GT Biopharma (GTBP) Q4 2025 earnings summary

Executive summary

• Advanced two TriKE® candidates: GTB-3650 in Phase 1 for hematologic malignancies and GTB-5550 set to begin Phase 1 for B7H3-positive solid tumors in mid-2026.

• GTB-3650 Phase 1 trial continues enrolling, with next update expected in Q3 2026 after Cohort 5 completion.

• GTB-5550 Phase 1 basket trial will test up to 6 dose levels, followed by Phase 2 expansion in up to seven metastatic disease cohorts.

Financial highlights

• Cash and cash equivalents were approximately $7 million as of December 31, 2025, and $9 million as of January 31, 2026, expected to fund operations through Q4 2026.

• R&D expenses for 2025 were $3.5 million, down from $5.8 million in 2024, mainly due to reduced production and material costs.

• SG&A expenses (excluding stock compensation) were $8.5 million in 2025, relatively flat year-over-year.

• Loss from operations was $12.4 million in 2025, compared to $14.4 million in 2024.

• Net loss for 2025 was $28.4 million, up from $13.2 million in 2024, primarily due to a non-cash expense from the change in fair value of investment rights tied to Series L Preferred Stock.

Outlook and guidance

• Sufficient cash runway is anticipated through Q4 2026.

• Next clinical update for GTB-3650 expected in Q3 2026; GTB-5550 Phase 1 trial initiation on track for mid-2026.