The company's 2026Q1 net margin of 65.5% appears anomalous, as historical performance is characterized by zero revenue quarters and consistent operating losses, such as the $7.9 million operating loss reported in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 36.84M | 0 | 1.02M | 0 | 2.02M | 4M | 6.41M | 2.76M | 12.43M | 291K | 634K | 519K | 1.55M | 976K |
| Revenue Growth % | 216600% | -100% | - | -100% | -49.61% | -37.56% | 132.05% | -77.77% | 4172.85% | -54.1% | 22.16% | -66.49% | 58.71% | - |
| Cost of Goods Sold | 1K | 0 | 0 | 0 | 0 | 0 | 11.02M | 15.12M | 23.04M | 39.64M | 45.75M | 29.58M | 18.73M | 25.43M |
| COGS % of Revenue | - | - | - | - | - | - | 171.73% | 547% | 185.26% | 13621.99% | 7215.77% | 5700.19% | 1209.1% | 2605.94% |
| Gross Profit | 36.84M | 0 | 1.02M | 0 | 2.02M | 4M | -4.6M | -12.36M | -10.6M | -39.35M | -45.11M | -29.07M | -17.18M | -24.46M |
| Gross Margin % | 100% | - | 100% | - | 100% | 100% | -71.73% | -447% | -85.26% | -13521.99% | -7115.77% | -5600.19% | -1109.1% | -2505.94% |
| Gross Profit Growth % | - | -100% | - | -100% | -49.61% | 187.05% | 62.76% | -16.55% | 73.06% | 12.78% | -55.22% | -69.18% | 29.76% | - |
| Operating Expenses | 39.88M | 32.81M | 25.2M | 25.5M | 24.56M | 25.67M | 7.25M | 23.66M | 32.26M | 50.97M | 55.65M | 38.66M | 30.45M | 36.81M |
| OpEx % of Revenue | - | - | 2477.58% | - | 1216.95% | 640.87% | 113.05% | 855.86% | 259.43% | 17516.49% | 8778.23% | 7449.13% | 1965.53% | 3771.41% |
| Selling, General & Admin | 15.87M | 14.95M | 13.65M | 11.91M | 12.2M | 12.34M | 7.25M | 8.54M | 9.22M | 11.33M | 9.91M | 9.08M | 11.72M | 11.38M |
| SG&A % of Revenue | - | - | 1342.28% | - | 604.61% | 308.19% | 113.05% | 308.86% | 74.18% | 3894.5% | 1562.46% | 1748.94% | 756.42% | 1165.47% |
| Research & Development | 24.01M | 17.86M | 11.55M | 13.6M | 12.36M | 13.32M | 11.02M | 15.12M | 23.04M | 39.64M | 45.75M | 29.58M | 18.73M | 25.43M |
| R&D % of Revenue | - | - | 1135.3% | - | 612.34% | 332.68% | 171.73% | 547% | 185.26% | 13621.99% | 7215.77% | 5700.19% | 1209.1% | 2605.94% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -11.02M | 0 | -592K | -190K | -22K | -2.96M | -1.13M | -534K |
| Operating Income | -3.04M | -32.81M | -24.18M | -25.5M | -22.54M | -21.66M | -11.85M | -20.89M | -19.82M | -50.68M | -55.02M | -38.14M | -28.9M | -35.83M |
| Operating Margin % | -8.26% | - | -2377.58% | - | -1116.95% | -540.87% | -184.78% | -755.86% | -159.43% | -17416.49% | -8678.23% | -7349.13% | -1865.53% | -3671.41% |
| Operating Income Growth % | - | -35.68% | 5.18% | -13.14% | -4.05% | -82.77% | 43.27% | -5.39% | 60.89% | 7.88% | -44.25% | -31.99% | 19.36% | - |
| EBITDA | -3.03M | -32.79M | -24.09M | -25.41M | -22.45M | -21.57M | -11.76M | -20.85M | -19.61M | -50.48M | -54.76M | -37.64M | -28.03M | -34.75M |
| EBITDA Margin % | -8.24% | - | -2368.83% | - | -1112.39% | -538.65% | -183.32% | -754.45% | -157.68% | -17348.8% | -8636.44% | -7252.6% | -1809.75% | -3560.14% |
| EBITDA Growth % | 87.85% | -36.12% | 5.2% | -13.2% | -4.06% | -83.48% | 43.61% | -6.36% | 61.16% | 7.8% | -45.47% | -34.27% | 19.32% | - |
| D&A (Non-Cash Add-back) | 8K | 16K | 89K | 90K | 92K | 89K | 94K | 39K | 218K | 197K | 265K | 501K | 864K | 1.09M |
| EBIT | -1.94M | -31.07M | -22.61M | -25.95M | -24.86M | -17.6M | -12.11M | -20.01M | -20.36M | -50.76M | -54.95M | -39.33M | -30.09M | -36.38M |
| Net Interest Income | 2.37M | 1.86M | 1.56M | 459K | 337K | -11K | -680K | -1.77M | -3.23M | -2.98M | -311K | -1.74M | -6.01M | -11.82M |
| Interest Income | 2.38M | 1.87M | 1.56M | 472K | 352K | 1K | 12K | 53K | 61K | 117K | 87K | 0 | 0 | 0 |
| Interest Expense | 6K | 6K | 0 | 13K | 15K | 12K | 692K | 1.83M | 3.29M | 3.09M | 398K | 1.74M | 6.01M | 11.82M |
| Other Income/Expense | 2.31M | 1.73M | 1.57M | -464K | -2.33M | 4.05M | -950K | -946K | -3.82M | -3.17M | -333K | -2.96M | -7.2M | -12.37M |
| Pretax Income | -729K | -31.08M | -22.61M | -25.97M | -24.87M | -17.62M | -12.8M | -21.84M | -23.64M | -53.85M | -55.35M | -41.11M | -36.1M | -48.2M |
| Pretax Margin % | -1.98% | - | -2222.71% | - | -1232.56% | -439.85% | -199.59% | -790.09% | -190.16% | -18504.12% | -8730.76% | -7920.42% | -2330.6% | -4938.83% |
| Income Tax | 0 | 0 | 100K | 0 | 200K | 115K | 0 | 100K | 200K | 800K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0.44% | 0% | -0.8% | -0.65% | 0% | -0.46% | -0.85% | -1.49% | 0% | 0% | 0% | 0% |
| Net Income | 2.25M | -26.97M | -18.46M | -20.25M | -19.16M | -12.99M | -8.5M | -21.94M | -7.91M | -16.14M | -16.35M | -27.5M | -36.1M | -48.2M |
| Net Margin % | 6.11% | - | -1815.34% | - | -949.65% | -324.27% | -132.51% | -793.7% | -63.62% | -5547.77% | -2579.18% | -5298.27% | -2330.6% | -4938.83% |
| Net Income Growth % | 112.05% | -46.11% | 8.83% | -5.67% | -47.56% | -52.81% | 61.26% | -177.31% | 51% | 1.27% | 40.53% | 23.83% | 25.11% | - |
| Net Income (Continuing) | -729K | -31.08M | -22.7M | -25.97M | -25.07M | -17.73M | -12.8M | -21.94M | -23.84M | -54.65M | -55.35M | -41.11M | -36.1M | -48.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 2.1M | 6.13M | 16.58M | 24.96M | 83.89M | 40.18M | 62.48M | 131.44M | 122.52M | 161.53M | 0 | 0 |
| EPS (Diluted) | 0.27 | -3.20 | -3.20 | -9.71 | -9.98 | -8.29 | -7.21 | -28.97 | -25.42 | -66.62 | -68.52 | -132.90 | -173.87 | -234.57 |
| EPS Growth % | 100.65% | 0% | 67.04% | 2.71% | -20.39% | -14.98% | 75.11% | -13.97% | 61.84% | 2.77% | 48.44% | 23.56% | 25.88% | - |
| EPS (Basic) | - | -3.20 | -3.20 | -9.71 | -9.98 | -8.29 | -7.21 | -28.97 | -25.42 | -66.62 | -68.52 | -132.90 | -173.87 | -234.57 |
| Diluted Shares Outstanding | 8.42M | 8.42M | 5.77M | 2.08M | 1.92M | 1.57M | 1.18M | 757.3K | 311.23K | 242.33K | 238.64K | 206.91K | 207.63K | 205.49K |
| Basic Shares Outstanding | 8.42M | 8.42M | 5.77M | 2.08M | 1.92M | 1.57M | 1.18M | 757.3K | 311.23K | 242.33K | 238.64K | 206.91K | 207.63K | 205.49K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
As indicated by the 2026Q1 financial statements, VTVT reported $36.8 million in revenue, a figure that stands in stark contrast to the preceding quarters of zero revenue, highlighting the company's reliance on sporadic milestone payments rather than a sustainable, recurring commercial product revenue stream for growth.
The sudden revenue recognition in 2026Q1 appears to be a non-recurring event tied to licensing milestones rather than a fundamental shift in business trajectory. Investors should monitor whether these inflows are sufficient to offset the long-term cash burn associated with the CATT1 trial, as the lack of consistent top-line growth remains a primary concern.
Based on reported figures, VTVT's cost structure is dominated by R&D expenditures, which reached $9.0 million in 2026Q1, reflecting the company's commitment to advancing its TTP399 program through late-stage clinical trials while maintaining a lean administrative overhead to preserve its limited capital runway.
The fluctuation in R&D spending across the ten-quarter period suggests that clinical trial costs are highly sensitive to enrollment milestones and CRO activity. Management's ability to control these costs is critical, as any unexpected delays in the CATT1 trial could lead to a rapid depletion of liquidity.
According to historical income statements, VTVT has consistently operated with negative operating margins, with the exception of the anomalous 2026Q1, demonstrating that the company has yet to achieve the scale necessary to leverage its fixed operating expenses against its sporadic and unpredictable revenue streams.
The absence of a stable gross profit margin suggests that the company's operating leverage is currently non-functional, as the business model is not yet designed to generate recurring operating income. Future improvements in operating efficiency will likely depend entirely on the successful commercialization or further licensing of the TTP399 asset.
While the 2026Q1 net income of $24.1 million suggests a temporary period of profitability, an analysis of the company's financial history reveals that this is an outlier, and the underlying business model remains highly vulnerable to the binary outcomes of its clinical development pipeline.
Short-sellers would likely focus on the fact that the company's profitability is entirely dependent on one-time events, which may obscure the underlying cash-burn reality. Investors should be cautious about extrapolating this quarter's performance, as it does not represent a sustainable trend in the company's core operational health.
Quick answers to the most common questions about buying VTVT stock.
For fiscal year 2025, vTv Therapeutics Inc. (VTVT) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.0M in 2013.
vTv Therapeutics Inc. (VTVT) reported a net loss of $27.0M for the fiscal year ending 2025.