GT Biopharma (GTBP) Q1 2026 earnings summary

Executive summary

• Advanced TriKE® and Dual Targeting TriKE® immuno-oncology platforms, with three candidates in clinical trials targeting hematologic malignancies and solid tumors.

• GTB-3650 (CD33) and GTB-5550 (B7H3) are lead clinical candidates, with GTB-3650 in Phase 1 and GTB-5550 dosing its first patient in May 2026.

• Ongoing Phase 1 trials for GTB-3650 and GTB-5550, with updates expected in the second half of 2026.

• No product revenue; operations funded by equity and preferred stock issuances.

• Cash balance of $9 million as of March 31, 2026, expected to fund operations through Q4 2026.

Financial highlights

• Net loss of $2.83 million for Q1 2026, up from $776,000 in Q1 2025, driven by higher SG&A expenses and lower other income.

• Cash and equivalents totaled $9 million at March 31, 2026, up from $6.8 million at year-end 2025.

• R&D expenses decreased 62% year-over-year to $413,000 in Q1 2026; Q2 2026 R&D was $400,000, down from $1.1 million year-over-year.

• SG&A expenses rose to $2.39 million in Q1 2026 (up 188% year-over-year) and to $2.4 million in Q2 2026 (up from $800,000 year-over-year).

• Net cash used in operations was $2.47 million; net cash provided by financing activities was $4.58 million.

Outlook and guidance

• Substantial doubt exists about the ability to continue as a going concern within one year without additional financing.

• Cash runway anticipated to last through Q4 2026; ongoing efforts to secure further funding.

• Company is seeking to regain compliance with Nasdaq minimum bid price requirement, including possible reverse stock split.