GT Biopharma Reports $13.2 Million Net Loss for Fiscal Year 2024

GT Biopharma, Inc. reported a net loss of approximately $13.2 million for the fiscal year ending December 31, 2024, a significant increase from the $7.6 million loss recorded in the previous year. The company's total operating expenses rose to $14.4 million, up from $13.6 million in 2023, primarily driven by a 70% increase in selling, general, and administrative expenses, which amounted to $8.3 million. Research and development expenses decreased by 10% to $5.8 million, reflecting a reduction in project material costs, although the company anticipates increased expenses in 2025 as it advances its clinical trials.

In terms of financial position, GT Biopharma's current assets decreased significantly from $14.1 million in 2023 to $4.2 million in 2024, while current liabilities also saw a decline from $6.6 million to $5.9 million. This resulted in a working capital deficit of $1.7 million, compared to a surplus of $7.4 million the previous year. The company ended the year with approximately $4.0 million in cash and cash equivalents, a notable increase from $1.1 million at the end of 2023.

Strategically, GT Biopharma has focused on its proprietary TriKE® technology platform, which aims to enhance the cancer-killing abilities of natural killer (NK) cells. The company received FDA clearance for its Investigational New Drug (IND) application for GTB-3650 in June 2024 and began patient enrollment for clinical trials in January 2025. Additionally, the company is advancing its GTB-5550 candidate, targeting B7-H3 on solid tumors, and has initiated a Good Manufacturing Practice (GMP) manufacturing campaign in anticipation of filing an IND.

Operationally, GT Biopharma has maintained a lean workforce, with only one full-time employee and numerous consultants. The company has also engaged in significant transactions with Cytovance Biologics, a related party, for research and development services, which accounted for a substantial portion of its expenses. As of December 31, 2024, accounts payable to Cytovance amounted to $1.2 million, down from $3.5 million the previous year.

Looking ahead, GT Biopharma faces substantial challenges, including the need for additional capital to fund its operations and product development. The company has raised concerns about its ability to continue as a going concern, given its history of operating losses and the uncertainty surrounding future financing. Management has indicated that without securing additional funding, existing cash resources may not be sufficient to sustain operations for the next year. The company is actively pursuing strategies to regain compliance with Nasdaq listing requirements, following a notification that its stockholders' equity fell below the minimum threshold.