Executive Summary

Q2 2025 was a pre‑revenue quarter with higher R&D as vTv advanced cadisegliatin into Phase 3 CATT1; EPS of $(0.92) missed two‑estimate S&P Global consensus of $(0.83) by ~$0.09, while revenue matched $0 expectations *. Cash fell to $25.9M from $31.1M in Q1 as operating activity ramped .
Clinical execution improved: first participant randomized in CATT1 (Aug 7) and protocol already shortened to 6 months; topline remains targeted for 2H 2026 (unchanged vs Q1) .
IP strengthened via USPTO Notice of Allowance for crystalline salt/co‑crystal forms of cadisegliatin (term through 2041), supporting commercialization durability if successful .
No Q2 earnings call transcript was available; investor focus likely centers on trial enrollment pace, cash usage trajectory, and financing plans ahead of the 2H 2026 data catalyst .

What Went Well and What Went Wrong

CATT1 momentum: first participant randomized; trial design now 6 months with CGM provided, supporting faster time to topline while preserving key endpoints .
IP de‑risking: USPTO allowed patent claims covering cadisegliatin crystalline forms with patent term to 2041, bolstering potential exclusivity .
Team buildout: Appointment of CFO Michael Tung adds capital markets and strategic leadership as the program scales .

EPS miss vs consensus: $(0.92) vs $(0.83) S&P Global consensus, driven by higher R&D (ramp to $4.1M) and modestly lower other income YoY * .
Sequential cash burn increased: Cash declined $5.1M QoQ ($31.1M to $25.9M), reflecting elevated operating spending as CATT1 ramps .
No revenue and limited near‑term catalysts: As a single‑asset, pre‑revenue biotech, stock remains sensitive to updates on enrollment, site activation, and trial execution cadence .

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($MM)	$0.00	$0.00	$0.00
R&D Expense ($MM)	$3.44	$2.83	$4.10
G&A Expense ($MM)	$3.72	$3.67	$3.62
Total OpEx ($MM)	$7.16	$6.50	$7.72
Operating Loss ($MM)	$(7.16)	$(6.50)	$(7.72)
Interest Income ($MM)	$0.55	$0.33	$0.28
Other Inc/(Exp), net ($MM)	$0.19	$(0.05)	$0.07
Net Loss to vTv ($MM)	$(5.18)	$(5.09)	$(6.05)
EPS (basic/diluted)	$(0.81)	$(0.77)	$(0.92)

Notes: vTv reported no revenue; margin percentages are not meaningful. Weighted average shares: 6.59M in Q2‑25 vs 6.58M in Q1‑25 .

Metric	Dec 31, 2024	Mar 31, 2025	Jun 30, 2025
Cash & Equivalents ($MM)	$36.75	$31.06	$25.92
Total Assets ($MM)	$38.27	$32.03	$26.45
Total Liabilities ($MM)	$23.97	$23.13	$24.04
Contract Liabilities (LT) ($MM)	$18.67	$18.67	$18.67
Stockholders’ Equity ($MM)	$14.30	$8.90	$2.41

Metric	Q2 2025 Consensus	Q2 2025 Actual	Surprise
Revenue ($MM)	$0.00*	$0.00	In line
EPS	$(0.83)*	$(0.92)	Miss (~$0.09)

Values marked with * retrieved from S&P Global.

Segment breakdown: Not applicable (no commercial revenue) .

Metric	Period	Previous Guidance	Current Guidance	Change
CATT1 topline timing	Program milestone	2H 2026 (Q1‑25 update)	2H 2026 (reaffirmed)	Maintained
CATT1 protocol duration	Trial design	12 months (original)	6 months post‑amendment (Apr 2025)	Accelerated timeline
CATT1 enrollment status	Q2 2025	Screening reinitiated (May 15)	First participant randomized (Aug 7)	Progressed
Financial guidance (rev/OpEx)	FY 2025	None provided	None provided	Unchanged

Note: No Q2 2025 earnings call transcript is available; themes below reflect disclosures in the 8‑K/press releases.

Topic	Previous Mentions (Q4 2024 and Q1 2025)	Current Period (Q2 2025)	Trend
Regulatory/legal	FDA clinical hold lifted (Mar 14, 2025); plan to resume CATT1 in Q2 2025	Trial ongoing; first participant randomized	Improving execution
R&D execution	Protocol shortened from 12 to 6 months; CGM for all participants	CGM confirmed; two dose regimens; randomized, double‑blind, placebo‑controlled design reiterated	On‑plan; faster readout
IP/Patent	Not highlighted	USPTO Notice of Allowance; term through 2041	Strengthening IP
Liquidity	Cash $36.7M at YE 2024	Cash $31.1M (Q1) → $25.9M (Q2)	Using cash as trial ramps
Commercial prep	CCO appointed (Mar 20, 2025)	CFO appointed (May 19, 2025)	Building leadership

“The randomization of the first participant in our CATT1 Phase 3 trial earlier this month reflects our continued momentum in advancing cadisegliatin.” — Paul Sekhri, Chairman, President & CEO .
“Randomizing the first participant in CATT1 represents another key milestone… We look forward to reporting topline Phase 3 data from CATT1 in the second half of 2026.” — Thomas Strack, MD, Chief Medical Officer .
“This successful patent application demonstrates our strong commitment to protecting the innovation of our lead asset and is another important milestone for vTv Therapeutics.” — Paul Sekhri, Chairman, President & CEO (USPTO allowance) .

No Q2 2025 earnings call transcript was available; there were no published Q&A details for this quarter [ListDocuments returned none]. Focus areas likely include enrollment cadence, site activations, operational spend, and any interim safety observations (none disclosed) .

EPS missed S&P Global consensus: $(0.92) actual vs $(0.83) consensus; revenue in line at $0.00, both based on two estimates for EPS and revenue [GetEstimates; Q2 2025 values: EPS consensus −0.825; counts=2]*.
Given higher R&D and a step‑up in total OpEx (from $6.50M in Q1 to $7.72M in Q2), Street models may fine‑tune near‑term quarterly loss expectations as CATT1 activity scales .

Values marked with * retrieved from S&P Global.

Clinical execution is the primary stock driver: first CATT1 randomization and maintained 2H 2026 topline keep the path to a registrational dataset intact .
Modest EPS miss reflects R&D ramp; expect OpEx to track with enrollment and site activation through 2025–2026 .
Strengthened IP (term to 2041) enhances potential asset value if efficacy/safety are confirmed in Phase 3 .
Cash decreased to $25.9M; monitor financing strategy and runway updates as the pivotal program advances .
Watch near‑term catalysts: enrollment updates, additional site activations, and any regulatory guidance on the broader registrational path; confirm no material safety signals .
Leadership additions (CCO, CFO) indicate commercialization and capital markets readiness ahead of Phase 3 outputs .

Supporting documents:

S&P Global estimates used for consensus comparisons. Values marked with * retrieved from S&P Global.