What drove VTYX's R&D expenses down in 2024?

Ventyx Biosciences' R&D expenses decreased from $49.8 million in Q3 2023 to $30.6 million in Q3 2024. This decrease was driven by several factors: 1. **Phase 2 Trials**: Ventyx has been advancing several clinical trials, including a Phase 2 trial for VTX3232 in obesity and cardiometabolic risk factors, and another for VTX2735 in recurrent pericarditis, both expected to initiate by year-end. The company also reported progress in its NLRP3 and IBD portfolios, emphasizing potential best-in-class profiles for its candidates. 2. **Setbacks in Crohn’s Disease Trial**: Despite some setbacks, such as the VTX958 trial in Crohn’s disease, Ventyx continues to explore its therapeutic potential while seeking partnerships for further development. The company indicated it will not conduct further trials of VTX958 with its internal resources, which may have contributed to the reduction in R&D expenses. 3. **Strategic Focus**: The company's strategic focus on specific trials and candidates, along with the decision not to advance certain projects, has likely played a role in the decrease in R&D expenses. In summary, Ventyx Biosciences' R&D expenses decreased in 2024 due to a combination of factors including the phase 2 trials, setbacks in Crohn’s Disease trial and strategic focus.