$VTVT
vTv Therapeutics Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019038844 Filed on October 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $8.000K $3.375M
YoY Change -99.76% 22400.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.770M $2.160M
YoY Change -18.06% -15.95%
% of Gross Profit
Research & Development $3.663M $2.698M
YoY Change 35.77% -69.99%
% of Gross Profit
Depreciation & Amortization $0.00 $30.00K
YoY Change -100.0% -40.0%
% of Gross Profit
Operating Expenses $5.433M $4.856M
YoY Change 11.88% -57.98%
Operating Profit -$5.425M -$1.481M
YoY Change 266.31% -87.17%
Interest Expense -$390.0K -$810.0K
YoY Change -51.85% 0.0%
% of Operating Profit
Other Income/Expense, Net -$150.0K $10.00K
YoY Change -1600.0%
Pretax Income -$5.960M -$1.960M
YoY Change 204.08% -84.14%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.608M -$796.0K
YoY Change 353.27% -78.19%
Net Earnings / Revenue -45100.0% -23.59%
Basic Earnings Per Share
Diluted Earnings Per Share -$112.4K -$64.99K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.400M $3.800M
YoY Change -36.84% -81.46%
Cash & Equivalents $2.436M $3.766M
Short-Term Investments
Other Short-Term Assets $1.200M $2.100M
YoY Change -42.86% 110.0%
Inventory
Prepaid Expenses
Receivables $10.00K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.567M $5.900M
YoY Change -39.54% -72.56%
LONG-TERM ASSETS
Property, Plant & Equipment $46.00K $200.0K
YoY Change -77.0% -33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.500M $2.500M
YoY Change 0.0%
Other Assets $2.900M $2.500M
YoY Change 16.0% 8.7%
Total Long-Term Assets $5.555M $5.200M
YoY Change 6.83% 100.0%
TOTAL ASSETS
Total Short-Term Assets $3.567M $5.900M
Total Long-Term Assets $5.555M $5.200M
Total Assets $9.122M $11.10M
YoY Change -17.82% -53.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.900M $9.000M
YoY Change -23.33% -10.89%
Accrued Expenses $100.0K
YoY Change
Deferred Revenue $31.00K $6.747M
YoY Change -99.54%
Short-Term Debt $358.0K $431.0K
YoY Change -16.94%
Long-Term Debt Due $7.400M $9.600M
YoY Change -22.92% 357.14%
Total Short-Term Liabilities $14.46M $25.31M
YoY Change -42.86% 107.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.400M $8.600M
YoY Change -83.72% -50.0%
Other Long-Term Liabilities $260.0K $1.200M
YoY Change -78.33% 300.0%
Total Long-Term Liabilities $260.0K $9.800M
YoY Change -97.35% -44.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.46M $25.31M
Total Long-Term Liabilities $260.0K $9.800M
Total Liabilities $19.00M $55.10M
YoY Change -65.51% -65.65%
SHAREHOLDERS EQUITY
Retained Earnings -$223.7M -$189.0M
YoY Change 18.38%
Common Stock $176.0M $144.6M
YoY Change 21.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$47.15M -$43.98M
YoY Change
Total Liabilities & Shareholders Equity $9.122M $11.09M
YoY Change -17.74% -53.99%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$3.608M -$796.0K
YoY Change 353.27% -78.19%
Depreciation, Depletion And Amortization $0.00 $30.00K
YoY Change -100.0% -40.0%
Cash From Operating Activities -$6.190M -$6.260M
YoY Change -1.12% -46.86%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $310.0K $0.00
YoY Change -100.0%
Cash From Investing Activities $310.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.860M 8.870M
YoY Change -22.66%
NET CHANGE
Cash From Operating Activities -6.190M -6.260M
Cash From Investing Activities 310.0K 0.000
Cash From Financing Activities 6.860M 8.870M
Net Change In Cash 980.0K 2.610M
YoY Change -62.45% -122.21%
FREE CASH FLOW
Cash From Operating Activities -$6.190M -$6.260M
Capital Expenditures $0.00 -$10.00K
Free Cash Flow -$6.190M -$6.250M
YoY Change -0.96% -46.94%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On an ongoing basis, the Company evaluates its estimates, including those related to the grant date fair value of equity awards, the fair value of warrants to purchase shares of its Class A Common Stock, the fair value of the Class B Common Stock, the useful lives of property and equipment, the fair value of derivative liabilities, and the fair value of the Company&#8217;s debt, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.</p>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions. The balances of these cash accounts frequently exceed insured limits.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">One and three customers represented 100% of the revenue earned during the three months ended September&#160;30, 2019 and 2018, respectively. Three customers represented 100% of the revenue earned during each of the nine months ended September&#160;30, 2019 and 2018. </p>
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269360
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2496143
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1266869
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2454065
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y9M18D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.57
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.26
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.71
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.25
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.47
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
6.31
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
413000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
579000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1095000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2345000
CY2019Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
7397000
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
14897000
CY2019Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
358000
CY2018Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
216000
CY2019Q3 vtvt Accreted Final Payment
AccretedFinalPayment
-1050000
CY2018Q4 vtvt Accreted Final Payment
AccretedFinalPayment
-600000
CY2019Q3 us-gaap Notes Payable
NotesPayable
8805000
CY2018Q4 us-gaap Notes Payable
NotesPayable
15713000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
100000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
400000
CY2019Q3 vtvt Lessee Operating Lease Not Yet Commenced Liability Payments Due Year Two
LesseeOperatingLeaseNotYetCommencedLiabilityPaymentsDueYearTwo
242000
CY2019Q3 vtvt Lessee Operating Lease Not Yet Commenced Liability Payments Due Year Three
LesseeOperatingLeaseNotYetCommencedLiabilityPaymentsDueYearThree
248000
CY2019Q3 vtvt Lessee Operating Lease Not Yet Commenced Liability Payments Due Year Four
LesseeOperatingLeaseNotYetCommencedLiabilityPaymentsDueYearFour
254000
CY2019Q3 vtvt Lessee Operating Lease Not Yet Commenced Liability Payments Due Year Five
LesseeOperatingLeaseNotYetCommencedLiabilityPaymentsDueYearFive
261000
CY2019Q3 vtvt Lessee Operating Lease Not Yet Commenced Liability Payments Due After Year Five
LesseeOperatingLeaseNotYetCommencedLiabilityPaymentsDueAfterYearFive
267000
CY2019Q3 vtvt Lessee Operating Lease Not Yet Commenced Liability Payments Due
LesseeOperatingLeaseNotYetCommencedLiabilityPaymentsDue
1272000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
us-gaap Operating Lease Cost
OperatingLeaseCost
300000
CY2018Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
us-gaap Operating Lease Cost
OperatingLeaseCost
300000
CY2019Q3 vtvt Redeemable Noncontrolling Interest Temporary Equity Redemption Value
RedeemableNoncontrollingInterestTemporaryEquityRedemptionValue
37300000
CY2018Q4 vtvt Redeemable Noncontrolling Interest Temporary Equity Redemption Value
RedeemableNoncontrollingInterestTemporaryEquityRedemptionValue
62500000
CY2019Q3 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
4515000
CY2018Q3 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
9552000
us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
14408000
us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
13869000
CY2019Q3 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet
-8630000
CY2018Q3 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet
-10348000
us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet
-27288000
us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet
-20689000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q3 vtvt Deemed Distribution To Related Party
DeemedDistributionToRelatedParty
507000
vtvt Deemed Distribution To Related Party
DeemedDistributionToRelatedParty
4235000
CY2019Q3 vtvt Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-4115000
CY2018Q3 vtvt Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-796000
vtvt Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-12880000
vtvt Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-6820000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32730515
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29567148
us-gaap Restructuring And Related Activities Initiation Date
RestructuringAndRelatedActivitiesInitiationDate
2018-12-11
us-gaap Payments For Restructuring
PaymentsForRestructuring
300000

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