vTv Therapeutics Announces 2023 First Quarter Financial Results and Provides Corporate Update
05/11/2023 - 04:15 PM
HIGH POINT, N.C., May 11, 2023 (GLOBE NEWSWIRE) -- vTv Therapeutics Inc. (Nasdaq: VTVT), a clinical stage biopharmaceutical company focused on the development of an adjunctive therapy to insulin for the treatment of type 1 diabetes ("T1D"), today reported financial results for the first quarter ended March 31, 2023, and provided an update on recent corporate developments.
“During the first several months of 2023, we continued making progress to align with the FDA on an efficient development pathway to support registration of TTP399 as an adjunctive therapy to insulin for the treatment of type 1 diabetes and we remain on-track to commence study activities in the second half of the year,” said Paul Sekhri, Chief Executive Officer of vTv. “In addition to our ongoing efforts to advance studies of TTP399 in type 1 diabetes, we continue to work with an affiliate of G42 Investments in preparation for a phase 2 study comparing TTP399 with placebo in patients with type 2 diabetes on insulin therapy.”
Recent Company Highlights
Strengthened the Company’s balance sheet following receipt of approximately $12.0 million from G42 Investments on February 28, 2023, in satisfaction of the promissory note issued in connection with the common stock purchase agreement entered into between vTv and G42 Investments in 2022. As of March 31, 2023, the Company’s cash and cash equivalents totaled approximately $18.8 million . On February 24, 2023, the Company received written confirmation that the FDA is in agreement with its pediatric study plan for the study of TTP399 in T1D patients between 2 and 16 years of age. First Quarter 2023 Financial Results
Cash Position : The Company’s cash position as of March 31, 2023, was $18.8 million compared to $12.1 million as of December 31, 2022. The increase is attributed to receipt of the promissory note from G42 Investments on February 28, 2023.Research & Development (R&D) Expenses : R&D expenses were $3.9 million and $3.1 million in each of the three months ended March 31, 2023 and 2022, respectively. The increase of $0.8 million is primarily attributable to higher spending on TTP399, due to increases in drug product related costs, an increase in indirect costs and other projects related to the development of TTP399 .General & Administrative (G&A) Expenses: G&A expenses were $3.5 million and $5.3 million for each of the three months ended March 31, 2023 and 2022, respectively. The decrease of $1.9 million was primarily due to decreases in legal expense and severance expense, partially offset by higher other G&A costs.Other Income (Expense) : Other income for the three months ended March 31, 2023, was $1.6 million and was driven by an unrealized gain related to our investment in Reneo, offset by losses related to the change in the fair value of the outstanding warrants to purchase shares of our stock issued to related parties and the loss from the early redemption of the G42 promissory note. Other expense for the three months ended March 31, 2022, was $2.7 million and was related to the unrealized loss recognized related to our investment in Reneo as well as gains related to the change in the fair value of the outstanding warrants held by a related party.Net Loss : Net loss attributable to vTv shareholders for the three months ended March 31, 2023, was $4.5 million or $0.06 per basic share. Net loss attributable to vTv shareholders for the comparable period a year ago was $7.0 million or $0.10 per basic share.
vTv Therapeutics Inc. Condensed Consolidated Balance Sheets (in thousands) March 31, 2023 December 31, 2022 (Unaudited) Assets Current assets: Cash and cash equivalents $ 18,766 $ 12,126 Accounts receivable — 173 Promissory note receivable — 12,243 Prepaid expenses and other current assets 1,846 2,537 Current deposits 15 15 Total current assets 20,627 27,094 Property and equipment, net 185 207 Operating lease right-of-use assets 324 349 Long-term investments 7,692 5,588 Total assets $ 28,828 $ 33,238 Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Deficit Current liabilities: Accounts payable and accrued expenses $ 8,358 $ 7,313 Current portion of operating lease liabilities 157 154 Current portion of contract liabilities 17 17 Current portion of notes payable — 224 Total current liabilities 8,532 7,708 Contract liabilities, net of current portion 18,669 18,669 Operating lease liabilities, net of current portion 297 338 Warrant liability, related party 922 684 Total liabilities 28,420 27,399 Commitments and contingencies Redeemable noncontrolling interest 19,600 16,579 Stockholders’ deficit: Class A Common Stock 815 815 Class B Common Stock 232 232 Additional paid-in capital 254,080 253,737 Accumulated deficit (274,319 ) (265,524 ) Total stockholders’ deficit attributable to vTv Therapeutics Inc. (19,192 ) (10,740 ) Total liabilities, redeemable noncontrolling interest and stockholders’ deficit $ 28,828 $ 33,238
vTv Therapeutics Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended March 31, 2023 2022 (Unaudited) Revenue $ — $ 2,000 Operating expenses: Research and development 3,942 3,133 General and administrative 3,485 5,348 Total operating expenses 7,427 8,481 Operating loss (7,427 ) (6,481 ) Interest income 100 — Interest expense — (1 ) Other income (expense), net 1,553 (2,742 ) Loss before income taxes and noncontrolling interest (5,774 ) (9,224 ) Income tax provision — 200 Net loss before noncontrolling interest (5,774 ) (9,424 ) Less: net loss attributable to noncontrolling interest (1,275 ) (2,417 ) Net loss attributable to vTv Therapeutics Inc. $ (4,499 ) $ (7,007 ) Net loss attributable to vTv Therapeutics Inc. common shareholders $ (4,499 ) $ (7,007 ) Net loss per share of vTv Therapeutics Inc. Class A common stock, basic and diluted $ (0.06 ) $ (0.10 ) Weighted average number of vTv Therapeutics Inc. Class A common stock, basic and diluted 81,483,600 66,942,777
About vTv Therapeutics TTP399 , a potential adjunctive therapy to insulin 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 glioblastoma and other cancers.
Forward-Looking Statements 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:
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