock [Line Items]
Common stock reserved and available for future issuance	429,042
2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	3,050,378
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	1,567,281
Series A Non-Voting Preferred Stock
Class of Stock [Line Items]
Common stock reserved and available for future issuance	7,060,100

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Feb. 29, 2024 Leases	Jul. 31, 2023 USD ($) SquareFeet	Mar. 31, 2021	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lease expiration date	Jun. 30, 2026		Jun. 30, 2024			Jun. 30, 2026
Lease option to extend						The Company exercised its option to extend the lease term through June 30, 2026,
Lease, existence of option to extend						true
Lease termination agreement | Leases	2
Termination, description						The leases contain various termination options
Operating lease, weighted average remaining lease term				6 years 9 months 18 days		6 years 9 months 18 days
Operating lease, weighted average discount rate				10.10%		10.10%
Operating lease costs				$ 600	$ 500	$ 1,800	$ 800
Variable Lease, Cost				0		200
Operating lease payments						1,500	$ 600
Operating lease liabilities				11,036		11,036
Operating lease right-of-use assets				$ 9,918		$ 9,918			$ 11,509
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining term				1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining term				7 years		7 years
Laboratory | Belgium
Lessee, Lease, Description [Line Items]
Lease, term of contract			3 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		$ 2,000
Subleasing premises percentage		3%
Subleased premises cost		$ 1,000
Letter of credit		$ 500
Security deposit made for letter of credit				$ 500		$ 500
Encinitas Asset Group
Lessee, Lease, Description [Line Items]
Operating lease liabilities								$ 900
Operating lease right-of-use assets								$ 800

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (3 months remaining)	$ 513
2025	2,073
2026	2,135
2027	2,199
2028	2,265
Thereafter	6,162
Total future minimum lease payments	15,347
Less: imputed interest	(4,311)
Total lease liabilities	11,036
Less: lease liabilities, current	(1,011)	$ (1,001)
Lease liabilities, net of current portion	$ 10,025	$ 11,505

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
	Jan. 01, 2024 shares	Oct. 19, 2021 Offeringperiod shares	Sep. 30, 2024 USD ($) Employee Consultant shares	Sep. 30, 2024 USD ($) Consultant Employee $ / shares shares	Sep. 30, 2023 USD ($) Employee $ / shares shares	Dec. 31, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Net decrease to stock-based compensation expense | $				$ 17,765	$ 22,443
Number of employees terminated | Employee			1	1	1
Number of consultant | Consultant			1	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				$ 2.34	$ 22.56
Total intrinsic value of stock options exercised | $				$ 500	$ 22,500
Net decrease to stock-based compensation expense | $			$ 100	100
Incremental stock-based compensation expense | $					$ 100
Unrecognized stock-based compensation expense | $			32,800	$ 32,800
Unrecognized stock-based compensation expense, weighted average period				2 years 3 months 18 days
Reversal of stock based compensation for acceleration of unvested options | $			300	$ 300
Offset by recognition of stock based compensation expense | $			200	$ 200
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				3 years
Shares repurchased | shares				0	0
Employee service share based compensation liability for unvested award | $			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 | $			$ 5,000	$ 5,000
Unrecognized stock-based compensation expense, weighted average period				1 year 6 months
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance | shares		5,612,000	12,102,048	12,102,048		9,018,173
Number of shares that may be issued in accordance with plan | shares	2,962,617	5,102,000
Number of common shares to be added | shares		4,978,561
Percentage of outstanding shares of common stock that may be issued in accordance with plan		5%
Shares remained available for grant | shares			3,050,378	3,050,378		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 | shares	592,523	510,000
Number of shares that may be issued in accordance with plan | shares		1,020,000
Percentage of closing price on offering commencement date that participating employees purchase stock under plan		85%
Percentage of closing price on offering termination date that participating employees purchase stock under plan		85%
Number of offering periods | Offeringperiod		2
Duration of offering periods		6 months
Maximum percentage of eligible compensation of employee		15%
Maximum number of shares an employee can purchase under plan | shares		3,000
Percentage of outstanding shares of common stock that may be issued in accordance with plan		1%
Shares issued under employee stock purchase plan, shares | shares				56,903	9,765
Weighted average price of shares issued under ESPP | $ / shares				$ 2.01	$ 21.91

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Total Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 5,451	$ 8,008	$ 17,765	$ 22,443
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	2,648	4,112	8,082	11,443
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 2,803	$ 3,896	$ 9,683	$ 11,000

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 5,451	$ 8,008	$ 17,765	$ 22,443
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	4,619	6,864	14,981	19,103
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense		27	37	82
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	792	1,051	2,655	3,097
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 40	$ 66	$ 92	$ 161

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance | shares	10,338,724
Number of Shares, Granted | shares	2,739,250
Number of Shares, Exercised | shares	(133,571)
Number of Shares, Forfeited and cancelled | shares	(2,460,634)
Number of Shares, Ending Balance | shares	10,483,769	10,338,724
Number of Shares, Vested and expected to vest | shares	10,483,769
Number of Shares, Exercisable | shares	4,921,703
Weighted Average Exercise Price, Beginning balance | $ / shares	$ 14.42
Weighted Average Exercise Price, Granted | $ / shares	2.88
Weighted Average Exercise Price, Exercised | $ / shares	0.97
Weighted Average Exercise Price, Forfeited and cancelled | $ / shares	15.28
Weighted Average Exercise Price, ending balance | $ / shares	11.37	$ 14.42
Weighted Average Exercise Price, Vested and expected to vest | $ / shares	11.37
Weighted Average Exercise Price, Exercisable | $ / shares	$ 12.92
Weighted Average Contractual Term, Outstanding	7 years 9 months	8 years 2 months 26 days
Weighted Average Contractual Term,Options vested and expected to vest	7 years 9 months
Weighted Average Contractual Term, Options exercisable	6 years 6 months 18 days
Aggregate Intrinsic Value | $	$ 920	$ 1,737
Aggregate Intrinsic Value, Options vested and expected to vest | $	920
Aggregate Intrinsic Value, Options exercisable | $	$ 747

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details) - Stock Option	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	3.50%	3.40%
Risk-free interest rate, Maximum	5.20%	4.80%
Expected volatility, Minimum	99.70%	68.40%
Expected volatility, Maximum	102.60%	73.50%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	3 months 18 days	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 - Su_3

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards	9 Months Ended
	Sep. 30, 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	(13,236)
Number of Shares, Ending Balance | shares	0
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	$ 0

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 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	(52,308)
Number of Shares, Forfeited | shares	(49,376)
Number of Shares, Ending Balance | shares	429,042
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 21.11
Weighted Average Grant Date Fair Value, Vested | $ / shares	31.42
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	29.71
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 18.86

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (35,249)	$ (54,027)	$ (105,771)	$ (146,209)
Denominator
Weighted average shares of common stock outstanding, basic	70,667,570	58,880,427	67,694,970	58,363,174
Weighted average shares of common stock outstanding, diluted	70,667,570	58,880,427	67,694,970	58,363,174
Net loss per share, basic	$ (0.5)	$ (0.92)	$ (1.56)	$ (2.51)
Net loss per share, diluted	$ (0.5)	$ (0.92)	$ (1.56)	$ (2.51)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	18,028,501	9,761,460
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	10,483,769	8,975,249
Series A Non-Voting Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	7,060,100
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	429,042	752,737
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		21,177
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	55,590	12,297

Related Party Transactions - Su

Related Party Transactions - Summary of Expense Recognized Under the Related Party (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Total research and development	$ 30,629	$ 49,750	$ 92,181	$ 133,747
Bayside
Related Party Transaction [Line Items]
Total research and development	249	417	752	776
Related Party
Related Party Transaction [Line Items]
Total research and development	$ 249	$ 417	$ 752	$ 776

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - Related Party - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Expenses
Related Party Transaction [Line Items]
Due to related parties	$ 200	$ 100
Prepaid Expenses and Other Current Assets
Related Party Transaction [Line Items]
Due to related parties	$ 0	$ 0