HIGH POINT, N.C., March 13, 2024 (GLOBE NEWSWIRE) — vTv Therapeutics Inc. (Nasdaq: VTVT), a clinical stage biopharmaceutical company focused on the development of an oral adjunctive therapy to insulin for the treatment of type 1 diabetes (T1D), today reported financial results for the fourth quarter and year ended December 31, 2023, and provided an update on recent corporate developments.
“We made important progress in the fourth quarter of 2023 and have started 2024 on a positive note following the recently announced private placement through which we raised $51 million, providing us with the capital needed to conduct the first Phase 3 study of cadisegliatin and reach a critical inflection point for our Company with the release of top-line data from this trial, which we expect by the first quarter of 2026,” said Paul Sekhri, Chief Executive Officer of vTv. “With the submission of the study protocol to the FDA, we are beginning site activation activities and are on-track to enroll the first patient in the second quarter, which we believe will enable us to expeditiously confirm the safety and efficacy profile of cadisegliatin. We believe that the support of these world-class investors underscores both the significant potential of cadisegliatin as well as the urgent unmet need for new therapies in T1D. Further, we continue working closely with our partners at G42 in preparation to initiate the Phase 2 study of cadisegliatin in patients with type 2 diabetes which is expected later this year. 2024 has the potential to be a transformational year for vTv, and we look forward to sharing updates on our progress as we continue to advance.”
Recent Company Highlights
Upcoming Milestones and Events
Fourth Quarter 2023 Financial Results
Full Year 2023 Financial Results
vTv Therapeutics Inc.
Condensed Consolidated Balance Sheets
(in thousands)
December 31, 2023 |
December 31, 2022 |
||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 9,446 | $ | 12,126 | |||
Accounts receivable, net | 102 | 173 | |||||
Promissory note receivable | — | 12,243 | |||||
Prepaid expenses and other current assets | 1,044 | 2,537 | |||||
Current deposits | 65 | 15 | |||||
Total current assets | 10,657 | 27,094 | |||||
Property and equipment, net | 117 | 207 | |||||
Operating lease right-of-use assets | 244 | 349 | |||||
Long-term investments | — | 5,588 | |||||
Total assets | $ | 11,018 | $ | 33,238 | |||
Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Deficit | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 10,242 | $ | 7,313 | |||
Current portion of operating lease liabilities | 169 | 154 | |||||
Current portion of contract liabilities | 17 | 17 | |||||
Current portion of notes payable | 191 | 224 | |||||
Total current liabilities | 10,619 | 7,708 | |||||
Contract liabilities, net of current portion | 18,669 | 18,669 | |||||
Operating lease liabilities, net of current portion | 169 | 338 | |||||
Warrant liability, related party | 110 | 684 | |||||
Total liabilities | 29,567 | 27,399 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interest | 6,131 | 16,579 | |||||
Stockholders’ deficit: | |||||||
Class A Common Stock (*) | 21 | 21 | |||||
Class B Common Stock (*) | 6 | 6 | |||||
Additional paid-in capital (*) | 256,335 | 254,757 | |||||
Accumulated deficit | (281,042 | ) | (265,524 | ) | |||
Total stockholders’ deficit attributable to vTv Therapeutics Inc. | (24,680 | ) | (10,740 | ) | |||
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit | $ | 11,018 | $ | 33,238 | |||
(*) Adjusted retroactively for reverse stock split |
vTv Therapeutics Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended December 31, |
For the Year Ended December 31, |
||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
(Unaudited) | |||||||||||||||
Revenue | $ | — | $ | 9 | $ | — | $ | 2,018 | |||||||
Operating expenses: | |||||||||||||||
Research and development | 2,138 | 3,964 | 13,595 | 12,357 | |||||||||||
General and administrative | 2,569 | 2,388 | 11,907 | 12,201 | |||||||||||
Total operating expenses | 4,707 | 6,352 | 25,502 | 24,558 | |||||||||||
Operating loss | (4,707 | ) | (6,343 | ) | (25,502 | ) | (22,540 | ) | |||||||
Interest income | 88 | 152 | 472 | 352 | |||||||||||
Interest expense | (7 | ) | (6 | ) | (13 | ) | (15 | ) | |||||||
Other income (expense), net | 185 | 107 | (923 | ) | (2,670 | ) | |||||||||
Loss before income taxes | (4,441 | ) | (6,090 | ) | (25,966 | ) | (24,873 | ) | |||||||
Income tax provision | — | — | — | 200 | |||||||||||
Net loss before noncontrolling interest | (4,441 | ) | (6,090 | ) | (25,966 | ) | (25,073 | ) | |||||||
Less: Net loss attributable to noncontrolling interest | (963 | ) | (1,345 | ) | (5,716 | ) | (5,909 | ) | |||||||
Net loss attributable to vTv Therapeutics Inc. | $ | (3,478 | ) | $ | (4,745 | ) | $ | (20,250 | ) | $ | (19,164 | ) | |||
Net loss attributable to vTv Therapeutics Inc. common shareholders | $ | (3,478 | ) | $ | (4,745 | ) | $ | (20,250 | ) | $ | (19,164 | ) | |||
Net loss per share of vTv Therapeutics Inc. Class A common stock, basic and diluted | $ | (1.67 | ) | $ | (2.28 | ) | $ | (9.71 | ) | $ | (9.98 | ) | |||
Weighted average number of vTv Therapeutics Inc. Class A common stock, basic and diluted | 2,084,973 | 2,084,973 | 2,084,973 | 1,919,788 | |||||||||||
About vTv Therapeutics
vTv Therapeutics Inc. is a clinical stage biopharmaceutical company focused on developing oral, small molecule drug candidates. vTv has a pipeline of clinical drug candidates led by cadisegliatin (TTP399), a potential oral adjunctive therapy to insulin for the treatment of type 1 diabetes. vTv and its development partners are pursuing additional indications including type 2 diabetes and other chronic conditions.
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,” “seek,” “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 Annual Report on Form 10-K and our other filings with the SEC. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this release. We anticipate that subsequent events and developments will cause our views to change. Our forward-looking statements do not reflect the potential impact of any future acquisitions, merger, dispositions, joint ventures, or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements.
Contacts:
Investors:
Lee Roth
Burns McClellan
lroth@burnsmc.com
Media:
Selina Husain / Robert Flamm, Ph.D.
Burns McClellan, Inc.
shusain@burnsmc.com / rflamm@burnsmc.com
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