Pharmaceutical filing citing Journal of Crohn's and Colitis paper — Ventyx Biosciences, 2025-02-27
Ventyx BiosciencesVentyx BiosciencesUS VTYX
cited a paper published in the Journal of Crohn's and Colitis in its regulatory filing with the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website as a basis for its claims. The company read the manner in which it wrote the paper and the actual scope the paper demonstrated in sequence. It described where the stock price movement over the following month after the filing stood compared to past cases of the same type. This is a retrospective judgment written after knowing the results. The paper was read only up to the abstract.
The disclosure wrote the paper in the press release like this
When a U.S. listed company has something to inform shareholders, the report submitted to the Securities and Exchange Commission is called 8-K. The item number of the document submitted by Ventyx Biosciences on 2025-02-27 was 2.02 Earnings announcement · 9.01 Financial statements · Attached documents. The company cited a paper published in Journal of Crohn s and Colitis in the press release attached to it. If the sentence citing the paper is translated verbatim, it reads as follows.
The Company continues to explore partnership opportunities for tamuzimod in ulcerative colitis. • VTX958 (TYK2 Inhibitor, Crohn’s disease) : Presentation of Phase 2 data for VTX958 in Crohn’s disease at the 20 th Congress of the European Crohn’s and Colitis Organisation (ECCO, February 2025, Journal of Crohn's and Colitis , doi.org/10.1093/ecco-jcc/jjae190.1175 ) demonstrated a robust, dose-dependent endoscopic response at Week 12 for VTX958 compared to placebo, including a greater magnitude of reduction in two key biomarkers of inflammation, CRP and fecal calprotectin.
What readers should look at first is where the company placed the paper in the press release. Next is to determine whether the paper supports the entire company's claim or only a part of it. To answer the latter question, one must read the full paper. This article, which reads only the abstract, cannot answer that.
The scope of the paper mentioned in the abstract is up to this point.
The title of the paper is P1001 Efficacy and safety of an oral tyrosine kinase 2 inhibitor VTX958 in moderately to severely active Crohn’s disease: a randomised, double-blind, placebo-controlled, phase 2 trial and it was published in Journal of Crohn s and Colitis on 2025-01-01. The authors' affiliations are Vita-Salute San Raffaele University · IRCCS Ospedale San Raffaele · Western University · Icahn School of Medicine at Mount Sinai. The summary published at the beginning of the paper is called abstract. This article read only up to that point. This paragraph was rewritten by a person after filtering a draft written by a machine reading the abstract by numerical comparison, so it is a different grade from a full paper reading.
This article is not a formal paper but a conference abstract. It discusses a phase 2 trial involving 109 patients with moderate to severe Crohn's disease who were divided into a placebo group and two dosage groups of TYK200,000,000 and given twice daily for 12 weeks. The primary endpoint was the change in the Crohn's Disease Activity Index at week 12. Only the beginning part of the abstract is publicly available, so the numerical results are not included in this article and are in the table.
The abstract does not answer; it remains in the main text and the appendix. This text, which does not go there, leaves the blank as it is. Readers compare the two citations above to determine which sentence in the abstract corresponds to the excerpt cited by the company.
A month later, the stock price was within the middle half of the sample.
The return excluding the portion attributable to movement with the overall market is called excess return. The date is recorded in trading days, counting only the days the stock market is open. In terms of the calendar, 20 trading days are approximately one month. The excess return on the day of the regulatory filing and for the following month are presented in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| 5 trading days before the filing | −5.4% | The extent to which it had already moved before the filing |
| regulatory filing day | −3.6% | filing day or first trading day thereafter |
| +1~+5 trading day cumulative | +6.7% | one week |
| +1~+20 trading day cumulative | −12.0% | one month |
A bundle of past cases of the same type is called a sample. The position counted from the bottom is expressed as a percentile. The one-month excess return of -12.0% in this case is within the bottom 42% of the 142 samples, placing it in the lower half.
| sample scale (20 trading days) | Tenth from the bottom | Fourth from the bottom | median | top 25% | top 10% | this case |
|---|---|---|---|---|---|---|
| excess return | −31.9% | −20.1% | −6.9% | +5.5% | +19.5% | −12.0% |
Half of the sample falls between the two middle marks in the table. Check the table to see whether this case falls inside or outside of that range. The sample consists of cases where U.S.-listed companies cited papers in 8-K filings over the past decade. The company itself is excluded from the sample. The numbers listed here are historical facts, not rules to apply to future cases.
After the filing, the company submitted these documents.
After the filing date, the company submitted three 8-K filings. Only the item numbers are listed here. In 8-K filings without titles, the item numbers indicate the type of content. Whether it was an earnings announcement or a contract can be determined by the number. The details of what happened can be read in the original text via each link.
- 2025-05-08 8-K Item 2.02,9.01 — Earnings announcement · Financial statements · Attached documents
- 2025-06-10 8-K Item 5.07 — Results of the shareholders' meeting
- 2025-06-17 8-K Item 7.01,8.01,9.01 — Reg FD disclosure · Other events · Financial statements · Attached documents
What this article does not answer
This article, which only reads abstracts, cannot answer how the paper re-evaluated what, using what methods, and up to what extent. How many times the paper cited by the company has been cited afterward can be rechecked via the citation count on OpenAlexOpenAlex
Data source · Website. What will be seen next is whether the company's next 8-K again cites the same paper.
Term Explanation
- 8-K
- A periodic report submitted to the Securities and Exchange Commission when a listed company in the United States has something to inform its shareholders. The type is indicated by item numbers such as performance, contracts, and executive changes. All events in this article are derived from this document.
- Excess return
- The remainder obtained by subtracting the overall market return from the stock return. It is used to observe the movement of the company itself by removing the portion where the market as a whole rises or falls.
- Trading day
- A date counting only the days when the stock market is open. Since weekends and holidays are excluded, 20 trading days correspond to approximately one calendar month.
- Sample and percentile
- A bundle of past cases of the same type is a sample, and the position from the bottom within it is expressed as a percentile. A percentile of 10 means that nine out of ten cases performed better than this case.
- Abstract
- A summary at the beginning of a paper. The author writes in a few sentences what was done, how it was done, and what results were obtained. Without reading the full text, one cannot know the details and limitations of the methods.