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Ventyx Biosciences, Inc. (VTYX)·Q4 2024 Earnings Summary

Executive Summary

  • Ventyx reported a narrower net loss and lower operating expenses in Q4 2024, ending the year with $252.9M in cash, cash equivalents and marketable securities, which management believes funds operations into at least H2 2026 .
  • No product revenue was reported; the quarter is best assessed on OpEx discipline and pipeline execution. EPS was $(0.41), improving from $(0.50) in Q3 and $(0.79) in Q4 2023 .
  • Management highlighted multiple 2025 data catalysts: VTX3232 Parkinson’s Phase 2 biomarker readout in Q2 2025; VTX3232 obesity/cardiometabolic Phase 2 and VTX2735 recurrent pericarditis Phase 2 toplines in H2 2025—key near-term stock drivers .
  • No Q4 2024 earnings call transcript was available in the document set; comparisons to Wall Street estimates were not possible because S&P Global consensus data could not be retrieved at this time (API limit).

What Went Well and What Went Wrong

What Went Well

  • Operating expense discipline: R&D fell to $24.8M in Q4 2024 vs $30.6M in Q3 2024 and $42.0M in Q4 2023; G&A also declined year over year to $7.6M vs $8.3M in Q4 2023, narrowing net loss to $29.4M vs $35.2M in Q3 and $46.8M in Q4 2023 .
  • Pipeline momentum: Clear timelines for three Phase 2 readouts in 2025 (VTX3232 PD in Q2; VTX3232 obesity/cardiometabolic in H2; VTX2735 pericarditis in H2), supporting a catalyst-rich year .
  • Management’s positioning and tone: “Ventyx has established itself as the leader in the field of NLRP3 inhibition... We are on track to complete the Phase 2 biomarker trial of VTX3232 in Parkinson’s disease in Q2 2025... 2025 promises to be an exciting year” — Raju Mohan, PhD, CEO .

What Went Wrong

  • No revenue and continued losses: Ventyx remains a clinical-stage company with no product revenue, and posted a Q4 net loss of $29.4M (EPS $(0.41)) .
  • IBD portfolio uncertainty: VTX958 Crohn’s Phase 2 missed the primary symptomatic endpoint, though showed robust, dose-dependent endoscopic responses; next steps rely on continued analyses and potential partnerships rather than near-term internal investment .
  • Limited disclosure avenues this quarter: No Q4 2024 earnings call transcript was available in the corpus, reducing outside-in visibility into Q&A clarifications and near-term OpEx/guidance color.

Financial Results

Quarterly sequential trend (oldest → newest):

MetricQ2 2024Q3 2024Q4 2024
R&D Expense ($USD Millions)$27.81 $30.63 $24.82
G&A Expense ($USD Millions)$7.91 $7.92 $7.60
Total Operating Expenses ($USD Millions)$35.71 $38.55 $32.42
Net Loss ($USD Millions)$(31.95) $(35.25) $(29.35)
EPS, Basic & Diluted ($)$(0.45) $(0.50) $(0.41)
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$279.70 $274.83 $252.94

Year-over-year Q4 comparison:

MetricQ4 2023Q4 2024
R&D Expense ($USD Millions)$42.02 $24.82
G&A Expense ($USD Millions)$8.33 $7.60
Total Operating Expenses ($USD Millions)$50.35 $32.42
Net Loss ($USD Millions)$(46.75) $(29.35)
EPS, Basic & Diluted ($)$(0.79) $(0.41)

KPI snapshot:

KPIQ2 2024Q3 2024Q4 2024
Shares Used for EPS (Basic & Diluted)70,554,718 70,667,570 70,810,758
Cash Runway GuidanceInto at least H2 2026 Into at least H2 2026 Into at least H2 2026

Notes: Company did not report product revenue in the Q2/Q3/Q4 2024 press releases/8-Ks; financial statements focus on operating expenses and net loss .

Consensus vs actual (estimates unavailable):

PeriodEPS ActualRevenue ActualConsensus EPS (S&P Global)Consensus Revenue (S&P Global)
Q4 2024$(0.41) N/A (no product revenue reported)Unavailable (API limit)Unavailable (API limit)

Guidance Changes

Metric/TopicPeriodPrevious Guidance (Q2/Q3 2024)Current Guidance (Q4 2024)Change
VTX3232 Parkinson’s Phase 2 biomarker readout2025H1 2025 (Q2/Q3 indicated H1 timing) Q2 2025 specified Narrowed window/maintained
VTX3232 obesity & cardiometabolic Phase 2 topline2025H2 2025 H2 2025 Maintained
VTX2735 recurrent pericarditis Phase 22025Initiation by year-end 2024; topline not previously dated Topline H2 2025; open-label ~30 pts, 6-week primary period New detail (topline timing)
Cash runwayMulti-yearInto at least H2 2026 Into at least H2 2026 Maintained
VTX958 Crohn’s disease strategy2024-2025Deprioritized for internal resources pending analysis; not committing significant internal resources Emphasizes robust endoscopic/biomarker signals; exploring path incl. partnerships; ECCO poster presented Reframed, still partner-led

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was available; themes below reflect disclosures across prior-quarter press releases and the Q4 press release.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q4 2024)Trend
NLRP3 leadership and portfolio (VTX3232, VTX2735)Advancing 2+ Phase 2s; best-in-class positioning; PD and obesity/cardiometabolic trials planned/initiating Three 2025 topline readouts reiterated; CEO emphasizes “leader in NLRP3 inhibition” Consistent, execution focus
Parkinson’s disease (VTX3232)Phase 2a initiated; H1 2025 topline Q2 2025 specified; CSF/plasma biomarkers, TSPO PET exploratory Timing narrowed; biomarker-led
Obesity/cardiometabolic (VTX3232)Trial to initiate by YE’24; H2 2025 topline Active Phase 2; design with semaglutide combination arm; H2 2025 topline On plan; combination strategy
Recurrent pericarditis (VTX2735)Trial to initiate by YE’24 Open-label design (~30 pts), topline H2 2025 Greater detail; timing set
IBD portfolio (tamuzimod UC; VTX958 CD)Tamuzimod LTE positive; seek partner for Ph3; VTX958 missed symptomatic endpoint but had endoscopic signal; deprioritized internally Tamuzimod Phase 2 induction data published in Lancet; VTX958 endoscopic/biomarker signals highlighted; ongoing analyses/partner path -Tamuzimod profile reinforced; VTX958 partner-dependence
Cash/OpEx disciplineCash runway into H2 2026; declining R&D YoY Cash $252.9M, runway into H2 2026; R&D and net loss down QoQ/YoY Maintained runway; tighter OpEx

Management Commentary

  • “Heading into 2025, Ventyx has established itself as the leader in the field of NLRP3 inhibition... We are on track to complete the Phase 2 biomarker trial of VTX3232 in Parkinson’s disease in Q2 2025... In the second half of 2025, we expect to share results from the Phase 2 trial of VTX3232 in participants with obesity and cardiometabolic risk factors and the Phase 2 trial of VX2735 in patients with recurrent pericarditis.” — Raju Mohan, PhD, CEO .
  • Q4 press materials emphasize pipeline breadth (CNS/peripheral NLRP3, cardiometabolic) and potential best-in-class positioning, while continuing to explore partnering for IBD assets (tamuzimod UC, VTX958 CD) - -.

Q&A Highlights

  • No Q4 2024 earnings call transcript was available in the document set; no Q&A themes could be extracted. The company’s disclosures focused on pipeline timelines and financial updates via the press release/8-K -.

Estimates Context

  • S&P Global/Capital IQ consensus EPS and revenue for Q4 2024 were not retrievable at this time due to API limits; as a result, no vs-consensus analysis is included for this quarter. If desired, we can refresh and append consensus comparisons when access resumes.
  • Actuals for Q4 2024: EPS $(0.41); no product revenue reported; net loss $(29.4)M; cash $252.9M .

Key Takeaways for Investors

  • Multiple 2025 catalysts: Q2 (VTX3232 PD biomarker readout) and H2 (VTX3232 obesity/cardiometabolic and VTX2735 pericarditis) should dominate the narrative and trading setup in the next 6–9 months -.
  • OpEx discipline is evident (R&D and net loss lower QoQ and YoY), extending the cash runway into at least H2 2026 and reducing funding risk near-term .
  • Therapeutic optionality: Two differentiated NLRP3 inhibitors (CNS-penetrant and peripherally-restricted) diversify potential outcomes across neurodegenerative, cardiometabolic and inflammatory indications -.
  • IBD portfolio remains an asset for optionality/partnering: tamuzimod Phase 2 induction data highlighted in Lancet; VTX958 shows biological activity (endoscopy/biomarkers) despite symptomatic miss—commercial value will hinge on partnership strategy and next study design - -.
  • Without revenue, valuation will remain data-driven; stock likely trades on biomarker strength in PD, cardiometabolic signal, and pericarditis readout timing/profiles -.
  • Near-term tasks: monitor clinical operations to hit Q2/H2 readout timelines and watch for any business development on IBD assets that could extend cash or de-risk pipeline -.

Appendix: Source Documents

  • Q4/FY2024 8-K and Exhibit 99.1 press release (Feb 27, 2025) ; standalone press release -
  • Other relevant Q4 press releases: ECCO VTX958 data (Feb 18, 2025) -; Oppenheimer conference (Feb 5, 2025) ; 2025 pipeline strategy (Jan 14, 2025) -
  • Prior quarters for trend analysis: Q3 2024 press release and 8-K (Nov 7, 2024) - -; Q2 2024 press release and 8-K (Aug 8, 2024) - -