Financial Performance - The company completed a public offering of 4,945,000 shares of common stock for net proceeds of $24,679,000 on February 16, 2021[112]. - The company raised a net amount of $24.7 million through common stock issuance, $16.3 million through warrant exercises, and $1.2 million from convertible notes during the six months ended June 30, 2021[135]. - The company had cash of $39.5 million as of June 30, 2021, and anticipates incurring additional losses until it can generate significant sales or revenue[137]. Research and Development - Research and development expenses increased to $639,000 for the three months ended June 30, 2021, compared to $12,000 for the same period in 2020, reflecting an increase of $627,000[126]. - The company issued 189,753 shares of common stock for a research and development agreement valued at $1,355,000 during the six months ended June 30, 2021[124]. - The company anticipates an increase in direct clinical costs for the remainder of 2021 due to the continuation of a phase one/two clinical trial of its TriKe product candidate, OXS-3550[130]. Expenses - Selling, general and administrative expenses rose to $3,742,000 for the three months ended June 30, 2021, up from $1,546,000 in 2020, an increase of $2,196,000 primarily due to stock-based compensation[127]. - The company incurred $25,007,000 in stock-based compensation during the six months ended June 30, 2021, compared to no such expenses in 2020[131]. - A total of 2,050,060 shares of common stock were issued to consultants, with a recognized stock compensation expense of $8,779,000 for the period ended June 30, 2021[122]. - The change in fair value of derivative liability was an expense of $480,000 for the three months ended June 30, 2021, with no such gain or loss for the same period in 2020[128]. - The change in fair value of derivative liability was an expense of $459,000 for the six months ended June 30, 2021, with no such gain or loss for the same period in 2020[132]. - Settlement expense was $11,206,000 for the six months ended June 30, 2020, with no such gain or loss for the same period in 2021[133]. - Interest expense decreased to $696,000 for the six months ended June 30, 2021, from $5,296,000 in 2020, primarily due to the conversion of outstanding convertible notes[134]. - Interest expense decreased to $0 for the three months ended June 30, 2021, down from $4,658,000 in 2020, primarily due to the conversion of outstanding convertible notes[129]. Funding and Cost Management - Management is evaluating strategies for obtaining required funding, including public offerings and potential licensing arrangements[137]. - The company has implemented cost-saving measures, including reductions in executive salaries and travel expenses[137]. - The company completed a 1:17 reverse stock split on February 10, 2021, with all share amounts adjusted retroactively[141]. - The company has no off-balance sheet arrangements as of June 30, 2021[146]. Economic Impact - Inflation has not had a material adverse impact on the company's business or operating results during the periods presented[145].
GT Biopharma(GTBP) - 2021 Q2 - Quarterly Report