Business
GT Biopharma Reports Second Quarter 2023 Financial Results
Cash of approximately $18.0 million as of June 30, 2023, provides ample runway to fund operations into Q3 2024; anticipated to be sufficient to achieve IND
About this update from Gt Biopharma, Inc.
[{"type":"text","content":"Cash of approximately $18.0 million as of June 30, 2023, provides ample runway to fund operations into Q3 2024; anticipated to be sufficient to achieve IND clearance for GTB-3650 and initiate clinical trial activities on GTB-3650. BRISBANE, CALIFORNIA, Aug. 07, 2023 (GLOBE NEWSWIRE) -- GT Biopharma, Inc. (the “Company”) (NASDAQ: GTBP), a clinical stage immuno-oncology company focused on developing innovative therapeutics based on the Company's proprietary natural killer (NK) cell engager, TriKE® platform, today announced second quarter 2023 results for the period ended June 30, 2023. “We continue to prudently manage expenses while moving pipeline development across our novel portfolio of TriKE® nanobody assets forward. We expect to advance GTB-3650, a second generation nanobody TriKE® for the treatment of CD33+ leukemia, with GTB-5550 for the treatment of B7H3+ solid tumors to follow. We continue to expect investigational new drug (IND) filing with the U.S. Food and Drug Administration for GTB-3650 to occur in the second half of 2023,” said Michael Breen, Executive Chairman and interim Chief Executive Officer. “In conjunction with these efforts, we maintain a cash balance on hand that will provide an operational runway into Q3 2024, anticipated to be sufficient to achieve IND clearance and initiate clinical trial activities for GTB-3650. Additionally, we continue to actively explore potential development partnerships for our programs.” Second Quarter 2023 Financial Summary Cash Position: The Company had cash, cash equivalents and short-term investments of $18.0 million as of June 30, 2023, compared to $16.5 million as of December 31, 2022. We expect ample runway to fund operations into Q3 2024. Research and Development (R&D) Expenses: R&D expenses for the three months and six months ended June 30, 2023 were $2.1 million and $3.7 million, compared to $1.1 million and $3.2 million for the same comparable periods of 2022. Research and development expenses are related to our continued development and production of our most advanced TriKE® product candidates GTB-3650 and GTB-5550 along with the progression of other promising product candidates. R&D expenses increased over the previous year primarily due to reduction in in-house staff offset with the increase in compensation to consultants as we prepare to advance our next generation ...