Ventyx Biosciences (VTYX) 10-K 27 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 24, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	Ventyx Biosciences, Inc.
Entity Central Index Key	0001851194
Current Fiscal Year End Date	--12-31
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-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 Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 142.3
Entity Common Stock, Shares Outstanding		71,130,054
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	VTYX
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false
Documents Incorporated By Reference	Portions of the registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2024 .
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Diego, California
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Ventyx Biosciences, Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 27,260	$ 51,579
Marketable securities	190,062	200,641
Prepaid expenses and other assets	12,303	12,125
Total current assets	229,625	264,345
Property and equipment, net	614	762
Operating lease right-of-use assets	9,669	11,509
Marketable securities	35,621
Restricted cash	975	975
Other long-term assets	59	102
Total assets	276,563	277,693
Current liabilities:
Accounts payable	3,130	5,756
Accrued expenses	8,594	15,508
Current portion of operating lease liabilities	1,052	1,001
Total current liabilities	12,776	22,265
Operating lease liabilities, net of current portion	9,742	11,505
Total liabilities	22,518	33,770
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at December 31, 2024 and December 31, 2023; 71,130,054 and 59,252,349 shares issued at December 31, 2024 and December 31, 2023, respectively; 71,130,054 and 59,239,113 shares outstanding at December 31, 2024 and December 31, 2023, respectively	7	6
Additional paid-in capital	808,190	663,154
Accumulated other comprehensive income (loss)	157	(50)
Accumulated deficit	(554,309)	(419,187)
Total stockholders' equity	254,045	243,923
Total liabilities and stockholders' equity	276,563	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 December 31, 2024 and December 31, 2023; 70,601 and 0 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	71,130,054	59,252,349
Common stock, shares outstanding	71,130,054	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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development (includes related party amounts of $1,001 and $1,023, respectively)	$ 117,002	$ 175,767
General and administrative	31,448	32,227
Total operating expenses	148,450	207,994
Loss from operations	(148,450)	(207,994)
Other (income) expense:
Interest income	(13,416)	(15,074)
Other expense	88	42
Total other (income) expense	(13,328)	(15,032)
Net loss	(135,122)	(192,962)
Unrealized gain on marketable securities	261	1,121
Foreign currency translation	(54)	(48)
Comprehensive loss	$ (134,915)	$ (191,889)
Net loss per share attributable to common shareholders, basic	$ (1.97)	$ (3.3)
Net loss per share attributable to common shareholders, diluted	$ (1.97)	$ (3.3)
Shares used to compute basic net loss per share attributable to common shareholders	68,478,172	58,542,974
Shares used to compute diluted net loss per share attributable to common shareholders	68,478,172	58,542,974

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Research and development expenses related party	$ 1,001	$ 1,023

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Series A Non-Voting Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (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	4,671			4,671
Issuance of common stock upon exercise of stock options, shares			837,922
Issuance of common stock upon vesting of restricted common stock, shares			216,436
Shares issued under employee stock purchase plan	250			250
Shares issued under employee stock purchase plan, shares			27,440
Stock-based compensation expense	28,588			28,588
Unrealized gain on marketable securities	1,121				1,121
Foreign currency translation	(48)				(48)
Net loss	(192,962)					(192,962)
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	26,594			26,594
Issuance of preferred stock from private placement, net of issuance costs, shares		70,601
Issuance of common stock upon exercise of stock options	$ 261			261
Issuance of common stock upon exercise of stock options, shares	375,574		375,574
Issuance of common stock upon vesting of restricted common stock, shares			227,621
Shares issued under employee stock purchase plan	$ 205			205
Shares issued under employee stock purchase plan, shares			113,746
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
Stock-based compensation expense	22,931			22,931
Unrealized gain on marketable securities	261				261
Foreign currency translation	(54)				(54)
Net loss	(135,122)					(135,122)
Balance at Dec. 31, 2024	$ 254,045		$ 7	$ 808,190	$ 157	$ (554,309)
Balance, shares at Dec. 31, 2024		70,601	71,130,054

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (135,122)	$ (192,962)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	266	158
Loss on disposal of fixed assets	136
Gain on lease termination	(88)
Loss on impairment		285
Amortization of right-of-use assets - operating	1,082	783
Stock-based compensation	22,931	28,588
Accretion of marketable securities, net	(9,515)	(9,180)
Changes in operating assets and liabilities
Prepaid expenses and other assets	(159)	616
Operating lease liabilities	(847)	(59)
Accounts payable	(2,644)	(745)
Accrued expenses	(6,913)	5,994
Net cash used in operating activities	(130,873)	(166,522)
Cash flows from investing activities
Purchases of marketable securities, available-for-sale	(283,650)	(272,271)
Proceeds from maturities of marketable securities, available-for-sale	268,385	373,725
Purchases of property and equipment	(241)	(514)
Net cash (used in) provided by investing activities	(15,506)	100,940
Cash flows from financing activities
Proceeds from issuance of common stock from private placement, net of offering costs	95,046	48,408
Proceeds from issuance of Series A non-voting convertible preferred stock from private placement, net of offering costs	26,603
Proceeds from exercise of stock options	261	4,671
Proceeds from issuance of common stock under employee stock purchase plan	205	250
Net cash provided by financing activities	122,115	53,329
Effect of exchange rates on cash, cash equivalents and restricted cash	(55)	(12)
Net decrease in cash, cash equivalents and restricted cash	(24,319)	(12,265)
Cash, cash equivalents and restricted cash, beginning of year	52,554	64,819
Cash, cash equivalents and restricted cash, end of year	28,235	52,554
Supplemental disclosure for noncash activities
Unpaid costs associated with the issuance of Series A non-voting convertible preferred stock from private placement	8
Purchases of property and equipment included in accounts payable and accrued expenses	$ 9	$ 67

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (135,122)	$ (192,962)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
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

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. We conduct risk assessments on a recurring basis to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. Following these risk assessments, we re-design, implement, and maintain reasonable safeguards to minimize identified risks; reasonably address any identified gaps in existing safeguards; and regularly monitor the effectiveness of our safeguards. We devote significant resources and designate high-level personnel, including our Compliance Officer and Chief Operating Officer who both report to our Chief Executive Officer, to manage the risk assessment and mitigation process. As part of our overall risk management system, we monitor and test our safeguards and train our employees on these safeguards, in collaboration with other members of senior management. Personnel at all levels and departments are made aware of our cybersecurity policies through trainings. We engage consultants and other third parties in connection with our risk assessment processes. These service providers assist us to design and implement our cybersecurity policies and procedures, as well as to monitor and test our safeguards. We require each third-party service provider to certify that it has the ability to implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may affect our company. As of December 31, 2024 , and through the date of this filing, we are not aware of any material cybersecurity incidents that have impacted the Company. For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, “Risk Factors,” in this annual report on Form 10-K. Governance One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our Chief Operating Officer and other members of senior management are primarily responsible to assess and manage our material risks from cybersecurity threats. We have engaged a third party, who authored security manuals and holds multiple industry certifications, as our Virtual Chief Information Security Officer (VCISO) to support our Head of IT in Cyber related architecture and assessment. Our Chief Operating Officer and other members of senior management oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which our Chief Operating Officer and other members of senior management are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: rollout and expansion of cyber security tools, cyber industry awareness, trends, and simulated tabletop exercise with incident response plan. Our Chief Operating Officer and other members of senior management provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities , including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. Our audit committee provides regular updates to the board of directors on such reports. In addition, our Chief Operating Officer provides annual briefings to the board of directors on cybersecurity risks and activities.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our Chief Operating Officer and other members of senior management are primarily responsible to assess and manage our material risks from cybersecurity threats. We have engaged a third party, who authored security manuals and holds multiple industry certifications, as our Virtual Chief Information Security Officer (VCISO) to support our Head of IT in Cyber related architecture and assessment. Our Chief Operating Officer and other members of senior management oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which our Chief Operating Officer and other members of senior management are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: rollout and expansion of cyber security tools, cyber industry awareness, trends, and simulated tabletop exercise with incident response plan. Our Chief Operating Officer and other members of senior management provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities , including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. Our audit committee provides regular updates to the board of directors on such reports. In addition, our Chief Operating Officer provides annual briefings to the board of directors on cybersecurity risks and activities.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Operating Officer and other members of senior management are primarily responsible to assess and manage our material risks from cybersecurity threats. We have engaged a third party, who authored security manuals and holds multiple industry certifications, as our Virtual Chief Information Security Officer (VCISO) to support our Head of IT in Cyber related architecture and assessment. Our Chief Operating Officer and other members of senior management oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which our Chief Operating Officer and other members of senior management are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: rollout and expansion of cyber security tools, cyber industry awareness, trends, and simulated tabletop exercise with incident response plan. Our Chief Operating Officer and other members of senior management provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities , including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. Our audit committee provides regular updates to the board of directors on such reports. In addition, our Chief Operating Officer provides annual briefings to the board of directors on cybersecurity risks and activities.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Operating Officer and other members of senior management oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The processes by which our Chief Operating Officer and other members of senior management are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: rollout and expansion of cyber security tools, cyber industry awareness, trends, and simulated tabletop exercise with incident response plan.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. Organization and Business Organization Ventyx Biosciences, Inc. (“Ventyx” or “the Company”) is a clinical-stage biopharmaceutical company developing innovative oral therapies for patients with autoimmune, inflammatory, and neurodegenerative diseases. The Company’s expertise in medicinal chemistry, structural biology, and immunology enables the discovery of differentiated small molecule therapeutics for conditions with high unmet medical need. The Company was incorporated in the State of Delaware in November 2018, with its principal operations in California. 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. The Company recognized the Series A Preferred Stock as permanent equity within the consolidated financial statements upon issuance. The Company received approximately $ 26.6 million in net proceeds after deducting issuance costs payable by the Company. Liquidity and Capital Resources The Company has experienced net losses since inception and, as of December 31, 2024, had an accumulated deficit of $ 554.3 million. From incorporation in November 2018 through December 31, 2024, the Company has devoted substantially all of its resources to organizing and staffing the Company, business planning, raising capital and identifying product candidates and conducting preclinical studies and clinical trials. Substantially all of the Company’s operations have been funded through debt and equity financings. The Company does not have any products approved for sale and has not generated any revenue from product sales. At December 31, 2024, the Company had cash, cash equivalents, and marketable securities of $ 252.9 million, excluding restricted cash of $ 1.0 million. Since the Company’s inception, the Company has incurred significant operating losses and, through the date of this report, has financed operations primarily through public offerings and private placements of our common stock, private placements of the Company’s convertible preferred stock and convertible debt instruments. Management expects to incur net losses for the foreseeable future. There can be no assurance that the Company will ever earn revenues or achieve profitability, or if achieved, that they will be sustained on a continuing basis. In addition, the preclinical manufacturing and clinical development activities, as well as the commercialization of the Company’s products, if approved, will require significant additional financing. The Company may be unable to secure such financing when needed, or if available, such financings may be under terms that are unfavorable to the Company or the current stockholders. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations. Based on the Company’s current business plan, management believes that existing cash, cash equivalents, and marketable securities will be sufficient to fund the Company’s obligations for at least twelve months from the issuance of these consolidated financial statements. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments for the recovery and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The presentation of the Company’s consolidated financial statements for the periods presented reflect the financial results of Ventyx Biosciences, Inc. on a consolidated basis. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Significant estimates include, but are not limited to, estimates related to prepaid and accrued clinical trial and research and development costs, the measurement of the fair value of stock-based awards, available-for-sale marketable securities, the measurement of operating lease right-of-use assets and operating lease liabilities, and the evaluation of long-lived assets for impairment. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. Risks and Uncertainties Economic uncertainty in various global markets, including the U.S. and Europe, caused by political instability and conflict, such as the military conflicts in Ukraine and the Middle East, and economic challenges caused by pandemics or contagious diseases, have led to market disruptions, including significant volatility in commodity prices, credit and capital market instability and supply chain interruptions, which have caused volatile changes to inflation globally. The Company’s business, financial condition and results of operations could be materially and adversely affected by further negative impact on the global economy and capital markets resulting from these or future global economic conditions, particularly if such conditions are prolonged or worsen. Although, to date, the Company has not been materially impacted by these global economic and geopolitical conditions, it is impossible to predict the extent to which operations will be impacted in the short and long term, or the ways in which such instability could impact business and results of operations. The extent and duration of these market disruptions, whether as a result of military conflicts and effects of sanctions, geopolitical tensions, volatile changes to inflation or otherwise, are impossible to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this report. Cash, Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition date to be cash equivalents. Cash equivalents are stated at fair value and have consisted of money market accounts, corporate debt securities and commercial paper. Under the terms of the Company’s Sublease Agreement (the “Sublease”) executed in July 2023 with Neurocrine Biosciences, Inc. (“Neurocrine”) for office space in San Diego, California, Bank of America issued on the Company’s behalf an irrevocable standby letter of credit in the amount of $ 0.5 million. Additionally, in August 2023, the Company opened a corporate credit card account with Bank of America requiring a secured cash deposit of $ 0.5 million. Both the letter of credit and secured credit card are secured by deposits totaling $ 1.0 million with the same bank. The Company classified these deposits as restricted cash in the consolidated balance sheet as of December 31, 2024. A reconciliation of the cash, cash equivalents and restricted cash reported in our consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows is as follows (in thousands): December 31, 2024 2023 Cash and cash equivalents $ 27,260 $ 51,579 Restricted cash 975 975 Total cash, cash equivalents and restricted cash $ 28,235 $ 52,554 Investments in Marketable Securities, Available-for-Sale The Company maintains a portfolio of investments which have included U.S. Treasury securities, U.S. government agency securities, corporate debt securities, commercial paper and asset-backed securities (“ABS”). The Company’s investments in marketable securities are available-for-sale securities and the marketable securities are reported at fair value. Investments in marketable securities with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments in marketable securities with contractual maturities of 12 months or greater at the balance sheet date are considered long-term investments. Unrealized gains and losses are included in accumulated other comprehensive income or loss, net of tax. The cost of securities sold is determined on a specific identification basis, and realized gains and losses, if any, are included in other (income) expense within the consolidated statements of operations and comprehensive loss. The Company regularly reviews its investment portfolio to determine if any security is impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires judgment. In making this judgment, the Company evaluates, among other items, the time frame and extent to which the fair market value of a security is less than its amortized cost and the Company’s intent and ability to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis. Property and Equipment The Company records property and equipment, which consists of laboratory equipment, furniture and fixtures, computer hardware and software and internal-use software, at cost less accumulated depreciation. Property and equipment is depreciated using the straight-line method over the estimated useful lives which ranges from three to seven years . The Company follows Accounting Standards Codification (“ASC”) 350-40, Intangibles-Goodwill and Other, Internal-Use Software , (“ASC 350-40”) to account for development costs incurred for the costs of computer software obtained for internal use. ASC 350-40 requires such costs to be capitalized once certain criteria are met. Capitalized internal-use software costs are primarily comprised of direct labor, related expenses and initial software licenses. ASC 350-40 includes specific guidance on costs not to be capitalized, such as overhead, general and administrative and training costs. Internal-use software includes software utilized for cloud-based solutions as well as software for internal systems and tools. Costs are capitalized once the project is defined, funding is committed and it is confirmed the software will be used for its intended purpose. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose. Post-configuration training and maintenance costs are expensed as incurred. During the years ended December 31, 2024 and 2023 , the Company capitalized $ 0 and $ 0.3 million of internal-use software costs, respectively. The Company evaluates its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment of Long-Lived Assets The Company reviews long-lived assets, primarily comprised of property, equipment and operating lease right-of-use (“ROU”) assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset or asset group to future undiscounted cash flows expected to be generated by the asset or asset group. If the asset or asset group is determined to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset or asset group exceeds the projected discounted future net cash flows arising from the asset or asset group. As a result of the decline of the Company’s stock price, the Company determined impairment testing triggers had occurred for the Sublease and the associated furniture and fixtures (the “San Diego Asset Group”) as of December 31, 2024. Therefore, the Company performed an undiscounted cash flow analysis for the San Diego Asset Group as of December 31, 2024. Based on the undiscounted cash flow analysis, the Company determined the San Diego Asset Group had a net carrying value that was in excess of its estimated undiscounted future cash flows. Therefore, the Company performed a discounted cash flow analysis to measure the fair value of the San Diego Asset Group. The fair value of the San Diego Asset Group is measured on a non-recurring basis and classified as Level 3 in the fair value hierarchy, and was determined based on estimates of future discounted cash flows. The estimated future discounted cash flows of the San Diego Asset Group exceeded the carrying value of the San Diego Asset Group. As a result, no impairment charge associated with the San Diego Asset Group was recorded during the year ended December 31, 2024. As a result of the Company entering into the Sublease in July 2023 with Neurocrine for office space in San Diego, California which became the Company’s headquarters in August 2023, the Company determined impairment testing triggers had occurred for the Encinitas, California ROU asset and the associated furniture and fixtures (collectively, the “Encinitas Asset Group”) as of July 21, 2023. Accordingly, the Company analyzed undiscounted cash flows for the Encinitas Asset Group. Based on the undiscounted cash flow analysis, the Company determined that the estimated net carrying value of the Encinitas Asset Group exceeded undiscounted cash flows and therefore, the Encinitas Asset Group was impaired and recorded a loss on impairment of $ 0.3 million. See Note 7, Leases , in the notes to the consolidated financial statements for further discussion. Assumptions and estimates used to determine cash flows in the evaluation of impairment and the fair values used to determine the impairment are subject to a degree of judgment and complexity. Any future changes to the assumptions and estimates resulting from changes in actual results or market conditions from those anticipated may affect the carrying value of long-lived assets and could result in additional impairment charges, and such changes could be material. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, available-for-sale marketable securities and restricted cash. The Company maintains deposits in government insured financial institutions in excess of government insured limits. The Company invests its cash balances in financial institutions that it believes have high credit quality, has not experienced any losses on such accounts and does not believe it is exposed to significant credit risk. The Company purchases its available-for-sale marketable securities with financial institutions which management believes have high credit ratings. The Company performs periodic evaluations of the credit standing of the financial institutions with which it has marketable securities. Additionally, the Company has adopted investment guidelines that limit the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be highly rated, thereby reducing credit risk exposure. Deferred Offering Costs The Company defers offering costs consisting of accounting and legal fees directly attributable to the issuance of equity and debt securities until the successful completion of such issuances, at which time they are reclassified to additional paid-in capital as a reduction against the proceeds received. Fair Value of Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the Financial Accounting Standards Board (“FASB”) with respect to fair value reporting for financial and non-financial assets and liabilities. The carrying amounts of the Company’s current financial assets and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Financial assets measured at fair value on a recurring basis include cash equivalents and marketable securities. Certain non-financial assets are measured at fair value on a nonrecurring basis, generally as a result of the remeasurement of assets resulting in impairment charges. The Company utilizes Level 3 inputs in the determination of the initial fair value using certain assumptions. Non-financial assets, such as ROU assets and property and equipment, are subsequently measured at fair value when there is an indicator of impairment and recorded at fair value when impairment is recognized. None of the Company’s non-financial liabilities are recorded at fair value on a nonrecurring basis. Research and Development Expenses The Company’s research and development costs consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation charges for those individuals involved in ongoing research and development efforts; as well as fees paid to consultants, third party research organizations, laboratory supplies and development compound materials. All research and development costs are charged to expense as incurred. Clinical Trial Expenses The Company makes payments in connection with its clinical trials under contracts with contract research organizations that support conducting and managing clinical trials. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Generally, these agreements set forth the scope of work to be performed at a fixed fee, unit price or on a time and materials basis. A portion of the Company’s obligation to make payments under these contracts depends on factors such as the successful enrollment or treatment of patients or the completion of other clinical trial milestones. Expenses related to clinical trials are accrued based on the progress of the clinical trials. The Company incorporates estimates from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts the Company is obligated to pay under clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company adjusts the accruals accordingly. Revisions to the contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. General and Administrative Expenses General and administrative expenses are related to finance, human resources, legal and the Company’s other administrative activities. These expenses consist primarily of personnel costs, including stock-based compensation expenses, outside services, legal expenses, management fees and other general and administrative costs. Additionally, these expenses consist of costs related to filing and pursuing patent applications. These patent costs are expensed as incurred, as recoverability of such expenditures is uncertain. Income Taxes The Company follows FASB ASC 740, Income Taxes (“ASC 740”), in reporting deferred income taxes. ASC 740 requires a company to recognize deferred tax assets and liabilities for expected future income tax consequences of events that have been recognized in the Company’s consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions pursuant to ASC 740, which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax positions meet this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Stock-Based Compensation The Company measures the compensation expense of stock-based awards granted to employees and directors using the grant date fair value of the award. The Company has issued stock options, restricted stock awards (“RSA”) and restricted stock units (“RSU”) with service-based vesting conditions. The Company measures the compensation expense of stock-based awards granted to employees and nonemployees using the grant date fair value of the award. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for employees and over the period during which services are rendered by nonemployees. Forfeitures are recognized in the period in which they occur. The Company estimates the fair value of stock options using the Black-Scholes option pricing model, which requires the input of highly subjective assumptions, including (a) the risk-free interest rate, (b) the expected volatility of the Company’s stock, (c) the expected term of the award, and (d) the expected dividend yield. Due to the lack of an adequate history of a public market for the trading of the Company’s common stock, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. For these analyses, the Company has selected companies with comparable characteristics, including enterprise value, risk profiles, and position within the industry, and with historical share price information sufficient to meet the expected life of the stock-based awards. The Company has estimated the expected life of its employee stock options using the “simplified” method, whereby the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the yields of zero-coupon U.S. treasury securities. The fair value of RSAs and RSUs is measured using the closing price of the Company’s common stock on the date of grant. Restructuring Costs The Company defines restructuring costs as expenses directly associated with restructuring activities. Such costs include severance and related tax and benefit expenses from workforce reductions. For one-time termination benefits, the cost is recorded when the term of the one-time benefits are communicated to the impacted employees and the employees are not required to render service beyond a minimum retention period. If employees are required to render service beyond a minimum retention period, the liability for the termination benefits is measured initially at the communication date based on the fair value of the liability as of the termination date, and is recognized ratably over the future service period. 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. Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains (losses) on marketable securities. Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company adopted this standard on January 1, 2023 and as the Company does not have material trade or financing receivables or held to maturity debt securities, and as management does not expect to incur credit losses on available-for-sale marketable debt securities held by the Company, the adoption of this standard did no t have a material impact to the consolidated financial statements at the adoption date. 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. 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 adopted ASU 2023-07 for our annual reporting period beginning on January 1, 2024 . The adoption of ASU 2023-07 had no significant impact on the Company’s financial statement disclosures.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements Fair Value Measurements-Recurring Basis Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs, other than the quoted prices included in Level 1, that are either directly or indirectly observable. Level 3: Unobservable inputs in which there is little or no market activity, which require the reporting entity to develop its own assumptions. 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): December 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market fund $ 13,538 $ — $ — $ 13,538 Total cash equivalents 13,538 — — 13,538 Marketable securities U.S. Treasury securities 59,411 — — 59,411 U.S. government agency securities — 34,882 — 34,882 Corporate debt securities — 18,882 — 18,882 Commercial paper — 104,588 — 104,588 Asset backed securities — 7,920 — 7,920 Total marketable securities 59,411 166,272 — 225,683 Total assets $ 72,949 $ 166,272 $ — $ 239,221 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 or other observable market data for identical or similar securities. During the years ended December 31, 2024 and 2023 , there were no transfers between Level 1, Level 2 and Level 3. As of December 31, 2024 and 2023, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands): December 31, 2024 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Loss Value Marketable securities: U.S. Treasury securities $ 59,325 $ 124 $ ( 38 ) $ 59,411 U.S. government agency securities 34,773 109 — 34,882 Corporate debt securities 18,857 30 ( 5 ) 18,882 Commercial paper 104,523 109 ( 44 ) 104,588 Asset backed securities 7,914 7 ( 1 ) 7,920 Total marketable securities $ 225,392 $ 379 $ ( 88 ) $ 225,683 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 December 31, 2024 have maturity dates of two years or less. As of December 31, 2024 , fourteen available-for-sale marketable securities were in an unrealized loss position. Of the fourteen available-for-sale marketable securities in an unrealized loss position, all 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 December 31, 2024, aggregated by major security type and length of time in a continuous loss position (in thousands): Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. government agency securities $ 21,315 $ ( 38 ) $ — $ — $ 21,315 $ ( 38 ) Corporate debt securities $ 3,939 $ ( 5 ) $ — $ — $ 3,939 $ ( 5 ) Commercial paper $ 31,832 $ ( 44 ) $ — $ — $ 31,832 $ ( 44 ) Asset backed securities $ 4,020 $ ( 1 ) $ — $ — $ 4,020 $ ( 1 ) 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 December 31, 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 December 31, 2024. During the year ended December 31, 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 consolidated balance sheets, was $ 1.0 million and $ 0.8 million at December 31, 2024 and 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 years ended December 31, 2024 or 2023. Nonrecurring Fair Value Measurements During the year ended December 31, 2023 , the Company measured the Encinitas Asset Group at fair value, which resulted in impairment charges. The fair value of the Encinitas Asset Group was determined using a discounted cash flow (“DCF”) model, which estimated the net present value of future net cash flows that a market participant would pay to use the Encinitas Asset Group for the remaining lease term. The key inputs to the DCF model included future projections of cash rental payments and a discount rate.

Consolidated Balance Sheet Deta

Consolidated Balance Sheet Details	12 Months Ended
	Dec. 31, 2024
Consolidated Balance Sheet [Abstract]
Consolidated Balance Sheet Details	4. Consolidated Balance Sheet Details Property and Equipment, net Property and equipment, net as of December 31, 2024 and 2023 consisted of the following (in thousands): December 31, 2024 2023 Internal-use software $ 491 $ 491 Leasehold improvements 283 — Laboratory equipment 145 178 Furniture and fixtures 92 137 Computer hardware and software 58 58 Construction in progress 15 157 Property and equipment, gross 1,084 1,021 Less: accumulated depreciation ( 470 ) ( 259 ) Property and equipment, net $ 614 $ 762 During the years ended December 31, 2024 and 2023, depreciation expense was approximately $ 0.3 million and $ 0.2 million, respectively. Accrued Expenses Accrued expenses consisted of the following (in thousands): December 31, 2024 2023 Accrued research and development costs $ 646 $ 1,868 Accrued clinical trial costs 1,575 4,831 Accrued payroll liabilities 5,347 7,742 Other accrued liabilities 943 984 Accrued related party liabilities 83 83 Total accrued expenses $ 8,594 $ 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 were included in accrued expenses on the consolidated balance sheet as of December 31, 2023. A summary of accrued severance costs associated with the RIF as of December 31, 2024 is shown in the table below (in thousands): December 31, 2024 Accrued severance costs as of December 31, 2023 $ 2,178 Reduction in estimate for continued healthcare benefits ( 114 ) Cash payments ( 2,064 ) Accrued severance costs as of December 31, 2024 $ —

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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. On December 10, 2024, the Court appointed a lead plaintiff. On February 10, 2025, the lead plaintiff filed a notice of voluntary dismissal of the action without prejudice. Shareholder Derivative Action On December 6, 2024, a shareholder derivative action was filed in the U.S. District Court for the Southern District of California against the members of our Board of Directors and certain current and former officers, captioned Schwing v. Mohan, et al. , Case No. 3:24-cv-02287-AGS. Plaintiff purports to bring the action derivatively on behalf of Ventyx, and Ventyx is a nominal defendant in the action. 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 derivative complaint alleges that the individual defendants made and/or caused the Company to make false and misleading statements and/or omissions of material fact regarding the effectiveness and clinical and commercial prospects of VTX958, the Company’s ability to develop and commercialize product candidates, and its business prospects, and the Company lacked effective internal controls. The derivative complaint asserts claims for alleged violations of Section 14(a) of the Exchange Act, as well as claims for alleged breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, contribution under Section 11(f) of the Securities Act and Section 21D of the Exchange Act, and contribution under Sections 10(b) and 21D of the Exchange Act. The derivative complaint seeks unspecified damages on behalf of the company, declaratory relief, and an award of costs and expenses to the derivative plaintiff, including attorneys’ fees. On February 18, 2025, the parties filed a joint motion for voluntary dismissal of the action without prejudice, which the Court granted on February 24, 2025. 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	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	6. Stockholders’ Equity March 2024 Private Placement See Note 1, “Organization and Business,” for more information regarding the March 2024 private placement. 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 year ended December 31, 2024. Common Stock The Company is authorized to issue up to 900,000,000 shares of common stock having a par value of $ 0.0001 as of December 31, 2024 and 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. 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 December 31, 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. Shares of Series A Preferred Stock shall have no voting rights on any Company matter. Dividends. Holders of 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	12 Months Ended
	Dec. 31, 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 consolidated balance sheet at December 31, 2024 . The Company used its incremental borrowing rate available at commencement date in determining the present value of lease payments and recognized an operating lease liability of $ 11.0 million and a corresponding operating lease right-of-use (“ROU”) asset of approximately $ 11.0 million on the 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 July 2021, September 2021 and May 2022, each expiring on June 30, 2026 . These leases are associated with the Encinitas Asset Group. During the third quarter of 2023, t he Company determined impairment triggers had occurred for the Encinitas Asset Group when the Sublease was executed and the Company moved its headquarters to the office space in San Diego, California. Therefore, the Company performed an undiscounted cash flow analysis for the Encinitas Asset Group as of July 21, 2023. Based on the undiscounted cash flow analysis, the Company determined the Encinitas Asset Group had a net carrying value that exceeded its estimated undiscounted future cash flows and the fair value for the Encinitas Asset Group. The fair value of the Encinitas Asset Group measured on a non-recurring basis, which is classified as Level 3 in the fair value hierarchy, was determined based on estimates of future discounted cash flows. The estimated fair value was compared to the net carrying value and, as a result, the Encinitas Asset Group held and used with a carrying amount of $ 1.4 million was determined to have a fair value of $ 1.1 million, resulting in an impairment charge of $ 0.3 million, of which an immaterial amount was associated with the furniture and fixtures included in the Encinitas Asset Group. During the year ended December 31, 2023, $ 0.2 million of the impairment charge was recorded in research and development expenses and $ 0.1 million of the impairment charge was recorded in general and administrative expenses within the consolidated statements of operations and comprehensive loss. 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 6.6 years and 10.1 %, respectively, at December 31, 2024. During the years ended December 31, 2024 and 2023 , the Company recognized operating lease costs of $ 2.4 million and $ 1.5 million, respectively, and $ 0.2 million and an immaterial amount of variable lease costs, respectively. In addition, the Company made cash payments of $ 2.1 million and $ 0.7 million for operating leases during the years ended December 31, 2024 and 2023, respectively, which are included in cash flows from operating activities in the consolidated statements of cash flows. Supplemental cash flow information related to operating leases for the years ended December 31, 2024 and 2023 is as follows (in thousands): Year ended December 31, 2024 2023 Noncash activity: Right-of-use assets obtained in exchange for operating lease liabilities $ — $ 11,007 Future minimum payments under non-cancellable leases as of December 31, 2024 were as follows (in thousands): Years ending December 31, 2025 $ 2,073 2026 2,135 2027 2,199 2028 2,265 2029 2,333 Thereafter 3,828 Total future minimum lease payments 14,833 Less: imputed interest ( 4,039 ) Present value of lease liabilities 10,794 Less: lease liabilities, current ( 1,052 ) Lease liabilities, net of current portion $ 9,742

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	8. Stock-Based Compensation Equity Incentive Plans In February 2019, the Company adopted its 2019 Equity Incentive Plan (the “2019 Plan”). In October 2021, the 2019 Plan was terminated as to new awards upon the Company’s adoption of the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on October 19, 2021. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to employees, directors or consultants of the Company. The number of common shares available for issuance under the 2021 Plan is 5,612,000 shares of common stock plus any common shares subject to stock options, restricted stock units or similar awards granted under the 2019 Plan that expire, are forfeited or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest, with the maximum number of common shares to be added to the 2021 Plan equal to 4,978,561 common shares. Additionally, shares available for issuance under the 2021 Plan automatically increase on the first day of each fiscal year, beginning with the Company’s 2023 fiscal year, equal to the lesser of 5,102,000 common shares, 5 % of the outstanding common shares on the last day of the immediately preceding fiscal year, or such number of common shares determined by the board of directors. On January 1, 2025 and 2024, the number of shares of common stock that may be issued under the 2021 Plan was automatically increased by 3,556,502 and 2,962,617 shares, respectively. 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 December 31, 2024 and 2023 , the Company had 12,366,264 and 9,018,173 shares, respectively, authorized for issuance under the Plans, and 3,454,152 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): Year ended December 31, 2024 2023 Research and development $ 10,610 $ 14,590 General and administrative 12,321 13,998 Total stock-based compensation expense $ 22,931 $ 28,588 Stock-based compensation expense by type of share-based award (in thousands): Year ended December 31, 2024 2023 Stock options $ 19,297 $ 24,241 Restricted stock awards 37 109 Restricted stock units 3,472 4,030 Employee Stock Purchase Plan 125 208 Total stock-based compensation expense $ 22,931 $ 28,588 Stock Options The following table summarizes stock option activity for the year ended December 31, 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 2,974,250 2.82 Exercised ( 375,574 ) 0.69 Forfeited and cancelled ( 3,099,258 ) 14.15 Outstanding as of December 31, 2024 9,838,142 $ 11.52 7.94 $ 574 Options vested and expected to vest as of December 31, 2024 9,838,142 $ 11.52 7.94 $ 574 Options exercisable as of December 31, 2024 4,661,311 $ 13.96 7.09 $ 360 The weighted average grant date fair value of stock options granted during the years ended December 31, 2024 and 2023 was $ 2.30 and $ 13.44 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 years ended December 31, 2024 and 2023 was $ 1.0 million and $ 23.8 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: Year ended December 31, 2024 2023 Risk-free interest rate 3.5 % - 5.2 % 3.4 % - 5.4 % Expected volatility 99.7 % - 103.3 % 67.5 % - 100.4 % Expected term (in years) 0.3 - 10.0 0.3 - 10.0 Expected dividend yield — — Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury bonds with maturities similar to the expected term of the award being valued. Expected volatility . Given the Company’s limited historical stock price volatility data, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Expected term. The expected term represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determined the expected life assumption using the simplified method for employees, which is an average of the contractual term of the option and its vesting period. The expected term for nonemployee options is generally the contractual term. Expected dividend yield. The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends and, therefore, used an expected dividend yield of zero . As of December 31, 2024 , unrecognized stock-based compensation was $ 27.6 million which is expected to be recognized over the weighted average period of 2.1 years. During the year ended December 31, 2023 , the Company recorded a net decrease to stock-based compensation expense of approximately $ 1.4 million pertaining to the net impact of the modification of stock options in connection with the termination of five employees and the related reversal of estimated expenses associated with unvested awards upon the modification date. The modifications provided for an acceleration of unvested options, resulting in additional compensation expense that was immediately recognized. As of December 31, 2023 , unrecognized stock-based compensation was $ 54.4 million which is expected to be recognized over the weighted average period of 3.0 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 year s. 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 years ended December 31, 2024 and 2023, the Company did no t repurchase any unvested shares. The following table summarizes restricted stock award activity for the year ended December 31, 2024: Weighted Average Grant Date Number Fair Value of Shares Per Share Unvested balance as of December 31, 2023 13,236 $ 3.45 Vested ( 13,236 ) 3.45 Unvested balance as of December 31, 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 December 31, 2024 and immaterial as of December 31, 2023. The total fair value of restricted stock awards vested during the years ended December 31, 2024 and 2023 was immaterial. As of December 31, 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 year s. The following table summarizes restricted stock unit activity for the year ended December 31, 2024: Weighted Average Grant Date Number Fair Value of Shares Per Share Balance as of December 31, 2023 530,726 $ 21.11 Granted — — Vested ( 214,385 ) 18.61 Forfeited and cancelled ( 49,526 ) 29.72 Unvested balance as of December 31, 2024 266,815 $ 21.52 As of December 31, 2024, there was approximately $ 4.1 million of unrecognized stock-based compensation cost pertaining to restricted stock units that will be recognized over a weighted average period of 1.4 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, 2025 and 2024, the number of shares of common stock that are available for sale under the ESPP was automatically increased by 711,300 and 592,523 shares, respectively. 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 years ended December 31, 2024 and 2023, total stock-based compensation expense recognized related to the 2021 ESPP was $ 0.1 million and $ 0.2 million, respectively. During the years ended December 31, 2024 and 2023 , 113,746 and 27,440 s hares, respectively, were issued under the ESPP at average share prices of $ 1.80 and $ 9.09 , respectively.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	9. Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders: Year ended December 31, 2024 2023 (in thousands, except share and per share amounts) Numerator: Net loss $ ( 135,122 ) $ ( 192,962 ) Denominator: Weighted average shares of common stock outstanding, basic and diluted 68,478,172 58,542,974 Basic and diluted net loss per share attributable to common $ ( 1.97 ) $ ( 3.30 ) 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 December 31, 2024 and 2023, because to do so would be anti-dilutive: Year ended December 31, 2024 2023 Shares issuable upon exercise of stock options 9,838,142 10,338,724 Unvested restricted stock units 266,815 530,726 Unvested restricted stock awards — 13,236 Shares purchasable under the 2021 Employee Stock Purchase Plan 62,799 64,823 Total 10,167,756 10,947,509

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	10. Employee Benefit Plan Effective March 1, 2021, the Company assumed a defined contribution 401(k) plan from a related party, Kalika Biosciences, Inc. (“Kalika”), for employees who are at least 21 years of age. Employees are eligible to participate in the plan beginning on the first day of employment. Under the terms of the plan, employees may make voluntary contributions as a percentage of compensation. In December 2021, the Company amended the 401(k) plan, effective February 15, 2022, and added a provision for an employer matching contribution in the amount of 50 % of the first 8 % of employee contributions to the 401(k) plan. In February 2022, the Company further amended the 401(k) plan, effective March 31, 2022, to adjust the vesting schedule related to the employer matching contributions. The vesting schedule for employer matching contributions was changed to a 3-year graded vesting schedule, with contributions vesting 35 %, 70 % and 100 % at the ends of the first, second and third years of employment with the Company, respectively. In November 2024, the Company further amended the 401(k) plan, effective January 1, 2025, to adjust the employer matching contribution and the vesting schedule related to employer matching contributions. The employer matching contribution was amended to be at the Company’s discretion. The amended employer matching contribution elected by the Company was in the amount of 100 % of the first 3 % of employee contributions to the 401(k) plan, then 50 % of the next 2 % of employee contributions to the 401(k) plan. Additionally, the vesting schedule for employer matching contributions was changed to a 1-year vesting schedule, with contributions vesting 100 % at the end of the first year of employment with the Company for any employer matching contributions made on or after January 1, 2025. All prior employer matching contributions will continue to be subject to the 3-year graded vesting schedule, with contributions vesting 35 %, 70 % and 100 % at the ends of the first, second and third years of employment with the Company, respectively. Company contributions under the 401(k) plan were $ 0.4 million and $ 0.5 million for the years ended December 31, 2024 and 2023 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes Income tax expense for both domestic and foreign operations was immaterial for the years ended December 31, 2024 and 2023. The Company included income tax expense in general and administrative expenses and other (income) expense in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023, respectively. The amount of net loss before provision for income taxes for the years ended December 31, 2024 and 2023 is as follows (in thousands): Year ended December 31, 2024 2023 U.S. net loss before income taxes $ ( 40,775 ) $ ( 121,383 ) Foreign net loss before income taxes ( 94,311 ) ( 71,548 ) Net loss before income taxes $ ( 135,086 ) $ ( 192,931 ) A reconciliation of the federal statutory rate to the effective tax rate for loss from continuing operations for the years ended December 31, 2024 and 2023 is as follows: Year ended December 31, 2024 2023 % of pre-tax loss: Statutory federal income tax rate 21.0 % 21.0 % Foreign rate differential 2.8 % 1.5 % Foreign non-deductible interest expense - 1.8 % - 0.6 % Prior year adjustments - 0.2 % 3.5 % Officers compensation limitation - 0.2 % - 2.0 % Stock compensation - 1.6 % 1.7 % Research and development credits 4.2 % 2.5 % Other - 0.4 % 0.0 % Valuation allowance - 23.8 % - 27.6 % Effective income tax rate 0.0 % 0.0 % Significant components of the deferred tax balances at December 31, 2024 and 2023 are presented below (in thousands): December 31, 2024 2023 Deferred tax assets: Net operating losses $ 76,809 $ 52,827 Stock compensation 7,165 4,845 Research and development credits 14,512 8,874 Research and development expenses 30,812 30,321 Unrealized gain on marketable securities ( 61 ) ( 6 ) Operating lease liabilities 2,267 2,620 Other 796 1,073 Total gross deferred tax assets 132,300 100,554 Valuation allowance ( 130,194 ) ( 98,073 ) Total deferred tax assets, net 2,106 2,481 Deferred tax liabilities: Property and equipment ( 76 ) ( 71 ) Operating lease right-of-use assets ( 2,030 ) ( 2,410 ) Total deferred tax liabilities ( 2,106 ) ( 2,481 ) Net deferred tax assets $ — $ — Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company maintains a valuation allowance for its net deferred tax assets due to the uncertainty that such assets will be realized and evaluates the recoverability of its deferred tax assets on at least an annual basis. The Company has determined that its deferred tax assets are not realizable due to a lack of certainty regarding projected future profits. For the years ended December 31, 2024 and 2023 , the Company had federal net operating loss (“NOL”) carryforwards of $ 48.8 million and $ 30.4 million, respectively. The losses do not expire, but are limited to 80 % utilization against taxable income. For the years ended December 31, 2024 and 2023 , the Company had United Kingdom (“U.K.”) pre-trading expenditures of approximately $ 266.3 million and $ 185.8 million, respectively. Tax relief for pre-trading expenditures is generally limited to the expenditures incurred in the seven years prior to trade commencing. Due to the Company’s history of losses and uncertainty regarding future earnings, a valuation allowance has been recorded against the Company’s deferred tax assets, as it is not more likely than not that such assets will be realized. Pursuant to Internal Revenue Code (“IRC”) of 1986, as amended specifically IRC Section 382, the Company’s ability to use U.S. net operating loss and R&D tax credit carryforwards (“tax attribute carryforwards”) to offset future taxable income is limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year testing period. The Company has completed an ownership change analysis pursuant to IRC Section 382 and identified that ownership changes occurred in August 2020, February 2021, and December 2022. The Company’s deferred tax assets related to the tax attributes subject to the limitations identified have resulted in an adjustment to tax attributes of $ 0.5 million as the Company will have federal R&D credits expire prior to utilization. If further ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of remaining tax attribute carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted or eliminated. Further, the Company’s deferred tax assets associated with such tax attributes could be significantly reduced upon realization of an ownership change within the meaning of IRC Section 382. As of December 31, 2024 , the Company had federal research and development tax credits of $ 13.1 million, that will begin to expire in 2040 . At December 31, 2024 , the Company had state research and development credits of $ 4.5 million, that do not expire. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024 and 2023 is as follows (in thousands): December 31, 2024 2023 Balance at beginning of period $ 1,869 $ 1,208 Decrease related to prior year tax positions ( 641 ) ( 717 ) Increase related to current year tax positions 1,021 1,378 Balance at end of period $ 2,249 $ 1,869 The Company accounts for its unrecognized tax benefits in accordance with ASC 740. The Company’s policy is to recognize interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits as a component of income tax expense. At December 31, 2024 and 2023 , the Company did no t recognize any interest and penalties. The amount of unrecognized tax benefit, if recognized and realized, that would affect the effective tax rate is $ 2.1 million as of December 31, 2024. The Company does not expect there would be unrecognized tax benefits that will significantly increase or decrease within 12 months of the reporting date. The Company is not currently under tax examination in any tax jurisdiction. At December 31, 2024 , the Company remains subject to income tax examinations in the U.S. and in the U.K. The Company’s tax years from inception are subject to examination in the U.S. and in the U.K. due to historical losses and tax attributes.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	12. 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): Year ended December 31, 2024 2023 Research and development - Bayside $ 1,001 $ 1,023 Total research and development - related party $ 1,001 $ 1,023 At December 31, 2024 and 2023 , the Company had accounts payable and accrued expenses due to related parties of $ 0.1 million and $ 0.1 million, respectively. At December 31, 2024 and 2023 , the Company had $ 0 and an immaterial amount, respectively, of prepaid expenses and other current assets due from related parties.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	13. Segment Information Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding the allocation of resources and assessing performance. The Company’s CODM is its chief executive officer . The Company views its operations and manages its business as one operating segment as the Company has devoted substantially all of its resources to pre-clinical and clinical research and development activities associated with its product candidates, all of which aim to address a range of inflammatory diseases. The CODM assesses performance for the Company's single operating segment and decides how to allocate resources based on research and development expenses incurred, which is a component of the Company's consolidated net loss as reported on the consolidated statement of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as total consolidated assets. Further, segment depreciation expense and segment asset additions are consistent with consolidated amounts reported within the consolidated statement of cash flows given the Company's operations are aggregated within a single reportable segment. The CODM uses research and development expenses disaggregated at the program-specific level as well as information related to the progression and results of clinical trial activities completed to date for each program to evaluate whether to allocate the Company's resources towards progression on a specific product candidate. Significant segment expenses which are regularly reported to the CODM for purposes of making decisions regarding the allocation of resources are included within the table below and are reconciled to consolidated net loss: Year ended December 31, 2024 2023 VTX958 $ 24,569 $ 80,577 Tamuzimod (formerly VTX002) 34,603 38,363 VTX2735 8,304 3,306 VTX3232 13,523 5,315 Other segment items (1) 67,451 80,433 Total operating expenses 148,450 207,994 Loss from operations ( 148,450 ) ( 207,994 ) Interest Income ( 13,416 ) ( 15,074 ) Other expense 88 42 Total other (income) expense ( 13,328 ) ( 15,032 ) Net Loss $ ( 135,122 ) $ ( 192,962 ) (1) Other segment items are comprised of research and development expenses that are not allocated to each program. These costs include R&D employee and consultant costs as well as allocations of consolidated overhead and stock compensation. Further, general and administrative expenses are included within other segment items as although they are regularly provided to the CODM, they are not utilized as part of the decision making process as it relates to the allocation of resources.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The presentation of the Company’s consolidated financial statements for the periods presented reflect the financial results of Ventyx Biosciences, Inc. on a consolidated basis. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Significant estimates include, but are not limited to, estimates related to prepaid and accrued clinical trial and research and development costs, the measurement of the fair value of stock-based awards, available-for-sale marketable securities, the measurement of operating lease right-of-use assets and operating lease liabilities, and the evaluation of long-lived assets for impairment. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.
Risks and Uncertainties	Risks and Uncertainties Economic uncertainty in various global markets, including the U.S. and Europe, caused by political instability and conflict, such as the military conflicts in Ukraine and the Middle East, and economic challenges caused by pandemics or contagious diseases, have led to market disruptions, including significant volatility in commodity prices, credit and capital market instability and supply chain interruptions, which have caused volatile changes to inflation globally. The Company’s business, financial condition and results of operations could be materially and adversely affected by further negative impact on the global economy and capital markets resulting from these or future global economic conditions, particularly if such conditions are prolonged or worsen. Although, to date, the Company has not been materially impacted by these global economic and geopolitical conditions, it is impossible to predict the extent to which operations will be impacted in the short and long term, or the ways in which such instability could impact business and results of operations. The extent and duration of these market disruptions, whether as a result of military conflicts and effects of sanctions, geopolitical tensions, volatile changes to inflation or otherwise, are impossible to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this report.
Investments in Marketable Securities, Available-for-Sale	Investments in Marketable Securities, Available-for-Sale The Company maintains a portfolio of investments which have included U.S. Treasury securities, U.S. government agency securities, corporate debt securities, commercial paper and asset-backed securities (“ABS”). The Company’s investments in marketable securities are available-for-sale securities and the marketable securities are reported at fair value. Investments in marketable securities with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments in marketable securities with contractual maturities of 12 months or greater at the balance sheet date are considered long-term investments. Unrealized gains and losses are included in accumulated other comprehensive income or loss, net of tax. The cost of securities sold is determined on a specific identification basis, and realized gains and losses, if any, are included in other (income) expense within the consolidated statements of operations and comprehensive loss. The Company regularly reviews its investment portfolio to determine if any security is impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires judgment. In making this judgment, the Company evaluates, among other items, the time frame and extent to which the fair market value of a security is less than its amortized cost and the Company’s intent and ability to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis.
Property and Equipment	Property and Equipment The Company records property and equipment, which consists of laboratory equipment, furniture and fixtures, computer hardware and software and internal-use software, at cost less accumulated depreciation. Property and equipment is depreciated using the straight-line method over the estimated useful lives which ranges from three to seven years . The Company follows Accounting Standards Codification (“ASC”) 350-40, Intangibles-Goodwill and Other, Internal-Use Software , (“ASC 350-40”) to account for development costs incurred for the costs of computer software obtained for internal use. ASC 350-40 requires such costs to be capitalized once certain criteria are met. Capitalized internal-use software costs are primarily comprised of direct labor, related expenses and initial software licenses. ASC 350-40 includes specific guidance on costs not to be capitalized, such as overhead, general and administrative and training costs. Internal-use software includes software utilized for cloud-based solutions as well as software for internal systems and tools. Costs are capitalized once the project is defined, funding is committed and it is confirmed the software will be used for its intended purpose. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose. Post-configuration training and maintenance costs are expensed as incurred. During the years ended December 31, 2024 and 2023 , the Company capitalized $ 0 and $ 0.3 million of internal-use software costs, respectively. The Company evaluates its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition date to be cash equivalents. Cash equivalents are stated at fair value and have consisted of money market accounts, corporate debt securities and commercial paper. Under the terms of the Company’s Sublease Agreement (the “Sublease”) executed in July 2023 with Neurocrine Biosciences, Inc. (“Neurocrine”) for office space in San Diego, California, Bank of America issued on the Company’s behalf an irrevocable standby letter of credit in the amount of $ 0.5 million. Additionally, in August 2023, the Company opened a corporate credit card account with Bank of America requiring a secured cash deposit of $ 0.5 million. Both the letter of credit and secured credit card are secured by deposits totaling $ 1.0 million with the same bank. The Company classified these deposits as restricted cash in the consolidated balance sheet as of December 31, 2024. A reconciliation of the cash, cash equivalents and restricted cash reported in our consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows is as follows (in thousands): December 31, 2024 2023 Cash and cash equivalents $ 27,260 $ 51,579 Restricted cash 975 975 Total cash, cash equivalents and restricted cash $ 28,235 $ 52,554
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets, primarily comprised of property, equipment and operating lease right-of-use (“ROU”) assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset or asset group to future undiscounted cash flows expected to be generated by the asset or asset group. If the asset or asset group is determined to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset or asset group exceeds the projected discounted future net cash flows arising from the asset or asset group. As a result of the decline of the Company’s stock price, the Company determined impairment testing triggers had occurred for the Sublease and the associated furniture and fixtures (the “San Diego Asset Group”) as of December 31, 2024. Therefore, the Company performed an undiscounted cash flow analysis for the San Diego Asset Group as of December 31, 2024. Based on the undiscounted cash flow analysis, the Company determined the San Diego Asset Group had a net carrying value that was in excess of its estimated undiscounted future cash flows. Therefore, the Company performed a discounted cash flow analysis to measure the fair value of the San Diego Asset Group. The fair value of the San Diego Asset Group is measured on a non-recurring basis and classified as Level 3 in the fair value hierarchy, and was determined based on estimates of future discounted cash flows. The estimated future discounted cash flows of the San Diego Asset Group exceeded the carrying value of the San Diego Asset Group. As a result, no impairment charge associated with the San Diego Asset Group was recorded during the year ended December 31, 2024. As a result of the Company entering into the Sublease in July 2023 with Neurocrine for office space in San Diego, California which became the Company’s headquarters in August 2023, the Company determined impairment testing triggers had occurred for the Encinitas, California ROU asset and the associated furniture and fixtures (collectively, the “Encinitas Asset Group”) as of July 21, 2023. Accordingly, the Company analyzed undiscounted cash flows for the Encinitas Asset Group. Based on the undiscounted cash flow analysis, the Company determined that the estimated net carrying value of the Encinitas Asset Group exceeded undiscounted cash flows and therefore, the Encinitas Asset Group was impaired and recorded a loss on impairment of $ 0.3 million. See Note 7, Leases , in the notes to the consolidated financial statements for further discussion. Assumptions and estimates used to determine cash flows in the evaluation of impairment and the fair values used to determine the impairment are subject to a degree of judgment and complexity. Any future changes to the assumptions and estimates resulting from changes in actual results or market conditions from those anticipated may affect the carrying value of long-lived assets and could result in additional impairment charges, and such changes could be material.
Concentration of Credit Risk	Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, available-for-sale marketable securities and restricted cash. The Company maintains deposits in government insured financial institutions in excess of government insured limits. The Company invests its cash balances in financial institutions that it believes have high credit quality, has not experienced any losses on such accounts and does not believe it is exposed to significant credit risk. The Company purchases its available-for-sale marketable securities with financial institutions which management believes have high credit ratings. The Company performs periodic evaluations of the credit standing of the financial institutions with which it has marketable securities. Additionally, the Company has adopted investment guidelines that limit the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be highly rated, thereby reducing credit risk exposure.
Deferred Offering Costs	Deferred Offering Costs The Company defers offering costs consisting of accounting and legal fees directly attributable to the issuance of equity and debt securities until the successful completion of such issuances, at which time they are reclassified to additional paid-in capital as a reduction against the proceeds received.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the Financial Accounting Standards Board (“FASB”) with respect to fair value reporting for financial and non-financial assets and liabilities. The carrying amounts of the Company’s current financial assets and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Financial assets measured at fair value on a recurring basis include cash equivalents and marketable securities. Certain non-financial assets are measured at fair value on a nonrecurring basis, generally as a result of the remeasurement of assets resulting in impairment charges. The Company utilizes Level 3 inputs in the determination of the initial fair value using certain assumptions. Non-financial assets, such as ROU assets and property and equipment, are subsequently measured at fair value when there is an indicator of impairment and recorded at fair value when impairment is recognized. None of the Company’s non-financial liabilities are recorded at fair value on a nonrecurring basis.
Research and Development Expense	Research and Development Expenses The Company’s research and development costs consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation charges for those individuals involved in ongoing research and development efforts; as well as fees paid to consultants, third party research organizations, laboratory supplies and development compound materials. All research and development costs are charged to expense as incurred.
Clinical Trial Expenses	Clinical Trial Expenses The Company makes payments in connection with its clinical trials under contracts with contract research organizations that support conducting and managing clinical trials. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Generally, these agreements set forth the scope of work to be performed at a fixed fee, unit price or on a time and materials basis. A portion of the Company’s obligation to make payments under these contracts depends on factors such as the successful enrollment or treatment of patients or the completion of other clinical trial milestones. Expenses related to clinical trials are accrued based on the progress of the clinical trials. The Company incorporates estimates from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts the Company is obligated to pay under clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company adjusts the accruals accordingly. Revisions to the contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses are related to finance, human resources, legal and the Company’s other administrative activities. These expenses consist primarily of personnel costs, including stock-based compensation expenses, outside services, legal expenses, management fees and other general and administrative costs. Additionally, these expenses consist of costs related to filing and pursuing patent applications. These patent costs are expensed as incurred, as recoverability of such expenditures is uncertain.
Income Taxes	Income Taxes The Company follows FASB ASC 740, Income Taxes (“ASC 740”), in reporting deferred income taxes. ASC 740 requires a company to recognize deferred tax assets and liabilities for expected future income tax consequences of events that have been recognized in the Company’s consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions pursuant to ASC 740, which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax positions meet this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.
Share-Based Compensation	Stock-Based Compensation The Company measures the compensation expense of stock-based awards granted to employees and directors using the grant date fair value of the award. The Company has issued stock options, restricted stock awards (“RSA”) and restricted stock units (“RSU”) with service-based vesting conditions. The Company measures the compensation expense of stock-based awards granted to employees and nonemployees using the grant date fair value of the award. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for employees and over the period during which services are rendered by nonemployees. Forfeitures are recognized in the period in which they occur. The Company estimates the fair value of stock options using the Black-Scholes option pricing model, which requires the input of highly subjective assumptions, including (a) the risk-free interest rate, (b) the expected volatility of the Company’s stock, (c) the expected term of the award, and (d) the expected dividend yield. Due to the lack of an adequate history of a public market for the trading of the Company’s common stock, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. For these analyses, the Company has selected companies with comparable characteristics, including enterprise value, risk profiles, and position within the industry, and with historical share price information sufficient to meet the expected life of the stock-based awards. The Company has estimated the expected life of its employee stock options using the “simplified” method, whereby the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the yields of zero-coupon U.S. treasury securities. The fair value of RSAs and RSUs is measured using the closing price of the Company’s common stock on the date of grant.
Restructuring Costs	Restructuring Costs The Company defines restructuring costs as expenses directly associated with restructuring activities. Such costs include severance and related tax and benefit expenses from workforce reductions. For one-time termination benefits, the cost is recorded when the term of the one-time benefits are communicated to the impacted employees and the employees are not required to render service beyond a minimum retention period. If employees are required to render service beyond a minimum retention period, the liability for the termination benefits is measured initially at the communication date based on the fair value of the liability as of the termination date, and is recognized ratably over the future service period.
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.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains (losses) on marketable securities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company adopted this standard on January 1, 2023 and as the Company does not have material trade or financing receivables or held to maturity debt securities, and as management does not expect to incur credit losses on available-for-sale marketable debt securities held by the Company, the adoption of this standard did no t have a material impact to the consolidated financial statements at the adoption date. 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. 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 adopted ASU 2023-07 for our annual reporting period beginning on January 1, 2024 . The adoption of ASU 2023-07 had no significant impact on the Company’s financial statement disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows is as follows (in thousands): December 31, 2024 2023 Cash and cash equivalents $ 27,260 $ 51,579 Restricted cash 975 975 Total cash, cash equivalents and restricted cash $ 28,235 $ 52,554

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Financial Assets & Liabilities Measured At Fair Value On Recurring Basis	The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): December 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market fund $ 13,538 $ — $ — $ 13,538 Total cash equivalents 13,538 — — 13,538 Marketable securities U.S. Treasury securities 59,411 — — 59,411 U.S. government agency securities — 34,882 — 34,882 Corporate debt securities — 18,882 — 18,882 Commercial paper — 104,588 — 104,588 Asset backed securities — 7,920 — 7,920 Total marketable securities 59,411 166,272 — 225,683 Total assets $ 72,949 $ 166,272 $ — $ 239,221 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 December 31, 2024 and 2023, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands): December 31, 2024 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Loss Value Marketable securities: U.S. Treasury securities $ 59,325 $ 124 $ ( 38 ) $ 59,411 U.S. government agency securities 34,773 109 — 34,882 Corporate debt securities 18,857 30 ( 5 ) 18,882 Commercial paper 104,523 109 ( 44 ) 104,588 Asset backed securities 7,914 7 ( 1 ) 7,920 Total marketable securities $ 225,392 $ 379 $ ( 88 ) $ 225,683 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 December 31, 2024, aggregated by major security type and length of time in a continuous loss position (in thousands): Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. government agency securities $ 21,315 $ ( 38 ) $ — $ — $ 21,315 $ ( 38 ) Corporate debt securities $ 3,939 $ ( 5 ) $ — $ — $ 3,939 $ ( 5 ) Commercial paper $ 31,832 $ ( 44 ) $ — $ — $ 31,832 $ ( 44 ) Asset backed securities $ 4,020 $ ( 1 ) $ — $ — $ 4,020 $ ( 1 ) 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 )

Consolidated Balance Sheet De_2

Consolidated Balance Sheet Details (Tables)	12 Months Ended
	Dec. 31, 2024
Consolidated Balance Sheet [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net as of December 31, 2024 and 2023 consisted of the following (in thousands): December 31, 2024 2023 Internal-use software $ 491 $ 491 Leasehold improvements 283 — Laboratory equipment 145 178 Furniture and fixtures 92 137 Computer hardware and software 58 58 Construction in progress 15 157 Property and equipment, gross 1,084 1,021 Less: accumulated depreciation ( 470 ) ( 259 ) Property and equipment, net $ 614 $ 762
Summary of Accrued Expenses	Accrued expenses consisted of the following (in thousands): December 31, 2024 2023 Accrued research and development costs $ 646 $ 1,868 Accrued clinical trial costs 1,575 4,831 Accrued payroll liabilities 5,347 7,742 Other accrued liabilities 943 984 Accrued related party liabilities 83 83 Total accrued expenses $ 8,594 $ 15,508
Summary of Accrued Severance Costs	A summary of accrued severance costs associated with the RIF as of December 31, 2024 is shown in the table below (in thousands): December 31, 2024 Accrued severance costs as of December 31, 2023 $ 2,178 Reduction in estimate for continued healthcare benefits ( 114 ) Cash payments ( 2,064 ) Accrued severance costs as of December 31, 2024 $ —

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases for the years ended December 31, 2024 and 2023 is as follows (in thousands): Year ended December 31, 2024 2023 Noncash activity: Right-of-use assets obtained in exchange for operating lease liabilities $ — $ 11,007
Summary of Future Minimum Payments under Non-cancellable Leases	Future minimum payments under non-cancellable leases as of December 31, 2024 were as follows (in thousands): Years ending December 31, 2025 $ 2,073 2026 2,135 2027 2,199 2028 2,265 2029 2,333 Thereafter 3,828 Total future minimum lease payments 14,833 Less: imputed interest ( 4,039 ) Present value of lease liabilities 10,794 Less: lease liabilities, current ( 1,052 ) Lease liabilities, net of current portion $ 9,742

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Total Share Based Compensation Expense	Total stock-based compensation expense related to share-based awards was comprised of the following (in thousands): Year ended December 31, 2024 2023 Research and development $ 10,610 $ 14,590 General and administrative 12,321 13,998 Total stock-based compensation expense $ 22,931 $ 28,588 Stock-based compensation expense by type of share-based award (in thousands): Year ended December 31, 2024 2023 Stock options $ 19,297 $ 24,241 Restricted stock awards 37 109 Restricted stock units 3,472 4,030 Employee Stock Purchase Plan 125 208 Total stock-based compensation expense $ 22,931 $ 28,588
Summary of Stock Option Activity	The following table summarizes stock option activity for the year ended December 31, 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 2,974,250 2.82 Exercised ( 375,574 ) 0.69 Forfeited and cancelled ( 3,099,258 ) 14.15 Outstanding as of December 31, 2024 9,838,142 $ 11.52 7.94 $ 574 Options vested and expected to vest as of December 31, 2024 9,838,142 $ 11.52 7.94 $ 574 Options exercisable as of December 31, 2024 4,661,311 $ 13.96 7.09 $ 360
Summary of Assumptions Used in 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: Year ended December 31, 2024 2023 Risk-free interest rate 3.5 % - 5.2 % 3.4 % - 5.4 % Expected volatility 99.7 % - 103.3 % 67.5 % - 100.4 % Expected term (in years) 0.3 - 10.0 0.3 - 10.0 Expected dividend yield — —
Summary of Restricted Stock Award Activity	The following table summarizes restricted stock award activity for the year ended December 31, 2024: Weighted Average Grant Date Number Fair Value of Shares Per Share Unvested balance as of December 31, 2023 13,236 $ 3.45 Vested ( 13,236 ) 3.45 Unvested balance as of December 31, 2024 —
Summary of Restricted Stock Unit Activity	The following table summarizes restricted stock unit activity for the year ended December 31, 2024: Weighted Average Grant Date Number Fair Value of Shares Per Share Balance as of December 31, 2023 530,726 $ 21.11 Granted — — Vested ( 214,385 ) 18.61 Forfeited and cancelled ( 49,526 ) 29.72 Unvested balance as of December 31, 2024 266,815 $ 21.52

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders: Year ended December 31, 2024 2023 (in thousands, except share and per share amounts) Numerator: Net loss $ ( 135,122 ) $ ( 192,962 ) Denominator: Weighted average shares of common stock outstanding, basic and diluted 68,478,172 58,542,974 Basic and diluted net loss per share attributable to common $ ( 1.97 ) $ ( 3.30 )
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 December 31, 2024 and 2023, because to do so would be anti-dilutive: Year ended December 31, 2024 2023 Shares issuable upon exercise of stock options 9,838,142 10,338,724 Unvested restricted stock units 266,815 530,726 Unvested restricted stock awards — 13,236 Shares purchasable under the 2021 Employee Stock Purchase Plan 62,799 64,823 Total 10,167,756 10,947,509

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Net Loss Before Provision for Income Taxes	The amount of net loss before provision for income taxes for the years ended December 31, 2024 and 2023 is as follows (in thousands): Year ended December 31, 2024 2023 U.S. net loss before income taxes $ ( 40,775 ) $ ( 121,383 ) Foreign net loss before income taxes ( 94,311 ) ( 71,548 ) Net loss before income taxes $ ( 135,086 ) $ ( 192,931 )
Schedule of Reconciliation of Federal Statutory Rate to Effective Tax Rate	A reconciliation of the federal statutory rate to the effective tax rate for loss from continuing operations for the years ended December 31, 2024 and 2023 is as follows: Year ended December 31, 2024 2023 % of pre-tax loss: Statutory federal income tax rate 21.0 % 21.0 % Foreign rate differential 2.8 % 1.5 % Foreign non-deductible interest expense - 1.8 % - 0.6 % Prior year adjustments - 0.2 % 3.5 % Officers compensation limitation - 0.2 % - 2.0 % Stock compensation - 1.6 % 1.7 % Research and development credits 4.2 % 2.5 % Other - 0.4 % 0.0 % Valuation allowance - 23.8 % - 27.6 % Effective income tax rate 0.0 % 0.0 %
Schedule of Significant Components of Deferred Tax	Significant components of the deferred tax balances at December 31, 2024 and 2023 are presented below (in thousands): December 31, 2024 2023 Deferred tax assets: Net operating losses $ 76,809 $ 52,827 Stock compensation 7,165 4,845 Research and development credits 14,512 8,874 Research and development expenses 30,812 30,321 Unrealized gain on marketable securities ( 61 ) ( 6 ) Operating lease liabilities 2,267 2,620 Other 796 1,073 Total gross deferred tax assets 132,300 100,554 Valuation allowance ( 130,194 ) ( 98,073 ) Total deferred tax assets, net 2,106 2,481 Deferred tax liabilities: Property and equipment ( 76 ) ( 71 ) Operating lease right-of-use assets ( 2,030 ) ( 2,410 ) Total deferred tax liabilities ( 2,106 ) ( 2,481 ) Net deferred tax assets $ — $ —
Schedule of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024 and 2023 is as follows (in thousands): December 31, 2024 2023 Balance at beginning of period $ 1,869 $ 1,208 Decrease related to prior year tax positions ( 641 ) ( 717 ) Increase related to current year tax positions 1,021 1,378 Balance at end of period $ 2,249 $ 1,869

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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): Year ended December 31, 2024 2023 Research and development - Bayside $ 1,001 $ 1,023 Total research and development - related party $ 1,001 $ 1,023

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Reconciled to Consolidated Net Loss	Significant segment expenses which are regularly reported to the CODM for purposes of making decisions regarding the allocation of resources are included within the table below and are reconciled to consolidated net loss: Year ended December 31, 2024 2023 VTX958 $ 24,569 $ 80,577 Tamuzimod (formerly VTX002) 34,603 38,363 VTX2735 8,304 3,306 VTX3232 13,523 5,315 Other segment items (1) 67,451 80,433 Total operating expenses 148,450 207,994 Loss from operations ( 148,450 ) ( 207,994 ) Interest Income ( 13,416 ) ( 15,074 ) Other expense 88 42 Total other (income) expense ( 13,328 ) ( 15,032 ) Net Loss $ ( 135,122 ) $ ( 192,962 ) (1) Other segment items are comprised of research and development expenses that are not allocated to each program. These costs include R&D employee and consultant costs as well as allocations of consolidated overhead and stock compensation. Further, general and administrative expenses are included within other segment items as although they are regularly provided to the CODM, they are not utilized as part of the decision making process as it relates to the allocation of resources.

Organization and Business - Add

Organization and Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Sep. 23, 2024	Mar. 11, 2024	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Net proceeds from private placement after deducting fees and issuance costs			$ 95,046	$ 48,408
Accumulated deficit			554,309	$ 419,187
Cash, cash equivalents, and marketable securities			252,900
Restricted cash			$ 1,000
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)	1 Months Ended	12 Months Ended
	Jul. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number Of operating segments | Segment		1
Impairment charges		$ 300,000
Capitalized internal-use software costs		0	$ 300,000
San Diego Asset Group
Summary Of Significant Accounting Policies [Line Items]
Impairment charges		0
Encinitas Asset Group
Summary Of Significant Accounting Policies [Line Items]
Impairment charges		300,000
Sublease Agreement Executed with Neurocrine Biosciences, Inc. | Bank of America
Summary Of Significant Accounting Policies [Line Items]
Credit card account secured by cash deposit				$ 500,000
Sublease Agreement Executed with Neurocrine Biosciences, Inc. | Bank of America | Restricted Cash
Summary Of Significant Accounting Policies [Line Items]
Secured deposits		$ 1,000,000
Sublease Agreement Executed with Neurocrine Biosciences, Inc. | Letter of Credit | Bank of America
Summary Of Significant Accounting Policies [Line Items]
Debt instrument issued by bank on behalf of company	$ 500,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful life		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life		7 years
Percentage of total income tax payments		5%
ASU 2016-13
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, 2023
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
ASU 2023-07
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

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	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 27,260	$ 51,579
Restricted cash	975	975
Total cash, cash equivalents and restricted cash	$ 28,235	$ 52,554

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets & Liabilities Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Total assets	$ 1,100
Fair Value, Recurring
Assets:
Total assets	239,221	$ 248,350
Fair Value, Recurring | Cash Equivalents
Assets:
Total assets	13,538	47,709
Fair Value, Recurring | Cash Equivalents | Money Market Fund
Assets:
Total assets	13,538	40,241
Fair Value, Recurring | Cash Equivalents | Commercial Paper
Assets:
Total assets		7,468
Fair Value, Recurring | Marketable Securities
Assets:
Total assets	225,683	200,641
Fair Value, Recurring | Marketable Securities | U.S. Treasury Securities
Assets:
Total assets	59,411
Fair Value, Recurring | Marketable Securities | U.S. government agency securities
Assets:
Total assets	34,882	67,208
Fair Value, Recurring | Marketable Securities | Corporate Debt Securities
Assets:
Total assets	18,882
Fair Value, Recurring | Marketable Securities | Commercial Paper
Assets:
Total assets	104,588	118,465
Fair Value, Recurring | Marketable Securities | Asset Backed Securities
Assets:
Total assets	7,920	14,968
Fair Value, Recurring | Level 1
Assets:
Total assets	72,949	40,241
Fair Value, Recurring | Level 1 | Cash Equivalents
Assets:
Total assets	13,538	40,241
Fair Value, Recurring | Level 1 | Cash Equivalents | Money Market Fund
Assets:
Total assets	13,538	40,241
Fair Value, Recurring | Level 1 | Marketable Securities
Assets:
Total assets	59,411
Fair Value, Recurring | Level 1 | Marketable Securities | U.S. Treasury Securities
Assets:
Total assets	59,411
Fair Value, Recurring | Level 2
Assets:
Total assets	166,272	208,109
Fair Value, Recurring | Level 2 | Cash Equivalents
Assets:
Total assets		7,468
Fair Value, Recurring | Level 2 | Cash Equivalents | Commercial Paper
Assets:
Total assets		7,468
Fair Value, Recurring | Level 2 | Marketable Securities
Assets:
Total assets	166,272	200,641
Fair Value, Recurring | Level 2 | Marketable Securities | U.S. government agency securities
Assets:
Total assets	34,882	67,208
Fair Value, Recurring | Level 2 | Marketable Securities | Corporate Debt Securities
Assets:
Total assets	18,882
Fair Value, Recurring | Level 2 | Marketable Securities | Commercial Paper
Assets:
Total assets	104,588	118,465
Fair Value, Recurring | Level 2 | Marketable Securities | Asset Backed Securities
Assets:
Total assets	$ 7,920	$ 14,968

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) MarketableSecurities	Dec. 31, 2023 USD ($) 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
Allowance for credit losses	$ 0
Available-for-sale marketable securities in an unrealized loss position | MarketableSecurities	14	10
Available-for-sale marketable securities in an unrealized loss position | MarketableSecurities	14	8
Available-for-sale marketable securities in an unrealized loss position greater than twelve months | MarketableSecurities		2
Accrued interest receivable on available-for-sale marketable securities	$ 1,000,000	$ 800,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets	Prepaid Expense and Other Assets
Accrued interest receivables write-off	$ 0	$ 0
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	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 225,392	$ 200,612
Gross Unrealized Gain	379	145
Gross Unrealized Loss	(88)	(116)
Fair Value	225,683	200,641
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	59,325
Gross Unrealized Gain	124
Gross Unrealized Loss	(38)
Fair Value	59,411
U.S. government agency securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	34,773	67,310
Gross Unrealized Gain	109
Gross Unrealized Loss		(102)
Fair Value	34,882	67,208
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	18,857
Gross Unrealized Gain	30
Gross Unrealized Loss	(5)
Fair Value	18,882
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	104,523	118,323
Gross Unrealized Gain	109	143
Gross Unrealized Loss	(44)	(1)
Fair Value	104,588	118,465
Asset Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	7,914	14,979
Gross Unrealized Gain	7	2
Gross Unrealized Loss	(1)	(13)
Fair Value	$ 7,920	$ 14,968

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Available For Sale Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	$ 21,315	$ 47,242
Less Than 12 Months, Unrealized Loss	(38)	(79)
12 Months or Longer, Fair Value		19,966
12 Months or Longer, Unrealized Loss		(23)
Total, Fair Value	21,315	67,208
Total, Unrealized Loss Position	(38)	(102)
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	3,939
Less Than 12 Months, Unrealized Loss	(5)
Total, Fair Value	3,939
Total, Unrealized Loss Position	(5)
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	31,832	9,965
Less Than 12 Months, Unrealized Loss	(44)	(1)
Total, Fair Value	31,832	9,965
Total, Unrealized Loss Position	(44)	(1)
Asset Backed Securities
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	4,020	9,854
Less Than 12 Months, Unrealized Loss	(1)	(13)
Total, Fair Value	4,020	9,854
Total, Unrealized Loss Position	$ (1)	$ (13)

Consolidated Balance Sheet De_3

Consolidated Balance Sheet Details - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,084	$ 1,021
Less: accumulated depreciation	(470)	(259)
Property and equipment, net	614	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	145	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	$ 15	$ 157

Consolidated Balance Sheet De_4

Consolidated Balance Sheet Details - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued research and development costs	$ 646	$ 1,868
Accrued clinical trial costs	1,575	4,831
Accrued payroll liabilities	5,347	7,742
Other accrued liabilities	943	984
Accrued related party liabilities	83	83
Total accrued expenses	$ 8,594	$ 15,508

Consolidated Balance Sheet De_5

Consolidated Balance Sheet Details - Summary of Accrued Severance Costs (Details) - Accrued Severance Costs $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 2,178
Reduction in estimate for continued healthcare benefits	(114)
Cash payments	(2,064)
Ending Balance	$ 0

Consolidated Balance Sheet De_6

Consolidated Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Depreciation	$ 266	$ 158
Severance costs		$ 2,200

Debt - Related Party - Converti

Debt - Related Party - Convertible SAFE Notes - Related Party - Additional Information (Details)	Sep. 23, 2024 shares
Series A Preferred Stock
Debt Instrument [Line Items]
Outstanding shares of convertible preferred stock converted into common stock	100

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 23, 2024
Class of Stock [Line Items]
Net proceeds from private placement after deducting fees to the placement agents and offering expenses	$ 95,046	$ 48,408
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		$ 50,000
Aggregate sales proceeds			$ 150,000
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%

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Feb. 29, 2024 Leases	Jul. 31, 2023 USD ($) SquareFeet	Mar. 31, 2021	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Lease expiration date	Jun. 30, 2026		Jun. 30, 2024	Jun. 30, 2026
Asset carrying amount				$ 1,400
Fair value amount				1,100
Impairment charges				$ 300
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 7 months 6 days
Operating lease, weighted average discount rate				10.10%
Operating lease costs				$ 2,400	$ 1,500
Operating lease payments				2,100	700
Operating lease liabilities				10,794
Operating lease right-of-use assets				9,669	11,509
Variable lease costs				200	200
Research and Development
Lessee, Lease, Description [Line Items]
Impairment charges				200
General and Administrative
Lessee, Lease, Description [Line Items]
Impairment charges				$ 100
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining term				1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining term				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
Subleased premises cost		$ 1,000
Subleasing premises percentage		3%
Letter of credit		$ 500
Security deposit made for letter of credit				$ 500
Encinitas Asset Group
Lessee, Lease, Description [Line Items]
Impairment charges				$ 300
Operating lease liabilities						$ 900
Operating lease right-of-use assets						$ 800

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Noncash activity:
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 11,007

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 2,073
2026	2,135
2027	2,199
2028	2,265
2029	2,333
Thereafter	3,828
Total future minimum lease payments	14,833
Less: imputed interest	(4,039)
Total lease liabilities	10,794
Less: lease liabilities, current	(1,052)	$ (1,001)
Lease liabilities, net of current portion	$ 9,742	$ 11,505

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Jan. 01, 2025 shares	Jan. 01, 2024 shares	Oct. 19, 2021 Offeringperiod shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) Employee $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 22,931	$ 28,588
Net decrease to stock-based compensation expense				$ 22,931	$ 28,588
Number of employees terminated | Employee					5
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of stock options granted | $ / shares				$ 2.3	$ 13.44
Total intrinsic value of stock options exercised				$ 1,000	$ 23,800
Expected dividend payments				$ 0
Expected dividend yield				0%
Stock-based compensation expense				$ 19,297	24,241
Net decrease to stock-based compensation expense					1,400
Unrecognized stock-based compensation expense				$ 27,600	$ 54,400
Unrecognized stock-based compensation expense, weighted average period				2 years 1 month 6 days	3 years
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				3 years
Stock-based compensation expense				$ 37	$ 109
Shares repurchased | shares				0	0
Employee Service Share Based Compensation Liability for Unvested Award				$ 0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				4 years
Stock-based compensation expense				$ 3,472	$ 4,030
Unrecognized stock-based compensation expense other than stock option				$ 4,100
Unrecognized stock-based compensation expense, weighted average period				1 year 4 months 24 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares that may be issued in accordance with plan | shares		2,962,617	5,102,000
Percentage of outstanding shares of common stock that may be issued in accordance with plan			5%
Number of common shares to be added | shares			4,978,561
Shares authorized for issuance | shares			5,612,000	12,366,264	9,018,173
Shares remained available for grant | shares				3,454,152	317,001
2021 Equity Incentive Plan | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares that may be issued in accordance with plan | shares	3,556,502
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]
Number of shares that may be issued in accordance with plan | shares			1,020,000
Percentage of outstanding shares of common stock that may be issued in accordance with plan			1%
Shares authorized for issuance | shares		592,523	510,000
Stock-based compensation expense				$ 100	$ 200
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
Shares issued under employee stock purchase plan, shares | shares				113,746	27,440
Weighted average price of shares issued under ESPP | $ / shares				$ 1.8	$ 9.09
2021 Employee Stock Purchase Plan | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance | shares	711,300
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 125	$ 208

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Total Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 22,931	$ 28,588
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	10,610	14,590
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 12,321	$ 13,998

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 22,931	$ 28,588
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	19,297	24,241
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	37	109
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	3,472	4,030
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 125	$ 208

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance	10,338,724
Number of Shares, Granted	2,974,250
Number of Shares, Exercised	(375,574)
Number of Shares, Forfeited and cancelled	(3,099,258)
Number of Shares, Ending Balance	9,838,142	10,338,724
Number of Shares, Options vested and expected to vest	9,838,142
Number of Shares, Options exercisable	4,661,311
Weighted Average Exercise Price, Beginning balance	$ 14.42
Weighted Average Exercise Price, Granted	2.82
Weighted Average Exercise Price, Exercised	0.69
Weighted Average Exercise Price, Forfeited and cancelled	14.15
Weighted Average Exercise Price, ending balance	11.52	$ 14.42
Weighted Average Exercise Price, Options vested and expected to vest	11.52
Weighted Average Exercise Price, Options exercisable	$ 13.96
Weighted Average Contractual Term, Outstanding	7 years 11 months 8 days	8 years 2 months 26 days
Weighted Average Contractual Term,Options vested and expected to vest	7 years 11 months 8 days
Weighted Average Contractual Term, Options exercisable	7 years 1 month 2 days
Aggregate Intrinsic Value	$ 574	$ 1,737
Aggregate Intrinsic Value, Options vested and expected to vest	574
Aggregate Intrinsic Value, Options exercisable	$ 360

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details) - Stock Options	12 Months Ended
	Dec. 31, 2024	Dec. 31, 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%	5.40%
Expected volatility, Minimum	99.70%	67.50%
Expected volatility, Maximum	103.30%	100.40%
Expected dividend yield	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	3 months 18 days	3 months 18 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	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance	13,236
Number of Shares, Vested	(13,236)
Number of Shares, Ending Balance	0
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 3.45
Weighted Average Grant Date Fair Value, Vested | $ / shares	$ 3.45

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	530,726
Number of Shares, Vested | shares	(214,385)
Number of Shares, Forfeited and cancelled | shares	(49,526)
Number of Shares, Ending Balance | shares	266,815
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 21.11
Weighted Average Grant Date Fair Value, Vested | $ / shares	18.61
Weighted Average Grant Date Fair Value, Forfeited and cancelled | $ / shares	29.72
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 21.52

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net Income (Loss)	$ (135,122)	$ (192,962)
Denominator
Weighted average shares of common stock outstanding, basic	68,478,172	58,542,974
Weighted average shares of common stock outstanding, diluted	68,478,172	58,542,974
Basic net loss per share attributable to common shareholders	$ (1.97)	$ (3.3)
Diluted net loss per share attributable to common shareholders	$ (1.97)	$ (3.3)

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	10,167,756	10,947,509
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	9,838,142	10,338,724
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	266,815	530,726
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		13,236
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	62,799	64,823

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Details) - Kalika Biosciences, Inc. - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Employee benefit plan, description		401(k) plan
Employer matching contribution percent of match	100%	50%
Defined contribution plan employer matching contribution percent	3%	8%
Defined contribution plan employer matching contribution percent two	2%
Defined contribution plan employer matching contribution percent one	50%
Defined contribution plan employers matching contribution vesting percentage for first year	35%	35%
Defined contribution plan employers matching contribution vesting percentage for second year	70%	70%
Defined contribution plan		$ 0.4	$ 0.5
Defined contribution plan employers matching contribution vesting percentage for third year	100%	100%

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. net loss before income taxes	$ (40,775)	$ (121,383)
Foreign net loss before income taxes	(94,311)	(71,548)
Net loss before income taxes	$ (135,086)	$ (192,931)

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income tax rate	21%	21%
Foreign rate differential	2.80%	1.50%
Foreign non-deductible interest expense	(1.80%)	(0.60%)
Prior year adjustments	(0.20%)	3.50%
Officers compensation limitation	(0.20%)	(2.00%)
Stock compensation	(1.60%)	1.70%
Research and development credits	4.20%	2.50%
Other	(0.40%)	0%
Valuation allowance	(23.80%)	(27.60%)
Effective income tax rate	0%	0%

Income Taxes - Schedule of Sign

Income Taxes - Schedule of Significant Components of Deferred Tax (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 76,809	$ 52,827
Stock compensation	7,165	4,845
Research and development credits	14,512	8,874
Research and development expenses	30,812	30,321
Unrealized gain on marketable securities	(61)	(6)
Operating lease liabilities	2,267	2,620
Other	796	1,073
Total gross deferred tax assets	132,300	100,554
Valuation allowance	(130,194)	(98,073)
Total deferred tax assets, net	2,106	2,481
Deferred tax liabilities:
Property and equipment	(76)	(71)
Operating lease right-of-use assets	(2,030)	(2,410)
Total deferred tax liabilities	$ (2,106)	$ (2,481)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, limitations on use description	The losses do not expire, but are limited to 80% utilization against taxable income.
Operating loss carryforwards, limitations on use percentage	80%
Unrecognized tax benefits	$ 2,249,000	$ 1,869,000	$ 1,208,000
Unrecognized tax benefits that would impact effective tax rate	2,100,000
Interest and penalties	0	0
Deferred tax assets	14,512,000	8,874,000
Deferred tax assets adjustment to tax attributes	500,000
United Kingdom
Operating Loss Carryforwards [Line Items]
Pre-trading expenditures	$ 266,300,000	185,800,000
Expenditure incurred prior to trade commencing period	7 years
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	$ 48,800,000	$ 30,400,000
Federal | Research and Development Tax Credits
Operating Loss Carryforwards [Line Items]
Tax credits carry forward amount	$ 13,100,000
Research and development tax credit carryforwards expiration year	2040
State | Research and Development Tax Credits
Operating Loss Carryforwards [Line Items]
Tax credits carry forward amount	$ 4,500,000

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 1,869	$ 1,208
Decrease related to prior year tax positions	(641)	(717)
Increase related to current year tax positions	1,021	1,378
Balance at end of period	$ 2,249	$ 1,869

Related Party Transactions - Su

Related Party Transactions - Summary of Expense Recognized Under the Related Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Total research and development	$ 117,002	$ 175,767
Bayside
Related Party Transaction [Line Items]
Total research and development	1,001	1,023
Related Party
Related Party Transaction [Line Items]
Total research and development	$ 1,001	$ 1,023

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - Related Party - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Expenses
Related Party Transaction [Line Items]
Due to related parties	$ 0.1	$ 0.1
Prepaid Expenses and Other Current Assets
Related Party Transaction [Line Items]
Due from related parties	$ 0	$ 0

Segment Information - Additiona

Segment Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment reporting, CODM, profit (loss) measure, how used, description	The CODM assesses performance for the Company's single operating segment and decides how to allocate resources based on research and development expenses incurred, which is a component of the Company's consolidated net loss as reported on the consolidated statement of operations and comprehensive loss.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Segment Information - Schedule

Segment Information - Schedule of Reconciled to Consolidated Net Loss (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total operating expenses		$ 148,450	$ 207,994
Loss from operations		(148,450)	(207,994)
Interest income		(13,416)	(15,074)
Other expense		88	42
Total other (income) expense		(13,328)	(15,032)
Net loss		(135,122)	(192,962)
VTX958
Segment Reporting Information [Line Items]
Total operating expenses		24,569	80,577
Tamuzimod (formerly VTX002)
Segment Reporting Information [Line Items]
Total operating expenses		34,603	38,363
VTX2735
Segment Reporting Information [Line Items]
Total operating expenses		8,304	3,306
VTX3232
Segment Reporting Information [Line Items]
Total operating expenses		13,523	5,315
Other Segment Items
Segment Reporting Information [Line Items]
Total operating expenses	[1]	$ 67,451	$ 80,433
[1] Other segment items are comprised of research and development expenses that are not allocated to each program. These costs include R&D employee and consultant costs as well as allocations of consolidated overhead and stock compensation. Further, general and administrative expenses are included within other segment items as although they are regularly provided to the CODM, they are not utilized as part of the decision making process as it relates to the allocation of resources.