1. SAN DIEGO, May 20, 2021 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc. (NASDAQ:RPHM), a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic, mitochondrial diseases, today reported financial results for the quarter ended March 31, 2021 and provided an update on its clinical programs.

    Key Operational Highlights

    • Initiated the STRIDE study, a global, randomized, double-blind, placebo-controlled Phase 2b clinical trial of REN001 in patients with primary mitochondrial myopathies (PMM)
    • Completed an initial public offering (IPO) of the company's common stock for total gross proceeds of approximately $94 million, before deducting underwriting discounts and commissions…

    SAN DIEGO, May 20, 2021 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc. (NASDAQ:RPHM), a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic, mitochondrial diseases, today reported financial results for the quarter ended March 31, 2021 and provided an update on its clinical programs.

    Key Operational Highlights

    • Initiated the STRIDE study, a global, randomized, double-blind, placebo-controlled Phase 2b clinical trial of REN001 in patients with primary mitochondrial myopathies (PMM)
    • Completed an initial public offering (IPO) of the company's common stock for total gross proceeds of approximately $94 million, before deducting underwriting discounts and commissions and offering expenses
    • Re-initiated enrollment of two open-label Phase 1b clinical trials in patients with long-chain fatty acid oxidation disorder (LC-FAOD) and in patients with glycogen storage disease type V (McArdle disease)
    • Initiated an observational clinical trial in patients with LC-FAOD to better understand changes in disease characteristics over time ("FORWARD" study)
    • Appointed Eric Dube, Ph.D. to the Board of Directors and Vineet R. Jindal as Chief Financial Officer

    Anticipated Upcoming Milestones

    • Enrollment of first patient in the STRIDE study (mid-year 2021)
    • Complete enrollment of Phase 1b trials in LC-FAOD and McArdle disease (2H 2021)
    • Report results from Phase 1b clinical trials in LC-FAOD and McArdle disease (1H 2022)
    • Report results from the FORWARD study (2H 2022)

    "Our team's recent efforts have led to the initiation of four clinical trials, key additions to the Board and management team, and the completion of our initial public offering," said Gregory J. Flesher, President and Chief Executive Officer of Reneo. "With a strengthened capital position, we will continue to advance all of our REN001 clinical programs, as well as explore additional opportunities that will help establish Reneo Pharmaceuticals as a leading developer of drugs for rare diseases."

    Financial Results for the Three Months Ended March 31, 2021

    The company reported a net loss of $7.2 million, or $3.48 per share, for the three months ended March 31, 2021, compared to a net loss of $4.4 million, or $2.20 per share, for the same period in 2020. The company had $91.2 million in cash and cash equivalents as of March 31, 2021, exclusive of the net proceeds of approximately $84.8 million from the IPO.

    Research and development (R&D) expenses were $5.5 million for the three months ended March 31, 2021, compared to $3.6 million for the same period in 2020. The increase of $1.9 million was primarily due to an increase of $1.5 million related to clinical trial costs associated with the launch of our STRIDE and FORWARD studies and $0.4 million in employee and personnel related costs due to additional headcount required to support our clinical and CMC programs.

    General and administrative (G&A) expenses for the three months ended March 31, 2021 were $1.7 million, compared to $0.9 million for the same period in 2020. This increase of $0.8 million was primarily attributable to an increase of $0.8 million in employee and personnel related expenses. 

    About Reneo Pharmaceuticals

    Reneo is a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, which are often associated with the inability of mitochondria to produce adenosine triphosphate (ATP). Reneo is developing REN001 to modulate genes critical to metabolism and generation of ATP, which is the primary source of energy for cellular processes. REN001 has been shown to increase transcription of genes involved in mitochondrial function and increase fatty acid oxidation, and may increase production of new mitochondria.

    About REN001

    REN001 is a potent and selective peroxisome proliferator-activated receptor delta (PPARδ) agonist currently in clinical development for three rare genetic mitochondrial diseases that typically present with myopathy and have high unmet medical needs: primary mitochondrial myopathies (PMM), long-chain fatty acid oxidation disorders (LC-FAOD), and glycogen storage disorder type V (McArdle disease). For more information on REN001 clinical trials, please see clinicaltrials.gov.

    About PMM

    PMM are a group of disorders that affect roughly 1 in 5,000 people worldwide. PMM are caused by genetic mutations in the mitochondrial or nuclear DNA that reduce the ability of mitochondria to produce energy from nutrient sources. This energy deficit particularly affects tissues and organs with high energy demand such as muscle, brain, and heart. The symptoms of PMM include muscle weakness or exercise intolerance, movement disorder, deafness, blindness, and droopy eyelids among others. The prognosis for these disorders ranges in severity from progressive weakness to death.

    About STRIDE

    STRIDE is a global, randomized, double-blind, placebo-controlled Phase 2b clinical trial designed to assess the efficacy and safety of 100 mg REN001 administered orally once daily to patients with PMM. Approximately 200 adult PMM patients with alterations in mitochondrial DNA and a history of myopathy are expected to be enrolled into STRIDE. The primary efficacy endpoint of the trial is the change from baseline in the distance walked during a 12-minute walk test after 24 weeks of treatment. Secondary efficacy endpoints include changes from baseline in the Modified Fatigue Impact Scale (MFIS), Patient Global Impression of Change scale (PGIC), and other patient-reported outcomes.

    Forward-Looking Statements

    Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the results, conduct, progress and timing of Reneo's clinical trials, and the regulatory approval path for REN001. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "plans," "will," "believes," "anticipates," "expects," "intends," "goal," "potential" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Reneo's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Reneo's business in general, and the other risks described in Reneo's filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Reneo undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.



    RENEO PHARMACEUTICALS, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited)

    (in thousands, except share and par value data)

         MARCH 31,     DECEMBER 31,  
      2021  2020  
    Assets       
    Current assets:       
    Cash and cash equivalents $91,221  $53,613  
    Prepaid expenses and other current assets  2,339   1,412  
    Total current assets  93,560   55,025  
    Property and equipment, net  81   69  
    Other non-current assets  1,680   127  
    Total assets $95,321  $55,221  
    Liabilities, convertible preferred stock and stockholders' deficit       
    Current liabilities:       
    Accounts payable $556  $908  
    Accrued expenses  3,374   3,672  
    Total current liabilities  3,930   4,580  
    Deferred rent  32   36  
    Total liabilities  3,962   4,616  
    Commitments and contingencies (Note 10)       
    Series A convertible preferred stock, $0.0001 par value; 24,302,472 shares authorized at March 31, 2021 and December 31, 2020; 24,302,472 shares issued and outstanding at March 31, 2021 and December 31, 2020, liquidation preference of $49,127 at March 31, 2021 and December 31, 2020  45,652   45,652  
    Series B convertible preferred stock, $0.0001 par value; 46,881,028 shares authorized at March 31, 2021 and December 31, 2020; 46,881,028 and 23,440,514 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively; liquidation preference of $94,770 and $47,385 as of March 31, 2021 and December 31, 2020, respectively  94,424   47,068  
    Stockholders' deficit:       
    Common stock, $0.0001 par value; 105,000,000 shares authorized at March 31, 2021 and December 31, 2020, 2,148,193 issued and 2,123,733 outstanding at March 31, 2021 and 2,053,070 shares issued and outstanding at December 31, 2020, respectively       
    Additional paid-in capital  3,453   2,843  
    Accumulated deficit  (52,170)  (44,958) 
    Total stockholders' deficit  (48,717)  (42,115) 
    Total liabilities, convertible preferred stock and stockholders' deficit $95,321  $55,221  



    RENEO PHARMACEUTICALS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (Unaudited)

    (in thousands, except share and per share data)

      THREE MONTHS ENDED MARCH 31,  
         2021     2020     
    Operating expenses:       
    Research and development $5,472  $3,578  
    General and administrative  1,742   924  
    Total operating expenses  7,214   4,502  
    Loss from operations  (7,214)  (4,502) 
    Other income  2   71  
    Net loss  (7,212)  (4,431) 
    Unrealized gain on short-term investments     6  
    Comprehensive loss $(7,212) $(4,425) 
    Net loss per share attributable to common stockholders, basic and diluted $(3.48) $(2.20) 
    Weighted-average shares used in computing net loss per share, basic and diluted  2,070,935   2,015,029  
              

    RENEO PHARMACEUTICALS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

    (in thousands)

      THREE MONTHS ENDED

     
      MARCH 31, 

     
      2021     2020  
    Cash flows from operating activities        
    Net loss $(7,212) $(4,431) 
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization  10   9  
    Amortization/accretion on short-term investments     (15) 
    Stock-based compensation  471   92  
    Changes in operating assets and liabilities:      
    Accounts payable, accrued expenses and other  (927)  36  
    Prepaid expenses and other assets  (929)  (137) 
    Deferred rent  (2)  (1) 
    Net cash used in operating activities  (8,589)  (4,447) 
    Cash flows from investing activities        
    Purchase of property and equipment  (25)  (1) 
    Proceeds from maturities of available-for-sale short-term investments     5,200  
    Net cash (used in) provided by investing activities  (25)  5,199  
    Cash flows from financing activities        
    Proceeds from issuance of Series B convertible preferred stock, net of issuance costs  47,258     
    Proceeds from exercise of stock options  187   26  
    Costs paid in connection with initial public offering  (1,223)    
    Net cash provided by financing activities  46,222   26  
    Net increase in cash and cash equivalents  37,608   778  
    Cash and cash equivalents, beginning of period  53,613   17,501  
    Cash and cash equivalents, end of year of period $91,221  $18,279  
    Supplemental cash flow information:        
    Property and equipment in accounts payable $2  $  
    Unpaid Series B convertible preferred stock issuance costs $19  $  
    Costs incurred in connection with initial public offering included in accrued expenses $361  $  
              

    Contacts:

    Joyce Allaire

    Managing Director

    LifeSci Advisors, LLC

    Vinny Jindal

    Chief Financial Officer

    Reneo Pharmaceuticals, Inc.



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  2. SAN DIEGO, May 19, 2021 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc. (NASDAQ:RPHM), a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare, genetic, mitochondrial diseases, today announced that it will present and participate in one-on-one investor meetings at the upcoming Jefferies Virtual Healthcare Conference taking place June 1-4, 2021.

    Presentation details can be found below.

    Date:Tuesday, June 1, 2021
    Time:1:00 PM ET
    Presentation Format:Fireside chat

    About Reneo Pharmaceuticals

    Reneo is a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, which are often associated…

    SAN DIEGO, May 19, 2021 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc. (NASDAQ:RPHM), a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare, genetic, mitochondrial diseases, today announced that it will present and participate in one-on-one investor meetings at the upcoming Jefferies Virtual Healthcare Conference taking place June 1-4, 2021.

    Presentation details can be found below.

    Date:Tuesday, June 1, 2021
    Time:1:00 PM ET
    Presentation Format:Fireside chat

    About Reneo Pharmaceuticals

    Reneo is a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, which are often associated with the inability of mitochondria to produce adenosine triphosphate (ATP). Reneo is developing REN001 to modulate genes critical to metabolism and generation of ATP, which is the primary source of energy for cellular processes. REN001 has been shown to increase transcription of genes involved in mitochondrial function and increase fatty acid oxidation, and may increase production of new mitochondria.

    Contacts:

    Joyce Allaire

    Managing Director

    LifeSci Advisors, LLC

    Vinny Jindal

    Chief Financial Officer

    Reneo Pharmaceuticals, Inc.

     



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  3. Awarded Breakthrough Therapy designation for TTP399 for the treatment of type 1 diabetes

    Initiated two phase 1 clinical studies, mechanistic study of TTP399 and multiple ascending dose study of HPP737

    HIGH POINT, N.C., May 05, 2021 (GLOBE NEWSWIRE) -- vTv Therapeutics Inc. (NASDAQ:VTVT) today reported financial results for the first quarter ended March 31, 2021, and provided an update on the progress of its clinical programs.

    "The vTv team continued to build on the clinical success of our type 1 diabetes program during the quarter by obtaining Breakthrough Therapy designation from the FDA for TTP399 and by initiating a phase 1 study to understand TTP399's impact on ketoacidosis. The FDA's grant of Breakthrough is an acknowledgment of the…

    Awarded Breakthrough Therapy designation for TTP399 for the treatment of type 1 diabetes

    Initiated two phase 1 clinical studies, mechanistic study of TTP399 and multiple ascending dose study of HPP737

    HIGH POINT, N.C., May 05, 2021 (GLOBE NEWSWIRE) -- vTv Therapeutics Inc. (NASDAQ:VTVT) today reported financial results for the first quarter ended March 31, 2021, and provided an update on the progress of its clinical programs.

    "The vTv team continued to build on the clinical success of our type 1 diabetes program during the quarter by obtaining Breakthrough Therapy designation from the FDA for TTP399 and by initiating a phase 1 study to understand TTP399's impact on ketoacidosis. The FDA's grant of Breakthrough is an acknowledgment of the significant unmet need for patients with type 1 diabetes, and the encouraging clinical results we have generated to date," said Steve Holcombe, president and CEO, vTv Therapeutics. "We look forward to working closely with the FDA to optimize the development pathway for TTP399 to bring this potential treatment to patients with type 1 diabetes as quickly as possible."

    Recent Achievements and Outlook

    Type 1 Diabetes

    • Breakthrough Therapy Designation. As announced in April, the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy designation for TTP399 as an adjunctive therapy to insulin for the treatment of type 1 diabetes. Breakthrough Therapy designation is intended to expedite the development and review of a drug candidate that is planned for the treatment of a serious or life-threatening disease where initial clinical evidence indicates that the drug may demonstrate a substantial improvement over existing therapies on one or more clinically significant endpoints.



    • Mechanistic Study of Ketoacidosis with TTP399. The Company began dosing patients in a mechanistic study of TTP399 in people with type 1 diabetes to determine the impact of TTP399 on ketone body formation during a period of acute insulin withdrawal. vTv expects to report topline results from the mechanistic study in the third quarter of 2021.



    • Pivotal Study Planning. The Company is planning to initiate the first of two pivotal, placebo-controlled, six-month clinical trials of TTP399 in subjects with type 1 diabetes in the fourth quarter of 2021. The current study designs will be shared with the FDA for its input and advice as part of the collaborative process enabled by the Breakthrough Therapy designation.

    Psoriasis

    • Multiple Ascending Dose Study with HPP737. The Company began dosing healthy subjects in a phase 1 multiple ascending dose study to assess the safety, tolerability, and pharmacokinetic profile of HPP737, an oral PDE4 inhibitor. This phase 1 study is expected to report topline results in the third quarter and will inform dose selection for a planned phase 2 study in psoriasis.

    License Partner Updates

    • Reneo Pharmaceuticals Completes Initial Public Offering. We congratulate our licensee, Reneo Pharmaceuticals, Inc. (NASDAQ:RPHM), for successfully completing an initial public offering in April. The Company is party to a license agreement with Reneo for its lead asset REN001, which Reneo is currently developing in three rare genetic diseases: primary mitochondrial myopathies, long-chain fatty acid oxidation disorders, and glycogen storage disease type V (McArdle disease).

    First Quarter 2021 Financial Results

    • Cash Position: The Company's cash position as of March 31, 2021, was $8.4 million compared to $5.7 million as of December 31, 2020.



    • Revenue: Revenue for the first quarter of 2021 was $1.0 million and was $6.4 million for the fourth quarter of 2020. The revenue for the first quarter was non-cash and related to the recognition of revenue pertaining to the Huadong license agreement. The revenue for the fourth quarter was primarily attributable to the upfront consideration, consisting of cash and an equity interest, received in connection with the Company's license agreement with Anteris Bio.



    • R&D Expenses: Research and development expenses were $3.1 million and $2.5 million for the three months ended March 31, 2021 and December 31, 2020, respectively. This increase of $0.6 million was driven primarily by the increase in spending for our study of HPP737 in psoriasis.



    • G&A Expenses: General and administrative expenses were consistent between periods at $2.2 million and $2.0 million for the three months ended March 31, 2021 and December 31, 2020, respectively.



    • Net (Loss)/Income Before Non-Controlling Interest: Net loss before non-controlling interest was $5.9 million for the first quarter of 2021 compared to net income of $1.6 million for the fourth quarter of 2020.



    • Net (Loss)/Income Per Share: Diluted net loss per share was ($0.08) for the three months ended March 31, 2021 compared to a diluted net income per share of $0.02 for the three months ended December 31, 2020, based on weighted-average diluted shares of 56.5 million and 74.4 million for the three-month periods ended March 31, 2021 and December 31, 2020, respectively. Non-GAAP net loss per fully exchanged share was ($0.09) for the three months ended March 31, 2021 compared to a net income per fully exchanged share of $0.02 at December 31, 2020, based on non-GAAP fully exchanged weighted-average shares of 79.6 million and 74.4 million for the three months ended March 31, 2021 and December 31, 2020, respectively.





    vTv Therapeutics Inc.

    Condensed Consolidated Balance Sheets

    (in thousands)

     March 31,  December 30, 
     2021  2020 
     (Unaudited)     
    Assets       
    Current assets:       
    Cash and cash equivalents$8,449  $5,747 
    Accounts receivable, net 2   158 
    Prepaid expenses and other current assets 710   939 
    Current deposits 60   371 
    Total current assets 9,221   7,215 
    Property and equipment, net 344   367 
    Operating lease right-of-use assets 464   482 
    Long-term investments 6,725   6,725 
    Total assets$16,754  $14,789 
    Liabilities, Redeemable Noncontrolling Interest and Stockholders' Deficit       
    Current liabilities:       
    Accounts payable and accrued expenses$4,965  $6,120 
    Operating lease liabilities 162   155 
    Current portion of contract liabilities 35   31 
    Current portion of notes payable    84 
    Total current liabilities 5,162   6,390 
    Contract liabilities, net of current portion 18   1,009 
    Operating lease liabilities, net of current portion 633   676 
    Warrant liability, related party 4,519   2,871 
    Other liabilities 50   50 
    Total liabilities 10,382   10,996 
    Commitments and contingencies       
    Redeemable noncontrolling interest 62,647   83,895 
    Stockholders' deficit:       
    Class A Common Stock 576   541 
    Class B Common Stock 232   232 
    Additional paid-in capital 217,647   209,161 
    Accumulated deficit (274,730)  (290,036)
    Total stockholders' deficit attributable to vTv Therapeutics Inc. (56,275)  (80,102)
    Total liabilities, redeemable noncontrolling interest and stockholders' deficit$16,754  $14,789 
            

    vTv Therapeutics Inc.

    Condensed Consolidated Statements of Operations - Unaudited

    (in thousands, except per share data)

     Three Months Ended 
     March 31, 2021  December 31, 2020 
    Revenue$987  $6,399 
    Operating expenses:       
    Research and development 3,103   2,534 
    General and administrative 2,164   2,035 
    Total operating expenses 5,267   4,569 
    Operating (loss)/income (4,280)  1,830 
    Interest income 1    
    Interest expense    (67)
    Other expense, net (1,648)  (156)
    Loss before income taxes and noncontrolling interest (5,927)  1,607 
    Income tax provision 15    
    Net loss before noncontrolling interest (5,942)  1,607 
    Less: net (loss)/income attributable to noncontrolling interest (1,701)  481 
    Net (loss)/income attributable to vTv Therapeutics Inc.$(4,241) $1,126 
    Net (loss)/income attributable to vTv Therapeutics Inc. common shareholders$(4,241) $1,126 
            
    Net (loss)/income per share:       
    Basic net (loss)/income per share of vTv Therapeutics Inc. Class A

    Common Stock
    $(0.08) $0.02 
    Diluted net (loss)/income per share of vTv Therapeutics Inc. Class A

    Common Stock
    $(0.08) $0.02 
            
    Weighted average shares used in calculating:       
    Basic net (loss)/income per share of vTv Therapeutics Inc. Class A

    Common Stock
     56,472,535   51,133,609 
    Diluted net (loss)/income per share of vTv Therapeutics Inc. Class A

    Common Stock
     56,472,535   74,397,085 
            

    vTv Therapeutics Inc.

    Condensed Consolidated Statements of Operations

    (in thousands, except per share data)

     Three Months Ended March 31, 
     2021  2020 
     (Unaudited) 
    Revenue$987  $8 
    Operating expenses:       
    Research and development 3,103   4,204 
    General and administrative 2,164   2,450 
    Total operating expenses 5,267   6,654 
    Operating loss (4,280)  (6,646)
    Interest income 1   12 
    Interest expense    (168)
    Other expense, net (1,648)  (363)
    Loss before income taxes and noncontrolling interest (5,927)  (7,165)
    Income tax provision 15    
    Net loss before noncontrolling interest (5,942)  (7,165)
    Less: net loss attributable to noncontrolling interest (1,701)  (2,441)
    Net loss attributable to vTv Therapeutics Inc.$(4,241) $(4,724)
    Net loss attributable to vTv Therapeutics Inc. common shareholders$(4,241) $(4,724)
    Net loss per share of vTv Therapeutics Inc. Class A Common

    Stock, basic and diluted
    $(0.08) $(0.11)
    Weighted-average number of vTv Therapeutics Inc. Class A

    Common Stock, basic and diluted
     56,472,535   43,462,551 
            

    About vTv Therapeutics

    vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing oral, small molecule drug candidates. vTv has a pipeline of clinical drug candidates led by programs for the treatment of type 1 diabetes and psoriasis. vTv's development partners are pursuing additional indications in type 2 diabetes, chronic obstructive pulmonary disease, renal disease, and primary mitochondrial myopathy.

    Forward-Looking Statements

    This release contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this release, including statements regarding the timing of our clinical trials, our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause our results to vary from expectations include those described under the heading "Risk Factors" in our Annual Report on Form 10-K and our other filings with the SEC. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this release. We anticipate that subsequent events and developments will cause our views to change. Our forward-looking statements do not reflect the potential impact of any future acquisitions, merger, dispositions, joint ventures or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP"), we use non-GAAP adjusted net income/(loss) per fully exchanged share, which is a non-GAAP financial measure. Non-GAAP adjusted net loss per fully exchanged share adjusts the net loss attributable to vTv common shareholders for the impact of adjustments related to outstanding warrants, share-based compensation expense and the portion of net loss attributable to the noncontrolling interest. It also assumes the exchange of all the Class B common stock of vTv Therapeutics Inc. and an equal number of non-voting common units of vTv Therapeutics LLC ("vTv Units") for shares of Class A common stock of vTv Therapeutics Inc. We believe that this measure provides useful information to investors as it eliminates the variability of non-controlling interest resulting from the exchanges of Class B common stock and vTv Units into Class A common stock and other items of a non-cash nature. This measure is not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared and presented in accordance with GAAP.

    The following is a reconciliation of non-GAAP adjusted net loss per fully exchanged share, basic and diluted to its most directly comparable GAAP measure, net loss per share of vTv Therapeutics Inc. Class A common stock, basic and diluted and the computation of the components of this non-GAAP measure:

     Three Months Ended 
     March 31, 2021  December 30, 2020 
    Numerator:       
    Net (loss)/income attributable to vTv Therapeutics Inc. common shareholders$(4,241) $1,126 
    Other expense - related party (1,648)  (156)
    Share-based compensation expense 436   272 
    Reallocation of net income attributable to noncontrolling

    interest from the assumed exchange of Class B shares (1)
     (1,701)  481 
    Adjusted net (loss)/income before noncontrolling interest$(7,154) $1,723 
    Denominator:       
    Weighted-average number of vTv Therapeutics Inc.

    Class A Common Stock, diluted
     56,472,535   74,397,085 
    Assumed exchange of Class B Common Stock (1) 23,094,137    
    Adjusted proforma fully exchanged weighted-average

    shares of Class A common stock outstanding, diluted
     79,566,672   74,397,085 
    Adjusted net (loss)/income per fully exchanged share, diluted$(0.09) $0.02 



       
     Three Months Ended March 31, 
     2021  2020 
    Numerator:       
    Net loss attributable to vTv Therapeutics Inc. common shareholders$(4,241) $(4,724)
    Other expense - related party (1,648)  (363)
    Share-based compensation expense 436   380 
    Reallocation of net income attributable to noncontrolling

    interest from the assumed exchange of Class B shares (1)
     (1,701)  (2,441)
    Adjusted net loss before noncontrolling interest$(7,154) $(7,148)
    Denominator:       
    Weighted-average number of vTv Therapeutics Inc.

    Class A Common Stock, diluted
     56,472,535   43,462,551 
    Assumed exchange of Class B Common Stock (1) 23,094,137   23,094,221 
    Adjusted proforma fully exchanged weighted-average

    shares of Class A common stock outstanding,

    diluted
     79,566,672   66,556,772 
    Adjusted net loss per fully exchanged share,

    diluted
    $(0.09) $(0.11)



    (1)Assumes the exchange of all outstanding Class B common stock, resulting in the inclusion of shares of Class B common stock in the weighted average share count, if not already considered, and the elimination of the noncontrolling interest and recognition of the net income attributable to noncontrolling interests.

    Contacts

    Investors:

    Corey Davis

    LifeSci Advisors

    or



    Media:

     



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  4. SAN DIEGO, April 08, 2021 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc., a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare, genetic, mitochondrial diseases, today announced the pricing of its initial public offering of 6,250,000 shares of its common stock at a public offering price of $15.00 per share, for total gross proceeds of approximately $93.8 million, before deducting underwriting discounts and commissions and offering expenses. All of the shares are being offered by Reneo. The shares are expected to begin trading on the Nasdaq Global Market on April 9, 2021 under the symbol "RPHM." In addition, Reneo has granted the underwriters a 30-day option to purchase…

    SAN DIEGO, April 08, 2021 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc., a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare, genetic, mitochondrial diseases, today announced the pricing of its initial public offering of 6,250,000 shares of its common stock at a public offering price of $15.00 per share, for total gross proceeds of approximately $93.8 million, before deducting underwriting discounts and commissions and offering expenses. All of the shares are being offered by Reneo. The shares are expected to begin trading on the Nasdaq Global Market on April 9, 2021 under the symbol "RPHM." In addition, Reneo has granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the public offering price less underwriting discounts and commissions. The offering is expected to close on April 13, 2021, subject to satisfaction of customary closing conditions.

    Jefferies, SVB Leerink and Piper Sandler are acting as joint book-running managers for the offering.

    A registration statement relating to these securities has been filed with the Securities and Exchange Commission and became effective on April 8, 2021. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by e-mail at ; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by telephone at (800) 808-7525, ext. 6105 or by e-mail at ; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by e-mail at .

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Reneo Pharmaceuticals



    Reneo is a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, which are often associated with the inability of mitochondria to produce adenosine triphosphate (ATP). Reneo is developing REN001 to modulate genes critical to metabolism and generation of ATP, which is the primary source of energy for cellular processes. REN001 has been shown to increase transcription of genes involved in mitochondrial function and increase fatty acid oxidation, and may increase production of new mitochondria.

    Contacts:

    Joyce Allaire

    Managing Director

    LifeSci Advisors, LLC

    Vinny Jindal

    Chief Financial Officer

    Reneo Pharmaceuticals, Inc.



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