vTv Therapeutics (VTVT) Q4 2025 earnings summary

Executive summary

• Initiated patient dosing in the Phase 3 CATT1 trial for cadisegliatin as an adjunct to insulin in type 1 diabetes, with enrollment expected to complete in Q3 2026.

• Strengthened balance sheet with $80 million financing and secured an additional $20 million non-dilutive funding in early 2026.

• Expanded licensing agreement with Newsoara, granting global rights to HPP737 and receiving a $20 million upfront payment, with potential for up to $115 million in milestones and tiered royalties.

• Submitted Phase 2 protocol for cadisegliatin in type 2 diabetes to UAE authorities.

• Appointed four new members to the Scientific Advisory Board to support clinical and regulatory strategy.

Financial highlights

• Cash position at December 31, 2025 was $88.9 million, up from $36.7 million at year-end 2024, mainly due to private placement financing.

• Q4 2025 R&D expenses were $3.9 million, up from $2.2 million in Q4 2024, driven by increased clinical study costs for cadisegliatin.

• Q4 2025 G&A expenses were $4.0 million, up from $2.7 million in Q4 2024, due to higher payroll, legal, share-based, and other operating costs.

• Q4 2025 net loss was $7.1 million ($0.58 per share) versus $3.6 million ($0.55 per share) in Q4 2024.

• Full year 2025 net loss was $27.0 million ($3.20 per share) compared to $18.5 million ($3.20 per share) in 2024.

Outlook and guidance

• Enrollment in the CATT1 Phase 3 trial is expected to complete in Q3 2026, with funding runway extending well past the anticipated topline readout.

• Continued focus on advancing cadisegliatin as a first-in-class oral adjunctive therapy for type 1 diabetes.