GT Biopharma, Inc., an immuno-oncology firm pioneering revolutionary treatments utilizing its TriKE® platform, has released its second quarter 2023 financial data for the period of June 30, 2023. With its cutting-edge research and remarkable NK cell engager technology, the Company is actively pushing the boundaries of medicine and giving hope to those suffering from cancer.
At Genoscience Pharma, we are thrilled to be advancing our novel TriKE® nanobody portfolio of pipeline developments. With the trajectory of our second generation nanobody TriKE® GTB-3650 directed towards prospective IND filing with the U.S.
Food and Drug Administration in the second half of 2023, and GTB-5550 primed for treatment of B7H3+ solid tumors, our prudent fiscal management has provided us with the financial runway to project our timeline into Q3 2024. On top of that, we continue to explore potential development partnerships for our programs, further strengthening our path towards success.
SecondQuarter 2023 Financial Summary
The Company’s cash position is strong, having grown from $16.5 million at the end of 2022 to $18.0 million at the end of June 2023. This fiscal strength provides ample runway to fund operations and initiatives through Q3 2024.
Our R&D expenses for the three months and six months ending June 30th, 2023 were $2.1 million and $3.7 million respectively, a noteworthy increase from the same period of the previous year of $1.1 million and $3.2 million. This change was due in part to our commitment to the development and production of our advanced TriKE® product candidates GTB-3650 and GTB-5550 as well as other promising product candidates. In addition, we have reduced our in-house staff but are compensating experts to help us move the impressive GTB-3650 camelid nanobody into the clinic.
During the three and six months ending June 30, 2023, G&A expenses were markedly lower, with a total of $1.5 million and $3.5 million, respectively, compared to the same period during the prior year. This significant decrease was largely due to the decreased stock-based compensation, advisory board payments, investor relations fees, legal fees, and payroll allowance.
Other (Income) Expenses
The Company experienced significant growth in gains and interest income during the three months and six months ending June 30th, 2023. A gain of $1.4 million and $4.3 million was recorded for the three months and six months ending June 30th, 2023, compared to a gain of $5,000 and $23,000 for the same comparable periods of 2022.
This increase was due to the increased Fair Value of the warrants liability during this period. Interest income also saw a large jump to $220,000 and $384,000 for the three months and six months ending June 30th, 2023, compared to $36,000 and $44,000 for the previous year.
The increase in interest income is attributed to higher interest rates offered by financial institutions during this period. Additionally, a gain on the extinguishment of debt of $14,000 and $547,000 for the three months and six months ending June 30th, 2023, was recorded, as well as unrealized gains on marketable securities of $9,000 and $38,000 for the same period. This resulted from an improved mix of investments combined with higher interest rates during the given time frame.
The Company reported a decrease in net loss from the comparable periods in 2022, with a net loss of $2.0 million for the three months and $2.2 million for the six months ended June 30, 2023. This marked an improvement from the previous year in which they had reported a net loss of $3.0 million and $8.4 million for the same periods.
About Camelid Antibodies
Camelid antibodies, also known as single domain antibodies (sdAbs), are special molecules exclusive to the Camelidae family of mammals like llamas, camels and alpacas. These special antibodies are composed of two heavy chains and no light chain – a unique trait that sets them apart from other conventional antibodies.
Thanks to their remarkable features such as high affinity and specificity, thermostability, solubility, monomeric behavior, small size and low immunogenicity, camelid antibodies are becoming a popular choice for many applications. With relative low production costs, ease of genetic engineering and higher tissue penetration rate, these powerful molecules can be used for a wide range of therapeutic applications.
About GT Biopharma, Inc.
At GT Biopharma, we are trailblazing the way to fight cancer with our cutting-edge TriKE® NK cell engager platform. Our innovative platform is designed to tap into and boost the natural cancer-killing capabilities of a patient’s immune system. Our exclusive worldwide license with the University of Minnesota allows us to pave the way for the development and commercialization of powerful immuno-oncology therapies. Together, we are revolutionizing cancer treatment!
This press release may include statements of events to come and predictions for our future results. These statements are based on current insights, estimations, predictions, and projections from our management regarding the markets in which we operate. Expressions such as “intends,” “aims,” “anticipates,” “envisions,” “expects,” “believes,” and “strives” are likely to be used in identifying these forward-looking statements.
With that, we urge our readers to be aware that these statements may not be accurate, as they are subject to a number of risks, uncertainties, and assumptions that are difficult to predict, assess, or verify. As such, actual results have the potential to be different from the expressed expectations, so readers should not place too much hope in such statements. These forward-looking statements may be amended or completed by subsequent quarterly report