GT Biopharma(GTBP) - 2023 Q2 - Quarterly Report

Financial Performance - The company recorded a net loss of $2.0 million for Q2 2023, an improvement compared to a net loss of $3.0 million in Q2 2022, representing a 33.3% reduction in losses[124] - Selling, General and Administrative (SG&A) expenses decreased to $1.5 million for Q2 2023, down from $1.9 million in Q2 2022, a reduction of 21.1%[118] - Interest income rose to $220,000 in Q2 2023 from $36,000 in Q2 2022, marking a significant increase due to higher interest rates[119] Research and Development - Research and Development (R&D) expenses increased to $2.1 million for Q2 2023, up from $1.1 million in Q2 2022, reflecting a 90.9% increase[117] - The company anticipates R&D expenses to range between $10.0 million and $12.0 million over the next twelve months[125] - GTB-3650, a next-generation TriKE product, is expected to file an Investigational New Drug (IND) application in the second half of 2023[113] - GTB-5550, targeting B7-H3 on advanced solid tumors, is advancing through preclinical studies with plans for an IND filing[114] Cash and Investments - Cash and cash equivalents were reported at $2.8 million, with short-term investments totaling $15.2 million as of June 30, 2023[126] - The company raised $6.5 million from an institutional investor by selling 3.6 million shares of common stock in January 2023[125] Future Outlook and Strategies - The company is evaluating strategies for future funding, including public offerings and partnerships with pharmaceutical companies[127] - Inflation has not had a material adverse impact on the company's business or operating results during the periods presented, but future inflationary pressures could increase operating costs and stress working capital resources[133] - The company has no off-balance sheet arrangements as of June 30, 2023[134] - The company qualifies as a smaller reporting company and is not required to provide information regarding market risk disclosures[135]