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vTv Therapeutics Announces 2023 Third Quarter Financial Results and Provides Corporate Update
“Our newly appointed Chief Medical Officer, Dr.
Recent Company Highlights
November 2, 2023, the Company announced the appointment of Thomas Strack, M.D., as Chief Medical Officer.
November 1, 2023, the Company announced that it has entered into a common stock repurchase agreement with Reneo Pharmaceuticals, Inc. through which Reneo has purchased all of its common stock held by the Company for total proceeds to the Company of approximately $4.4 million.
Third Quarter 2023 Financial Results
- Cash Position: The Company’s cash position as of
September 30, 2023was $8.2 millioncompared to $12.1 millionas of December 31, 2022.
- Research & Development (R&D) Expenses: R&D expenses were
$2.8 millionand $3.1 millionin each of the three months ended September 30, 2023and 2022, respectively. The decrease is primarily attributable to lower spending on cadisegliatin, due to decreases in drug product related costs, offset by an increase in indirect costs related to the development of cadisegliatin.
- General & Administrative (G&A) Expenses: G&A expenses were
$2.5 millionand $2.6 millionfor each of the three months ended September 30, 2023and 2022, respectively. The decrease of $0.1 millionwas primarily due to decreases in legal expense, and other G&A costs, partially offset by increases in payroll costs and share-based expense.
- Other (Expense) Income, net: Other expense for the three months ended
September 30, 2023was $3.3 millionand was driven by the recording of an impairment charge on a cost-method investment and an unrealized gain related to our investment in Reneo, as well as gains related to the change in the fair value of the outstanding warrants to purchase shares of our stock issued to related parties. Other income for the three months ended September 30, 2022was $0.1 millionand was driven by an unrealized gain related to the investment in Reneo as well as the losses related to the change in the fair value of the outstanding warrants to purchase shares of our own stock issued to related parties.
- Net Loss: Net loss attributable to vTv shareholders for the three months ended
September 30, 2023was $6.7 millionor $0.08per basic share. Net loss attributable to vTv shareholders for the comparable period a year ago was $4.3 millionor $0.05per basic share.
Condensed Consolidated Balance Sheets
|Cash and cash equivalents||$||8,238||$||12,126|
|G42 Promissory Note receivable||—||12,243|
|Prepaid expenses and other current assets||1,872||2,537|
|Total current assets||10,125||27,094|
|Property and equipment, net||140||207|
|Operating lease right-of-use assets||272||349|
|Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Deficit|
|Accounts payable and accrued expenses||$||9,620||$||7,313|
|Current portion of operating lease liabilities||165||154|
|Current portion of contract liabilities||17||17|
|Current portion of notes payable||473||224|
|Total current liabilities||10,275||7,708|
|Contract liabilities, net of current portion||18,669||18,669|
|Operating lease liabilities, net of current portion||213||338|
|Warrant liability, related party||278||684|
|Commitments and contingencies|
|Redeemable noncontrolling interest||10,722||16,579|
|Class A Common Stock||815||815|
|Class B Common Stock||232||232|
|Additional paid-in capital||254,912||253,737|
|Total stockholders’ deficit attributable to
|Total liabilities, redeemable noncontrolling interest and stockholders’ deficit||$||14,924||$||33,238|
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
|Three Months Ended
||Nine Months Ended
|Research and development||2,824||3,055||11,457||8,393|
|General and administrative||2,544||2,634||9,338||9,813|
|Total operating expenses||5,368||5,689||20,795||18,206|
|Other (expense) income, net||(3,299||)||79||(1,108||)||(2,777||)|
|Loss before income taxes and noncontrolling interest||(8,540||)||(5,468||)||(21,525||)||(18,783||)|
|Income tax provision||—||—||—||200|
|Net loss before noncontrolling interest||(8,540||)||(5,468||)||(21,525||)||(18,983||)|
|Less: net loss attributable to noncontrolling interest||(1,886||)||(1,207||)||(4,753||)||(4,564||)|
|Net loss attributable to
|Net loss attributable to
|Net loss per share of
|Weighted average number of
This release contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this release, including statements regarding the timing of and our ability to launch our cadisegliatin Phase 3 program, our discussions related to the financing, partnering and/or licensing of cadisegliatin, the therapeutic potential of mavodelpar, Reneo’s upcoming data readout, potential milestone payments and royalties that we may receive, our strategy, future operations, future financial position, future revenue, prospects, plans and objectives of management are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause our results to vary from expectations include those described under the heading “Risk Factors” in our Annual Report on Form 10-K, as may be updated by our subsequent Quarterly Reports on Form 10-Q, and our other filings with the
Source: vTv Therapeutics Inc.