Business
GT Biopharma Reports Third Quarter Fiscal 2022 Financial Results and Business Update
Announced two poster presentations at the Society for Immunotherapy of Cancer’s 37th Annual Meeting (SITC 2022)$20.8 million in cash, cash equivalents and
About this update from Gt Biopharma, Inc.
[{"type":"text","content":"Announced two poster presentations at the Society for Immunotherapy of Cancer’s 37th Annual Meeting (SITC 2022)$20.8 million in cash, cash equivalents and short-term investments as of September 30, 2022, is expected to provide runway to fund operations into 2023. BRISBANE, CALIFORNIA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- GT Biopharma, Inc. (the “Company” or “GTB”) (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 third quarter fiscal 2022 results for the period ended September 30, 2022. “While the operating environment for early-stage biotech companies remain challenged, we carry forward a strong operating plan that takes us comfortably through to our next series of development milestones in 2023”, said Michael Breen, Executive Chairman and Interim CEO of GT Biopharma. “Additionally, we remain firm in our conviction and ability to take GT Biopharma’s second-generation proprietary TriKE® NK cell engager into the clinic. We also remain very encouraged by the strong body of preclinical evidence we are building across the solid tumor and hematological cancer landscape.” Poster Presentations Two poster presentations accepted at the Society for Immunotherapy of Cancer’s 37th Annual Meeting (SITC 2022) Quarterly Highlights Third Quarter Fiscal 2022 Financial Summary Cash Position: The Company reported total cash, cash equivalents and short-term investments (“Cash”) of $20.8 million as of September 30, 2022, compared to $23.7 million as of June 30, 2022 and $32.0 million as of December 31, 2021. The current Cash is expected to provide ample runway to fund operations into 2023. Research and Development (R&D) Expenses: We recorded R&D expenses of $2.8 million and $1.0 million for the three months ended September 30, 2022 and 2021, respectively, an increase of $1.8 million over prior year comparable period. We recorded R&D expenses of $5.9 million and $3.3 million for the nine months ended September 30, 2022 and 2021, respectively, an increase of $2.6 million over prior year comparable period. R&D expenses increased primarily due to hiring of additional employees and professionals in 2022 and costs associated with the continued development and manufacturing of our most advanced second gener...