The company continues to report zero revenue while structural operating losses have narrowed from $58.0M in 2023Q3 to $24.9M in 2025Q3 following a strategic shift in clinical focus.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - |
| Operating Expenses | 116.72M | 148.45M | 207.99M | 113.14M | 67.15M | 7.05M | 4.18M |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 29.03M | 31.45M | 32.23M | 25.4M | 8.67M | 684K | 628K |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 87.69M | 117M | 175.77M | 87.74M | 58.48M | 6.37M | 3.55M |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -116.72M | -148.45M | -207.99M | -113.14M | -67.15M | -7.05M | -4.18M |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 28.63% | -83.84% | -68.49% | -852.44% | -68.66% | - |
| EBITDA | -115.67M | -147.1M | -207.05M | -112.67M | -67.12M | 0 | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | 29.87% | 28.95% | -83.78% | -67.87% | - | - | - |
| D&A (Non-Cash Add-back) | 1.05M | 1.35M | 941K | 470K | 30K | 7.05M | 4.18M |
| EBIT | -114.68M | -148.45M | -207.99M | -113.14M | -83.65M | -7.05M | -4.18M |
| Net Interest Income | 10.14M | 13.42M | 15.07M | 4.67M | -21K | -357.64K | -145.85K |
| Interest Income | 10.14M | 13.42M | 15.07M | 4.67M | 78K | 358 | 146 |
| Interest Expense | 0 | 0 | 0 | 0 | 99K | 358K | 146K |
| Other Income/Expense | 10.12M | 13.33M | 15.03M | 4.71M | -16.6M | -21.12M | -147K |
| Pretax Income | -106.61M | -135.12M | -192.96M | -108.43M | -83.75M | -28.17M | -4.33M |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -106.61M | -135.12M | -192.96M | -108.43M | -83.75M | -28.17M | -4.47M |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | 30.1% | 29.97% | -77.97% | -29.47% | -197.25% | -529.87% | - |
| Net Income (Continuing) | -106.61M | -135.12M | -192.96M | -108.43M | -83.75M | -28.17M | -4.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.50 | -1.97 | -3.30 | -2.06 | -1.69 | -0.56 | -2.29 |
| EPS Growth % | 36.44% | 40.3% | -60.19% | -21.89% | -201.79% | 75.55% | - |
| EPS (Basic) | - | -1.97 | -3.30 | -2.06 | -1.69 | -0.56 | -2.29 |
| Diluted Shares Outstanding | 71.3M | 68.48M | 58.54M | 52.47M | 50.41M | 50.3M | 1.96M |
| Basic Shares Outstanding | 71.3M | 68.48M | 58.54M | 52.47M | 50.41M | 50.3M | 1.96M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Critical liquidity and funding
As reported in recent financial filings, Ventyx has successfully reduced quarterly R&D expenditures from a peak of $49.8M in 2023Q3 to $17.7M by 2025Q3, reflecting a deliberate effort to extend the company's limited cash runway through more focused clinical trial management and reduced overhead.
The significant contraction in R&D spending suggests a pivot toward a leaner operational model following the VTX958 psoriasis trial results. While this reduction preserves capital, investors should monitor whether these lower spending levels are sufficient to maintain the momentum of the remaining NLRP3 and S1P1 programs.
Based on the company's income statements, stock-based compensation remains a persistent non-cash expense, totaling $4.6M in 2025Q3, which effectively obscures the true magnitude of the firm's operational cash burn while diluting existing shareholders during a period of significant clinical uncertainty and limited liquidity.
The reliance on equity-based incentives to retain scientific talent in a high-cost hub like California creates a persistent wedge between reported net losses and actual cash depletion. This practice warrants further investigation, as it may artificially inflate the perceived cost-efficiency of the company's ongoing research initiatives.
According to historical income statement data, the 2024 transition period marked a definitive inflection point where the company shifted away from the VTX958 psoriasis program, resulting in a structural reduction in quarterly operating losses from $58.0M in 2023Q3 to $24.9M by 2025Q3.
This operational pivot appears to be a defensive reaction to clinical data that failed to meet market expectations, forcing a reallocation of resources toward higher-risk, potentially higher-reward neurology assets. The lasting impact of this shift is a company with a significantly smaller footprint but a much narrower path to commercial viability.
Based on the reported cash balance of $27.26M, the company's financial position appears critically strained, suggesting that current operational burn rates may necessitate an immediate and highly dilutive financing event to prevent a total cessation of clinical activities within the next two fiscal quarters.
Short-sellers would likely focus on the disconnect between the company's ambitious clinical pipeline and its rapidly depleting cash reserves. This vulnerability suggests that the firm may be forced to accept unfavorable terms for capital, which could severely impair the long-term value proposition for current equity holders.
Quick answers to the most common questions about buying VTYX stock.
For fiscal year 2024, Ventyx Biosciences, Inc. (VTYX) reported total revenue of $0.0M.
Ventyx Biosciences, Inc. (VTYX) reported a net loss of $135.1M for the fiscal year ending 2024.