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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -0.38% | 25.88 | 25.37 | 30.00 | 25.98 | 25.4571 | 25.98 | 2,068 | 21:30:00 |
vTv Therapeutics Inc. (vTv Therapeutics) (Nasdaq:VTVT) today provided a corporate update and reported financial and operational results for the third quarter ended September 30, 2017.
“We’ve made significant progress in the third quarter of 2017 across our strategic initiatives, and we attribute that to our ongoing development of innovative therapies, particularly in the areas of Alzheimer’s and diabetes,” said Steve Holcombe, president and CEO of vTv Therapeutics. “We look forward to building on this momentum as we approach several important milestones next year, including the Part A readout out of our Phase 3 STEADFAST Study of azeliragon in patients with mild Alzheimer’s disease.”
Third Quarter 2017 Highlights
Issuance of U.S. Patent Covering Methods of Treatment Using Azeliragon
2017 Alzheimer’s Association International Conference
vTv Therapeutics and JDRF Enter Into Industry Partnership
53rd European Association for the Study of Diabetes Annual Meeting
Upcoming Anticipated Milestones
STEADFAST Study (azeliragon in patients with mild Alzheimer’s disease): Expected to report top-line results from each of the Part A and Part B studies in early 2018 and late 2018, respectively.
Third Quarter 2017 Financial Results
vTv Therapeutics Inc.Condensed Consolidated Balance Sheets(in thousands)
September 30, June 30, 2017 2017 (Unaudited) (Unaudited) Assets Current assets: Cash and cash equivalents $ 20,488 $ 32,513 Restricted cash 281 — Prepaid expenses and other current assets 725 639 Total current assets 21,494 33,152 Property and equipment, net 310 374 Other long-term assets 2,251 2,253 Total assets $ 24,055 $ 35,779 Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Deficit Current liabilities: Accounts payable and accrued expenses $ 10,120 $ 10,734 Deferred revenue — — Current portion of notes payable 2,083 521 Total current liabilities 12,203 11,255 Notes payable 17,228 18,516 Other liabilities 285 273 Total liabilities 29,716 30,044 Commitments and contingencies Redeemable noncontrolling interest 130,642 112,145 Stockholders’ deficit: Class A Common Stock 97 97 Class B Common Stock 232 232 Additional paid-in capital 127,036 126,077 Accumulated deficit (263,668 ) (232,816 ) Total stockholders’ deficit attributable to vTv Therapeutics Inc. (136,303 ) (106,410 ) Total liabilities, redeemable noncontrolling interest and stockholders’ deficit $ 24,055 $ 35,779vTv Therapeutics Inc.Condensed Consolidated Statements of Operations - Unaudited(in thousands, except per share data)
Three Months EndedSeptember 30,
2017
June 30,
2017
Revenue $ 15 $ 13 Operating expenses: Research and development 8,989 9,623 General and administrative 2,567 3,005 Total operating expenses 11,556 12,628 Operating loss (11,541 ) (12,615 ) Interest income 35 33 Interest expense (849 ) (832 ) Other income (loss), net — — Loss before income taxes and noncontrolling interest (12,355 ) (13,414 ) Income tax provision — — Net loss before noncontrolling interest (12,355 ) (13,414 ) Less: net loss attributable to noncontrolling interest (8,705 ) (9,451 ) Net loss attributable to vTv Therapeutics Inc. $ (3,650 ) $ (3,963 )Net loss per share of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
$ (0.38 ) $ (0.41 )Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
9,693,254 9,693,254vTv 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,
2017 2016 2017 2016 Revenue $ 15 $ 38 $ 58 $ 596 Operating expenses: Research and development 8,989 11,165 29,572 34,649 General and administrative 2,567 2,401 8,396 7,654 Total operating expenses 11,556 13,566 37,968 42,303 Operating loss (11,541 ) (13,528 ) (37,910 ) (41,707 ) Interest income 35 21 95 66 Interest expense (849 ) — (2,240 ) (3 ) Other income (loss), net — 2 — 2 Loss before income taxes and noncontrolling interest (12,355 ) (13,505 ) (40,055 ) (41,642 ) Income tax provision — — — — Net loss before noncontrolling interest (12,355 ) (13,505 ) (40,055 ) (41,642 ) Less: net loss attributable to noncontrolling interest (8,705 ) (9,512 ) (28,222 ) (29,340 ) Net loss attributable to vTv Therapeutics Inc. $ (3,650 ) $ (3,993 ) $ (11,833 ) $ (12,302 )Net loss per share of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
$ (0.38 ) $ (0.41 ) $ (1.22 ) $ (1.30 )Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
9,693,254 9,691,362 9,693,254 9,495,926About 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 Therapeutics 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 and the prevention of muscle weakness.
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, our most recent Quarterly Report on Form 10-Q 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 accountings principals 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 diluted 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,
2017
June 30,
2017
Numerator: Net loss attributable to vTv Therapeutics Inc. $ (3,650 ) $ (3,963 )Reallocation of net income attributable to non-controlling interest from the assumed exchange of Class B shares (1)
(8,705 ) (9,451 ) Net loss before noncontrolling interest $ (12,355 ) $ (13,414 ) Denominator:Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
9,693,254 9,693,254 Assumed exchange of Class B Common Stock (1) 23,119,246 23,119,246Adjusted proforma fully exchanged weighted-average shares of Class A common stock outstanding, basic and diluted
32,812,500 32,812,500Adjusted proforma earnings per fully exchanged share, basic and diluted
$ (0.38 ) $ (0.41 )Three Months Ended
September 30,
2017 2016 Numerator: Net loss attributable to vTv Therapeutics Inc. $ (3,650 ) $ (3,993 )Reallocation of net income attributable to non-controlling interest from the assumed exchange of Class B shares (1)
(8,705 ) (9,512 ) Net loss before noncontrolling interest $ (12,355 ) $ (13,505 ) Denominator:Weighted-average number of vTv Therapeutics Inc. Class A Common Stock, basic and diluted
9,693,254 9,691,362 Assumed exchange of Class B Common Stock (1) 23,119,246 23,121,138Adjusted proforma fully exchanged weighted-average shares of Class A common stock outstanding, basic and diluted
32,812,500 32,812,500Adjusted proforma earnings per fully exchanged share, basic and diluted
$ (0.38 ) $ (0.41 )
View source version on businesswire.com: http://www.businesswire.com/news/home/20171101006612/en/
Investors:vTv Therapeutics Inc.Mike Biega, 617-221-9660IR@vtvtherapeutics.comorMedia:Pure Communications Inc.Katie Engleman, 910-509-3977Katie@purecommunications.com
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