Full Press Release Details
vTv Therapeutics Announces 2022 First Quarter Financial Results and Provides Corporate Update
HIGH POINT, N.C. - (GLOBE NEWSWIRE) - May 12, 2022 - vTv Therapeutics Inc. (Nasdaq:VTVT) today reported financial results for the first quarter ended March 31, 2022, and provided an update on the progress of its clinical programs.
Recent Achievements and Outlook
First Quarter 2022 Financial Results
vTv Therapeutics Inc.
Condensed Consolidated Balance Sheets
| March 31, | December 30, | ||||||
| 2022 | 2021 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 12,138 | $ | 13,415 | |||
| Accounts receivable | 57 | 57 | |||||
| Prepaid expenses and other current assets | 1,387 | 2,049 | |||||
| Current deposits | 30 | 100 | |||||
| Total current assets | 13,612 | 15,621 | |||||
| Property and equipment, net | 255 | 278 | |||||
| Operating lease right-of-use assets | 379 | 402 | |||||
| Long-term investments | 5,939 | 9,173 | |||||
| Total assets | $ | 20,185 | $ | 25,474 | |||
| Liabilities, Redeemable Noncontrolling Interest and Stockholders' Deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 12,474 | $ | 8,023 | |||
| Operating lease liabilities | 191 | 184 | |||||
| Current portion of contract liabilities | 35 | 35 | |||||
| Current portion of notes payable | - | 256 | |||||
| Total current liabilities | 12,700 | 8,498 | |||||
| Operating lease liabilities, net of current portion | 441 | 492 | |||||
| Warrant liability, related party | 770 | 1,262 | |||||
| Total liabilities | 13,911 | 10,252 | |||||
| Commitments and contingencies | |||||||
| Redeemable noncontrolling interest | 14,367 | 24,962 | |||||
| Stockholders' deficit: | |||||||
| Class A Common Stock | 669 | 669 | |||||
| Class B Common Stock | 232 | 232 | |||||
| Additional paid-in capital | 238,669 | 238,193 | |||||
| Accumulated deficit | (247,663 | ) | (248,834 | ) | |||
| Total stockholders' deficit attributable to vTv Therapeutics Inc. | (8,093 | ) | (9,740 | ) | |||
| Total liabilities, redeemable noncontrolling interest and stockholders' deficit | $ | 20,185 | $ | 25,474 |
vTv Therapeutics Inc.
Condensed Consolidated Statements of Operations - Unaudited
(in thousands, except per share data)
| Three Months Ended | |||||||
| March 31, 2022 | December 31, 2021 | ||||||
| Revenue | $ | 2,000 | $ | 9 | |||
| Operating expenses: | |||||||
| Research and development | 3,133 | 5,402 | |||||
| General and administrative | 5,348 | 5,716 | |||||
| Total operating expenses | 8,481 | 11,118 | |||||
| Operating loss | (6,481 | ) | (11,109 | ) | |||
| Interest expense | (1 | ) | (6 | ) | |||
| Other (expense) income, net | (2,742 | ) | 1,632 | ||||
| Loss before income taxes and noncontrolling interest | (9,224 | ) | (9,483 | ) | |||
| Income tax provision | 200 | - | |||||
| Net loss before noncontrolling interest | (9,424 | ) | (9,483 | ) | |||
| Less: net loss attributable to noncontrolling interest | (2,417 | ) | (2,432 | ) | |||
| Net loss attributable to vTv Therapeutics Inc. | $ | (7,007 | ) | $ | (7,051 | ) | |
| Net loss attributable to vTv Therapeutics Inc. common shareholders | $ | (7,007 | ) | $ | (7,051 | ) | |
| Net loss per share of vTv Therapeutics Inc. Class A Common Stock, basic and diluted | $ | (0.10 | ) | $ | (0.11 | ) | |
| Weighted average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted | 66,942,777 | 66,785,550 |
vTv Therapeutics Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
| Three Months Ended March 31, | |||||||
| 2022 | 2021 | ||||||
| (Unaudited) | |||||||
| Revenue | $ | 2,000 | $ | 987 | |||
| Operating expenses: | |||||||
| Research and development | 3,133 | 3,103 | |||||
| General and administrative | 5,348 | 2,164 | |||||
| Total operating expenses | 8,481 | 5,267 | |||||
| Operating loss | (6,481 | ) | (4,280 | ) | |||
| Interest income | - | 1 | |||||
| Interest expense | (1 | ) | - | ||||
| Other expense, net | (2,742 | ) | (1,648 | ) | |||
| Loss before income taxes and noncontrolling interest | (9,224 | ) | (5,927 | ) | |||
| Income tax provision | 200 | 15 | |||||
| Net loss before noncontrolling interest | (9,424 | ) | (5,942 | ) | |||
| Less: net loss attributable to noncontrolling interest | (2,417 | ) | (1,701 | ) | |||
| Net loss attributable to vTv Therapeutics Inc. | $ | (7,007 | ) | $ | (4,241 | ) | |
| Net loss attributable to vTv Therapeutics Inc. common shareholders | $ | (7,007 | ) | $ | (4,241 | ) | |
| Net loss per share of vTv Therapeutics Inc. Class A Common Stock, basic and diluted | $ | (0.10 | ) | $ | (0.08 | ) | |
| Weighted average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted | 66,942,777 | 56,472,535 |
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 programs for the treatment of type 1 diabetes. vTv's development partners are pursuing additional indications in type 2 diabetes, chronic obstructive pulmonary disease, renal disease, primary mitochondrial myopathy, and pancreatic cancer.
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 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. In addition, we may not be able to successfully complete a successful financing, partnering or licensing transactions with respect to TTP399. 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.