GT Biopharma, Inc.
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 14, 2025
GTBP$4.42-2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001641172-25-010790
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001493152-25-011971
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 69 previous paragraphs and 72 current paragraphs.
57 unchanged; 11 reworded; 4 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Research and development expenses decreased by approximately $1.4 and $1.1 million for the three and six months ended June 30, 2025, respectively, compared to the same prior year periods, primarily due to a decrease in production and scientific research costs.
Current report
Other
Current report
In May 2025 the Company issued warrants underlying 24,390 shares of common stock exercisable at $2.24 per share with a fair value of approximately $44,000 in exchange for the waiver of a variable rate transaction (“VRT”). The Company classified this transaction as other income during the period ended June 30, 2025. The Company also recorded other income of $200,000 in June 2025 due to the extinguishment of an accrual of consulting fees recorded in prior years.
Current report
Net cash provided by financing activities approximately $3.0 million for the six months ended June 30, 2024 and resulted from net proceeds from issuance of common stock and warrants.
Removed paragraphs (1)
Previous report
Research and development expenses increased by approximately $322,000 for the three months ended March 31, 2025 compared to the same prior year period, primarily due to an increase in scientific research costs.
Reworded paragraphs (11)
Previous wording
Comparison of the Three Months Ended March 31, 2025 and 2024
Current wording
Comparison of the Three and Six Months Ended June 30, 2025 and 2024
Previous wording
Research and development expenses relate to our continued licensing, development and production of our most advanced TriKE® product candidates GTB-3650 and GTB-5550 along with the progression on other promising candidates. In late June 2024, we received clearance from the FDA with respect to our IND Application in relation to our next generation GTB-3650 camelid nanobody product. Study enrollment began in early 2025 and we are advancing into the clinic, enrolling patients, and performing tests for data collection throughout the year. We have paused the final phase of product development of GTB-5550 to reduce costs.
Current wording
Research and development expenses relate to our continued licensing, development and production of our most advanced TriKE® product candidates GTB-3650 and GTB-5550 along with the progression on other promising candidates. In late June 2024, we received clearance from the FDA with respect to our IND Application in relation to our next generation GTB-3650 camelid nanobody product. Study enrollment began in early 2025 and we have advanced into the clinic, enrolling patients, and performing tests for data collection throughout the year. Following our May 2025 financing we have restarted the final phase of product development of GTB-5550 and anticipate submission of an IND application for GTB-5550 in fourth quarter of 2025.
Previous wording
Selling, general, and administrative expenses decreased by approximately $1.4 million for the three months ended March 31, 2025, compared to the same prior year period. The decrease was primarily due to cost reduction measures including a reduction in legal fees, consulting fees, and salaries.
Current wording
Selling, general, and administrative expenses decreased by approximately $856,000 and $2.2 million for the three and six months ended June 30, 2025, compared to the same prior year periods, was primarily due to a significant reduction in legal fees and other cost reduction measures.
Previous wording
Interest income decreased by $110,000 for the three months ended March 31, 2025 compared to the same prior year period, due to lower money market fund and short term investment balances.
Current wording
Interest income decreased by $67,000 and $177,000 for the three and six months ended June 30, 2025, respectively, compared to the same prior year periods, due to lower money market fund and short term investment balances.
Previous wording
The change in fair value of warrant liability decreased by approximately $532,000, for the three months ended March 31, 2025 compared to the same prior year period, resulting from a reduction in our warrant liability primarily due to the decline in the Company’s stock price at March 31, 2025 as compared to the prior comparable periods.
Current wording
The change in fair value of warrant liability decreased by approximately $231,000 and $763,000 for the three and six months ended June 30, 2025, respectively, compared to the same prior year periods, resulting from a reduction in our warrant liability primarily due to the decline in the Company’s relative stock price at June 30, 2025 as compared to the prior comparable periods.
Previous wording
Net loss decreased by $1,490,000 for the three months ended March 31, 2025 compared to the same prior year period, primarily due to a decrease in legal fees, consulting fees, and salaries, and the reduction of prior year unpaid legal fees, as described above.
Current wording
Net loss decreased by approximately $2.3 and $3.8 million for the three and six months ended June 30, 2025, respectively, compared to the same prior year periods, primarily due to a decrease research and development expenses and legal fees, as described above.
Previous wording
The accompanying unaudited condensed financial statements have been prepared assuming that we will continue as a going concern. We do not have any product candidates approved for sale and have not generated any revenue from our product sales. We have sustained operating losses since inception, and we expect such losses to continue into the foreseeable future. Historically, we have financed our operations through public and private sales of common stock, issuance of preferred and common stock, issuance of convertible debt instruments, and strategic collaborations. For the three months ended March 31, 2025, we recorded a net loss of approximately $800,000 and used cash in operations of approximately $2.2 million, and had a stockholders’ deficit of approximately $1 million as of that date. These factors raise substantial doubt about our ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2024, financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Current wording
The accompanying unaudited condensed financial statements have been prepared assuming that we will continue as a going concern. We do not have any product candidates approved for sale and have not generated any revenue from our product sales. We have sustained operating losses since inception, and we expect such losses to continue into the foreseeable future. Historically, we have financed our operations through public and private sales of common stock, the issuance of preferred and common stock, the issuance of convertible debt instruments, and strategic collaborations. For the six months ended June 30, 2025, we recorded a net loss of approximately $2.2 million and used cash in operations of approximately $5.2 million. These factors raise substantial doubt about our ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2024, financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Previous wording
Net cash used in operating activities was approximately $2.2 million for the three months ended March 31, 2025, and was primarily due to a decrease in accounts payable and accrued expenses of approximately $1.3 million, and a net loss of $776,000.
Current wording
Net cash used in operating activities was approximately $5.2 for the six months ended June 30, 2025 and was primarily due to a decrease in accounts payable and accrued expenses of $1.6 million and a net loss of $2.2 million.
Previous wording
Net cash used in operating activities was $4.2 million for the three months ended March 31, 2024, and was primarily due to a net loss of $2.3 million, a decrease in accounts payable and accrued expenses of $1.3 million, and a decrease in the fair value of warrant liability of $658,000.
Current wording
Net cash used in operating activities was approximately $ 7.7 million for the six months ended June 30, 2024 and was primarily due to a net loss of $6.0 million and a decrease in accounts payable and accrued expenses of $1.3 million
Previous wording
Net cash provided by financing activities was approximately $5.0 million for the three months ended March 31, 2024, resulted from proceeds of the sale of short-term investments.
Current wording
Net cash provided by financing activities was approximately $12.9 million for the six months ended June 30, 2024, resulted from proceeds of the sale of short-term investments.
Previous wording
Net cash provided by financing activities was $616,000 for the three months ended March 31, 2025, resulted from the exercise of warrants for cash and inducement warrants.
Current wording
Net cash provided by financing activities was approximately $6.5 million for the six months ended June 30, 2025 and resulted from net proceeds from issuance of Series L Convertible Preferred Stock and warrants, and net proceeds from the exercise of warrants for cash and inducement warrants.