Ventyx Biosciences provides update on Silicon Valley Bank financial exposure

Ventyx Biosciences (VTYX) has learned that Silicon Valley Bank (SIVB) has been closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. Ventyx said that, "The majority of our cash and cash equivalents are held in accounts outside of SVB and our investment portfolio has no exposure to SVB. A portion of our cash is deposited in accounts with SVB and custodial accounts managed by SVB, and Ventyx may not have full access to these funds in the near-term. We do not see a material impact to our liquidity position or our ongoing operations as a result of this event."