MeritValue

vTv Therapeutics Inc.

VTVTdata completeness 63%13 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'sharesOutstanding'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'

The thesis, from the filings

vTv Therapeutics Inc. earns about -97% on equity. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.01M1$2.02M2$03$1.02M3$03
Net income−$13M4−$19.2M5−$20.3M6−$18.5M6−$27M6
Operating cash flow−$19.3M7−$16M8−$19.1M9−$25.3M9−$25.3M9
Capital expenditure$010$21,00011$011$011—
Free cash flow (derived)−$19.3M7−$16M8−$19.1M9−$25.3M9—
Total debt$256,00012————
Cash & equivalents$13.4M13$12.1M14$9.45M15$36.7M16$88.9M16
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
-97% avg · 5y
FY21 —FY22 —FY23 —FY24 -151%FY25 -42%

It earned an average -97% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001641489-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001641489-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641489-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001641489-24-000012 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001641489-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641489-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001641489-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001641489-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641489-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001641489-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001641489-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001564590-22-012258 (ShortTermBorrowings)
  13. 10-K · period ending 2021-12-31 · accession 0001641489-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001641489-24-000012 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001641489-25-000014 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001641489-26-000010 (CashAndCashEquivalentsAtCarryingValue)