vTv Therapeutics(VTVT) - 2024 Q4 - Annual Report

Revenue and Financial Performance - Revenue for the year ended December 31, 2024 was $1.0 million, an increase from no revenue in 2023[356]. - The company reported a net loss attributable to vTv Therapeutics Inc. of $18.5 million for the year ended December 31, 2024, an improvement from a net loss of $20.3 million in 2023[355]. - Interest income for the year ended December 31, 2024 was $1.6 million, up from $0.5 million in 2023[359]. - For the year ended December 31, 2024, net cash used in operating activities increased by $6.2 million to $(25.3) million compared to $(19.1) million in 2023[367]. - The company has not generated any revenue from drug product sales and anticipates significant future funding requirements for ongoing development activities[370]. Expenses - Research and development expenses decreased by approximately $2.0 million, or 15.1%, from $13.6 million in 2023 to $11.5 million in 2024[357]. - General and administrative expenses increased by approximately $1.7 million, or 14.6%, from $11.9 million in 2023 to $13.7 million in 2024[358]. - Share-based compensation expenses are based on the fair value of awards at grant date, with estimates of forfeitures based on historical turnover rates[392]. Financing Activities - The company closed a private placement financing of up to $51.0 million on February 27, 2024, with an option for investors to purchase an additional $30.0 million of common stock[362]. - The company entered into a sales agreement with TD Cowen to offer up to $50.0 million in Class A common stock, with $2.5 million already raised from the sale of 179,400 shares[365]. - Financing activities in 2024 generated $52.6 million, primarily from the sale of Class A common stock and pre-funded warrants, compared to $12.0 million in 2023[369]. - The company plans to evaluate several financing strategies, including direct equity investments and potential licensing of other programs, to meet future funding requirements[363]. - The company plans to finance operations through cash and cash equivalents, equity offerings, and potential licensing arrangements[371]. Future Outlook and Risks - The successful development of drug candidates remains uncertain, with potential delays and additional costs impacting timelines[348]. - Future capital requirements will depend on the progress and costs associated with clinical trials for cadisegliatin, as well as FDA approval timelines[372]. - The company expects to incur significant commercialization expenses if regulatory approval is obtained for drug candidates[370]. - The company is seeking additional partnering opportunities for its drug candidates to provide cash for ongoing clinical trials[364]. Balance Sheet and Cash Position - As of December 31, 2024, the company had an accumulated deficit of $299.7 million and cash and cash equivalents of $36.7 million[361]. - As of December 31, 2024, there are no off-balance sheet arrangements[376]. - The company reported no cash flows from investing activities in 2024, while 2023 had net cash provided of $4.4 million from the sale of investments[368].