Financial Position - The company incurred an accumulated deficit of $653.6 million through December 31, 2021[173]. - Cash and cash equivalents were $9.0 million and short-term investments were $23.0 million as of December 31, 2021[173]. - The Company reported $32.0 million in cash and short-term investments as of December 31, 2021, which is expected to fund operations for the next 12 months[207]. - The Company has no off-balance sheet arrangements as of December 31, 2021[217]. Revenue and Losses - The Company has not generated any revenue from product sales and has sustained operating losses since inception[207]. - The Company has incurred substantial losses and anticipates additional losses until it can generate significant sales or revenue from out-licensing its products[209]. - The company had no loss from legal settlements in 2021, compared to a loss of $5.4 million in 2020[204]. Expenses - Research and development expenses increased to $9.6 million in 2021 from $485,000 in 2020, driven by stock compensation and the initiation of the Phase 1 clinical trial for GTB-3550[199]. - Selling, general and administrative expenses rose to $47.9 million in 2021 from $6.3 million in 2020, primarily due to stock compensation expenses of $32.6 million[201]. - The Company anticipates cash utilized for selling, general, and administrative expenses will range between $2 million and $4 million in the coming quarters[207]. - The amortization of debt discount was $0.32 million in 2020, a decrease attributed to the adoption of ASU 2020-06[206]. Funding and Capital Raising - The company completed a public offering of 4,945,000 shares of common stock for net proceeds of $24.7 million on February 16, 2021[187]. - The company issued 3,076,017 shares of common stock upon the exercise of warrants, resulting in cash proceeds of $16.4 million during the year ended December 31, 2021[193]. - The Company raised $24.7 million through common stock issuance, $16.4 million from warrant exercises, and $1.2 million from convertible notes in 2021, compared to $12.5 million raised in 2020[207]. - Management is evaluating strategies for obtaining required funding, including public offerings of equity and/or debt securities[210]. Research and Development - The company has entered into a scientific research agreement with the University of Minnesota for a total fixed sum of $2.1 million to support TriKE product development[196]. - The company anticipates direct clinical and preclinical expenses to increase significantly in 2022, totaling approximately $12 million to $14 million[199]. Regulatory and Market Conditions - The Company does not have any product candidates approved for sale as of December 31, 2021[207]. - Inflation has not had a material adverse impact on the Company's business or operating results during the periods presented[216].
GT Biopharma(GTBP) - 2021 Q4 - Annual Report