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GT Biopharma, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $6,759,000 from $14,109,000 as of December 31, 2023. The decrease is attributed to a reduction in short-term investments.
Current liabilities decreased to $4,662,000 from $6,633,000, primarily due to a reduction in accounts payable and warrant liability.
Research and development expenses for the quarter were $1,307,000, compared to $1,364,000 in the same quarter of the previous year, reflecting a slight decrease in project material costs.
Selling, general, and administrative expenses increased to $2,297,000 from $1,758,000, primarily due to higher legal and professional fees.
Net loss for the quarter was $3,411,000, up from $2,416,000 in the previous year, attributed to increased legal expenses and a decrease in the change in fair value of warrant liability.
Cash used in operating activities was $10,436,000 for the nine months ended September 30, 2024, compared to $6,805,000 in the previous year, due to increased operating expenses.
Cash provided by investing activities was $12,892,000, primarily from the sale of short-term investments.
Cash provided by financing activities was $2,976,000, resulting from the issuance of common stock and warrants.
GT Biopharma does not have any product candidates approved for sale and has not generated any revenue from product sales. The company has sustained operating losses since inception and expects such losses to continue into the foreseeable future.
The company identified substantial doubt about its ability to continue as a going concern within one year of the date that the financial statements are issued.
GT Biopharma continues to focus on developing its TriKE® and Dual Targeting TriKE® platforms, aiming to advance its GTB-3650 product candidate into clinical trials.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GT Biopharma Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.