Full Press Release Details
vTv Therapeutics Reports First Quarter Financial and Operational Results
High Point, N.C. - May 12, 2016 - 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 and diabetes, today provided a corporate update and reported financial and operational results for the first quarter ended March 31, 2016.
"We are pleased to report a highly productive first quarter, as we continue to make strong progress advancing our Alzheimer's and diabetes programs," said President and CEO Steve Holcombe. "We continue to enroll the Phase 3 STEADFAST study with azeliragon as a potential disease modifying therapy for Alzheimer's patients, and are making significant headway recruiting our two diabetes studies. In the quarter, we completed enrollment of our Phase 2b trial evaluating TTP399, a liver-selective Glucokinase Activator, and initiated our Phase 2 trial with TTP273, an oral, small molecule GLP-1R agonist. With data readouts from these studies anticipated this summer for TTP399, and in late 2016 for TTP273, we are excited to move closer to our goal of providing more effective treatment options for Type 2 diabetic patients."
First Quarter 2016 and Recent Highlights
STEADFAST Study with azeliragon in Alzheimer's disease (AD)
Azeliragon: A novel orally administered small molecule antagonist of the Receptor for Advanced Glycation Endproducts (RAGE) with best-in-class potential
AGATA Study with TTP399 in Type 2 diabetes
TTP399: A novel orally administered liver-selective Glucokinase Activator with first-in-class potential
LOGRA Study with TTP273 in Type 2 diabetes
TTP273: An orally administered small molecule GLP-1R agonist with best-in-class potential
First Quarter 2016 Financial Results
About vTv Therapeutics
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 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.
vTv Therapeutics Inc.
Condensed Consolidated Balance Sheets
(in thousands except share data)
| March 31, | December 31, | ||||||
| 2016 | 2015 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 75,501 | $ | 88,003 | |||
| Account receivable, net | 206 | 69 | |||||
| Prepaid expenses and other current assets | 1,346 | 1,114 | |||||
| Total current assets | 77,053 | 89,186 | |||||
| Property and equipment, net | 545 | 624 | |||||
| Employee loans receivable - related party | 24 | 49 | |||||
| Other long-term assets | 1,937 | 1,673 | |||||
| Total assets | $ | 79,559 | $ | 91,532 | |||
| Liabilities, Redeemable Noncontrolling Interest and Stockholders' Deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 7,955 | $ | 6,627 | |||
| Accounts payable and accrued expenses - related party | 622 | 880 | |||||
| Deferred revenue | 97 | 219 | |||||
| Total current liabilities | 8,674 | 7,726 | |||||
| Other liabilities | 237 | 245 | |||||
| Total liabilities | 8,911 | 7,971 | |||||
| Commitments and contingencies | |||||||
| Redeemable noncontrolling interest | 133,670 | 161,531 | |||||
| Stockholders' deficit: | |||||||
| Class A Common Stock, $0.01 par value; 100,000,000 shares authorized, 9,349,259 and 9,156,686 shares outstanding as of March 31, 2016 and December 31, 2015, respectively | 94 | 92 | |||||
| Class B Common Stock, $0.01 par value; 100,000,000 shares authorized, 23,463,241 and 23,655,814 shares outstanding as of March 31, 2016 and December 31, 2015, respectively | 235 | 237 | |||||
| Additional paid-in capital | 119,505 | 117,686 | |||||
| Accumulated deficit | (182,856 | ) | (195,985 | ) | |||
| Total stockholders' deficit attributable to vTv Therapeutics Inc. | (63,022 | ) | (77,970 | ) | |||
| Total liabilities, redeemable noncontrolling interest and stockholders' deficit | $ | 79,559 | $ | 91,532 |
vTv Therapeutics Inc.
Condensed Consolidated Statements of Operations
(in thousands except share and per share data)
| Three Months Ended March 31, | |||||||
| 2016 | 2015 | ||||||
| Revenue | $ | 376 | $ | 50 | |||
| Operating expenses: | |||||||
| Research and development | 11,335 | 7,776 | |||||
| General and administrative | 2,581 | 1,995 | |||||
| Total operating expenses | 13,916 | 9,771 | |||||
| Operating loss | (13,540 | ) | (9,721 | ) | |||
| Other income (expense), net | 20 | (92 | ) | ||||
| Loss before income taxes and noncontrolling interest | (13,520 | ) | (9,813 | ) | |||
| Income tax provision | - | - | |||||
| Net loss before noncontrolling interest | (13,520 | ) | (9,813 | ) | |||
| Less: net loss attributable to noncontrolling interest | (9,668 | ) | - | ||||
| Net loss attributable to vTv Therapeutics Inc. | $ | (3,852 | ) | $ | (9,813 | ) | |
| Net loss per share of vTv Therapeutics Inc. Class A Common Stock, basic and diluted | $ | (0.42 | ) | ||||
| Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted | 9,229,645 |