UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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Item 2.05. Costs Associated with Exit or Disposal Activities.
On December 5, 2023, Ventyx Biosciences, Inc. (the “Company”), committed to and implemented a reduction in force that impacted approximately 20% of the Company’s workforce.
The Company expects to recognize approximately $2.0 million in total expenses for severance and related benefits for employees laid off under the reduction in force, consisting primarily of severance payments and continued healthcare benefits for a specific period of time. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the reduction in force.
Additional details will be provided in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VENTYX BIOSCIENCES, INC. | ||||||
| By: | /s/ Raju Mohan | |||||
| Raju Mohan, Ph.D. | ||||||
| President and Chief Executive Officer | ||||||
| Date: December 7, 2023 | ||||||
Document and Entity Information |
Dec. 05, 2023 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001851194 |
| Document Type | 8-K |
| Document Period End Date | Dec. 05, 2023 |
| Entity Registrant Name | Ventyx Biosciences, Inc. |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-40928 |
| 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 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, $0.0001 par value per share |
| Trading Symbol | VTYX |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Entity Ex Transition Period | false |