Good day, everyone, and welcome to today's Ventyx business update call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing the star and one key on your telephone keypad. You may withdraw yourself from the queue by pressing star two. Today's call is being recorded. I will stand by if you should need any assistance. It is now my pleasure to turn the conference over to Mr. Marty Auster. Please go ahead, sir. Thank you, Carrie. Hello, everyone. Thank you for joining us today. Before we begin, the prepared remarks and the slides, I'd like to remind the audience that today's remarks will contain forward-looking statements, such as those related to the progress of our clinical trials and anticipated data readouts. These forward-looking statements involve risks and uncertainties that could cause our actual results and events to differ materially from those contained in such statements. We urge you to review the Risk Factors section of our most recent Form 10-Q for the quarter ended June 30th, filed with the SEC, along with the statements contained in today's press release and within our slide presentation, which identify certain factors that could cause our actual results, performance, and events to differ materially. Additionally, these statements are based on information available to us today, and we undertake no obligation to update them as circumstances may change. Joining me on today's call are Dr. Raju Mohan, our Founder and Chief Executive Officer, Dr. Bill Sandborn, our President and Chief Medical Officer, Chris Krueger, our Chief Business Officer, and Dr. John Nuss, our Chief Scientific Officer. With that, I'd like to hand the call over to Raju. Thank you, Marty, and thanks to everybody for joining our call this afternoon, where we will be discussing the results of the phase II trial of our TYK2 inhibitor, VTX958 in plaque psoriasis and providing a business update. As you've all now seen in the press release that we recently issued at market close, the phase II psoriasis trial achieved its primary and all key secondary endpoints. While we achieved the expected target levels of drug exposure across the VTX958 treatment groups, this did not translate into a best-in-class efficacy profile, as we had anticipated. As such, we have made the very difficult decision to terminate the phase II trial of VTX958 in plaque psoriasis, as well as the ongoing phase II trial of VTX958 in psoriatic arthritis. The phase II trial of VTX958 in Crohn's disease will continue, with an interim efficacy analysis to be conducted in the first quarter of 2024. Before we get into the details of the data and related pipeline updates, I'd like to take a moment to extend my sincere thanks to all of the patients, investigators who participated in the phase II trial of VTX958 in psoriasis and psoriatic arthritis. I would also like to thank the entire Ventyx team, all my colleagues, for their tireless efforts in executing these trials, which is no small feat. Drug development is difficult and often a humbling process. And while we are disappointed to be delivering today's news, I am very grateful from the bottom of my heart for the consistent dedication and diligence of our team. With that, I'll hand the call over to Bill for a review of the phase II psoriasis data. Bill, please go ahead. Thank you, Raju. I would also like to extend my thanks to all of the participating patients and investigators and to the entire Ventyx team who worked so hard on this trial. The Ventyx team will, of course, be in touch with all of our sites and investigators in the coming days. I'll begin with an overview of the trial design on slide four. This phase II trial of VTX958 in moderate to severe plaque psoriasis was a 16-week, randomized, double-blind, placebo-controlled dose-ranging trial evaluating the efficacy and safety of four doses of VTX958. Eligibility criteria were consistent with similar trials in moderate to severe plaque psoriasis. The trial enrolled 200 participants, randomized and treated with one of four active doses of VTX958 or placebo for a 16-week treatment period, followed by a 16-week long-term extension period. VTX958 treatment groups included a low dose of 50 mg BID, a mid dose of 300 mg QD, and two higher doses of 225 mg BID and 300 mg BID, which were designed to provide all-day IC50 TYK2 coverage with substantial IC90 TYK2 coverage. Moving on to slide five. Baseline demographics and disease characteristics were generally consistent with expectations for a moderate to severe plaque psoriasis patient population. The mean baseline PASI score was about 18. The mean body surface area was just over 20%, and mean sPGA score was about 3.2. Approximately 1/3 of the patients had prior exposure to biologic therapy. As you can see, disease severity at baseline was well-balanced across treatment groups by each of these measures. Let's go on to slide six. Here you can see the participants and disposition of the study. Of note, a higher than anticipated discontinuation rate was observed, with 22% of patients discontinuing at the 225 mg BID dose and 21% at the 300 mg BID dose, compared with 16% of patients on placebo. These discontinuations were driven partially by adverse events, particularly at the higher doses, and also by participants lost to follow-up or withdrawing for other reasons unrelated to adverse events. Let's go on to slide seven. This shows the primary endpoint of PASI 75, as well as the PASI 90 and PASI 100 results across the doses. Both the 225 mg BID and the 300 mg BID doses achieved statistical significance on all three endpoints, as well as all other secondary endpoints in the trial. In the 300 mg BID treatment group, 49% of patients achieved PASI 75, 42% achieved PASI 90, and 14% achieved PASI 100. A dose response was generally observed across all three measures, plateauing at the higher doses of 225 mg BID and 300 mg BID. As Raju mentioned, we were disappointed with the magnitude of efficacy observed here, especially on the primary endpoint of PASI 75. Although the discontinuation rate is a clear contributing factor, most notably for the two higher doses, we would still expect to see more robust efficacy, particularly as our initial review of available PK data from the trial suggests that we achieved dose-dependent and robust target VTX958 exposure levels across the doses, with substantial IC90 coverage in both of the two high-dose groups. The data here are still relatively fresh for us, and we will work to better understand these results in the coming weeks, including exploring patient psoriasis lesion biopsy data to assess VTX958's distribution in the skin. Let's now go to slide eight. Here we see an overview of adverse events in the 16-week primary treatment period. The majority of adverse events were mild or moderate, and there were no serious adverse events considered to be related to study drug. The most common adverse events occurring in three or more patients in a treatment group included upper respiratory tract infections, nausea, and acne, all of which were mild or moderate in severity. Across all treatment groups, 15 patients discontinued due to adverse events. Adverse events leading to study discontinuation were most frequent in the two highest doses. In attempting to understand the higher-than-expected discontinuation review rate, we reviewed all of these events. However, there was no single adverse event or class of adverse events that accounted for the majority of these discontinuations. Moving on to slide nine. Here we see that the treatment emergent shifts in laboratory values with a CTCAE severity grade greater than or equal to three. Consistent with other studies conducted in this patient population, low rates of triglyceride and CPK elevations were observed. However, the rate of these events in the VTX958 treatment group was similar to or lower than in placebo. We also observed a low rate of liver enzyme elevations in the trial. Four participants experienced grade 3 elevations in one or more liver enzyme, including one participant on the 300 mg QD dose, one participant on the 225 mg BID dose, and two participants in the 300 mg BID dose. While this is a signal that we will continue to track, particularly at the highest dose of 300 mg BID, we are comforted that no accompanying elevations in total bilirubin were observed. Additionally, these events occurred predominantly in the context of extenuating circumstances such as alcohol use, infections, or preexisting fatty liver disease, and all of the events have since resolved. Moving on to slide 10. As Raju mentioned, based on our review and interpretation of these data, we have concluded that the efficacy results for VTX958 in psoriasis do not meet our internal threshold for advancement into phase III at this time. As such, we have made the difficult decision to terminate the phase II trial in plaque psoriasis. Because most patients with psoriatic arthritis also suffer from psoriasis, we believe that a competitive profile in psoriasis is requisite for commercial success in psoriatic arthritis. We also acknowledge that the clinical data generated by the TYK2 class in psoriatic arthritis to date has been somewhat less compelling compared to other mechanisms. For these reasons, we have decided to also terminate the ongoing phase II trial of VTX958 in psoriatic arthritis in the interest of conserving capital. The ongoing phase II trial in Crohn's disease will continue enrolling, with the addition of an interim efficacy analysis to be conducted in the first quarter of 2024. As you can see here, the trial is designed to enroll approximately 132 patients across placebo and two dose groups, which are the 225 mg BID and 300 mg BID dose groups. We are evaluating the drug effect on two co-primary endpoints, change from baseline in the mean Crohn's Disease Activity Index score, and the proportion of patients achieving endoscopic responses as measured by the Simple Endoscopic Score for Crohn's Disease. This trial is currently over 40% enrolled. While we are disappointed by the efficacy profile of VTX958 in psoriasis, pharmacokinetic data from the psoriasis trial confirms that we are reaching target levels of systemic exposure with VTX958. Additionally, in-house non-clinical data suggests that VTX958 may exhibit preferential biodistribution to gastrointestinal tissue. With minimal incremental capital commitment, the addition of an interim efficacy analysis will allow us to efficiently identify whether we have an efficacy signal and support a go or no-go decision on further development in Crohn's disease. I will now hand the call back to Raju for the final slides. Slide 11. Thanks, Bill. While we obviously focus on the psoriasis update today, we are mindful that we'd also promised an update on the development of our extended-release formulation for QD dosing. We promised it this quarter. To that end, I'd like to briefly update you all on the progress. Slide 10 shows our proprietary extended-release formulation, for which we have now completed initial human testing. This extended-release formulation exhibits our target release profile, approximating BID exposures with a single once-daily dose. Here we show the exposure profile of a single 375 mg extended-release dose compared to a 250 mg BID dose with our phase II immediate-release IR tablets. As you can see, the ER formulation achieves a more consistent exposure profile with similar or greater target coverage compared to the IR tablets, all with a lower total drug load. In this case, a total daily dose of 375 mg, with the ER formulation dosed once daily, compared to the total daily dose of 500 mg, with the immediate release or IR formulation, dosed twice daily. The exposure profile of the extended release or ER formulation also exhibits a lower coefficient of variation, or CV, relative to the immediate release or IR tablets. Next slide, please. To summarize, while the phase II psoriasis trial achieved its primary and all secondary endpoints at the 225 mg BID, 300 mg BID doses, we do not believe that the results of this trial support advancement to phase III in psoriasis or psoriatic arthritis at this time. As Bill discussed, we remain committed to our ongoing phase II trial of VTX958 in Crohn's disease, which we view as a higher value indication based on a relatively less competitive landscape for oral agents and our positioning as first mover, with VTX958 currently maintaining a one-year advantage or more over the other TYK2 inhibitors that may be developed in Crohn's disease. We will advance this trial to an interim analysis in the first quarter of this year, and this will guide our decisions on future development of VTX958 in Crohn's disease. Again, I am tremendously proud of the progress we have made with Ventyx's broad portfolio of clinical assets recently, and we expect to provide a number of other important portfolio updates in the first quarter of next year. In addition to the interim analysis for the VTX958 phase II Crohn's disease trial, we plan to provide a data update from the open-label extension of our S1P1 modulator, VTX002, phase II ulcerative colitis trial. We continue to view VTX002 as a potential best-in-disease oral agent for ulcerative colitis based on its strong efficacy profile, including a high rate of complete endoscopic remission and its potential best-in-class safety profile. We will also provide key updates on our NLRP3 inhibitor portfolio in the first quarter of 2024. This includes a data update from the phase II trial of VTX2735, our peripheral NLRP3 inhibitor in CAPS patients. Additionally, we plan to report data from the ongoing phase I trial of our novel CNS-penetrant NLRP3 inhibitor, VTX3232, in healthy volunteers, including data on drug exposure in the CNS from serial CSF sampling in these volunteers. We continue to view VTX2735 and VTX3232 as potential best-in-class NLRP3 inhibitors with broad therapeutic potential across a range of high-value cardiometabolic, rheumatologic, dermatologic, and CNS indications. Finally, we remain in a strong capital position, with just over $300 million in cash, cash equivalents, and marketable securities as of the end of the third quarter. We have previously communicated our expectation of cash runway into 2025, and we do expect that the discontinuation of phase II psoriasis and plaque psoriasis trials and corresponding phase III planning activities for VTX958 in psoriasis are likely to extend our cash runway. Next slide, please. Slide 13. In conclusion, and we're on the conclusion slide now. While we are disappointed with the outcome of the phase II psoriasis trial, we remain excited about our portfolio, and we look forward to delivering several data updates in the first quarter of next year, first quarter of 2024. As we move forward, we believe that our wholly owned portfolio of clinical product candidates affords us considerable strategic flexibility, including potential opportunities to bring in non-dilutive capital. This concludes our prepared remarks for today. As always, again, thank you for all your attention. We will now move to a brief Q&A session. Well, I'll be joined by Bill, Marty, John, and our Chief Business Officer, Chris Krueger. Operator, please go ahead and open the line. Thank you. At this time, if you would like to ask a question, please press the star and one on your touchtone keypad. You may remove yourself from the queue at any time by pressing star two. Please limit your questions to one per person, then reenter the queue for additional questions. Once again, it is star one to ask a question. We'll pause for a moment to allow questions to queue. And we'll take our first question from the line of Michael Yee with Jefferies. Please go ahead. Hi, good afternoon. This is Dennis on for Mike. I had one question and then a follow-up. Number one, could you potentially pivot 958 to other more rare diseases like lupus, given the competitive dynamics are much more different there? And then, as a follow-up on the Crohn's interim in Q1, what are your expectations there, given 958 didn't meet your internal bar in psoriasis despite the IC90 thesis? Is there any particular efficacy data that you are looking for with an oral? Thank you. Yeah, let me have Bill address the first question about additional indications and also on the Crohn's question. Yeah, I think, these, these data are fresh for us, and we're still, you know, thinking, thinking through some of the issues that you raised. For Crohn's disease, you know, we see recent benchmarks that we think are important with Rinvoq as an oral agent in Crohn's disease and Skyrizi as a, as a parenteral agent in Crohn's disease, as well as the phase II data with Tremfya in Crohn's disease. I think that the endpoints that are perhaps most interpretable are endoscopic improvement and endoscopic remission, as measured by the SES-CD score, and that would be in particular things that we would look at. It's really the totality of the data. You know, interim analyses have, you know, small sample size by nature, and you're looking for, you know, encouraging large effects. Yeah, and let me just add one footnote to what Bill said. Thanks, Bill. While the competitive profile in psoriasis and PsA, as we've said, does not mean our threshold for continuing these programs, you know, we know the Crohn's indication carries a higher unmet need. We know that there's a lower degree of competition among oral options, and we retain a meaningful first-order advantage here among the two inhibitors and also the oral IL-23's approach in IBD settings. So that's another footnote to some of the reasons that we've talked about here. Thanks. Our next question comes from the line of Yasmeen Rahimi with Piper Sandler. Please go ahead. Good afternoon, team. Sorry for these results. I know this must be a very challenging day for you guys. I understand. I guess, team, one of the questions that a lot of people have is, given what we saw in psoriasis, how do we have confidence that this target profile could be successful in the upcoming interim analysis? What were the reasons for these results? You know, if you could just kinda allude to it. And then lastly, sort of for Marty in terms of the cash runway, that would be helpful. And thank you for letting me ask my questions. Thanks, Yasmeen, and thanks for the sentiment. So let me start off, and then I'll have Bill add to that question as well. So you know, the thesis for TYK2 as a target in inhibiting the cytokine of interest, which is IL-23, is still remains, and it's still strong. From our perspective, we, as we showed in our early work, we have a robust inhibition of IL-12/23 in our whole blood assays. We have done profiling against other competitors. These are validated assays, so we're very confident in our assays for cytokine inhibition. We've also shown robust PD activity from our phase I trial across multiple doses, both in vivo as well as in ex vivo assays. We're very confident in our PD results. And based on the early look at the, and this is very early, obviously, at the psoriasis trial, we believe that we have achieved target exposures that we had predicted and anticipated from our modeling and from our phase I data in this particular trial. And I think what Bill mentioned is, again, very early, but he did mention that we have some internal data in the nonclinical analysis that shows it's superior biodistribution to the GI tissue with potential distribution to GI tissue with VTX958. And And again, we'll start to look at this in more details as we do an overall exposure response analysis from the psoriasis trial as well. So it's early days, but again, for the reasons I gave early on to Dennis's question as well, of why we believe that you know we should look at a continuing trial in Crohn's disease and an interim analysis, and I'll let Bill add to that as well. Yeah. I think really the incremental cost to get from here to the interim analysis is minimal. And you know, we try to take really a rational, evidence-based approach. We saw the data for Psoriasis, which we think carries through to Psoriatic Arthritis, and you saw today we made a definitive program decision based on those data. For Crohn's Disease, we just think it's given the minimal cost that it's important to go through the process of seeing what we have and in a proper fashion, and we will do that expeditiously. And you know, we'll follow where the data takes us. I mentioned a few minutes ago that we'll look at all the data, but particularly endoscopic findings, and if there's robust findings and that tracks back to what Raju said about a drug concentrating in the gut, then there could be a story there. And if that's not the case, then we can definitively act on that as well. So that's sort of how we see it. Yeah, I'd say it's Marty. I'll, I'll take the, the last part of the question. So as Raju indicated, we had $300.8 million. That's, that's, cash and cash equivalents at the end of the third quarter, September 30. We've previously communicated cash runway guidance into 2025. The effect of today's news is, is likely going to extend that runway, but as you know, we've got a bunch of incoming data in the first quarter, including with the Crohn's interim that Bill just talked about on 958, as well as updates on both of our NLRP3 programs. We'll plan to provide an update in the near future on sort of where that cash runway guidance goes based as the portfolio sort of comes together. But I think you can think of that into 2025 as a conservative estimate, with potential for that to be extended, based on, you know, changes in our decisions around sort of, phase III preparedness and buildup for 958 in psoriasis. Thank you, team. I'll jump back into the queue. We'll take our next question from the line of Chris Shibutani with Goldman Sachs. Please go ahead. Hi, thanks for taking the question. This is Stephen on for Chris. Just trying to understand the discontinuation rate a little better. I know you didn't see any class effects, so to speak, but can you just list off some of the top reasons or top AEs that led to patient discontinuations? And then as this data set relates to your pipeline, just curious, what kind of data, blinded or otherwise, did you have at the time of your S1P trial reading out earlier this month? Thank you. Or sorry, I should say in October. Bill, you want to address that first one? You know, I think I mentioned there were 15 discontinuations. There's no real, uh, rhyme or reason to it, so I think it's not productive to go through 15 different reasons. Steve, what was the second question? Would you mind repeating that? Yeah, just wondering what level of this data set you had in-house, blinded or otherwise, at the time that you disclosed your S1P results from VTX002. Yeah. So these trials are blinded, and it was unblinded last week, and we presented the data from the unblinded study for psoriasis here. So we don't really comment on blinded data. And as now, the PsA trial will be discontinued and unblinded, and we'll provide at some future point update on that as well. Got it. Okay. Thank you. And we'll take our next question from the line of Alex Thompson with Stifel. Please go ahead. Hey, great. Thanks for taking my question. Maybe, a little bit more detail around safety. I think there was a case of malignant neoplasm in one of the dose arms that you commented is unrelated to drug. Can you maybe talk a little about your confidence there? And then also, anything that you can say about blinded safety data for the ongoing Crohn's study, that'd be really helpful. Thank you. Bill? Yeah, it was a colon cancer, which, you know, obviously has a long genesis period and was discovered during the first 16 weeks of therapy, so the investigator thought it was unrelated, and that seems medically sensible to us. We are, we just don't comment on blinded data, so I won't comment on the blinded data for Crohn's disease. We'll take our next question from the line of Emily Bodnar. Please go ahead. Hi, thanks for taking the questions. I was curious, it looks like in the psoriasis data set, the 225 mg dose and the 300 mg dose were fairly similar in terms of efficacy. So curious how you're kind of thinking about that in terms of Crohn's disease since you're using the same doses there. Thank you. Yeah. So thanks, Emily, and again, I'll start off and Bill can add to that. So again, you know, we've shown the data from the doses here as well, and you've seen the efficacy across all three doses and among all the three endpoints here, 75, 90, and 100. So I think this data are very early here, and what we want to do is go back now and look in more detail at the, not just the dose efficacy, which we've shown here, which is the first pass, but now more detail at the exposure efficacy analysis across all those groups, and even drilling down at the patient level, and get a better understanding of each of the responses, i.e., both on the 75, 90, and 100. Then also an understanding and calibration of why or why not each of the three doses have similar or different efficacy endpoints as well. So, and then at some subsequent point, we may disclose these data, but for us, we have to go back now, in the next phase and try to understand more about the exposure-response analysis in particular. I also make another point here, which I don't want to miss, is that we've also taken lesion biopsies from the patients, for the doses that we talked about. In addition to looking at blood exposure-response analysis, we will also be looking at drug levels in the lesions of these patients as well and try to fit that into our understanding of the totality of the data. Thanks. All right, thank you. Yeah. Thank you, Emily. We'll take our next question from the line of Vikram Purohit with Morgan Stanley. Please go ahead. Hi, thank you. I think just one from us. I want to ask about, does the outcome in psoriasis impact your views on potential partnership options for VTX002? If so, how that would impact? Thank you. Yeah. So, you know, obviously, we're disappointed about the psoriasis data and have made a conscious decision to terminate the psoriatic arthritis for reasons that Bill has stated in our prepared remarks as well. So internally for us, we don't see the data here from the trial as being compelling in the sense of how we had defined our target profile or a differentiation profile, a best-in-class profile, no matter how you look at it. Now, in terms of whether there is a path forward with a partner and so on, I'm not going to comment on it, but in our understanding, from our own understanding here, we will not commit internal resources to the development, for the development of this compound in the two indications we had talked about. We will continue, as we said, we've all talked about and, and, and Bill articulated really well, continue the Crohn's trial with thoughtful decision points, first beginning from analysis. But then, you know, as other folks, outside partners, have a chance to look at the data, and we'll let them react to that. But, our position, we have stated very clearly here. Were you asking about partnering VTX002? Did I miss that one, sorry, Vikram? Oh, I apologize for that. Yeah. So again, let me just take a minute to reiterate what we said in our VTX002 discussions, that we—the profile VTX002 to us is unambiguously differentiated, and the endoscopic response that Bill showed was unmatched, and not just across S1P1 class, but across all therapies, I would say, for ulcerative colitis. And you know, again, we don't comment on specific partnering discussions, but we believe that these data are compelling to attract attention from pharma partners who are interested, obviously, in an oral safe, effective, efficacious drug for ulcerative colitis. So sort of best in therapy, not just best in class. Thank you. Once again, ladies and gentlemen, if you'd like to ask a question, please press star one. We'll take our next question from the line of Derek Archila with Wells Fargo. Please go ahead. Hey, good afternoon, and thanks for taking the questions. Maybe just two from us. I guess, you know, from the psoriasis trial, what do you think is kind of the major takeaway that, you know, gets you more confident about the Crohn's disease trial? And then second question, just on the NLRP3 programs, so you talked about some updates in early next year. Can you just give us a sense of how de-risking those would be for those programs? Thanks. Let me flip the questions and give... You know, we provided that in our update slide, but let me again circle back to NLRP3. So as we've indicated, we are in the process of wrapping up our CAPS trial, been recruiting in the second half of this year, and we'll report data from the CAPS trial in the first quarter of 2024. We've also initiated the phase I trial of our CNS-penetrant compound earlier this year, and again, we will wrap that trial up and report phase I data from the trial in also in the first quarter of next year. As a reminder, in addition to plasma exposures and safety studies in the SAD/MAD portion, we'll also be looking at blood exposures in the CSF, which is a surrogate for free fraction in the brain. We'll also be looking for a subset of biomarkers in the CSF and, of course, in plasma, in particular in plasma for suppression of IL-1 beta, which is a target for NLRP3, but also for relevant biomarkers in the CSF, and I'll let Bill add to that NLRP3, as well as take a question, the first question which you had, which was, you know, what learnings we have from the psoriasis that gives us some guidance for the Crohn's trial. So again, we'll have data for both the peripheral and the CNS compound in the first quarter. Bill, something to add for NLRP3 before you take on the- Yeah, I think for NLRP3, we, you know, we had the previous experience with phase I, with VTX2735, with a whole blood assay where you stimulate with LPS and ATP and measure IL-1 beta production and the inhibition thereof. So that, we think, is the most robust measure. In our previous healthy volunteer study, we had a subset of healthy volunteers who had intermediate or high risk high sensitivity CRP concentrations, which is what you sort of see in the general population. We anticipate that that will happen again, although we're still running the study, so I can't speak to that definitively yet. If we do have such patients, then we would expect to see the hs-CRP go down the way that it did with VTX2735. In the CSF, we're really just looking for dose-dependent rises in the CSF drug levels and the ratio of the drug and plasma to CSF and how that compares to the ratios in the animal models that we studied previously. So that, that's sort of what those look like. For Crohn's disease, I think we've kind of addressed this already, but, it's... This is really just a matter of taking a moment at low cost to analyze the data and see if there's a compelling story with an interim analysis or not. We've talked about using endoscopy measures in particular to sort of understand this data. We've talked about relevant benchmarks like Skyrizi and Rinvoq to know what a strong phase II signal looks like, and the fact that we do see some accumulation of the drug in tissue that could lead to a different outcome from what we saw in psoriasis. So it's as straightforward as that. It won't cost much, and we just think it should be methodical and not have a knee-jerk reaction for that indication, which is quite different from the psoriasis and psoriatic arthritis. Yeah. Thank you, Bill. Well Well forward. We'll take our next question from the line of Derek. I apologize, Sam Slutsky with LifeSci Capital. One moment. Please go ahead. Good afternoon, everyone. Thanks for the question. Just a quick one for me. May have missed this, but what's the status of the oral IL-4 receptor alpha inhibitor, and then when might we expect a update on that? Yeah. So based on the totality of the data we have thus far on the IL-4 program, we had started with some initial encouraging lead programs, but at this moment, we have decided not to continue further with the IL-4 program. Okay. And then, I guess, is there any other kind of preclinical work going on across any additional assets or just the current pipeline? You know, we have a strong discovery group here that has fueled or funneled our targets, and again, we have a differentiated and very compelling portfolio. We don't really comment on early programs. We potentially may have some update next year, but again, we don't comment on early programs until we reach a certain point of maturity. Sam? Got it. Okay, thanks. We'll take our next question from the line of Gavin Clark-Gartner with Evercore ISI. Please go ahead. Hey, thanks for taking the question. Just wondering, for the VTX002 update in the first quarter, could that influence your decision to go it alone versus pursue a partner for that program? No, not really. I mean, we are very confident stand behind what we presented for VTX002, which was the efficacy, both in terms of clinical remission, but even more important in differentiating in terms of endoscopic response. So that's... No, that's not a gating item for getting interest from partners because people can see and realize that this is unprecedented, both in terms of S1P1 class, but across, as I said, oral and biologic therapies. But I'll let Bill add to the open label discussion. I don't think I have anything to add to what you said. Okay. Thank you. Yeah, that's fair enough. Just a quick one on VTX2735, peripheral, peripheral NLRP3. When should we expect to hear about indication selection for that program? Thanks. Bill, go ahead. You know, you can imagine that we have the opportunity to have a portfolio review at this moment, and that, that will go on in the coming period. As Raju, kind of at a high level, mentioned, you know, there's a range of indications, things like acute gout, secondary prevention of cardiovascular disease, recurrent pericarditis, or three, where there's, you know, very strong supportive data from IL-1 beta biologics. So all those things could be considered as you come into CNS diseases. Certainly, we see association with Parkinson's disease, with multiple sclerosis, with a variety of neurodegenerative disorders. So we're not prepared to make a final selection today, but you know, that's will obviously be a very an area of very active work for us in the coming few months as our phase II trial and CAPS in our phase I trial with 32 32 come together. We have no further questions at this time. I'll now turn the call back over to Dr. Raju Mohan. Please go ahead. Yeah, so thank you, all of you, those on the webcast, those on the phone here. Appreciate your listening to our presentation. Appreciate the thoughtful questions. And again, I thank the team here for preparing for this discussion and being very, good and transparent about the questions today. So thank you again. This concludes today's conference. Thank you for your participation, and you may now disconnect.