vTv Therapeutics(US:VTVT)2025-11-06 21:32Financial Performance - The company has not generated any revenue from drug sales to date, relying primarily on milestone payments and research fees [100]. - Revenue for the nine months ended September 30, 2025, was $0, a decrease of $1.0 million compared to $1.0 million in 2024 [118]. - The net loss attributable to vTv Therapeutics Inc. for the three months ended September 30, 2025, was $8.7 million, compared to a net loss of $4.8 million in 2024 [111]. - Net loss attributable to vTv Therapeutics Inc. increased by $5.0 million, from $14.8 million in 2024 to $19.8 million in 2025 [117]. Expenses - Research and development expenses for the three months ended September 30, 2025, were $7.0 million, an increase of $3.8 million or 117.7% compared to $3.2 million in 2024, driven by increased spending on cadisegliatin and other projects [113]. - General and administrative expenses increased by $0.4 million or 12.1% to $3.7 million for the three months ended September 30, 2025, compared to $3.3 million in 2024 [114]. - Total operating expenses for the three months ended September 30, 2025, were $10.7 million, an increase of $4.2 million compared to $6.5 million in 2024 [111]. - Research and development expenses increased by $4.6 million, or 49.8%, from $9.3 million in 2024 to $14.0 million in 2025, primarily due to increased indirect costs and spending on cadisegliatin [119]. - General and administrative expenses remained flat at $11.0 million for both periods, with a slight decrease of $0.0 million or 0.1% [120]. Cash Flow and Financing - As of September 30, 2025, the company had cash and cash equivalents of $98.5 million, with an accumulated deficit of $319.6 million [124]. - Net cash used in operating activities decreased by $4.5 million, from $20.5 million in 2024 to $16.0 million in 2025 [130]. - Net cash provided by financing activities increased to $77.8 million in 2025, compared to $52.6 million in 2024, driven by a private placement [132]. - The company plans to finance operations through cash reserves and future funding activities, including potential licensing and monetization of programs [134]. - The company has sold 179,400 shares under the TD Cowen ATM Offering for net proceeds of $2.5 million, leaving $47.5 million available to be sold [128]. Research and Development - The company expects to have top-line data from the CATT1 study in the second half of 2026, following a protocol amendment to shorten the study duration from 12 months to 6 months [96]. - The FDA granted Breakthrough Therapy designation for cadisegliatin in 2021, supporting its development as an adjunctive therapy to insulin for type 1 diabetes [95]. - The company initiated a food effect study in June 2025 to assess the impact of food on the pharmacokinetics of cadisegliatin, with data currently being analyzed [97]. - A Phase 2 trial in the Middle East for cadisegliatin in type 2 diabetes patients is expected to begin in the fourth quarter of 2025, involving 300 patients [98]. Financial Risks - The company has no material interest rate exposure, indicating a stable financial position regarding interest rates [144]. - Market risk exposure is limited to cash and cash equivalents with maturities of one year or less, focusing on capital preservation and liquidity needs [145]. - The investment strategy aims to maximize income from investments without assuming significant risk, maintaining cash with high credit quality institutions [145]. - There is no material foreign currency exposure, suggesting minimal risk from currency fluctuations [146].