Ventyx Biosciences (VTYX) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Company evolution and strategic focus

• Transitioned from a TYK2-focused immunology company to a broader immunology and CNS immunology platform, now emphasizing NLRP3 and IL-1 beta pathways.

• Successfully executed phase II trials for S1P1 (UC) and TYK2 (psoriasis); S1P1 data was highly competitive, while TYK2 was discontinued due to lack of competitiveness.

• Seeking a partner for S1P1 (VTX-002) phase III, highlighting its safety, non-brain penetrance, and strong endoscopic remission data.

• Expanded leadership with a new CMO and COO, bringing expertise in neuroinflammation and operational strength.

• NLRP3 platform now central, with growing interest in IL-1 beta’s cardiovascular effects.

Clinical pipeline updates and trial progress

• VTX-002 demonstrated unmatched endoscopic remission in UC, with a favorable safety profile and no cardiovascular ceiling, differentiating it from competitors.

• Productive FDA and EMA discussions allow a single phase III trial with the highest dose for VTX-002.

• VTX2735 (peripheral NLRP3 inhibitor) and VTX3232 (CNS-penetrant) both completed phase I; VTX2735 showed proof of mechanism in CAPS patients.

• VTX3232 biomarker study in early Parkinson’s disease initiated, with data expected in the first half of next year.

• Cardiometabolic study (obesity and related conditions) for VTX3232 to start by year-end, with data anticipated in early second half of next year.

Differentiation and scientific rationale

• VTX2735 designed as a novel sulfonylurea outside existing patents, with a unique, hard-to-replicate structure.

• VTX3232 built for brain penetration using a non-sulfonylurea scaffold, ensuring no brain accumulation and robust CNS exposure.

• Both compounds have strong IP protection and are positioned to address unmet needs in CNS and peripheral inflammatory diseases.

• Biomarker-driven approach in Parkinson’s and cardiometabolic studies to identify responsive patient populations and guide future development.

• Scenario planning underway to rapidly advance programs based on upcoming data, with flexibility to pursue additional indications like NASH or renal disease.