Financial Position - The company has incurred an accumulated deficit of $567,332,000 through December 31, 2019[199]. - As of December 31, 2019, the company had cash and cash equivalents of $28,000[199]. - As of December 31, 2019, the company had cash and cash equivalents of $28,000 and raised $3.5 million through convertible debentures during the year[249]. - The company will need to raise an additional $15 million of capital in 2020 to finance existing operations and pay current liabilities[249]. - The company has no off-balance sheet arrangements as of December 31, 2019[260]. Revenue and Losses - The company has not generated any revenue from product sales and expects operating losses to continue in the foreseeable future[249]. - A loss of $20,463,000 was reported for the sale of GTB-004 in the year ended December 31, 2019[246]. - An additional impairment charge of $4,599,000 was reported for remaining projects during the year ended December 31, 2019, following the loss on the sale of GTB-004[247]. - The company has sustained operating losses since inception and expects such losses to continue over the foreseeable future[249]. Expenses - Research and development expenses for the year ended December 31, 2019, were $1.7 million, a decrease from $9.1 million in 2018, with expectations to increase to approximately $12 to $15 million in 2020 due to ongoing clinical trials[242]. - Selling, general and administrative expenses for the year ended December 31, 2019, were $9.7 million, down from $12.5 million in 2018, with future expenses anticipated to range between $1 and $2 million in the coming quarters[243]. - Interest expense decreased to $2.1 million for the year ended December 31, 2019, from $9.1 million in 2018, attributed to reduced non-cash amortization of debt issuance costs[248]. - The company anticipates cash utilization for selling, general, and administrative expenses to range between $1 million and $2 million in the coming quarters[249]. - Research and development costs totaled $1.7 million for the year ended December 31, 2018, which included non-cash compensation of $6.8 million[257]. Agreements and Collaborations - The company entered into a Securities Purchase Agreement on January 22, 2018, issuing senior convertible notes totaling $7,760,510, convertible at a price of $4.58 per share[211]. - The company received proceeds of $7,055,000 from the Securities Purchase Agreement after a 10% original issue discount[212]. - The company issued 10% Senior Convertible Debentures in an aggregate principal amount of $5,140,000 on August 2, 2018, convertible at a price of $2 per share[216]. - The company executed a clinical trial agreement in September 2019 for the GTB-3550 TriKE™ Phase I/II clinical trial targeting certain types of leukemia[209]. - The company has entered into a collaboration agreement with Cytovance® Biologics to develop a TriKE™ therapeutic for coronavirus treatment[210]. - The company has exclusive rights to develop and commercialize DT2219ARL (GTB-1550) for various human cancers under a license agreement with Dr. Vallera[207]. - The company has a co-development partnership with Altor BioScience Corporation for the clinical development of a novel TriKE fusion protein for cancer therapies[204]. - The company has a Sponsored Research Agreement with the University of Minnesota to determine toxicities and in vivo behavior in its TriKE technology[203]. Impairment and Asset Evaluation - The company recorded an intangible asset impairment charge of $228.5 million for the year ended December 31, 2018, related to CNS IPR&D assets, due to strategic shifts towards immuno-oncology development[244]. - The company evaluates indefinite lived intangible assets for impairment at least annually and records impairment losses when necessary[255]. Market Conditions - Inflation has not had a material adverse impact on the company's business or operating results during the periods presented[259].
GT Biopharma(GTBP) - 2019 Q4 - Annual Report