“I’m pleased to report that vTv has had a highly productive quarter and
2015. We advanced our pivotal Phase 3 program for our lead product
candidate azeliragon, which has demonstrated positive effects
treating mild Alzheimer’s disease, and continue to enroll patients in
our STEADFAST Study,” said President and CEO
RECENT HIGHLIGHTS AND EXPECTED MILESTONES FOR 2016
Development Programs:
STEADFAST Study in Alzheimer’s Disease
TTP399 AGATA Study in Type 2 Diabetes
TTP273 LOGRA Study in Type 2 Diabetes
FINANCIAL RESULTS
Third Quarter and Nine Months Ended
About vTv
vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company engaged in the discovery and development of orally administered small molecule drug candidates to fill significant unmet medical needs. vTv has a pipeline of clinical drug candidates led by programs for the treatment of Alzheimer’s disease and Type 2 diabetes as well as treatment of inflammatory disorders and the prevention of muscle weakness.
Forward-Looking Statements
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
our clinical trials, our strategy, future operations, future financial
position, future revenue, projected costs, prospects, plans, objectives
of management and expected market growth 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 Registration Statement on Form S-1 and our other filings with the
vTv Therapeutics, Inc. | |||||
Condensed Consolidated Balance Sheets - Unaudited | |||||
(in thousands except per share data) | |||||
September 30, | December 31, | ||||
2015 | 2014 | ||||
(Unaudited) | |||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $97,010 | $1,384 | |||
Restricted cash and cash equivalents | - | 130 | |||
Prepaid expenses and other current assets | 799 | 97 | |||
Total current assets | 97,809 | 1,611 | |||
Note receivable | - | 6,594 | |||
Property and equipment, net | 669 | 3,778 | |||
Receivable due from a related party, net | - | 800 | |||
Employee loans receivable - related party | 48 | 58 | |||
Other long-term assets | 1,669 | 110 | |||
Total assets | $100,195 | $12,951 | |||
Liabilities Redeemable Convertible Preferred Units, Redeemable |
|||||
Current liabilities: | |||||
Accounts payable and accrued expenses | $5,240 | $3,079 | |||
Accounts payable and accrued expenses - related party | 516 | 1,752 | |||
Deferred revenue | 320 | - | |||
Short-term debt | - | 155 | |||
Other liabilities | - | 1,878 | |||
Total current liabilities | 6,076 | 6,864 | |||
Debt - related party | - | 27,310 | |||
Debt, net of current portion | - | 2,110 | |||
Fair value of contingent distribution | - | 26,359 | |||
Note payable | - | 6,594 | |||
Other liabilities, net of current portion | 53 | 4,434 | |||
Total liabilities | 6,129 | 73,671 | |||
Commitments and contingencies | |||||
Redeemable convertible preferred units | - | 438,086 | |||
Redeemable noncontrolling interest | 188,251 | - | |||
Stockholders'/members' deficit: | |||||
Members' deficit | - | (498,806) | |||
Class A Common stock, $0.01 par value; 100,000,000 shares
authorized, |
92 | - | |||
Class B Common stock, $0.01 par value; 100,000,000 shares
authorized, |
237 | - | |||
Additional paid-in capital | 117,131 | - | |||
Accumulated deficit | (211,645) | - | |||
Total stockholders' deficit attributable to vTv Therapeutics Inc./members' deficit | (94,185) | (498,806) | |||
Total liabilities, redeemable convertible preferred units,
redeemable noncontrolling |
$100,195 | $12,951 |
vTv Therapeutics, Inc. | ||||||||
Condensed Consolidated Statements of Operations - Unaudited | ||||||||
(in thousands, except per share data) | ||||||||
Three months ended | Nine months ended | |||||||
September 30, | September 30, | |||||||
2015 | 2014 | 2015 | 2014 | |||||
Revenue | $133 | $400 | $293 | $615 | ||||
Operating expenses: | ||||||||
Research and development | 7,159 | 4,328 | 20,638 | 13,267 | ||||
General and administrative | 2,415 | 1,592 | 6,707 | 9,577 | ||||
Total operating expenses | 9,574 | 5,920 | 27,345 | 22,844 | ||||
Operating loss | (9,441) | (5,520) | (27,052) | (22,229) | ||||
Other expense, net | (381) | (350) | (2,996) | (6,157) | ||||
Net loss before income taxes | (9,822) | (5,870) | (30,048) | (28,386) | ||||
Income tax provision | - | - | - | - | ||||
Net loss before noncontrolling interest | (9,822) | (5,870) | (30,048) | (28,386) | ||||
Less: net loss attributable to noncontrolling interest | (5,719) | - | (5,719) | - | ||||
Net loss attributable to vTv Therapeutics Inc. | $(4,103) | $(5,870) | $(24,329) | $(28,386) | ||||
Net loss per share of vTv Therapeutics Inc. Class A |
$(0.49) | $(3.05) | ||||||
Weighted-average number of vTv Therapeutics Inc. |
8,305,368 | 7,976,183 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20151112006591/en/
Source:
Investors
The Trout Group
Josh Barer, 646-378-2948
jbarer@troutgroup.com
or
Media
BMC
Communications
Brad Miles, 646-513-3125
bmiles@bmccommunications.com