SAN FRANCISCO - GT Biopharma, Inc. (NASDAQ: GTBP), a clinical stage immuno-oncology company with a market capitalization of $4.63 million, has announced the withdrawal of its Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). Initially filed on December 23, 2024, the statement has not been declared effective by the SEC, and the company has not sold any securities related to the offering. According to InvestingPro data, the company maintains a positive cash position relative to its debt obligations, though its current ratio of 0.72 indicates potential liquidity challenges.
The decision to withdraw the registration statement was made public today, but the company did not provide specifics on the reasons behind the withdrawal. The cancelled registration involved the company's common stock, and the press release made clear that there would be no offer, solicitation, or sale of securities in any state or jurisdiction where such actions would be unlawful without proper registration or qualification under the applicable securities laws. InvestingPro analysis reveals the company faces financial challenges, with analysts not expecting profitability this year.
GT Biopharma focuses on the development of therapeutics using its proprietary TriKE® natural killer (NK) cell engager technology. This platform aims to improve the cancer-fighting abilities of a patient's immune system. The company holds an exclusive worldwide license agreement with the University of Minnesota to advance and commercialize therapies based on TriKE® technology.
The press release included standard forward-looking statements, cautioning that such statements are subject to risks, uncertainties, and assumptions that are difficult to predict. As such, there could be a material difference between the forward-looking statements and actual results. GT Biopharma's filings with the SEC provide more detailed information regarding these risks and uncertainties.
The company has underscored that it has no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. This news article is based on a press release statement from GT Biopharma, Inc.
In other recent news, GT Biopharma has been in the spotlight due to significant developments. Roth/MKM initiated coverage on the company with a Buy rating, setting a price target of $11.00. This optimistic outlook is based on the potential revenue from GT Biopharma's GTB-3650 and future clinical results from other products in their pipeline. The company's financial health appears stable, with a cash reserve of $6.5 million reported at the end of the third quarter in 2024, which is expected to support operations until the second quarter of 2025. Additionally, GT Biopharma is currently free of debt, contributing to the positive analyst sentiment.
In contrast, GT Biopharma faces a challenge with a potential Nasdaq delisting due to not meeting the minimum stockholders' equity requirement of $2.5 million. The company has until January 6, 2025, to submit a compliance plan to Nasdaq, which could grant them additional time to meet the requirements. While the company plans to address this issue, there is no guarantee that their plan will be accepted or that they will maintain their Nasdaq listing. These recent developments have captured the attention of investors and market watchers, as GT Biopharma navigates both opportunities and challenges in its current landscape.
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