Executive Summary

vTv reported a pre-revenue Q3 2025 with net loss per share of $1.08, missing S&P Global consensus EPS of $0.98 as R&D ramped with Phase 3 CATT1 start and a Novo Nordisk license milestone accrual . EPS consensus values from S&P Global.*
Balance sheet was fortified via an $80M private placement; cash rose to $98.5M at 9/30 from $25.9M at 6/30, de‑risking CATT1 funding through topline readout targeted in 2H 2026 .
Operational milestones: first participant randomized in CATT1 and further IP protection with a patent allowance extending potential exclusivity to 2041, both supporting the T1D thesis .
Management reiterated topline timing for CATT1 in 2H 2026; investors will focus on enrollment cadence, R&D spend trajectory, and balance sheet runway as key near-term stock reaction drivers .

What Went Well and What Went Wrong

Strengthened funding: Closed an $80M private placement; cash reached $98.5M at quarter-end, positioning to complete CATT1. CEO: “we… successfully completed an $80 million private placement… With a strengthened balance sheet, we are positioned to continue advancing our cadisegliatin program” .
Clinical execution: First study participant randomized in CATT1; trial underway at up to 25 U.S. sites with ~150 participants planned, assessing hypoglycemia incidence as the primary endpoint .
IP protection: USPTO Notice of Allowance for crystalline salt/co‑crystal forms of cadisegliatin; term runs through 2041, strengthening the asset’s moat .

EPS miss: Q3 diluted EPS of $(1.08) versus S&P Global consensus of $(0.98), reflecting higher R&D tied to CATT1 and a Novo Nordisk license milestone accrual . EPS consensus values from S&P Global.*
Operating expense escalation: R&D rose to $7.0M from $3.2M YoY; G&A increased to $3.7M from $3.3M, expanding total operating expenses to $10.7M (vs. $6.5M LY) .
Continued lack of revenue: No revenue recognized in Q3 2025 (also $0 in Q2 and Q1), underscoring reliance on financing vs. operating cash flows until potential commercialization .

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($M)	$0.0	$0.0	$0.0
Research & Development ($M)	$2.83	$4.10	$7.02
General & Administrative ($M)	$3.67	$3.62	$3.68
Operating Loss ($M)	$(6.50)	$(7.72)	$(10.70)
Net Loss Attributable to vTv ($M)	$(5.09)	$(6.05)	$(8.70)
Diluted EPS ($)	$(0.77)	$(0.92)	$(1.08)
Weighted Avg Shares (Basic & Diluted)	6,582,844	6,587,070	8,055,940

Note: YoY comps for Q3 show R&D $7.0M vs $3.2M and G&A $3.7M vs $3.3M, EPS $(1.08) vs $(0.88) .

KPI	Q1 2025	Q2 2025	Q3 2025
Cash & Cash Equivalents ($M)	$31.06	$25.92	$98.50
Contract Liabilities (non‑current) ($M)	$18.67	$18.67	$18.67
Total Stockholders’ Equity ($M)	$8.90	$2.41	$70.54

Metric	Period	Previous Guidance	Current Guidance	Change
CATT1 topline readout timing	Program	2H 2026 (Q1/Q2 communications)	2H 2026 reaffirmed	Maintained
CATT1 trial duration	Protocol	12 months (prior)	6 months after protocol amendment in April 2025	Shortened
CATT1 trial status	Program	Screening reinitiated (May 2025)	First participant randomized (Aug 2025)	Progressed
Funding for CATT1	Financing	N/A	$80M private placement closed; proceeds expected to fund CATT1 and continued development	New funding

No Q3 2025 earnings call transcript was located in our document set; themes below reflect press releases and 8‑K disclosures.

Topic	Previous Mentions (Q1 2025, Q2 2025)	Current Period (Q3 2025)	Trend
R&D execution (CATT1)	Q1: Screening reinitiated; protocol cut from 12→6 months; topline 2H26 . Q2: First participant to be randomized; topline 2H26 .	First participant randomized; trial underway at up to 25 sites; ~150 participants planned; CGM to inform primary endpoint (hypoglycemia incidence) .	Positive execution momentum
IP/Regulatory	Q1/Q2: No new IP; Breakthrough Therapy status reiterated .	USPTO Notice of Allowance; exclusivity expected to 2041 .	Strengthening IP position
Financing/Runway	Q1/Q2: Cash $31.1M → $25.9M .	$80M private placement; cash $98.5M .	Runway extended
Partnerships/Licensing	Limited; background references to partners .	Higher indirect costs include Novo Nordisk license milestone accrual in R&D .	Economic engagement noted
External visibility	HCW@Home (June) .	Sept investor conferences; INNODIA symposium presentations .	Increased outreach

“The third quarter saw a series of meaningful achievements… we randomized our first patient in the Phase 3 CATT1 trial… and successfully completed an $80 million private placement financing… positioned to continue advancing our cadisegliatin program and remain on track to report topline results… in the second half of 2026.” — Paul Sekhri, Chairman, President & CEO .
“Randomizing the first participant in CATT1 represents another key milestone… We look forward to reporting topline Phase 3 data… in the second half of 2026.” — Dr. Thomas Strack, CMO .
“We are pleased… [the USPTO] further strengthens the protection around cadisegliatin… another important milestone.” — Paul Sekhri on IP allowance .

Not available: No Q3 2025 earnings call transcript was identified in company filings/press materials for the period.

EPS: vTv missed Q3 consensus EPS as higher R&D (CATT1 start and a Novo Nordisk license milestone accrual) flowed through P&L . EPS consensus values from S&P Global.*
Revenue: Consensus was effectively zero; actual revenue was $0, in line . Revenue consensus values from S&P Global.*

Metric	Q1 2025	Q2 2025	Q3 2025
EPS Consensus Mean ($)	(0.815)*	(0.825)*	(0.98)*
EPS Actual ($)	(0.77)	(0.92)	(1.08)
EPS – # of Estimates	2*	2*	2*
Revenue Consensus ($M)	0.0*	0.0*	0.0*
Revenue Actual ($M)	0.0	0.0	0.0

Values marked with * are retrieved from S&P Global.

Funding de-risked near term: $80M private placement lifted cash to $98.5M, materially extending runway and providing resources to execute CATT1 to topline in 2H 2026 .
Clinical progress on-track: First patient randomized; protocol shortened to 6 months, potentially accelerating data while maintaining key endpoints (primary: hypoglycemia incidence) .
IP strengthened: Patent allowance out to 2041 bolsters cadisegliatin’s potential exclusivity horizon, a key component of asset value in T1D .
Near-term P&L pressure: R&D stepped up (to $7.0M) as Phase 3 operations scale and due to a Novo Nordisk license milestone accrual; investors should expect elevated opex while the trial enrolls .
Estimate calibration: With continued pre-revenue status and rising R&D, Street EPS may remain conservative; Q3 missed EPS consensus as opex rose with program advancement. EPS consensus values from S&P Global.* .
Watch enrollment cadence and operational updates (sites active, participant count), as these are key to maintaining the 2H26 topline timeline and the stock’s binary-risk profile .
Potential catalysts: CATT1 enrollment updates, additional IP developments, partnering/financing news, and scientific visibility (e.g., conferences) could shape sentiment ahead of topline data .

References:

Q3 2025 8‑K/press release and financials .
Q2 2025 8‑K/press release .
Q1 2025 8‑K/press release .
Additional Q3‑period press releases (CATT1 randomization, patent allowance, conferences, INNODIA symposium) .

Notes: EPS and revenue consensus/estimate figures are sourced from S&P Global and marked with an asterisk.*