$VTVT
vTv Therapeutics Inc.

2023 Q1 Form 10-Q Financial Statement

#000164148923000021 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $0.00 $2.000M
YoY Change -100.0% 102.02%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.485M $5.348M
YoY Change -34.84% 147.59%
% of Gross Profit
Research & Development $3.942M $3.133M
YoY Change 25.82% 0.97%
% of Gross Profit
Depreciation & Amortization $22.00K $23.00K
YoY Change -4.35% 0.0%
% of Gross Profit
Operating Expenses $7.427M $8.481M
YoY Change -12.43% 61.02%
Operating Profit -$7.427M -$6.481M
YoY Change 14.6% 51.43%
Interest Expense $0.00 -$1.000K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $1.791M -$2.742M
YoY Change -165.32% 66.18%
Pretax Income -$5.774M -$9.224M
YoY Change -37.4% 55.63%
Income Tax $0.00 $200.0K
% Of Pretax Income
Net Earnings -$4.499M -$7.007M
YoY Change -35.79% 65.22%
Net Earnings / Revenue -350.35%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.06 -$104.7K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.77M $12.14M
YoY Change 54.61% 44.5%
Cash & Equivalents $18.80M $12.10M
Short-Term Investments
Other Short-Term Assets $1.861M $1.417M
YoY Change 31.33% 77.13%
Inventory
Prepaid Expenses
Receivables $0.00 $57.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.63M $13.61M
YoY Change 51.54% 47.96%
LONG-TERM ASSETS
Property, Plant & Equipment $185.0K $634.0K
YoY Change -70.82% 84.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.692M $5.939M
YoY Change 29.52% -11.36%
Other Assets
YoY Change
Total Long-Term Assets $8.201M $6.573M
YoY Change 24.77% -12.99%
TOTAL ASSETS
Total Short-Term Assets $20.63M $13.61M
Total Long-Term Assets $8.201M $6.573M
Total Assets $28.83M $20.19M
YoY Change 42.82% 20.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.358M $12.47M
YoY Change -33.0% 149.48%
Accrued Expenses $157.0K $191.0K
YoY Change -17.8% -4.5%
Deferred Revenue $17.00K $35.00K
YoY Change -51.43% 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $8.532M $12.70M
YoY Change -32.82% 146.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $19.89M $1.211M
YoY Change 1542.28% 2322.0%
Total Long-Term Liabilities $19.89M $1.211M
YoY Change 1542.28% 2322.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.532M $12.70M
Total Long-Term Liabilities $19.89M $1.211M
Total Liabilities $28.42M $28.28M
YoY Change 0.5% 172.38%
SHAREHOLDERS EQUITY
Retained Earnings -$274.3M -$247.7M
YoY Change 10.74% -9.84%
Common Stock $254.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$19.19M -$8.093M
YoY Change
Total Liabilities & Shareholders Equity $28.83M $20.19M
YoY Change 42.82% 20.48%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.499M -$7.007M
YoY Change -35.79% 65.22%
Depreciation, Depletion And Amortization $22.00K $23.00K
YoY Change -4.35% 0.0%
Cash From Operating Activities -$5.166M -$1.021M
YoY Change 405.97% -80.73%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $11.81M -256.0K
YoY Change -4711.72% -103.2%
NET CHANGE
Cash From Operating Activities -$5.166M -1.021M
Cash From Investing Activities
Cash From Financing Activities $11.81M -256.0K
Net Change In Cash $6.640M -1.021M
YoY Change -750.34% -137.79%
FREE CASH FLOW
Cash From Operating Activities -$5.166M -$1.021M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 its Class B common stock, the useful lives of property and equipment and the fair value of the Company’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.</span></div>
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with one financial institution. The balance of the cash account frequently exceed insured limits.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One hundred percent (100%) of the revenue earned during the three months ended March 31, 2022, was attributable from the satisfaction of a development milestone from the First Huadong Amendment (as defined herein). The Company did not have any revenue during the three months ended March 31, 2023.</span></div>
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CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18686000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18686000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8418571 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.17
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
50000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.29
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9095439 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.07
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3500344 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.88
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
6963039 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
2.42
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y8M12D
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
343000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
476000 usd
CY2023Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
7692000 usd
CY2022Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
5588000 usd
CY2023Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2023Q1 vtvt Lessee Operating Lease Termination Period
LesseeOperatingLeaseTerminationPeriod
P3Y
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
100000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
100000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.095
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.095
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
145000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
194000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
177000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
0 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 usd
CY2023Q1 vtvt Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
516000 usd
CY2023Q1 vtvt Operating Leases Imputed Interest
OperatingLeasesImputedInterest
62000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
454000 usd
CY2023Q1 vtvt Redeemable Noncontrolling Interest Temporary Equity Redemption Value
RedeemableNoncontrollingInterestTemporaryEquityRedemptionValue
19600000 usd
CY2022Q4 vtvt Redeemable Noncontrolling Interest Temporary Equity Redemption Value
RedeemableNoncontrollingInterestTemporaryEquityRedemptionValue
16600000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4499000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7007000 usd
CY2023Q1 vtvt Consolidation Changes Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationChangesWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
1345000 usd
CY2022Q1 vtvt Consolidation Changes Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationChangesWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
2432000 usd
CY2023Q1 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
-3154000 usd
CY2022Q1 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
-4575000 usd
CY2020Q4 vtvt Common Stock And Preferred Stock Shares Authorized
CommonStockAndPreferredStockSharesAuthorized
250000000 shares
CY2021Q2 vtvt Common Stock And Preferred Stock Shares Authorized
CommonStockAndPreferredStockSharesAuthorized
350000000 shares
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-5774000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-9424000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1275000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2417000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4499000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-4499000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7007000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-7007000 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35403802 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30830705 shares

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