Fri, Feb 21, 10:04 PM (65 days ago)
GT Biopharma, Inc. (GTBP) reported a net loss of approximately $13.2 million for the fiscal year ending December 31, 2024, compared to a $7.6 million loss in 2023, reflecting increased legal and operational expenses. Operating expenses rose to $14.4 million, driven by a 70% increase in selling, general, and administrative costs, while research and development expenses decreased by 10% to $5.8 million. The company's cash and equivalents improved to $4.0 million from $1.1 million, but it reported a working capital deficit of $1.7 million. GTBP's product development focuses on its proprietary TriKE® technology, targeting various cancers, with key candidates GTB-3650 and GTB-5550 progressing towards clinical trials. However, the company faces significant risks, including reliance on third-party manufacturers, potential regulatory hurdles, and the need for additional capital to sustain operations. The Nasdaq has flagged GTBP for potential delisting due to insufficient stockholder equity, raising further concerns about liquidity and market position. Overall, the financial condition indicates substantial doubt regarding the company's ability to continue as a going concern.