GT Biopharma(US:GTBP)2023-05-15 21:00Financial Performance - The company recorded a net loss of $227,000 for Q1 2023, significantly improved from a loss of $5.4 million in Q1 2022 [118]. - Interest income increased to $164,000 in Q1 2023 from $8,000 in Q1 2022, reflecting higher interest rates offered by financial institutions [113]. - The company recorded a gain of $2.9 million from the change in fair value of warrant liability in Q1 2023, compared to a gain of $18,000 in Q1 2022 [115]. - A gain on extinguishment of debt of $533,000 was recorded in Q1 2023, resulting from share settlement of vendor accounts payable [116]. Expenses - Research and Development (R&D) expenses decreased to $1.7 million in Q1 2023 from $2.1 million in Q1 2022, a reduction of approximately 19% due to decreased in-house staff and consultant compensation [111]. - Selling, General and Administrative (S,G&A) expenses decreased to $2.0 million in Q1 2023 from $3.4 million in Q1 2022, a reduction of approximately 41% primarily due to lower stock-based compensation and professional fees [112]. Funding and Investments - The company raised $6.5 million from an institutional investor on January 4, 2023, by selling 3.6 million shares of common stock and pre-funded warrants [119]. - Cash and cash equivalents were reported at $2.0 million, with short-term investments of $17.9 million as of March 31, 2023, providing sufficient funding for operations for over twelve months [120]. Product Development - GTB-3650, a next-generation TriKE product, is anticipated to file an Investigational New Drug (IND) application in the second half of 2023, targeting relapsed/refractory Acute Myeloid Leukemia (AML) and high-risk Myelodysplastic Syndromes (MDS) [106]. - GTB-5550, targeting B7-H3 on advanced solid tumors, is advancing through preclinical studies with plans to file an IND and initiate a study thereafter [107].