SEC Form 10-Q filed by vTv Therapeutics Inc.

11/12/24 4:43:06 PM ET

$VTVT

Biotechnology: Pharmaceutical Preparations

Health Care

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vtvt-20240930

000164148912-312024Q3false0.3330.50.0250.025

(*) 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 November 12, 2024
Class A common stock, par value $0.01 per share						2,612,257
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 September 30, 2024 (Unaudited) and December 31, 2023	4

	Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023	5

	Unaudited Condensed Consolidated Statement of Changes in Redeemable Noncontrolling Interest and Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2024 and 2023	6

	Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023	8

	Notes to Unaudited Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33

Item 4.	Controls and Procedures	33

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	34

Item 1A.	Risk Factors	34

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34

Item 3.	Defaults Upon Senior Securities	34

Item 4.	Mine Safety Disclosures	34

Item 5.	Other Information	34

Item 6.	Exhibits	34

	Signatures	35


	September 30, 2024		December 31, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	41,571	$	9,446
Accounts receivable	242		102

Prepaid expenses and other current assets	1,060		1,044
Current deposits	85		65
Total current assets	42,958		10,657
Property and equipment, net	50		117
Operating lease right-of-use assets	156		244

Total assets	$	43,164	$	11,018
Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	6,226	$	10,242
Current portion of operating lease liabilities	181		169
Current portion of contract liabilities	17		17
Current portion of notes payable	—		191
Total current liabilities	6,424		10,619
Contract liabilities, net of current portion	18,669		18,669
Operating lease liabilities, net of current portion	32		169
Warrant liability, related party	82		110
Warrant liability	44		—
Total liabilities	25,251		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, 2,612,257 and 2,084,973 shares outstanding as of September 30, 2024 and December 31, 2023, respectively	26		21
Class B common stock, $0.01 par value; 100,000,000 shares authorized, and 577,349 outstanding as of September 30, 2024 and December 31, 2023	6		6

Additional paid-in capital	311,060		256,335
Accumulated deficit	(296,084)		(281,042)
Total stockholders’ equity (deficit) attributable to vTv Therapeutics Inc.	15,008		(24,680)
Noncontrolling interest	2,905		—
Total stockholders’ equity (deficit)	17,913		(24,680)
Total liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit)	$	43,164	$	11,018


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023(*)		2024		2023(*)
Revenue	$	—	$	—	$	1,000	$	—
Operating expenses:
Research and development	3,224		2,824		9,312		11,457
General and administrative	3,282		2,544		10,976		9,338
Total operating expenses	6,506		5,368		20,288		20,795
Operating loss	(6,506)		(5,368)		(19,288)		(20,795)
Other income (expense), net	85		(3,640)		157		(1,514)
Other income (expense) – related party	77		341		(173)		406
Interest income	504		131		1,136		384
Interest expense	—		(4)		—		(6)
Loss before income taxes and noncontrolling interest	(5,840)		(8,540)		(18,168)		(21,525)
Income tax provision	—		—		100		—
Net loss before noncontrolling interest	(5,840)		(8,540)		(18,268)		(21,525)
Less: net loss attributable to noncontrolling interest	(1,057)		(1,886)		(3,440)		(4,753)
Net loss attributable to vTv Therapeutics Inc.	$	(4,783)	$	(6,654)	$	(14,828)	$	(16,772)
Net loss attributable to vTv Therapeutics Inc. common shareholders	(4,783)		(6,654)		(14,828)		(16,772)
Net loss per share of vTv Therapeutics Inc. Class A common stock, basic and diluted	$	(0.88)	$	(3.19)	$	(2.70)	$	(8.04)
Weighted average number of vTv Therapeutics Inc. Class A common stock, basic and diluted	5,456,307		2,084,973		5,498,479		2,084,973
(*) Adjusted retroactively for reverse stock split


For the three months ended September 30, 2024
	Class A Common Stock			Class B Common Stock
	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 June 30, 2024	2,432,857	$	24	577,349	$	6	$	307,746	$	(291,301)	$	16,475	$	3,962	$	20,437
Net loss attributable to vTv Therapeutics Inc.	—	—		—	—		—		(4,783)		(4,783)		—		(4,783)



Share-based compensation	—	—		—	—		853		—		853		—		853

Issuance of Class A Common Stock under ATM offering	179,400	2		—	—		2,461		—		2,463		—		2,463
Net loss attributable to noncontrolling interest	—	—		—	—		—		—		—		(1,057)		(1,057)
Balances at September 30, 2024	2,612,257	$	26	577,349	$	6	$	311,060	$	(296,084)	$	15,008	$	2,905	$	17,913


For the nine months ended September 30, 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.	—		—	—		—	—		—		(14,828)		(14,828)		—		(14,828)
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	—		—	—		—	—		1,932		—		1,932		—		1,932
Issuance of Class A common stock and pre-funded warrants, net offering costs	—		347,884	3		—	—		50,332		—		50,335		—		50,335
Issuance of Class A Common Stock under ATM offering	—		179,400	2		—	—		2,461		—		2,463		—		2,463
Net loss attributable to noncontrolling interest	—		—	—		—	—		—		—		—		(2,355)		(2,355)
Balances at September 30, 2024	$	—	2,612,257	$	26	577,349	$	6	$	311,060	$	(296,084)	$	15,008	$	2,905	$	17,913
(*) Allocation of NCI net loss was a result from the reclassification to permanent equity on February 27, 2024 (See Note 7)


	Number of Shares	Weighted Average Exercise Price
Awards outstanding at December 31, 2023	249,247	$	77.53
Granted	447,499	13.11
Forfeited	(5,153)	18.75
Awards outstanding at September 30, 2024	691,593	$	36.29
Options exercisable at September 30, 2024	237,800	$	75.20
Weighted average remaining contractual term	6.9 Years
Options vested and expected to vest at September 30, 2024	551,200	$	41.73
Weighted average remaining contractual term	8.2 Years


2024 (remaining three months)	$	48
2025	177
2026	—
2027	—
2028	—
Thereafter	—
Total lease payments	225
Less: imputed interest	(12)
Present value of lease liabilities	$	213


			(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.
(2)			CinRx is no longer deemed to be a related party. As a result the CinRx Warrants are no longer included.


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net loss before noncontrolling interest	$	(18,268)	$	(21,525)
Adjustments to reconcile net loss before noncontrolling interest to net cash used in operating activities:
Depreciation expense	67		67
Loss from G42 promissory note early redemption	—		313
Non-cash interest income	—		(100)
Share-based compensation expense	1,932		1,175
Change in fair value of investments	—		(3,044)
Impairment of investments in Anteris Bio, Inc	—		4,245
Change in fair value of warrants, related party	173		(406)
Change in fair value of warrants	(157)		—
Changes in assets and liabilities:
Accounts receivable	(140)		173
Prepaid expenses and other current assets	(36)		665
Other assets	88		—
Accounts payable and accrued expenses	(4,016)		2,270

Other liabilities	(125)		—
Net cash used in operating activities	(20,482)		(16,167)



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 issuance of Class A common stock, net of offering costs	2,463		—
Proceeds from G42 Promissory Note early redemption related to sale of Class A common stock to collaboration partner	—		12,030

Proceeds from debt issuance	—		566
Repayment of notes payable	(191)		(317)
Net cash provided by financing activities	52,607		12,279
Net increase (decrease) in cash and cash equivalents	32,125		(3,888)
Total cash and cash equivalents, beginning of period	9,446		12,126
Total cash and cash equivalents, end of period	$	41,571	$	8,238

Non-cash activities:
Change in redemption value of noncontrolling interest	$	(214)	$	(1,104)
Reclassification of noncontrolling interest to additional paid-in capital	$	5,260	—


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	228	$	113	$	511	$	316
General and administrative	625		320		1,421		859
Total share-based compensation expense	$	853	$	433	$	1,932	$	1,175


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net loss attributable to vTv Therapeutics Inc. common shareholders	$	(4,783)	$	(6,654)	$	(14,828)	$	(16,772)
(Decrease)/Increase in vTv Therapeutics Inc. stockholders' equity (deficit) for sale of vTv Units as a result of common stock issuances	(1,972)		1,592		7,592		4,212
Change from net loss attributable to vTv Therapeutics Inc. common shareholders and transfers to noncontrolling interest	$	(6,755)	$	(5,062)	$	(7,236)	$	(12,560)


			(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 and nine months ended September 30, 2024.


	September 30, 2024	September 30, 2023
Class B common stock (1)(*)	577,349	577,349
Common stock options granted under the Plan (*)	691,593	238,636
Common stock warrants (*)	75,595	80,359
Total (*)	1,344,537	896,344
(*) Adjusted retroactively for reverse stock split


	Balance at September 30, 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)(2)	$	82	$	—	$	—	$	82
Warrant liability	$	44	$	—	$	—	$	44
Total	$	126	$	—	$	—	$	126


	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 nine months ended September 30, 2024
	Balance at January 1, 2024		Net Change in fair value included in earnings		Purchases / Issuance		Sales / Repurchases		Reclass		Balance at September 30, 2024
2024
Warrant liability, related party (1)	$	110	$	173	$	—	$	—	$	(201)	$	82
Warrant liability	$	—	$	(157)	$	—	$	—	$	201	$	44
Total	$	110	$	16	$	—	$	—	$	—	$	126

2023
Warrant liability, related party	$	684	$	(406)	$	—	$	—	$	—	$	278
Total	$	684	$	(406)	$	—	$	—	$	—	$	278


	September 30, 2024		December 31, 2023
	Range	Weighted Average	Range	Weighted Average
Expected volatility	95.13% - 124.70%	109.42%	79.96% - 89.61%	81.55%
Risk-free interest rate	3.64% - 4.85%	3.79%	4.01% - 4.87%	4.15%


Expected volatility	98.2	%
Expected life of options in years	2.75
Risk-free interest rate	3.6	%
Expected dividend yield	—	%

SEC Form 10-Q filed by vTv Therapeutics Inc.

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SEC Form SC 13G filed by vTv Therapeutics Inc.

SEC Form SC 13D/A filed by vTv Therapeutics Inc. (Amendment)

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SEC Form 10-Q filed by vTv Therapeutics Inc.

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(dollars in thousands)	Three Months Ended September 30,
Statement of operations data:	2024		2023		Change
Revenue	$	—	$	—	$	—
Operating expenses:
Research and development	3,224		2,824		400
General and administrative	3,282		2,544		738
Total operating expenses	6,506		5,368		1,138
Operating loss	(6,506)		(5,368)		(1,138)
Interest income	504		131		373
Interest expense	—		(4)		4
Other income (expense), net	162		(3,299)		3,461
Loss before income taxes and noncontrolling interest	(5,840)		(8,540)		2,700
Income tax provision	—		—		—
Net loss before noncontrolling interest	(5,840)		(8,540)		2,700
Less: net loss attributable to noncontrolling interest	(1,057)		(1,886)		829
Net loss attributable to vTv Therapeutics Inc.	$	(4,783)	$	(6,654)	$	1,871


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, Chief Executive Officer and Executive Chairperson

			By:			/s/ Steven Tuch
						Steven Tuch
						Executive Vice President and Chief Financial Officer