vTv Therapeutics Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in its financial position compared to the previous fiscal period. As of September 30, 2024, the company had cash and cash equivalents of $41.6 million, a substantial increase from $9.4 million at the end of 2023. Total current assets also rose to $43.0 million from $10.7 million, reflecting improved liquidity.
The company generated $1.0 million in revenue for the nine months ended September 30, 2024, compared to no revenue in the same period of 2023. However, there was no revenue reported for the third quarter of 2024. The increase in revenue was attributed to a milestone payment recognized under the Newsoara License Agreement. Despite this, vTv Therapeutics has not yet achieved profitable operations, with total operating expenses for the third quarter of 2024 amounting to $6.5 million, up from $5.4 million in the same quarter of 2023. For the nine-month period, operating expenses decreased slightly to $20.3 million from $20.8 million year-over-year.
The net loss attributable to vTv Therapeutics for the third quarter of 2024 was $4.8 million, a decrease from $6.7 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $14.8 million, down from $16.8 million in the prior year. The loss per share for the third quarter improved to $(0.88) from $(3.19) in 2023, indicating a reduction in losses on a per-share basis.
Strategically, the company has been active in financing activities, raising $50.3 million from the sale of Class A common stock and pre-funded warrants during the nine months ended September 30, 2024. This was a significant increase compared to $12.3 million raised in the same period of 2023. The net cash provided by financing activities for the nine months was $52.6 million, compared to $12.3 million in the previous year.
vTv Therapeutics continues to focus on its lead program, cadisegliatin, for type 1 diabetes, although it is currently under a clinical hold by the FDA due to unresolved issues in a recent study. The company plans to initiate two international registrational studies for cadisegliatin in 2026, contingent upon lifting the clinical hold.
Overall, vTv Therapeutics is navigating a challenging landscape with ongoing losses but has made strides in improving its liquidity and reducing net losses, while also preparing for future clinical developments.
About vTv Therapeutics Inc.
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