GT Biopharma, Inc. reported significant financial developments in its 10-Q filing for the third quarter of 2024. As of September 30, 2024, the company had cash and cash equivalents of $6.4 million, a substantial increase from $1.1 million at the end of 2023. However, total current assets decreased to $6.8 million from $14.1 million, reflecting a decline in short-term investments, which dropped to zero from approximately $12.9 million.
The company’s total liabilities also saw a decrease, with current liabilities falling to $4.7 million from $6.6 million. Despite this, total stockholders’ equity decreased to $2.1 million from $7.5 million, indicating ongoing financial challenges.
Operating expenses for the third quarter of 2024 amounted to $3.6 million, up from $3.1 million in the same period of 2023. Notably, selling, general, and administrative expenses surged to $2.3 million, a 90% increase from $1.2 million in the prior year. For the nine months ended September 30, 2024, total operating expenses were $10.6 million, slightly higher than $10.4 million in 2023. Research and development expenses decreased to $3.9 million from $5.1 million year-over-year.
The company reported a net loss of $3.4 million for the third quarter of 2024, compared to a loss of $2.4 million in the same quarter of 2023. For the nine-month period, the net loss increased to $9.4 million from $4.6 million in the previous year. The net loss per share improved slightly to $(1.53) from $(1.77) in the third quarter of 2023.
GT Biopharma has not generated any revenue from product sales and continues to rely on funding through public and private sales of common stock and strategic collaborations. The company has raised approximately $3.2 million from a common stock offering in May 2024 and $6.5 million from a private placement in January 2023.
Strategically, the company is focused on advancing its product pipeline, particularly the GTB-3650, which received FDA clearance for its Investigational New Drug (IND) application in June 2024. The company plans to initiate patient enrollment for clinical trials in the second half of 2024. Additionally, GTB-5550, targeting advanced solid tumors, is in preclinical studies with an IND filing expected in the first half of 2025.
GT Biopharma's financial position remains precarious, with substantial doubt about its ability to continue as a going concern due to ongoing losses and lack of revenue. The company is actively managing its expenses and pursuing strategic partnerships to enhance its operational viability.
About GT Biopharma, Inc.
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