Table of Contents
Vitae Pharmaceuticals, Inc.
Notes to Unaudited Condensed Financial Statements
As of June 30, 2014 and December 31, 2013 and
for the Six Months Ended June 30, 2014 and 2013
Vitae Pharmaceuticals, Inc. ("Vitae" or the "Company") is a clinical-stage biotechnology company focused on discovering and developing novel, small molecule drugs for diseases
that represent large market opportunities where there are significant unmet medical needs. The Company is developing a robust and growing portfolio of novel product candidates internally generated by
Contour®, its proprietary structure-based drug discovery platform. The Company has two partnered product candidates in the clinic and several wholly-owned drug candidates in preclinical
Company's most advanced product candidates include VTP-34072, which is in a Phase 2a clinical trial for the treatment of type 2 diabetes, and VTP-37948, which is in
Phase 1 clinical trials for Alzheimer's disease ("Alzheimer's"). Both products are being developed under separate collaborations with Boehringer Ingelheim GmbH ("BI"), which has provided
the Company with an aggregate of $122 million in non-equity funding as of June 30, 2014, including upfront license fees, research funding and success-based milestones.
Company has several wholly-owned product candidates advancing in preclinical development, including VTP-43742 for the treatment of autoimmune disorders, VTP-38443 for the treatment
of acute coronary syndrome, and VTP-38543 for the treatment of atopic dermatitis. The Company intends to advance and retain rights to these and other programs and product candidates that the Company
believes it can develop and commercialize, and to strategically partner where doing so can accelerate the program and generate non-dilutive capital for Vitae.
is currently dedicating its resources to advance its growing portfolio of product candidates, establish late-stage development and commercialization capabilities for certain of the
Company's product candidates in the U.S. and potentially other markets, selectively collaborate with large biotechnology and pharmaceutical companies to maximize the value of our product candidates,
leverage Contour to rapidly discover novel small molecule product candidates for additional validated, difficult-to-drug targets, and continue investing in technology, people and intellectual
Company is financed by venture capital and corporate investors and is headquartered in Fort Washington, Pennsylvania.
Company has an accumulated deficit as of June 30, 2014 of approximately $120.9 million and will require substantial additional capital for research and product
development. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain profitable operations. The Company is subject to
a number of risks similar to other life sciences companies, including, but not limited to, successful discovery and development of its drug candidates, raising additional capital, development by its
competitors of new technological innovations, protection of proprietary technology and market acceptance of the Company's products.
2. Summary of Significant Accounting Policies and Basis of Accounting
The unaudited condensed financial statements are prepared in conformity with U.S. GAAP for interim financial information. Certain information and footnotes normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission.