Financial Performance - The company incurred research and development expenses of $1,640,000 for the three months ended March 31, 2021, compared to $324,000 for the same period in 2020, representing an increase of $1,316,000[120]. - Selling, general and administrative expenses rose to $27,362,000 in Q1 2021 from $746,000 in Q1 2020, primarily due to stock-based compensation of $21,535,000 in 2021[121]. - The company has not generated any revenue from product sales and has sustained operating losses since inception[124]. Funding and Capital - The company raised net proceeds of $24,679,000 from a public offering of 4,945,000 shares of common stock on February 16, 2021[112]. - The company issued 189,753 shares of common stock for a research and development agreement valued at $1,355,000 during the three months ended March 31, 2021[116]. - The company is evaluating strategies for obtaining required funding, including public offerings and licensing arrangements[127]. Cash Flow and Expenses - As of March 31, 2021, the company had cash of $27.6 million and anticipates incurring additional losses until it can generate significant sales or revenue[126]. - The company expects cash utilized for selling, general and administrative expenses to range between $1 million and $2 million in the coming quarters[124]. - The company anticipates direct clinical costs to increase in 2021 due to the continuation of a phase one/two clinical trial of its advanced TriKE product candidate, OXS-3550[120]. Stock and Equity - The company granted 4,379,407 shares of common stock to officers and directors with a fair value of $18,621,000 as part of its public offering[118]. - The company qualifies as a smaller reporting company and is not required to provide information regarding market risk disclosures[135].
GT Biopharma(GTBP) - 2021 Q1 - Quarterly Report