Shares of Ventyx Biosciences, a clinical-stage biopharmaceutical company, tumbled over 80% to hit a new all-time low on Tuesday. The San Diego-based company announced that it was discontinuing its efforts to develop VTX958 for the treatment of autoimmune diseases.

Shares Hitting All-Time Low

Ventyx Biosciences' shares were recently trading at $2.68, down 81%, after reaching a low of $2.37 earlier in the session.

Phase 2 Studies Terminated

Following the closing bell on Monday, Ventyx revealed that it would be terminating Phase 2 studies of VTX958 in plaque psoriasis and psoriatic arthritis. While the plaque psoriasis study successfully achieved its key endpoints, it did not meet the company's internal target to support further development.

Continued Study for Crohn's Disease

Ventyx specified that the ongoing Phase 2 study of VTX958 in Crohn's disease will continue to enroll participants. The company plans to conduct an interim efficacy analysis in the first quarter of 2024.

Strong Financial Position

Notably, Ventyx Biosciences disclosed that it currently has nearly $301 million in cash, equivalents, and marketable securities as of September 30.

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