vtvt-20240331

000164148912-312024Q1false0.3330.50.0250.025

(*) Adjusted retroactively for reverse stock split

(*) Allocation of NCI net loss was a result from the reclassification to permanent equity on February 27, 2024 (See Note 7)

(*) Adjusted retroactively for reverse stock split

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x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Delaware			47-3916571
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

3980 Premier Dr, Suite 310 High Point, NC			27265
(Address of principal executive offices)			(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	VTVT	NASDAQ Capital Market


Class of Stock						Shares Outstanding as of May 9, 2024
Class A common stock, par value $0.01 per share						2,432,857
Class B common stock, par value $0.01 per share						577,349


		PAGE NUMBER

PART I – FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Balance Sheets as of March 31, 202 4 (Unaudited) and December 31, 2023	4

	Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 202 4 and 2023	5

	Unaudited Condensed Consolidated Statement of Changes in Redeemable Noncontrolling Interest and Stockholders’ Equity (Deficit) for the three months ended March 31, 2024 and 2023	6

	Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 202 4 and 2023	7

	Notes to Unaudited Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29

Item 4.	Controls and Procedures	30

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	30

Item 1A.	Risk Factors	31

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 3.	Defaults Upon Senior Securities	31

Item 4.	Mine Safety Disclosures	31

Item 5.	Other Information	31

Item 6.	Exhibits	32

	Signatures	33


	March 31, 2024		December 31, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	52,255	$	9,446
Accounts receivable	981		102

Prepaid expenses and other current assets	571		1,044
Current deposits	65		65
Total current assets	53,872		10,657
Property and equipment, net	95		117
Operating lease right-of-use assets	216		244

Total assets	$	54,183	$	11,018
Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	8,731	$	10,242
Current portion of operating lease liabilities	173		169
Current portion of contract liabilities	17		17
Current portion of notes payable	—		191
Total current liabilities	8,921		10,619
Contract liabilities, net of current portion	18,669		18,669
Operating lease liabilities, net of current portion	125		169
Warrant liability, related party	481		110
Total liabilities	28,196		29,567
Commitments and contingencies
Redeemable noncontrolling interest	—		6,131
Stockholders’ equity (deficit):
Class A common stock, $0.01 par value; 200,000,000 shares authorized, 2,432,857 and 2,084,973 shares outstanding as of March 31, 2024 and December 31, 2023, respectively	24		21
Class B common stock, $0.01 par value; 100,000,000 shares authorized, and 577,349 outstanding as of March 31, 2024 and December 31, 2023	6		6

Additional paid-in capital	306,887		256,335
Accumulated deficit	(286,121)		(281,042)
Total stockholders’ equity (deficit) attributable to vTv Therapeutics Inc.	20,796		(24,680)
Noncontrolling interest	5,191		—
Total stockholders’ equity (deficit)	25,987		(24,680)
Total liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit)	$	54,183	$	11,018


	Three Months Ended March 31,
	2024		2023
Revenue	$	1,000	$	—
Operating expenses:
Research and development	2,649		3,942
General and administrative	3,978		3,485
Total operating expenses	6,627		7,427
Operating loss	(5,627)		(7,427)
Other income, net	—		1,791
Other expense– related party	(371)		(238)
Interest income	79		100

Loss before income taxes and noncontrolling interest	(5,919)		(5,774)
Income tax provision	100		—
Net loss before noncontrolling interest	(6,019)		(5,774)
Less: net loss attributable to noncontrolling interest	(1,154)		(1,275)
Net loss attributable to vTv Therapeutics Inc.	$	(4,865)	$	(4,499)
Net loss attributable to vTv Therapeutics Inc. common shareholders	(4,865)		(4,499)
Net loss per share of vTv Therapeutics Inc. Class A common stock, basic and diluted (*)	$	(1.17)	$	(2.16)
Weighted average number of vTv Therapeutics Inc. Class A common stock, basic and diluted (*)	4,141,492		2,084,973
(*) Adjusted retroactively for reverse stock split


For the three months ended March 31, 2024
			Class A Common Stock			Class B Common Stock
	Redeemable Noncontrolling Interest		Shares	Amount		Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Total vTv Therapeutics Inc Stockholders’ Equity (Deficit)		Noncontrolling Interest		Total Stockholders' Equity (Deficit)
Balances at December 31, 2023	$	6,131	2,084,973	$	21	577,349	$	6	$	256,335	$	(281,042)	$	(24,680)	$	—	$	(24,680)
Net loss attributable to vTv Therapeutics Inc.	—		—	—		—	—		—		(4,865)		(4,865)		—		(4,865)
Net loss attributable to redeemable noncontrolling interest(*)	(1,085)		—	—		—	—		—		—		—		—		—
Change in redemption value of redeemable noncontrolling interest	214		—	—		—	—		—		(214)		(214)		—		(214)
Reclassification of redeemable noncontrolling interest to permanent equity (See Note 7)	(5,260)		—	—		—	—		—		—		—		5,260		5,260
Share-based compensation	—		—	—		—	—		220		—		220		—		220
Issuance of Class A common stock and pre-funded warrants, net offering costs	—		347,884	3		—	—		50,332		—		50,335		—		50,335
Net loss attributable to noncontrolling interest	—		—	—		—	—		—		—		—		(69)		(69)
Balances at March 31, 2024	$	—	2,432,857	$	24	577,349	$	6	$	306,887	$	(286,121)	$	20,796	$	5,191	$	25,987
(*) Allocation of NCI net loss was a result from the reclassification to permanent equity on February 27, 2024 (See Note 7)


	Three Months Ended March 31,
	2024		2023
Cash flows from operating activities:
Net loss before noncontrolling interest	$	(6,019)	$	(5,774)
Adjustments to reconcile net loss before noncontrolling interest to net cash used in operating activities:
Depreciation expense	22		22
Loss from promissory note early redemption	—		313
Non-cash interest income	—		(100)
Share-based compensation expense	220		343
Change in fair value of investments	—		(2,104)
Change in fair value of warrants, related party	371		238
Changes in assets and liabilities:
Accounts receivable	(879)		173
Prepaid expenses and other current assets	473		691
Other assets	28		—
Accounts payable and accrued expenses	(1,511)		1,032

Other liabilities	(40)		—
Net cash used in operating activities	(7,335)		(5,166)



Cash flows from financing activities:
Proceeds from sale of Class A common stock and pre-funded warrants, net of offering costs	50,335		—
Proceeds from promissory note early redemption related to sale of Class A common stock to collaboration partner	—		12,030

Repayment of notes payable	(191)		(224)
Net cash provided by financing activities	50,144		11,806
Net increase in cash and cash equivalents	42,809		6,640
Total cash and cash equivalents, beginning of period	9,446		12,126
Total cash and cash equivalents, end of period	$	52,255	$	18,766

Non-cash activities:
Change in redemption value of noncontrolling interest	$	(214)	$	4,296
Reclassification of noncontrolling interest to additional paid-in capital	$	5,260	—


	Number of Shares	Weighted Average Exercise Price
Awards outstanding at December 31, 2023	249,247	$	77.53

Forfeited	(625)	28.80
Awards outstanding at March 31, 2024	248,622	$	77.65
Options exercisable at March 31, 2024	163,336	$	102.02
Weighted average remaining contractual term	6.4 Years
Options vested and expected to vest at March 31, 2024	220,524	$	83.88
Weighted average remaining contractual term	7.0 Years


2024 (remaining nine months)	$	145
2025	177
2026	—
2027	—
2028	—
Thereafter	—
Total lease payments	322
Less: imputed interest	(24)
Present value of lease liabilities	$	298


			(1)			Shares of Class B common stock do not share in the Company’s earnings and are not participating securities. Accordingly, separate presentation of loss per share of Class B common stock under the two-class method has not been provided. Each share of Class B common stock (together with a corresponding vTv Unit) is exchangeable for one share of Class A common stock.


(1)			Fair value determined using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of the Company’s common stock over the most recent period. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of valuation.


	For the Three Months Ended March 31,
	2024		2023
Net loss attributable to vTv Therapeutics Inc. common shareholders	$	(4,865)	$	(4,499)
Increase in vTv Therapeutics Inc. stockholders' equity (deficit) for sale of vTv Units as a result of common stock issuances	9,564		1,345
Change from net loss attributable to vTv Therapeutics Inc. common shareholders and transfers to noncontrolling interest	$	4,699	$	(3,154)


			(1)			The shares underlying the pre-funded warrants to purchase shares of the Company’s common stock have been included in the calculation of the weighted-average number of shares outstanding, basic and diluted, for the three months ended March 31, 2024.


	March 31, 2024	March 31, 2023
Class B common stock (1)(*)	577,349	577,349
Common stock options granted under the Plan (*)	248,622	227,372
Common stock warrants (*)	75,595	80,359
Total (*)	901,566	885,080
(*) Adjusted retroactively for reverse stock split


	Balance at March 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)




Liabilities:
Warrant liability, related party (1)	$	481	$	—	$	—	$	481
Total	$	481	$	—	$	—	$	481


	Balance at December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)




Liabilities:
Warrant liability, related party (1)	$	110	$	—	$	—	$	110
Total	$	110	$	—	$	—	$	110


	Changes in Level 3 instruments for the three months ended March 31,
	Balance at January 1		Net Change in fair value included in earnings		Purchases / Issuance		Sales / Repurchases		Balance at March 31,
2024
Warrant liability, related party	$	110	$	371	$	—	$	—	$	481
Total	$	110	$	371	$	—	$	—	$	481

2023
Warrant liability, related party	$	684	$	238	$	—	$	—	$	922
Total	$	684	$	238	$	—	$	—	$	922


	March 31, 2024		December 31, 2023
	Range	Weighted Average	Range	Weighted Average
Expected volatility	93.31% - 142.10%	101.45%	79.96% - 89.61%	81.55%
Risk-free interest rate	4.45% - 5.25%	4.64%	4.01% - 4.87%	4.15%


Expected volatility	91.6	%
Expected life of options in years	3.3
Risk-free interest rate	4.4	%
Expected dividend yield	—	%


(dollars in thousands)	Three Months Ended March 31,
Statement of operations data:	2024		2023		Change
Revenue	$	1,000	$	—	$	1,000
Operating expenses:
Research and development	2,649		3,942		(1,293)
General and administrative	3,978		3,485		493
Total operating expenses	6,627		7,427		(800)
Operating loss	(5,627)		(7,427)		1,800
Interest income	79		100		(21)
Interest expense	—		—		—
Other (expense) income, net	(371)		1,553		(1,924)
Loss before income taxes and noncontrolling interest	(5,919)		(5,774)		(145)
Income tax provision	100		—		100
Net loss before noncontrolling interest	(6,019)		(5,774)		(245)
Less: net loss attributable to noncontrolling interest	(1,154)		(1,275)		121
Net loss attributable to vTv Therapeutics Inc.	$	(4,865)	$	(4,499)	$	(366)


Exhibit Number						Description

31.1*						Certification of President and Chief Executive Officer required by Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*						Certification of Chief Financial Officer required by Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*						Certification of President and Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS						Inline XBRL Instance Document

101.SCH						Inline XBRL Taxonomy Extension Schema

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF						Inline XBRL Taxonomy Extension Definition Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase

104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


						VTV THERAPEUTICS INC.
						(Registrant)

			By:			/s/ Paul J. Sekhri
						Paul J. Sekhri
						President and Chief Executive Officer

			By:			/s/ Steven Tuch
						Steven Tuch
						Chief Financial Officer

SEC Form 10-Q filed by vTv Therapeutics Inc.