On November 14, 2025 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, reported third quarter 2025 financial results for the period ended September 30, 2025.
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The Company’s Phase 1 dose escalation study is evaluating GTB-3650 in a total of 14 patients (two patients per cohort) with relapsed or refractory (r/r) CD33 expressing hematologic malignancies, including refractory acute myeloid leukemia and high-risk myelodysplastic syndrome. GTB-3650 is dosed in two-week blocks, two weeks on and two weeks off, for up to four months based on clinical benefit. The trial aims to assess the safety, pharmacokinetics, pharmacodynamics, in vivo expansion of endogenous patient NK cells and clinical activity. The Company plans to provide the next update on the trial in the first quarter of 2026 following completion of additional dose cohorts.
"We are highly encouraged by the continued progress of our Phase 1 clinical trial evaluating GTB-3650 in cancer patients, which has now advanced to Cohort 4 at a dose level of 10 µg/kg/day ," said Michael Breen, Executive Chairman and Chief Executive Officer. "We look forward to assessing higher doses, as we are now approaching the efficacy range predicted by preclinical in vivo leukemia models, and we plan to share the next trial update in the first quarter of 2026. The excellent safety profile observed with GTB-3650 and the immune activation potential of bringing IL-15 to the immune synapse suggests a potential competitive advantage for GTB-5550 compared to other modalities like bispecific antibodies, cell therapies, and antibody drug conjugates also targeting solid tumors expressing B7H3, which is quicky emerging as a compelling novel immune checkpoint target."
Third Quarter 2025 Financial Summary
Cash Position: The Company had cash and cash equivalents of approximately $2.6 million as of September 30, 2025, which is anticipated to be sufficient to fund the Company’s operations into the first quarter of 2026.
Research and Development (R&D) Expenses: R&D expenses for the third quarter ended September 30, 2025 were approximately $0.6 million compared to $1.3 million for the same comparable quarter of 2024. The $0.7 million decrease was primarily due to a reduction in production and material costs. R&D expenses primarily relate to the Company’s continued licensing, development and production of its most advanced TriKE product candidates GTB-3650 and GTB-5550 along with the progression on other promising product candidates. In late June 2024, the Company received clearance from the Food and Drug Administration with respect to the Company’s Investigational New Drug ("IND") application in relation to the Company’s next generation GTB-3650 camelid nanobody product. Study enrollment began in early 2025 and the Company has advanced into the clinic, enrolling patients, and performing tests for data collection throughout the year. Following the financing completed in May 2025, the Company has restarted the final phase of product development of GTB-5550 and anticipates submission of an IND application for GTB-5550 in late December 2025 or in January 2026.
Selling, General and Administrative (SG&A) Expenses (Excluding Stock Compensation): SG&A expenses for the third quarter ended September 30, 2025 were relatively flat compared to the same comparable quarter of 2024, amounting to approximately $2.4 million compared to $2.3 million, respectively.
Net Loss: The Company reported a net loss of approximately $3.1 million for the third quarter ended September 30, 2025 compared to a net loss of $3.4 million for the same comparable quarter in 2024. The $0.3 million decrease consisted primarily of significant decreases in R&D expenses (as described above).
(Press release, GT Biopharma, NOV 14, 2025, View Source [SID1234659969])