XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Organization and Business
3 Months Ended
Mar. 31, 2022
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 pharmaceutical company developing a pipeline of novel small molecule product candidates to address a range of inflammatory diseases with significant unmet medical need. The Company was incorporated in the State of Delaware in November 2018, with its principal operations in California. The Company leverages its drug discovery and development expertise to develop novel and differentiated therapeutics that target both the innate and adaptive immune system.

 

Initial Public Offering

 

The Company's registration statement on Form S-1 ("Registration Statement") related to its initial public offering ("IPO") was declared effective on October 20, 2021, and the Company's common stock began trading on the Nasdaq Global Select Market ("Nasdaq") on October 21, 2021. In its initial public offering, the Company sold an aggregate of 10,893,554 shares of its common stock, including 1,420,898 shares sold pursuant to the underwriters' over-allotment option, at a public offering price of $16.00 per share. The Company received net proceeds of approximately $158.8 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company, from sales of its shares in the IPO.

 

In connection with the closing of the initial public offering, all 12.5 million outstanding shares of Series A Convertible Preferred Stock ("Series A Preferred Stock"), 18.8 million outstanding shares of Series A-1 Convertible Preferred Stock ("Series A-1 Preferred Stock") and 4.0 million shares of Series B Convertible Preferred Stock ("Series B Preferred Stock") converted into an aggregate of 35.3 million shares of common stock.