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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2021

Or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                      

Commission file number: 001-37524

 

vTv Therapeutics Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

47-3916571

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3980 Premier Dr, Suite 310

High Point, NC

 

27265

(Address of principal executive offices)

 

(Zip Code)

(336) 841-0300

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.01 per share

VTVT

NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

Class of Stock

 

Shares Outstanding as of August 4, 2021

 

Class A common stock, par value $0.01 per share

 

 

60,193,967

 

Class B common stock, par value $0.01 per share

 

 

23,093,860

 

 

 


 

 

vTv THERAPEUTICS INC. AND SUBSIDIARIES

INDEX TO FORM 10-Q

FOR THE QUARTER ENDED June 30, 2021

 

 

 

 

 

PAGE
NUMBER

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

  

Condensed Consolidated Balance Sheets as of June 30, 2021 (Unaudited) and December 31, 2020

  

4

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020

 

5

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statement of Changes in Redeemable Noncontrolling Interest and Stockholders’ Deficit for the three and six months ended June 30, 2021 and 2020

 

6

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020

 

8

 

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

22

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

30

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

31

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

31

 

 

 

 

 

Item 1A.

 

Risk Factors

 

31

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

31

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

32

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

32

 

 

 

 

 

Item 5.

 

Other Information

 

32

 

 

 

 

 

Item 6.

 

Exhibits

 

33

 

 

 

 

 

 

 

Signatures

 

34

 

 

2


 

 

PART I – FINANCIAL INFORMATION

The financial statements and other disclosures contained in this report include those of vTv Therapeutics Inc. (“we”, the “Company” or the “Registrant”), which is the registrant, and those of vTv Therapeutics LLC (“vTv LLC”), which is the principal operating subsidiary of the Registrant.  Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to the “Company”, “we”, “us” and “our” refer to vTv Therapeutics Inc. and its consolidated subsidiaries.

 

 

3


 

 

vTv Therapeutics Inc.

Condensed Consolidated Balance Sheets

(in thousands, except number of shares and per share data)

 

 

June 30,

 

 

December 31,

 

 

2021

 

 

2020

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

10,835

 

 

$

5,747

 

Accounts receivable, net

 

 

 

 

158

 

Prepaid expenses and other current assets

 

313

 

 

 

939

 

Current deposits

 

124

 

 

 

371

 

Total current assets

 

11,272

 

 

 

7,215

 

Property and equipment, net

 

322

 

 

 

367

 

Operating lease right-of-use assets

 

444

 

 

 

482

 

Long-term investments

 

9,622

 

 

 

6,725

 

Total assets

$

21,660

 

 

$

14,789

 

Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Deficit

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

4,855

 

 

$

6,120

 

Current portion of operating lease liabilities

 

169

 

 

 

155

 

Current portion of contract liabilities

 

35

 

 

 

31

 

Current portion of notes payable

 

 

 

 

84

 

Total current liabilities

 

5,059

 

 

 

6,390

 

Contract liabilities, net of current portion

 

9

 

 

 

1,009

 

Operating lease liabilities, net of current portion

 

587

 

 

 

676

 

Warrant liability, related party

 

3,588

 

 

 

2,871

 

Other liabilities

 

50

 

 

 

50

 

Total liabilities

 

9,293

 

 

 

10,996

 

Commitments and contingencies

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

60,190

 

 

 

83,895

 

Stockholders’ deficit:

 

 

 

 

 

 

 

Class A Common Stock, $0.01 par value; 200,000,000 shares authorized and 60,193,967

   outstanding as of June 30, 2021 and 100,000,000 authorized and 54,050,710 shares

   outstanding as of  December 31, 2020

 

602

 

 

 

541

 

Class B Common Stock, $0.01 par value; 100,000,000 shares authorized, and 23,093,860

  outstanding as of June 30, 2021 and 23,094,221 as of December 31, 2020

 

232

 

 

 

232

 

Additional paid-in capital

 

224,457

 

 

 

209,161

 

Accumulated deficit

 

(273,114

)

 

 

(290,036

)

Total stockholders’ deficit attributable to vTv Therapeutics Inc.

 

(47,823

)

 

 

(80,102

)

Total liabilities, redeemable noncontrolling interest and stockholders’ deficit

$

21,660

 

 

$

14,789

 

 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

 

4


 

 

vTv Therapeutics Inc.

Condensed Consolidated Statements of Operations - Unaudited

(in thousands, except number of shares and per share data)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

$

9

 

 

$

 

 

$

996

 

 

$

8

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

2,437

 

 

 

2,509

 

 

 

5,540

 

 

 

6,713

 

General and administrative

 

2,242

 

 

 

1,695

 

 

 

4,406

 

 

 

4,145

 

Total operating expenses

 

4,679

 

 

 

4,204

 

 

 

9,946

 

 

 

10,858

 

Operating loss

 

(4,670

)

 

 

(4,204

)

 

 

(8,950

)

 

 

(10,850

)

Other income

 

2,898

 

 

 

 

 

 

2,898

 

 

 

 

Other (expense) income – related party

 

931

 

 

 

(565

)

 

 

(717

)

 

 

(928

)

Interest income

 

 

 

 

 

 

 

1

 

 

 

12

 

Interest expense

 

 

 

 

(222

)

 

 

 

 

 

(390

)

Loss before income taxes and noncontrolling interest

 

(841

)

 

 

(4,991

)

 

 

(6,768

)

 

 

(12,156

)

Income tax provision

 

 

 

 

 

 

 

15

 

 

 

 

Net loss before noncontrolling interest

 

(841

)

 

 

(4,991

)

 

 

(6,783

)

 

 

(12,156

)

Less:  net loss attributable to noncontrolling interest

 

(233

)

 

 

(1,623

)

 

 

(1,934

)

 

 

(4,064

)

Net loss attributable to vTv Therapeutics Inc.

$

(608

)

 

$

(3,368

)

 

$

(4,849

)

 

$

(8,092

)

Net loss attributable to vTv Therapeutics Inc. common shareholders

$

(608

)

 

$

(3,368

)

 

$

(4,849

)

 

$

(8,092

)

Net loss per share of vTv Therapeutics Inc. Class A Common

   Stock, basic and diluted

$

(0.01

)

 

$

(0.07

)

 

$

(0.08

)

 

$

(0.18

)

Weighted-average number of vTv Therapeutics Inc. Class A

   Common Stock, basic and diluted

 

58,615,137

 

 

 

45,661,221

 

 

 

57,549,755

 

 

 

44,561,886

 

 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

 

5


 

 

vTv Therapeutics Inc.

Condensed Consolidated Statement of Changes in Redeemable Noncontrolling Interest and Stockholders’ Deficit - Unaudited

(in thousands, except number of shares)

 

For the three months ended June 30, 2021

 

 

 

 

 

 

Class A Common Stock

 

 

Class B Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

Noncontrolling

Interest

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated Deficit

 

 

Total Stockholders' Deficit

 

Balance at March 31, 2021

$

62,647

 

 

 

57,571,904

 

 

$

576

 

 

 

23,093,860

 

 

$

232

 

 

$

217,647

 

 

$

(274,730

)

 

$

(56,275

)

Net loss

 

(233

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(608

)

 

 

(608

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

452

 

 

 

 

 

 

452

 

Issuance of Class A Common Stock

   under ATM offering

 

 

 

 

2,180,337

 

 

 

22

 

 

 

 

 

 

 

 

 

5,313

 

 

 

 

 

 

5,335

 

Issuance of Class A Common Stock under

   LPC Agreement

 

 

 

 

441,726

 

 

 

4

 

 

 

 

 

 

 

 

 

1,045

 

 

 

 

 

 

1,049

 

Change in redemption value of

   noncontrolling interest

 

(2,224

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,224

 

 

 

2,224

 

Balances at June 30, 2021

$

60,190

 

 

 

60,193,967

 

 

$

602

 

 

 

23,093,860

 

 

$

232

 

 

$

224,457

 

 

$

(273,114

)

 

$

(47,823

)

 

For the three months ended June 30, 2020

 

 

 

 

 

 

Class A Common Stock

 

 

Class B Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

Noncontrolling

Interest

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated Deficit

 

 

Total Stockholders' Deficit

 

Balances at March 31, 2020

$

52,196

 

 

 

44,680,189

 

 

$

447

 

 

 

23,094,221

 

 

$

232

 

 

$

190,200

 

 

$

(252,700

)

 

$

(61,821

)

Net loss

 

(1,623

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,368

)

 

 

(3,368

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

186

 

 

 

 

 

 

186

 

Issuance of Class A Common Stock

  under ATM offering

 

 

 

 

2,638,306

 

 

 

26

 

 

 

 

 

 

 

 

 

7,254

 

 

 

 

 

 

7,280

 

Issuance of Class A Common Stock

   to a related party under the

   Letter Agreements

 

 

 

 

625,000

 

 

 

6

 

 

 

 

 

 

 

 

 

994

 

 

 

 

 

 

1,000

 

Change in redemption value of

   noncontrolling interest

 

12,805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,805

)

 

 

(12,805

)

Balances at June 30, 2020

$

63,378

 

 

 

47,943,495

 

 

$

479

 

 

 

23,094,221

 

 

$

232

 

 

$

198,634

 

 

$

(268,873

)

 

$

(69,528

)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.


6


 

 

vTv Therapeutics Inc.

Condensed Consolidated Statement of Changes in Redeemable Noncontrolling Interest and Stockholders’ Deficit - Unaudited

(in thousands, except number of shares)

 

For the six months ended June 30, 2021

 

 

 

 

 

 

Class A Common Stock

 

 

Class B Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

Noncontrolling

Interest

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated Deficit

 

 

Total Stockholders' Deficit

 

Balances at December 31, 2020

$

83,895

 

 

 

54,050,710

 

 

$

541

 

 

 

23,094,221

 

 

$

232

 

 

$

209,161

 

 

$

(290,036

)

 

$

(80,102

)

Net loss

 

(1,934

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,849

)

 

 

(4,849

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

888

 

 

 

 

 

 

888

 

Issuance of Class A Common Stock

   under ATM offering

 

 

 

 

2,180,337

 

 

 

22

 

 

 

 

 

 

 

 

 

5,313

 

 

 

 

 

 

5,335

 

Exchange of Class B Common Stock for

   Class A Common Stock

 

 

 

 

361

 

 

 

 

 

 

(361

)

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

 

 

20,833

 

 

 

 

 

 

 

 

 

 

 

 

47

 

 

 

 

 

 

47

 

Issuance of Class A Common Stock under

   LPC Agreement

 

 

 

 

3,941,726

 

 

 

39

 

 

 

 

 

 

 

 

 

9,048

 

 

 

 

 

 

9,087

 

Change in redemption value of

   noncontrolling interest

 

(21,771

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,771

 

 

 

21,771

 

Balances at June 30, 2021

$

60,190

 

 

 

60,193,967

 

 

$

602

 

 

 

23,093,860

 

 

$

232

 

 

$

224,457

 

 

$

(273,114

)

 

$

(47,823

)

 

For the six months ended June 30, 2020

 

 

 

 

 

 

Class A Common Stock

 

 

Class B Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

Noncontrolling

Interest

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated Deficit

 

 

Total Stockholders' Deficit

 

Balances at December 31, 2019

$

40,183

 

 

 

40,918,522

 

 

$

409

 

 

 

23,094,221

 

 

$

232

 

 

$

183,858

 

 

$

(233,522

)

 

$

(49,023

)

Net loss

 

(4,064

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,092

)

 

 

(8,092

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

566

 

 

 

 

 

 

566

 

Issuance of Class A Common Stock

  under ATM offering

 

 

 

 

2,638,306

 

 

 

26

 

 

 

 

 

 

 

 

 

7,254

 

 

 

 

 

 

7,280

 

Issuance of Class A Common Stock

   to a related party under the

   Letter Agreements

 

 

 

 

4,375,000

 

 

 

44

 

 

 

 

 

 

 

 

 

6,956

 

 

 

 

 

 

7,000

 

Vesting of restricted stock units

 

 

 

 

11,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in redemption value of

   noncontrolling interest

 

27,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,259

)

 

 

(27,259

)

Balances at June 30, 2020

$

63,378

 

 

 

47,943,495

 

 

$

479

 

 

 

23,094,221

 

 

$

232

 

 

$

198,634

 

 

$

(268,873

)

 

$

(69,528

)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

 

7


 

 

vTv Therapeutics Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss before noncontrolling interest

 

$

(6,783

)

 

$

(12,156

)

Adjustments to reconcile net loss before noncontrolling interest to net cash used in operating

   activities:

 

 

 

 

 

 

 

 

Depreciation expense

 

 

45

 

 

 

49

 

Share-based compensation expense

 

 

888

 

 

 

566

 

Change in fair value of investments

 

 

(2,897

)

 

 

 

Change in fair value of warrants, related party

 

 

717

 

 

 

928