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Share Name | Share Symbol | Market | Type |
---|---|---|---|
vTv Therapeutics Inc | NASDAQ:VTVT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.20 | 4.64% | 26.965 | 8.50 | 50.34 | 26.965 | 24.80 | 25.89 | 3,777 | 05:00:09 |
vTv Therapeutics Inc. (Nasdaq: VTVT) today reported financial results for the third quarter that ended September 30, 2018, and provided an update on recent achievements and upcoming events.
“We continue to believe in the therapeutic potential of azeliragon and are committed to finding the optimal development pathway forward for the program,” said Steve Holcombe, chief executive officer, vTv Therapeutics. “We are also making progress with our other programs, either internally in the case of our GKA program, or through our licensing partners for our GLP-1R agonist, PPAR-delta, and PDE4 programs. We hope to see milestones achieved for each of these programs during 2019.”
Recent Achievements and Outlook
Upcoming Events
vTv will participate in the following upcoming investor conferences:
Second Quarter 2018 Financial Results
vTv Therapeutics Inc.Condensed Consolidated Balance Sheets - Unaudited(in thousands)
September 30, June 30, 2018 2018 Assets Current assets: Cash and cash equivalents $ 3,766 $ 1,163 Restricted cash and cash equivalents — — Accounts receivable, net — 2,270 Prepaid expenses and other current assets 1,006 264 Current deposits 1,124 2,311 Total current assets 5,896 6,008 Restricted cash and cash equivalents, long-term 2,500 2,500 Property and equipment, net 177 202 Long-term investments 2,480 2,480 Long-term deposits 36 36 Total assets $ 11,089 $ 11,226 Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Deficit Current liabilities: Accounts payable and accrued expenses $ 8,965 $ 13,144 Current portion of deferred revenue 6,747 10,114 Current portion of notes payable 9,597 8,229 Total current liabilities 25,309 31,487 Notes payable 8,611 10,863 Deferred revenue, net of current portion 595 603 Warrant liability, related party 382 201 Other liabilities 258 256 Total liabilities 35,155 43,410 Commitments and contingencies Redeemable noncontrolling interest 19,912 39,413 Stockholders’ deficit: Class A Common Stock 158 109 Class B Common Stock 232 232 Additional paid-in capital 144,617 134,587 Accumulated deficit (188,985 ) (206,525 ) Total stockholders’ deficit attributable to vTv Therapeutics Inc. (43,978 ) (71,597 ) Total liabilities, redeemable noncontrolling interest and stockholders’ deficit $ 11,089 $ 11,226vTv Therapeutics Inc.Condensed Consolidated Statements of Operations - Unaudited(in thousands, except per share data)
Three Months EndedSeptember 30,
2018
June 30,
2018
Revenue $ 3,375 $ 2,473 Operating expenses: Research and development 2,698 8,594 General and administrative 2,158 2,737 Total operating expenses 4,856 11,331 Operating loss (1,481 ) (8,858 ) Interest income 13 16 Interest expense (822 ) (870 ) Other income (expense), net 329 316 Loss before income taxes and noncontrolling interest (1,961 ) (9,396 ) Income tax provision — 200 Net loss before noncontrolling interest (1,961 ) (9,596 ) Less: net loss attributable to noncontrolling interest (1,165 ) (6,524 ) Net loss attributable to vTv Therapeutics Inc. $ (796 ) $ (3,072 )Net loss per share of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
$ (0.06 ) $ (0.31 )Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
12,305,949 10,049,831vTv Therapeutics Inc.Condensed Consolidated Statements of Operations - Unaudited(in thousands, except per share data)
Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2018 2017 2018 2017 Revenue $ 3,375 $ 15 $ 7,912 $ 58 Operating expenses: Research and development 2,698 8,989 20,235 29,572 General and administrative 2,158 2,567 7,150 8,396 Total operating expenses 4,856 11,556 27,385 37,968 Operating loss (1,481 ) (11,541 ) (19,473 ) (37,910 ) Interest income 13 35 47 95 Interest expense (822 ) (849 ) (2,547 ) (2,240 ) Other income (expense), net 329 — 656 — Loss before income taxes and noncontrolling interest (1,961 ) (12,355 ) (21,317 ) (40,055 ) Income tax provision — — 200 — Net loss before noncontrolling interest (1,961 ) (12,355 ) (21,517 ) (40,055 ) Less: net loss attributable to noncontrolling interest (1,165 ) (8,705 ) (14,697 ) (28,222 ) Net loss attributable to vTv Therapeutics Inc. $ (796 ) $ (3,650 ) $ (6,820 ) $ (11,833 )Net loss per share of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
$ (0.06 ) $ (0.38 ) $ (0.64 ) $ (1.22 )Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
12,305,949 9,693,254 10,701,599 9,693,254About 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 diabetes as well as treatment of inflammatory disorders.
About STEADFAST
The STEADFAST study, two independent and identical randomized, double-blind, placebo-controlled Phase 3 trials (A-Study and B-Study), was designed to investigate the safety and efficacy of azeliragon as a potential treatment for patients with mild Alzheimer’s disease. The 18-month study targeted enrollment of 800 patients (400 in each trial). The first trial enrolled patients in the United States and Canada who had a clinical diagnosis of mild Alzheimer’s disease and an MRI consistent with this diagnosis. Enrollment of the second trial included study sites in the United Kingdom, Ireland, Australia, New Zealand and South Africa. While in April and in June 2018 topline results were announced that the A-Study and the B-Study did not meet the co-primary endpoints and clinical trials were ended, subsequent post-hoc subgroup analyses have shown populations that experienced positive benefits.
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.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), we use non-GAAP earnings per fully exchanged share, which is a non-GAAP financial measure. Non-GAAP earnings per fully exchanged share is defined as net loss attributable to vTv Therapeutics Inc. including the loss attributable to the non-controlling interest and assuming the exchange of all the Class B common stock of vTv Therapeutics Inc. and an equal number of non-voting common units of vTv Therapeutics LLC (“vTv Units”) for shares of Class A common stock of vTv Therapeutics Inc. We believe that this measure provides useful information to investors as it eliminates the variability of non-controlling interest resulting from the exchanges of Class B common stock and vTv Units into Class A common stock. This measure is not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared and presented in accordance with GAAP.
The following is a reconciliation of non-GAAP earnings per fully exchanged share, basic and diluted to its most directly comparable GAAP measure, net loss per share of vTv Therapeutics Class A common stock, basic and diluted and the computation of the components of this non-GAAP measure:
Three Months EndedSeptember 30,
2018
June 30,
2018
Numerator: Net loss attributable to vTv Therapeutics Inc. $ (796 ) $ (3,072 )Reallocation of net income attributable to non-controlling interest from the assumed exchange of Class B shares (1)
(1,165 ) (6,524 ) Net loss before noncontrolling interest $ (1,961 ) $ (9,596 ) Denominator:Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
12,305,949 10,049,831 Assumed exchange of Class B Common Stock (1) 23,114,652 23,094,221Adjusted proforma fully exchanged weighted-average shares of Class A common stock outstanding, basic and diluted
35,420,601 33,144,052Adjusted proforma earnings per fully exchanged share, basic and diluted
$ (0.06 ) $ (0.29 )Three Months Ended
September 30,
Nine Months Ended
September 30,
2018 2017 2018 2017 Numerator: Net loss attributable to vTv Therapeutics Inc. $ (796 ) $ (3,650 ) $ (6,820 ) $ (11,833 )Reallocation of net income attributable to non-controlling interest from the assumed exchange of Class B shares (1)
(1,165 ) (8,705 ) (14,697 ) (28,222 ) Net loss before noncontrolling interest $ (1,961 ) $ (12,355 ) $ (21,517 ) $ (40,055 ) Denominator:Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
12,305,949 9,693,254 10,701,599 9,693,254Assumed exchange of Class B Common Stock (1)
23,114,652 23,119,246 23,101,279 23,119,246Adjusted proforma fully exchanged weighted-average shares of Class A common stock outstanding, basic and diluted
35,420,601 32,812,500 33,802,878 32,812,500Adjusted proforma earnings per fully exchanged share, basic and diluted
$ (0.06 ) $ (0.38 ) $ (0.64 ) $ (1.22 )_________________
(1) Assumes the exchange of all outstanding Class B common stock, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-controlling interests.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181108006041/en/
vTv Therapeutics Inc.Investors:IR@vtvtherapeutics.comorMedia:Josh Vlasto, 212-572-5969PR@vtvtherapeutics.com
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