vTv Therapeutics Inc. (VTVT): Business Model Canvas [Dec-2025 Updated]

You're digging into vTv Therapeutics Inc. (VTVT) to see how this late-stage biopharma plans to crack the oral Type 1 Diabetes market with cadisegliatin. Honestly, the engine room looks like a classic pre-commercial biotech play: they're burning cash-like the $7.0 million in R&D last quarter-to push that Phase 3 trial, but they just secured runway with an $80 million private placement, leaving them with about $98.5 million in cash as of September 30, 2025. To see the full strategic blueprint-from key partnerships with CROs to their IP estate lasting until 2041-check out the detailed Business Model Canvas we mapped out below.

vTv Therapeutics Inc. (VTVT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships vTv Therapeutics Inc. relies on to push cadisegliatin through late-stage development. For a company at this stage, partnerships aren't just nice-to-haves; they're the lifeline funding the Phase 3 work.

T1D Fund and other healthcare investors for financing

Financing is a critical partnership, and vTv Therapeutics Inc. secured a major commitment in late 2025. They entered into a purchase agreement for an $80 million private placement in public equity (PIPE) financing in September 2025. This capital infusion directly supports the ongoing CATT1 Phase 3 trial. The T1D Fund: A Breakthrough T1D Venture, LLC, was a key participant, alongside existing investors like Samsara BioCapital, L.P., and new money from firms like Trails Edge Capital Partners and Invus. This deal significantly bolstered the balance sheet; as of September 30, 2025, the cash position stood at $98.5 million, a substantial jump from $36.7 million at the close of 2024. Honestly, this cash runway is what keeps the lights on until topline data drops in the second half of 2026.

Clinical Research Organizations (CROs) for Phase 3 trial execution

Executing the CATT1 Phase 3 trial requires specialized external support, which is managed through development partners. The company announced the randomization of the first study participant in August 2025, a major operational milestone for the trial. To speed things up, a protocol amendment in April 2025 reduced the trial duration from 12 to 6 months, aiming to get to topline data faster. While the specific CROs managing the site operations aren't detailed in the latest filings, the success of this trial is paramount, as the safety and efficacy of cadisegliatin are not yet established.

Affiliates of G42 Healthcare for ex-US development funding

Specific financial figures or agreements detailing partnerships with affiliates of G42 Healthcare for ex-US development funding were not present in the latest public disclosures as of late 2025. The focus of the recent $80 million financing was explicitly stated to fund the CATT1 Phase 3 trial in the US.

Academic and clinical experts on the Scientific Advisory Board

The Scientific Advisory Board (SAB) provides crucial strategic guidance on clinical trial design and regulatory strategy for cadisegliatin. vTv Therapeutics Inc. recently expanded this group in October 2025 with four distinguished appointments. These experts are key to navigating the path to potential commercialization. The board includes recognized leaders in the field:

• John Buse, MD, PhD: Former President of the American Diabetes Association.
• Alexander (Zan) Fleming, MD: Recognized expert in regulatory strategy at the FDA.
• Alfonso Galderisi, MD, PhD: Pediatric endocrinologist at Yale University.
• Mark Evans, MD: Professor of Diabetic Medicine at the University of Cambridge, U.K.
• Chantal Mathieu, MD, PhD: Professor of Medicine at the University of Leuven, Belgium.
• Klara Klein, MD, PhD: Principal Investigator for multiple vTv clinical trials at UNC Chapel Hill.

Other committee members noted include Srinivas Akkaraju, M.D., Ph. D., Fahed Al Marzooqi, M.D., Raymond Cheong, M.D., Ph. D., and Anne Phillips, M.D. That's a lot of high-level brainpower focused on one molecule.

Potential commercialization partners for market access

Discussions or agreements with specific potential commercialization partners for market access haven't been publicly detailed yet. The current priority remains generating the topline data from the CATT1 Phase 3 trial, expected in the second half of 2026, which will heavily influence future partnership discussions.

Here's a quick look at the hard numbers tied to these key relationships as of late 2025:

Partnership Component	Key Metric/Amount	Date/Period
Financing Secured (PIPE)	$80 million	September 2025
Cash Position (Post-Financing)	$98.5 million	September 30, 2025
Lead Investor Group	T1D Fund, Samsara BioCapital, Trails Edge Capital Partners, Invus	2025 Financing
Phase 3 Trial Status	First patient randomized in CATT1	August 2025
Expected Data Milestone	Topline data from CATT1	Second half of 2026
SAB Expansion	4 new members appointed	October 9, 2025
Intellectual Property Protection	Patent exclusivity through 2041	Allowed August 2025

Finance: draft 13-week cash view by Friday.

vTv Therapeutics Inc. (VTVT) - Canvas Business Model: Key Activities

You're managing a late-stage biotech, so the key activities right now are all about pushing that lead asset, cadisegliatin, through the final clinical gauntlet while keeping the lights on. It's a high-stakes balancing act, and the numbers from Q3 2025 show exactly where the focus is.

Conducting the Phase 3 CATT1 trial for cadisegliatin is the absolute core activity. After the clinical hold was lifted in March 2025, the team successfully reinitiated screening in May 2025. A major operational move was amending the protocol to shorten the trial duration from 12 to 6 months, which accelerates the timeline significantly. The first study participant was randomized in August 2025, kicking off the active phase. This trial is designed to evaluate cadisegliatin as an adjunctive therapy to insulin for Type 1 Diabetes (T1D).

The operational specifics of this trial drive resource allocation. Here's a quick look at the scale of the current effort:

• Trial duration shortened from 12 to 6 months.
• Topline data expected in the second half of 2026.
• Expected enrollment of approximately 150 patients.
• Study sites planned across 20-25 U.S. sites.

This clinical focus is reflected in the spending. Research & Development (R&D) expenses for the three months ended September 30, 2025, hit $7.0 million, a notable jump from $3.2 million in the comparable 2024 period, reflecting higher spending on cadisegliatin and other projects.

The second critical activity involves the broader pipeline, which centers on small molecule drug discovery and preclinical development. vTv Therapeutics is fundamentally a company focused on developing oral, small molecule drug candidates for chronic diseases like diabetes. While the CATT1 trial is the lead, the R&D spend of $7.0 million in Q3 2025 covers this ongoing discovery work alongside the Phase 3 execution.

Securing and maintaining intellectual property (IP) protection until 2041 is a non-negotiable activity for protecting future revenue. The company successfully expanded its U.S. patent estate for cadisegliatin in Q3 2025. Specifically, a Notice of Allowance was issued in August 2025 for a patent covering crystalline forms of salts and co-crystals of cadisegliatin, with the patent term running through 2041. For context, other forms, like Polymorphs of Cadisegliatin, are estimated to expire around 6-07-2041.

You can see how these operational milestones translate into the financial structure needed to support them. The third quarter was pivotal for shoring up the balance sheet:

Financial/Operational Metric	Value as of September 30, 2025	Comparison/Context
Capital Raised (Q3 2025)	$80 million	Private placement closing in September 2025.
Cash Position	$98.5 million	Up from $36.7 million as of December 31, 2024.
R&D Expenses (3 Months Ended 9/30/2025)	$7.0 million	Up from $3.2 million in the prior year period.
G&A Expenses (3 Months Ended 9/30/2025)	$3.7 million	Up from $3.3 million in the prior year period.
Net Loss (3 Months Ended 9/30/2025)	$8.7 million	Or $1.08 per basic share.

The activity of raising capital was successfully executed in September 2025, closing an $80 million private placement with healthcare investors and the T1D Fund. These proceeds are specifically earmarked to fund the ongoing CATT1 Phase 3 trial and continued cadisegliatin development. This financing brought the cash position up to $98.5 million as of September 30, 2025, a substantial improvement from $36.7 million at the end of 2024.

Finally, regulatory submissions and clinical data analysis are ongoing, driven by the CATT1 trial's progress. The company is positioned to report topline results from the CATT1 trial in the second half of 2026. The protocol amendment to shorten the trial duration was submitted to expedite data readout, moving closer to a future New Drug Application (NDA) submission. The primary endpoint analysis will focus on the number of level 2 and level 3 hypoglycemic events, informed by Continuous Glucose Monitors (CGMs) provided to all participants.

vTv Therapeutics Inc. (VTVT) - Canvas Business Model: Key Resources

You're looking at the core assets vTv Therapeutics Inc. is relying on right now to push its pipeline forward. This isn't about the market; it's about what's physically and intellectually on the books as of late 2025.

Cadisegliatin (TTP399) Drug Candidate and its IP Estate

The lead asset, cadisegliatin (TTP399), is a potential first-in-class oral glucokinase activator being investigated for Type 1 Diabetes (T1D). The intellectual property estate is a critical resource, especially following recent regulatory actions.

The Company announced in August 2025 that the United States Patent and Trademark Office allowed claims for a patent application covering crystalline forms of salts and co-crystals of cadisegliatin. This specific IP protection is expected to run through the year 2041.

The clinical development of this asset is anchored by the CATT1 Phase 3 trial, which resumed in Q2 2025 after the clinical hold was lifted in March 2025. The protocol amendment shortened the trial duration from 12 months to 6 months to accelerate data availability. The expected timeline for topline data from this pivotal study is the second half of 2026.

Key Cadisegliatin Metric	Value/Status as of Late 2025
Trial Status	CATT1 Phase 3, First patient randomized August 2025
Expected Topline Data	Second half of 2026
Key IP Exclusivity End Date (Crystalline Forms)	2041
Trial Duration (Amended)	6 months (down from 12 months)

Financial Backing and Liquidity

The balance sheet strength is a direct resource supporting ongoing trials. The Company successfully closed an $80 million private placement in September 2025, which is earmarked to fund the CATT1 Phase 3 trial and continued cadisegliatin development.

This financing significantly bolstered the cash position compared to the end of the prior year.

Here's the quick math on the cash position:

• Cash reserves as of September 30, 2025: $98.5 million
• Cash reserves as of December 31, 2024: $36.7 million

Specialized Scientific and Clinical Development Teams

The human capital driving the science is a key resource. While team size isn't specified, key leadership roles are filled by individuals with deep industry tenure. The R&D investment reflects the resource allocation to these teams.

For the three months ended September 30, 2025, Research & Development (R&D) expenses were $7.0 million. This compares to $3.2 million for the same period in 2024, showing increased spending on cadisegliatin and other projects.

Key leadership includes:

• Paul Sekhri, Chairman, President and CEO
• Carmen Valcarce, PhD, Chief Scientific Officer
• Thomas Strack, MD, Chief Medical Officer
• Martin Lafontaine, Chief Commercial Officer (Appointed March 2025)

Pipeline of Small Molecule Drug Candidates

Beyond the lead asset, vTv Therapeutics Inc. maintains a pipeline of other small molecule drug candidates, which represents future optionality. These molecules are primarily focused on metabolic and inflammatory diseases.

The pipeline includes:

• TTP273: An oral, small molecule GLP-1 receptor agonist for Type 2 Diabetes Mellitus. A 3 month Phase 2 study demonstrated a statistically significant reduction in HbA1c. Rights for China and certain Pacific Rim territories were licensed to Huadong Medicine in December 2017.
• TTP-RA: A RAGE Antagonist with indications listed for Type 1 Diabetes Prevention and Type 2 Diabetes.

Clinical Trial Data and Regulatory Expertise

The accumulated data from prior studies and the expertise to navigate the FDA are vital. The Company successfully navigated the clinical hold on the cadisegliatin program, which was lifted in March 2025 following a complete response letter submission regarding a chromatographic signal artifact. This demonstrates regulatory navigation capability. The Company has also been granted Breakthrough Therapy designation by the FDA for cadisegliatin.

General & Administrative (G&A) expenses, which often cover regulatory and legal overhead, were $3.7 million for the three months ended September 30, 2025.

Finance: draft 13-week cash view by Friday.

vTv Therapeutics Inc. (VTVT) - Canvas Business Model: Value Propositions

vTv Therapeutics Inc.'s value proposition centers on introducing a novel, convenient, and potentially safer treatment modality for a large, chronically managed patient population.

Potential first-in-class oral adjunctive therapy for Type 1 Diabetes (T1D).

• Cadisegliatin is a potential first-in-class, oral, liver-selective glucokinase activator for T1D.
• The therapy is being investigated as an adjunctive treatment to insulin.
• The U.S. Food and Drug Administration (FDA) granted Cadisegliatin Breakthrough Therapy designation.
• The CATT1 Phase 3 trial is designed to enroll approximately 150 participants at 20-25 sites in the U.S.
• Topline data from the CATT1 trial is expected in the second half of 2026.

Cadisegliatin may reduce hypoglycemia risk alongside insulin.

• The primary study endpoint for the CATT1 Phase 3 trial is the number of level 2 and level 3 hypoglycemic events.
• The therapy was found to be well tolerated in over 500 subjects for up to six months of treatment in prior studies.

Oral, small molecule administration versus injectable therapies.

The administration route offers a significant differentiation point against the standard of care, which is predominantly injectable insulin.

Attribute	Cadisegliatin Profile	Metric/Context
Administration Route	Oral, small molecule	Potential first-in-class oral adjunct to insulin for T1D.
Intellectual Property Exclusivity	Patent allowance for crystalline salt form	Exclusivity expected out to 2041.
Financial Support for Development	Private Placement Financing	$80 million closed in September 2025.
Balance Sheet Strength (as of 9/30/2025)	Cash Position	$98.5 million.

Addressing large unmet medical needs in chronic diseases.

The target patient population represents a substantial market where current management is highly intensive and burdensome.

• The U.S. population living with T1D was cited as nearly 1.6 million Americans as of August 2025.
• The global Type 1 Diabetes Market size was projected to grow to $13.5 billion in 2025.
• Daily insulin use remains a persistent challenge, requiring constant attention 24 hours a day, 7 days a week.
• Research & Development Expenses for the third quarter ended September 30, 2025, were $7.0 million.

vTv Therapeutics Inc. (VTVT) - Canvas Business Model: Customer Relationships

You're looking at the relationships vTv Therapeutics Inc. maintains to advance cadisegliatin toward commercialization, which is heavily focused on clinical milestones and financing right now.

High-touch engagement with key healthcare investors

Engagement with healthcare investors was critical in late 2025, securing necessary capital to fund the ongoing Phase 3 trial. The company successfully closed an $80 million private placement in September 2025. This capital raise involved new and existing healthcare investors, specifically noting the participation of the T1D Fund. This transaction strengthened the balance sheet, with the cash position reported at $98.5 million as of September 30, 2025. The proceeds are earmarked for the CATT1 Phase 3 trial and continued development of the cadisegliatin program.

Direct communication with clinical trial investigators and patients

Communication centers on the progress of the CATT1 Phase 3 trial for Type 1 Diabetes (T1D). The first study participant was randomized in August 2025. This trial is evaluating cadisegliatin as an adjunctive therapy to insulin. The protocol amendment shortened the trial duration from 12 to 6 months, accelerating the timeline. Topline data from this study is now expected in the second half of 2026. Prior to this, vTv Therapeutics Inc. completed ten Phase 1 and three Phase 2 clinical trials of cadisegliatin. For participants in the ongoing trial, continuous glucose monitors (CGMs) are now provided.

Here's a look at the recent clinical and financial activity driving investigator and patient engagement:

Metric	Value/Date	Context
First Phase 3 Randomization (CATT1)	August 2025	Initiation of key patient engagement for registrational study.
Expected Topline Data (CATT1)	Second half of 2026	Key milestone for investigators and potential future patients.
CATT1 Trial Duration Change	Shortened from 12 to 6 months	Protocol amendment to expedite data availability.
Completed Clinical Trials (Total)	13 (10 Phase 1, 3 Phase 2)	Historical data supporting current trial design.

Investor relations and corporate communications

Investor relations activities in 2025 included participation in September investor conferences. The company reported a Net Loss attributable to vTv Therapeutics Inc. shareholders of $8.7 million, or $1.08 per basic share, for the three months ended September 30, 2025. Research & Development (R&D) Expenses for that same three-month period were $7.0 million. The company also made its investor communications structure more formal, with its Investor Relations website detailing SEC Filings, Quarterly Results, and Corporate Governance documents. Furthermore, a Form S-3 was made effective on November 24, 2025.

Key financial reporting points for the Q3 2025 period include:

• Cash position as of September 30, 2025: $98.5 million.
• Net Loss Q3 2025: $8.7 million.
• R&D Expenses Q3 2025: $7.0 million.
• G&A Expenses Q3 2025: $3.7 million.

Future relationships with pharmaceutical distributors

While direct distributor agreements aren't public, the company is clearly building its commercial foundation. In March 2025, vTv Therapeutics Inc. strengthened its commercial leadership by appointing Martin Lafontaine as Chief Commercial Officer. This move signals preparation for potential future distribution and market access relationships post-approval. The company is focused on cadisegliatin being a potential first-in-class oral adjunctive therapy to insulin for T1D.

The focus on commercial readiness is evidenced by:

• Appointment of Chief Commercial Officer: Martin Lafontaine (March 2025).
• Cadisegliatin is being developed as a potential first-in-class oral adjunctive therapy.

Finance: draft 13-week cash view by Friday.

vTv Therapeutics Inc. (VTVT) - Canvas Business Model: Channels

The channels vTv Therapeutics Inc. uses to reach its key partners and stakeholders are centered around clinical execution, capital formation, and scientific dissemination, given its late-stage development focus.

Clinical trial sites for current drug development

The primary channel for drug development is the network of clinical trial sites supporting the Phase 3 CATT1 trial for cadisegliatin. The first study participant was randomized in August 2025, marking the activation of this channel. The trial protocol was amended to shorten the duration from 12 to 6 months, aiming for topline data in the second half of 2026. The financial resources to support this channel were significantly bolstered by a recent capital raise.

The financial underpinning for these operational channels as of the end of the third quarter of 2025 is detailed below:

Financial Metric	Amount/Date	Context
Cash Position (as of 9/30/2025)	$98.5 million	Supports ongoing clinical development.
Private Placement Financing (September 2025)	$80 million	Strengthened balance sheet to fund CATT1 trial.
Q3 2025 Research & Development Expenses	$7.0 million	Spending on cadisegliatin and other projects.
Expected Topline CATT1 Data	Second half of 2026	Key milestone for clinical channel progression.

Investor conferences and presentations for capital markets

vTv Therapeutics Inc. actively engages the capital markets through participation in major industry events. This is a direct channel for communicating progress to current and prospective investors. In September 2025, management participated in specific, targeted events.

• H.C. Wainwright 27th Annual Global Investment Conference (September 9, 2025): 1x1 Investor Meetings Only.
• Morgan Stanley 23rd Annual Global Healthcare Conference (September 9, 2025): Fireside Chat (2:35 PM - 3:10 PM EST) and 1x1 Investor Meetings.

The company's Q3 2025 net loss was $8.7 million, which is the financial reality underpinning the need for these capital market communications.

Scientific publications and medical symposia (e.g., EASD)

Dissemination of scientific data is a crucial channel for establishing credibility and attracting potential strategic partners. vTv Therapeutics Inc. presented data at the European Association for the Study of Diabetes (EASD) 61st Annual Meeting in September 2025, specifically at the INNODIA Symposium.

The presentations covered two investigational small molecules:

• Cadisegliatin: An update on the ongoing Phase 3 CATT1 study.
• TTP-RA: New preclinical data from independent, researcher-run studies.

Furthermore, the intellectual property channel is protected, with a U.S. patent allowance for the crystalline salt form of cadisegliatin providing exclusivity expected out to 2041.

Future pharmaceutical distribution networks post-approval

While commercial distribution networks are not yet active, the groundwork for future channels is being laid through intellectual property protection and partnership exploration. The company is actively seeking strategic partnerships to advance TTP-RA development. The focus remains on advancing cadisegliatin through Phase 3, with topline data expected in the second half of 2026, which will dictate the next steps for commercialization channels. The Q3 2025 General & Administrative expenses were $3.7 million.

vTv Therapeutics Inc. (VTVT) - Canvas Business Model: Customer Segments

You're looking at the core groups vTv Therapeutics Inc. is targeting with cadisegliatin, their potential first-in-class oral adjunctive therapy to insulin for chronic diseases, primarily Type 1 Diabetes (T1D).

• - Patients with Type 1 Diabetes (T1D) using insulin.
• - Healthcare investors and institutional funds.
• - Endocrinologists and diabetes treatment specialists.
• - Patients with other chronic diseases like cystic fibrosis related diabetes.

The immediate focus, given the ongoing Phase 3 trial, is clearly on the T1D population requiring insulin therapy, where cadisegliatin aims to improve glycemic control and reduce hypoglycemia risk.

The financial health and investor base directly support the ability to reach these patient and specialist segments. For instance, the company secured significant capital to push the CATT1 trial toward its expected topline data release in the second half of 2026.

Metric Category	Data Point	Value as of Late 2025
Financing Activity	Private Placement Amount Closed	$80 million
Balance Sheet	Cash Position (September 30, 2025)	$98.5 million
Clinical Development Funding Source	Key Investor Group	The T1D Fund
Financial Performance (Q3 2025)	Net Loss Attributable to Shareholders	$8.7 million
Financial Performance (Q3 2025)	Net Loss Per Basic Share	$1.08
Operational Spending (Q3 2025)	Research & Development Expenses	$7.0 million
Intellectual Property Protection	Patent Exclusivity Expected Through	2041

The investor segment is critical, as evidenced by the September 2025 financing, which provided the runway to continue the CATT1 Phase 3 trial, where the first patient was randomized in August 2025.

For the specialist segment, the value proposition centers on a potential first-in-class oral adjunctive treatment, which is a significant differentiator in the diabetes management landscape.

• - CATT1 Phase 3 trial is evaluating cadisegliatin for T1D.
• - Topline data from CATT1 trial expected in the second half of 2026.
• - The $80 million private placement was completed in September 2025.
• - R&D expenses for Q3 2025 were $7.0 million.
• - The company is also investigating cadisegliatin in Type 2 Diabetes (T2D) in collaboration with partners.

vTv Therapeutics Inc. (VTVT) - Canvas Business Model: Cost Structure

You're looking at the core expenditures driving vTv Therapeutics Inc.'s operations as they push cadisegliatin through its late-stage development. The cost structure is heavily weighted toward getting the Phase 3 CATT1 study completed.

High Research & Development (R&D) expenses are the primary cost driver. For the three months ended September 30, 2025, R&D expenses totaled $7.0 million. This is a significant jump from the $3.2 million reported for the same period in 2024. This increase directly reflects the ramp-up in spending on cadisegliatin and other projects.

The bulk of that R&D spend is tied up in the Clinical trial costs for the Phase 3 CATT1 study. The first study participant was randomized in August 2025, meaning costs associated with site management, patient enrollment, and drug administration for this pivotal trial are now fully reflected in the R&D line item. Topline data for the CATT1 trial is expected in the second half of 2026.

General and Administrative (G&A) costs also saw an increase. For the third quarter of 2025, G&A expenses were $3.7 million, up from $3.3 million in Q3 2024. This rise is driven by specific operational costs.

The components driving the G&A increase include patent maintenance and legal expenses. Specifically, the increase in Q3 2025 G&A was primarily due to increases in payroll and legal expenses. This is set against the backdrop of a recently allowed U.S. patent covering crystalline salt and co-crystal forms of cadisegliatin, which provides exclusivity expected to run through 2041.

Furthermore, payroll and personnel costs for specialized staff contribute to both R&D and G&A increases. Higher indirect costs in R&D were noted as primarily related to the Novo Nordisk license milestone accrual and increases in payroll and share-based expenses. Similarly, G&A saw increases primarily due to payroll costs.

Here's a quick look at how the major operating expenses stacked up for the third quarter:

Cost Component (Three Months Ended Sept 30)	Q3 2025 Amount	Q3 2024 Amount
Research & Development (R&D) Expenses	$7.0 million	$3.2 million
General & Administrative (G&A) Expenses	$3.7 million	$3.3 million
Total Operating Expenses	$10.7 million	$6.5 million

The overall cost of operations for the quarter resulted in a net loss attributable to vTv Therapeutics shareholders of $8.7 million for Q3 2025. To support these expenditures, especially the CATT1 Phase 3 trial, vTv Therapeutics completed an $80 million private placement in September 2025, resulting in a cash position of $98.5 million as of September 30, 2025.

The key cost areas are:

• R&D expenses reached $7.0 million for the three months ended September 30, 2025.
• G&A expenses were $3.7 million for the three months ended September 30, 2025.
• Payroll and share-based expenses contributed to increases in both R&D and G&A.
• Legal expenses were a primary driver for the increase in G&A costs.
• The CATT1 Phase 3 trial funding is supported by the recent $80 million financing.

vTv Therapeutics Inc. (VTVT) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of vTv Therapeutics Inc. (VTVT) as of late 2025, and honestly, it's what you'd expect for a late-stage clinical company: the money isn't coming from selling a product yet. The revenue streams are almost entirely non-operational right now, focused on financing the path to potential future sales.

The current operational revenue is definitely minimal. For the trailing twelve months ending September 2025, reported operating revenue was just $17k.

The primary source of cash infusion, which acts as a temporary revenue stream to fund operations, comes from capital markets. You saw the big news in September 2025: vTv Therapeutics completed an $80 million private placement in public equity (PIPE) financing with institutional investors and the T1D Fund. This deal was crucial; it strengthened the balance sheet significantly, bringing the cash position up to $98.5 million as of September 30, 2025, compared to $36.7 million at the end of 2024. This cash is earmarked to keep the CATT1 Phase 3 trial moving forward.

Also on the radar are milestone payments from development partners. We see evidence of this in the cost structure, where higher indirect costs for the three months ended September 30, 2025, were primarily related to the Novo Nordisk license milestone accrual. While the exact revenue recognized from this accrual isn't broken out separately from operating revenue in the summary data, its inclusion in the cost drivers shows activity tied to that partnership agreement.

The ultimate goal, of course, is the revenue that comes after regulatory success. This is the potential future royalty and product sales stream tied to cadisegliatin, which is currently being evaluated in the CATT1 Phase 3 trial, with topline data anticipated in the second half of 2026.

Here's a quick look at the key financial figures related to these funding and revenue components as of the latest reporting:

Financial Metric	Amount/Date	Context
Minimal Operating Revenue (TTM Sep 2025)	$17k	Current operational income
Recent Equity Financing Proceeds (Sep 2025)	$80 million	PIPE financing closing amount
Cash Position (As of Sep 30, 2025)	$98.5 million	Strengthened balance sheet after financing
Novo Nordisk Related Activity	License milestone accrual noted	Driver of higher indirect costs Q3 2025
Future Data Readout Expectation	Second half of 2026	Topline data from CATT1 Phase 3 trial

You can see the business model relies heavily on financing the development runway. The structure of the September 2025 deal, which included shares and warrants, shows investors are betting on the successful readout in 2026 to unlock the next phase of value, which would be royalties or sales.

The potential future revenue streams are contingent on a few things, which you should track closely:

• - Successful completion of the CATT1 Phase 3 trial.
• - Positive topline data expected in the second half of 2026.
• - Securing regulatory approval for cadisegliatin.
• - Executing on potential royalty structures with partners.

Finance: draft 13-week cash view by Friday.