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HIGH POINT, N.C., Nov. 10, 2022 (GLOBE NEWSWIRE) -- vTv Therapeutics Inc. (Nasdaq: VTVT), a clinical stage biopharmaceutical company focused on the development of orally administered treatments for type 1 diabetes (T1D) today reported financial results for the third quarter ended September 30, 2022, and provided an update on recent corporate developments.
“During the third quarter, we continued working diligently toward the commencement of TTP399 Phase 3 clinical trials, which we expect to initiate in 1Q2023,” said Paul Sekhri, Chief Executive Officer of vTv. “We intend to submit final protocols to the US Food and Drug Administration (FDA) in the coming weeks, with site-specific startup activities and patient enrollment starting the first quarter of 2023. Through our recently signed partnerships with CinRx and G42, I believe that we are well equipped to further advance the clinical development of TTP399 and move closer to realizing our goal of improving care and quality of life for patients with T1D.”
Recent Achievements
Upcoming Milestones and Events
Third Quarter 2022 Financial Results
| vTv Therapeutics Inc. Condensed Consolidated Balance Sheets (in thousands) | |||||||
| September 30, 2022 | December 31, 2021 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 15,339 | $ | 13,415 | |||
| Accounts receivable | 57 | 57 | |||||
| Promissory note receivable | 12,091 | — | |||||
| Prepaid expenses and other current assets | 1,281 | 2,049 | |||||
| Current deposits | 15 | 100 | |||||
| Total current assets | 28,783 | 15,621 | |||||
| Property and equipment, net | 230 | 278 | |||||
| Operating lease right-of-use assets | 328 | 402 | |||||
| Long-term investments | 6,175 | 9,173 | |||||
| Total assets | $ | 35,516 | $ | 25,474 | |||
| Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 6,676 | $ | 8,023 | |||
| Current portion of operating lease liabilities | 208 | 184 | |||||
| Current portion of contract liabilities | 26 | 35 | |||||
| Current portion of notes payable | 557 | 256 | |||||
| Total current liabilities | 7,467 | 8,498 | |||||
| Contract liabilities, net of current portion | 18,669 | — | |||||
| Operating lease liabilities, net of current portion | 333 | 492 | |||||
| Warrant liability, related party | 1,409 | 1,262 | |||||
| Total liabilities | 27,878 | 10,252 | |||||
| Commitments and contingencies | |||||||
| Redeemable noncontrolling interest | 24,207 | 24,962 | |||||
| Stockholders’ deficit: | |||||||
| Class A Common Stock | 815 | 669 | |||||
| Class B Common Stock | 232 | 232 | |||||
| Promissory note receivable for common stock | (4,000 | ) | — | ||||
| Additional paid-in capital | 253,446 | 238,193 | |||||
| Accumulated deficit | (267,062 | ) | (248,834 | ) | |||
| Total stockholders’ deficit attributable to vTv Therapeutics Inc. | (16,569 | ) | (9,740 | ) | |||
| Total liabilities, redeemable noncontrolling interest and stockholders’ deficit | $ | 35,516 | $ | 25,474 | |||
| vTv Therapeutics Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenue | $ | — | $ | 3,000 | $ | 2,009 | $ | 3,996 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 3,055 | 2,382 | 8,393 | 7,922 | ||||||||||||
| General and administrative | 2,634 | 2,221 | 9,813 | 6,627 | ||||||||||||
| Total operating expenses | 5,689 | 4,603 | 18,206 | 14,549 | ||||||||||||
| Operating loss | (5,689 | ) | (1,603 | ) | (16,197 | ) | (10,553 | ) | ||||||||
| Interest income | 150 | — | 200 | 1 | ||||||||||||
| Interest expense | (8 | ) | (6 | ) | (9 | ) | (6 | ) | ||||||||
| Other income, net | 79 | 244 | (2,777 | ) | 2,425 | |||||||||||
| Loss before income taxes | (5,468 | ) | (1,365 | ) | (18,783 | ) | (8,133 | ) | ||||||||
| Income tax provision | — | 100 | 200 | 115 | ||||||||||||
| Net loss before noncontrolling interest | (5,468 | ) | (1,465 | ) | (18,983 | ) | (8,248 | ) | ||||||||
| Less: Net loss attributable to noncontrolling interest | (1,207 | ) | (378 | ) | (4,564 | ) | (2,312 | ) | ||||||||
| Net loss attributable to vTv Therapeutics Inc. | $ | (4,261 | ) | $ | (1,087 | ) | $ | (14,419 | ) | $ | (5,936 | ) | ||||
| Net loss attributable to vTv Therapeutics Inc. common shareholders | $ | (4,261 | ) | $ | (1,087 | ) | $ | (14,419 | ) | $ | (5,936 | ) | ||||
| Net loss per share of vTv Therapeutics Inc. Class A common stock, basic and diluted | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.20 | ) | $ | (0.10 | ) | ||||
| Weighted average number of vTv Therapeutics Inc. Class A common stock, basic and diluted | 80,490,121 | 61,073,280 | 72,649,531 | 58,737,170 | ||||||||||||
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.
Contacts:
Investors:
Lee Roth
Burns McClellan
lroth@burnsmc.com
Media:
Katie Larch / Robert Flamm, Ph.D.
Burns McClellan, Inc.
klarch@burnsmc.com / rflamm@burnsmc.com