GT Biopharma, Inc. (GTBP) has experienced a downfall of 5.91% in the aftermarket. However, the last trading session concluded at $3.72.
Demonstration of Novel B7-H3 – What’s going on?
GTBP announced on 8th December 2021 that B7-H3 is a checkpoint molecule that is being researched extensively as an immune treatment target for solid and hematologic malignancies. Moreover, the concept design results from in vivo animal models justify GTB-5550’s eligibility for further exploration. TriKE Nanobodies from GT BioPharma are highly targeted natural killer cell duelers that result in robust activation, multiplication, and retention of the patient’s NK cells without activating T-cells, which seem to be commonly accountable for the adverse effects of T-cell targeted treatments.
Third Quarter 2021 Results – How were the results?
GTBP reported third-quarter 2021 results on 10th November 2021. The Company announced that its cash position was almost about $35.8 million. Not only this but the R&D expenses were $1 million, $84,000 more than that in the same period of 2020. Moreover, the addition of more patients to the Phase 1/2 GTB-3550 clinical study, as well as the continuing development of the most advanced TriKE product candidate, GTB-3650, resulted in an increase in research and development expenses.
Furthermore, SG&A expenses were $4.9 million, $2.0 million more than that in the same period of 2020. The rise in stock-based compensation accounts for the majority of the $2.9 million increase in selling, general, and administrative expenditures. Last but not the least, the Company recorded a net loss of $5.5 million in the third quarter of 2021.
How was the quarter?
The company has made considerable progress with the Company’s patented portfolio of cancer-killing TriKEs, and the strategic development management team shift is well-positioned for the future. Moreover, securing freshly granted IP, which helps to further secure the commercialization of the TriKE platform through 2036, was one of the significant achievements in the quarter. GTBP announced the release of IND-enabling trials with GTB-3650, the Company’s second-generation TriKE based on camelid nanobody technology that offers significant benefits over standard IgG monoclonal antibodies, in September. Lastly, the company is working hard to advance the comprehensive TriKE platform of tumor-targeting compounds as quickly as possible.