Full Press Release Details
vTv Therapeutics Reports Financial Results for the Third Quarter
Ended September 30, 2015
POINT, NC November 12, 2015 vTv Therapeutics Inc. (Nasdaq: VTVT), a clinical-stage biopharmaceutical company engaged in the discovery and development of new orally administered treatments for Alzheimer s disease (AD) and
diabetes, today reported financial results for the third quarter of 2015 and provided an update on recent developments.
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 Steve Holcombe. Coming up in 2016, we expect significant data readouts for our two ongoing diabetes programs. Both of these investigational drugs, including our first-in-class liver
selective Glucokinase Activator (GKA) that targets the underlying cause of diabetes and our oral GLP-1r, are contenders for best-in-class oral small molecule treatments in a disease with enormous unmet therapeutic needs.
RECENT HIGHLIGHTS AND EXPECTED MILESTONES FOR 2016
Development Programs:
Study in Alzheimer s Disease
TTP399 AGATA Study in Type 2 Diabetes
TTP273 LOGRA Study in Type 2 Diabetes
Third Quarter and Nine Months Ended September 30, 2015
About vTv Therapeutics Inc.
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
Forward-Looking Statements
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 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
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
Josh Barer, 646-378-2948
Brad Miles, 646-513-3125
vTv Therapeutics, Inc.
Condensed Consolidated Balance Sheets - Unaudited
(in thousands except per share data)
| September 30, 2015 | December 31, 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 Noncontrolling Interest, Stockholders and Members Deficit | ||||||||
| 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, 9,156,686 outstanding as of September 30, 2015 | 92 | |||||||
| Class B Common stock, $0.01 par value; 100,000,000 shares authorized, 23,655,814 outstanding as of September 30, 2015 | 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 interest, stockholders and members deficit | $ | 100,195 | $ | 12,951 |
vTv Therapeutics, Inc.
Condensed Consolidated Statements of Operations - Unaudited
(in thousands, except per share data)
| Three months ended September 30, | Nine months ended 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 Common Stock, basic and diluted | $ | (0.49 | ) | $ | (3.05 | ) | ||||||||||
| Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted | 8,305,368 | 7,976,183 |