vtvt-20240630

000164148912-312024Q2false0.3330.50.0250.025

(*) 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 August 8, 2024
Class A common stock, par value $0.01 per share						2,432,857
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 June 3 0 , 2024 (Unaudited) and December 31, 2023	4

	Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 3 0 , 2024 and 2023	5

	Unaudited Condensed Consolidated Statement of Changes in Redeemable Noncontrolling Interest and Stockholders’ Equity (Deficit) for the three and six months ended June 3 0 , 2024 and 2023	6

	Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 3 0 , 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	32

Item 4.	Controls and Procedures	33

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	33

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


	June 30, 2024		December 31, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	45,526	$	9,446
Accounts receivable	306		102

Prepaid expenses and other current assets	303		1,044
Current deposits	65		65
Total current assets	46,200		10,657
Property and equipment, net	72		117
Operating lease right-of-use assets	186		244

Total assets	$	46,458	$	11,018
Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	6,791	$	10,242
Current portion of operating lease liabilities	177		169
Current portion of contract liabilities	17		17
Current portion of notes payable	—		191
Total current liabilities	6,985		10,619
Contract liabilities, net of current portion	18,669		18,669
Operating lease liabilities, net of current portion	79		169
Warrant liability, related party	158		110
Warrant liability	130		—
Total liabilities	26,021		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, 2,432,857 and 2,084,973 shares outstanding as of June 30, 2024 and December 31, 2023, respectively	24		21
Class B common stock, $0.01 par value; 100,000,000 shares authorized, and 577,349 outstanding as of June 30, 2024 and December 31, 2023	6		6

Additional paid-in capital	307,746		256,335
Accumulated deficit	(291,301)		(281,042)
Total stockholders’ equity (deficit) attributable to vTv Therapeutics Inc.	16,475		(24,680)
Noncontrolling interest	3,962		—
Total stockholders’ equity (deficit)	20,437		(24,680)
Total liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit)	$	46,458	$	11,018


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenue	$	—	$	—	$	1,000	$	—
Operating expenses:
Research and development	3,439		4,691		6,088		8,633
General and administrative	3,716		3,309		7,694		6,794
Total operating expenses	7,155		8,000		13,782		15,427
Operating loss	(7,155)		(8,000)		(12,782)		(15,427)
Other income, net	72		335		72		2,126
Other income (expense) – related party	121		303		(250)		65
Interest income	553		153		632		253
Interest expense	—		(2)		—		(2)
Loss before income taxes and noncontrolling interest	(6,409)		(7,211)		(12,328)		(12,985)
Income tax provision	—		—		100		—
Net loss before noncontrolling interest	(6,409)		(7,211)		(12,428)		(12,985)
Less: net loss attributable to noncontrolling interest	(1,229)		(1,592)		(2,383)		(2,867)
Net loss attributable to vTv Therapeutics Inc.	$	(5,180)	$	(5,619)	$	(10,045)	$	(10,118)
Net loss attributable to vTv Therapeutics Inc. common shareholders	(5,180)		(5,619)		(10,045)		(10,118)
Net loss per share of vTv Therapeutics Inc. Class A common stock, basic and diluted (*)	$	(0.81)	$	(2.69)	$	(1.97)	$	(4.85)
Weighted average number of vTv Therapeutics Inc. Class A common stock, basic and diluted (*)	6,403,444		2,084,973		5,098,877		2,084,973
(*) Adjusted retroactively for reverse stock split


For the three months ended June 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 March 31, 2024	2,432,857	$	24	577,349	$	6	$	306,887	$	(286,121)	$	20,796	$	5,191	$	25,987
Net loss attributable to vTv Therapeutics Inc.	—	—		—	—		—		(5,180)		(5,180)		—		(5,180)



Share-based compensation	—	—		—	—		859		—		859		—		859

Net loss attributable to noncontrolling interest	—	—		—	—		—		—		—		(1,229)		(1,229)
Balances at June 30, 2024	2,432,857	$	24	577,349	$	6	$	307,746	$	(291,301)	$	16,475	$	3,962	$	20,437


For the three months ended June 30, 2023
			Class A Common Stock			Class B Common Stock
	Redeemable Noncontrolling Interest		Shares(*)	Amount(*)		Shares(*)	Amount(*)		Additional Paid-in Capital(*)		Accumulated Deficit		Total Stockholders' Deficit
Balances at March 31, 2023	$	19,600	2,084,973	$	21	577,349	$	6	$	255,100	$	(274,319)	$	(19,192)
Net loss	(1,592)		—	—		—	—		—		(5,619)		(5,619)
Share-based compensation	—		—	—		—	—		399		—		399
Change in redemption value of noncontrolling interest	871		—	—		—	—		—		(871)		(871)
Balances at June 30, 2023	$	18,879	2,084,973	$	21	577,349	$	6	$	255,499	$	(280,809)	$	(25,283)
(*) Adjusted retroactively for reverse stock split


	Number of Shares	Weighted Average Exercise Price
Awards outstanding at December 31, 2023	249,247	$	77.53
Granted	406,799	12.68
Forfeited	(1,875)	30.87
Awards outstanding at June 30, 2024	654,171	$	37.34
Options exercisable at June 30, 2024	199,812	$	86.34
Weighted average remaining contractual term	6.8 Years
Options vested and expected to vest at June 30, 2024	499,109	$	44.32
Weighted average remaining contractual term	8.4 Years


For the six months ended June 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.	—		—	—		—	—		—		(10,045)		(10,045)		—		(10,045)
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	—		—	—		—	—		1,079		—		1,079		—		1,079
Issuance of Class A common stock and pre-funded warrants, net offering costs	—		347,884	3		—	—		50,332		—		50,335		—		50,335
Net loss attributable to noncontrolling interest	—		—	—		—	—		—		—		—		(1,298)		(1,298)
Balances at June 30, 2024	$	—	2,432,857	$	24	577,349	$	6	$	307,746	$	(291,301)	$	16,475	$	3,962	$	20,437
(*) Allocation of NCI net loss was a result from the reclassification to permanent equity on February 27, 2024 (See Note 7)


For the six months ended June 30, 2023
			Class A Common Stock			Class B Common Stock
	Redeemable Noncontrolling Interest		Shares(*)	Amount(*)		Shares(*)	Amount(*)		Additional Paid-in Capital(*)		Accumulated Deficit		Total Stockholders' Deficit
Balances at December 31, 2022	$	16,579	2,084,973	$	21	577,349	$	6	$	254,757	$	(265,524)	$	(10,740)
Net loss	(2,867)		—	—		—	—		—		(10,118)		(10,118)
Share-based compensation	—		—	—		—	—		742				742
Change in redemption value of noncontrolling interest	5,167		—	—		—	—		—		(5,167)		(5,167)
Balances at June 30, 2023	$	18,879	2,084,973	$	21	577,349	$	6	$	255,499	$	(280,809)	$	(25,283)
(*) Adjusted retroactively for reverse stock split


	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities:
Net loss before noncontrolling interest	$	(12,428)	$	(12,985)
Adjustments to reconcile net loss before noncontrolling interest to net cash used in operating activities:
Depreciation expense	45		45
Loss from promissory note early redemption	—		313
Non-cash interest income	—		(100)
Share-based compensation expense	1,079		742
Change in fair value of investments	—		(2,439)
Change in fair value of warrants, related party	250		(65)
Change in fair value of warrants	(72)		—
Changes in assets and liabilities:
Accounts receivable	(204)		173
Prepaid expenses and other current assets	741		1,213
Other assets	58		—
Accounts payable and accrued expenses	(3,451)		1,770

Other liabilities	(82)		—
Net cash used in operating activities	(14,064)		(11,333)



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 promissory note early redemption related to sale of Class A common stock to collaboration partner	—		12,030

Repayment of notes payable	(191)		(224)
Net cash provided by financing activities	50,144		11,806
Net increase in cash and cash equivalents	36,080		473
Total cash and cash equivalents, beginning of period	9,446		12,126
Total cash and cash equivalents, end of period	$	45,526	$	12,599

Non-cash activities:
Change in redemption value of noncontrolling interest	$	(214)	$	5,167
Reclassification of noncontrolling interest to additional paid-in capital	$	5,260	—


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	217	$	105	$	283	$	203
General and administrative	642		294		796		539
Total share-based compensation expense	$	859	$	399	$	1,079	$	742

SEC Form 10-Q filed by vTv Therapeutics Inc.