West LA Times

GT Biopharma, Inc. issued the following announcement on May 16. 

GT Biopharma, Inc. (the “Company”) (NASDAQ: GTBP), a clinical stage immuno-oncology company focused on developing innovative therapeutics based on the Company's proprietary natural killer (NK) cell engager, TriKE® platform, today announced first quarter fiscal 2022 results for the period ended March 31, 2022.

“We look forward to advancing pipeline development of GT Biopharma’s novel Tri-specific NK cell engager (TriKE®) platform technology in 2022,” said Michael Breen, Executive Chairman and Interim CEO of GT Biopharma. “Our efforts to date, have been underpinned by substantial preclinical data targeting several oncology indications in addition to leveraging the promising results of our GTB-3550 Phase 1 trial. Most recently, we presented results of our GTB-5550 pre-clinical candidate at AACR. We continue to believe our product candidates have the potential to overcome some of the limitations of CAR-T therapy and other antibody therapies. Moreover, GT Biopharma’s TriKE nanobody technology, continues to show in preclinical studies the ability to produce a more potent and lasting response in the treatment of solid, refractory and metastatic cancers.”

Quarterly Highlights

• Attended AACR Annual Meeting 2022 and presented poster presentation on GTB-5550 (cam16-IL15-camB7H3) Tri-specific Killer Engager (TriKE®) in driving NK cell activation and antibody dependent cellular cytotoxicity (ADCC) against Head and Neck Squamous Cell Carcinomas but not healthy tissue

Upcoming Conference Participation

• GT Biopharma will participate in the following upcoming investor and medical meeting conferences:
  • H.C. Wainwright Global Investment Conference Hybrid Event (May 23-26, 2022), Fontainebleau Hotel in Miami Beach, Miami, Florida
  • The 30th Annual European Hematology Association (EHA) Congress 2022 (June 9-12), Vienna, Austria

First Quarter Fiscal 2022 Financial Summary

Cash Position: The Company had total cash, cash equivalents and short-term investments of $26.7 million as of March 31, 2022, compared to $32.0 million as of December 31, 2021. This is expected to provide ample runway to fund operations into 2023.

Research and Development (R&D) Expenses: R&D expenses for the first quarter of 2022 were $2.1 million compared to $1.6 million in the same quarter a year ago. R&D expenses increased primarily due to hiring of additional staff and the continued development and production of our most advanced TriKE® product candidates GTB-3650 and GTB-5550.

General and Administrative (G&A) Expenses: G&A expenses for the first quarter of 2022 were $3.4 million compared to $27.4 million in the same quarter a year-ago. G&A expenses decrease was primarily attributable to the reduction in stock-based compensation and other one-time expenses incurred as a new public company in the first quarter of fiscal 2021. For the quarter ended March 31, 2022, we recorded $0.4 million of stock-based compensation expense as compared to $14.3 million in stock-based compensation expense in the same quarter a year ago.

Net Loss: For the first quarter of 2022, the Company reported a net loss of $5.4 million or ($0.17) per share, compared to a net loss of $29.7 million or ($1.83) per share in the same quarter a year ago.

Original source can be found here.