The company has maintained a zero-revenue profile over the last ten quarters, with operating losses fluctuating significantly, including a $5.6 million loss reported in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27K | 61K | 368K | 342K | 26K | 11K | 48K | 1.14M | 6.05M | 5.78M | 2.5M | 2.36M | 2.74M | 2.05M | 2.97M | 3.54M | 7.17M | 5.1M | 5.1M | 4.8M |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | -100% | -55.74% | -83.42% | 7.6% | 1215.38% | 136.36% | -77.08% | -95.8% | -81.1% | 4.73% | 131.32% | 5.63% | -13.72% | 33.66% | -30.93% | -16.16% | -50.59% | 40.49% | 0% | 6.25% | -5.88% |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 7K | 2K | 1K | 2K | 57K | 226K | 94K | 48K | 65K | 50K | 909K | 3.26M | 3.08M | 1.34M | 1.22M | 1.5M | 1.14M | 2.43M | 2.62M | 5.05M | 2.6M | 2M | 1.6M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 7.41% | 93.44% | 61.41% | 27.49% | 184.62% | 590.91% | 104.17% | 79.53% | 53.91% | 53.39% | 53.86% | 51.44% | 54.6% | 55.61% | 81.87% | 73.9% | 70.5% | 50.98% | 39.22% | 33.33% |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4K | -7K | -2K | -1K | 25K | 4K | 142K | 248K | -22K | -54K | -2K | 234K | 2.79M | 2.69M | 1.15M | 1.15M | 1.24M | 910K | 538K | 924K | 2.11M | 2.5M | 3.1M | 3.2M |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | 92.59% | 6.56% | 38.59% | 72.51% | -84.62% | -490.91% | -4.17% | 20.47% | 46.09% | 46.61% | 46.14% | 48.56% | 45.4% | 44.39% | 18.13% | 26.1% | 29.5% | 49.02% | 60.78% | 66.67% |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | 42.86% | -250% | -100% | -104% | 525% | -97.18% | -42.74% | 1227.27% | 59.26% | -2600% | -100.85% | -91.61% | 3.57% | 133.68% | 0.35% | -7.72% | 36.7% | 69.14% | -41.77% | -56.29% | -15.44% | -19.35% | -3.13% | -8.57% |
| Operating Expenses | 13.34M | 12.42M | 14.36M | 13.58M | 21.26M | 57.52M | 6.76M | 11.45M | 21.55M | 135.57M | 9.37M | 8.95M | 2.4M | 935K | 3.76M | 3.91M | 2.44M | 1.15M | 1.45M | 3.9M | 5.36M | 3M | 2.12M | 2.02M | 1.72M | 3.99M | 5.65M | 6.52M | 9.6M | 8.1M | 9.1M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 33162.96% | 3934.43% | 254.08% | 1100% | 15023.08% | 22209.09% | 2404.17% | 126.42% | 64.54% | 92.83% | 119.98% | 89.72% | 73.61% | 83.95% | 134.47% | 159.6% | 91.05% | 188.24% | 158.82% | 189.58% |
| Selling, General & Admin | 10.55M | 8.95M | 8.57M | 7.11M | 12.45M | 47.92M | 6.28M | 9.79M | 12.49M | 134.5M | 8.4M | 7.95M | 2.4M | 935K | 3.76M | 3.89M | 2.26M | 1.15M | 1.4M | 2.87M | 4.65M | 2.34M | 1.84M | 1.65M | 1.26M | 2.29M | 3.3M | 3.29M | 3.6M | 2.6M | 2.8M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 29459.26% | 3934.43% | 254.08% | 1100% | 14957.69% | 20581.82% | 2404.17% | 122.57% | 47.4% | 80.57% | 93.79% | 77.96% | 60.15% | 61.37% | 77.06% | 93.14% | 45.85% | 70.59% | 50.98% | 58.33% |
| Research & Development | 2.79M | 3.47M | 5.8M | 6.47M | 8.81M | 9.59M | 485K | 1.67M | 9.07M | 1.07M | 975K | 1M | 0 | 0 | 0 | 17K | 179K | 0 | 44K | 1.04M | 708K | 499K | 278K | 369K | 463K | 762K | 1.91M | 2.4M | 4.4M | 4.3M | 4.9M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 3703.7% | - | - | - | 65.38% | 1627.27% | - | 3.85% | 17.14% | 12.26% | 19.98% | 11.76% | 13.47% | 22.59% | 25.67% | 53.95% | 33.51% | 86.27% | 84.31% | 102.08% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 155K | 0 | 0 | 0 | 942K | 443K | 838K | 1.6M | 1.2M | 1.4M |
| Operating Income | -13.34M | -12.42M | -14.36M | -13.58M | -21.26M | -57.52M | -6.76M | -11.46M | -250.07M | -135.57M | -9.37M | -8.93M | -2.4M | -793K | -3.51M | -3.93M | -2.5M | -1.16M | -1.21M | -1.12M | -2.67M | -3.19M | -1.72M | -773K | -811K | -3.45M | -4.73M | -4.41M | -7.1M | -5M | -5.9M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | -33062.96% | -3927.87% | -215.49% | -1027.49% | -15107.69% | -22700% | -2408.33% | -105.95% | -18.45% | -46.23% | -127.71% | -72.72% | -28.21% | -39.56% | -116.34% | -133.5% | -61.55% | -139.22% | -98.04% | -122.92% |
| Operating Income Growth % | - | 13.52% | -5.8% | 36.13% | 63.04% | -750.31% | 40.96% | 95.42% | -84.46% | -1346.23% | -5.01% | -272.58% | -202.14% | 77.43% | 10.54% | -57.31% | -116% | 4.54% | -8.51% | 58.2% | 16.27% | -85.51% | -122.38% | 4.69% | 76.51% | 26.94% | -7.17% | 37.89% | -42% | 15.25% | -7.27% |
| EBITDA | -13.34M | -12.42M | -13.16M | 0 | -20.96M | -57.48M | -6.76M | -11.45M | -250.06M | -135.57M | -9.37M | -8.93M | -2.37M | -791K | -3.51M | -3.9M | -2.47M | -1.1M | -960K | -223K | -2.37M | -3.04M | -892K | -596K | -529K | -3.04M | -4.28M | -3.57M | -5.5M | -3.8M | -4.5M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | -33055.56% | -3891.8% | -214.95% | -1026.61% | -15019.23% | -22418.18% | -2293.75% | -83.99% | -3.69% | -41.01% | -121.55% | -37.73% | -21.75% | -25.8% | -102.46% | -120.99% | -49.85% | -107.84% | -74.51% | -93.75% |
| EBITDA Growth % | -3.98% | 5.62% | - | 100% | 63.52% | -750.25% | 40.98% | 95.42% | -84.45% | -1346.37% | -5.02% | -275.95% | -200.13% | 77.47% | 10.09% | -58.35% | -123.98% | -14.69% | -330.49% | 90.59% | 21.94% | -240.25% | -49.66% | -12.67% | 82.6% | 29% | -19.9% | 35.05% | -44.74% | 15.56% | -9.76% |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 13.58M | 0 | 0 | 4K | 4K | 7K | 2K | 1K | 2K | 22K | 2K | 3K | 23K | 31K | 55K | 251K | 893K | 301K | 154K | 827K | 177K | 282K | 412K | 443K | 838K | 1.6M | 1.2M | 1.4M |
| EBIT | -13.34M | -12.42M | -13.16M | -7.6M | -20.88M | -57.54M | -24.98M | -36.52M | -250.07M | -135.57M | -9.37M | -8.93M | -2.4M | 632K | -3.51M | -3.14M | -2.48M | -1.11M | -1.05M | -1.12M | -2.67M | -1.69M | -1.16M | -773K | -811K | -3.45M | -4.73M | -4.41M | -7.1M | -5M | -5.9M |
| Net Interest Income | -32K | -4K | 402K | 567K | 284K | -680K | -3.32M | -2.13M | -9.12M | -8.6M | -6.55M | -17.04M | -5.15M | -1.2M | -1.65M | -556K | -513K | -1.13M | -1.66M | -962K | -2.08M | 84K | -100K | -13K | -11K | 15K | 90K | 0 | -300K | 0 | -100K |
| Interest Income | 158K | 123K | 402K | 780K | 292K | 38K | 3.32K | 2.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 0 | 52K | 80K | 110K | 1K | 1K | 7K | 29K | 180K | 0 | 0 | 0 | 0 |
| Interest Expense | 190K | 127K | 0 | 213K | 8K | 718K | 3.32M | 2.13M | 9.12M | 8.6M | 6.55M | 17.04M | 5.15M | 1.2M | 1.65M | 556K | 513K | 1.14M | 1.66M | 1.01M | 2.16M | 26K | 101K | 14K | 18K | 14K | 90K | 0 | 300K | 0 | 100K |
| Other Income/Expense | -34.4M | -15.93M | 1.2M | 5.98M | 373K | -498K | -21.53M | -27.19M | -9.12M | -8.6M | 19.14M | -12.53M | -21.11M | 229K | -1.75M | 228K | -498K | -1.09M | -1.5M | 1.66M | -2.1M | 82K | -937K | -5K | -11K | -999K | 0 | 57K | 300K | 100K | 0 |
| Pretax Income | -47.73M | -28.35M | -13.16M | -7.6M | -20.88M | -58.01M | -28.3M | -38.65M | -259.19M | -144.17M | 9.77M | -21.46M | -23.5M | -564K | -5.26M | -3.7M | -3M | -2.25M | -2.71M | 546K | 4.82M | -3.11M | -2.66M | -778K | -822K | -4.45M | 0 | -4.35M | -6.8M | -4.9M | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | -79485.19% | -38532.79% | -153.26% | -1538.3% | -14230.77% | -27227.27% | -4679.17% | -237.01% | 9.03% | 83.45% | -124.43% | -112.35% | -28.39% | -40.1% | -150% | - | -60.75% | -133.33% | -96.08% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77K | 75K | 120K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -2.84% | 13.74% | 2.49% | -0.06% | 0% | 0% | 0% | 0% | - | 0% | 0% | 0% | - |
| Net Income | -47.73M | -28.35M | -13.16M | -7.6M | -20.88M | -58.01M | -28.3M | -38.65M | -259.19M | -144.17M | 9.77M | -21.46M | -23.49M | -501K | -5.17M | -3.7M | -3M | -2.25M | -5.01M | 471K | -4.94M | -3.11M | -2.7M | -791K | -822K | -3.5M | -4.68M | -4.5M | -7.1M | -5.2M | -6M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | -79485.19% | -38506.56% | -136.14% | -1511.99% | -14230.77% | -27227.27% | -4679.17% | -437.97% | 7.79% | -85.53% | -124.51% | -114.13% | -28.87% | -40.1% | -117.76% | -132.32% | -62.74% | -139.22% | -101.96% | -125% |
| Net Income Growth % | -308.96% | -115.42% | -73.25% | 63.62% | 64% | -105.02% | 26.78% | 85.09% | -79.78% | -1575.96% | 145.52% | 8.63% | -4588.42% | 90.31% | -39.76% | -23.54% | -33.35% | 55.13% | -1162.85% | 109.53% | -58.89% | -15.23% | -241.09% | 3.77% | 76.48% | 25.38% | -4.2% | 36.69% | -36.54% | 13.33% | 32.58% |
| Net Income (Continuing) | -47.73M | -28.35M | -13.16M | -7.6M | -20.88M | -58.01M | -28.3M | -38.65M | -259.19M | -144.17M | 9.77M | -21.46M | -23.5M | -501K | -5.26M | -3.7M | -3M | -2.25M | -2.79M | 471K | -4.77M | -3.11M | -2.7M | -778K | -822K | -3.5M | -4.64M | -4.45M | -7.1M | -5.2M | -6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -169K | -169K | -169K | -169K | -169K | -169K | -169K | -153K | -90K | 0 | 0 | 0 | 0 | 866K | 770K | 604K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.58 | -6.25 | -6.94 | -5.64 | -0.66 | -2.06 | -6.45 | -11.42 | -87.70 | -145.22 | 61200.00 | -999999.00 | -999999.00 | -35785.71 | -397769.23 | -765000.00 | -999999.00 | -999999.00 | -999999.00 | 13083.00 | -999999.00 | -0.07 | -0.10 | -39550.00 | -117428.57 | -499285.71 | -669142.86 | -749166.67 | -999999.00 | -999999.00 | -857142.86 |
| EPS Growth % | -7.31% | 9.94% | -23.05% | -754.55% | 67.96% | 68.06% | 43.52% | 86.98% | 39.61% | -100.24% | 104.28% | 8.76% | -4275.86% | 91% | 48% | 23.96% | 47.4% | 61.8% | -38363.4% | 100.26% | -99999900% | 30% | 100% | 66.32% | 76.48% | 25.38% | 10.68% | 36.69% | 8.97% | -51.67% | 13.32% |
| EPS (Basic) | - | -6.25 | -6.94 | -5.64 | -0.66 | -2.06 | -6.45 | -11.42 | -87.70 | -145.22 | 61200.00 | -999999.00 | -999999.00 | -35785.71 | -397769.23 | -528571.43 | -999999.00 | -999999.00 | -999999.00 | 13083.00 | -999999.00 | -94212.12 | -0.10 | -39550.00 | -117428.57 | -499285.71 | -669142.86 | -749166.67 | -999999.00 | -999999.00 | -857142.86 |
| Diluted Shares Outstanding | 30.28M | 5.51M | 1.9M | 1.35M | 31.87M | 28.16M | 4.38M | 3.38M | 2.96M | 986.42K | 160 | 15 | 464 | 14 | 13 | 211 | 3 | 0 | 36 | 36 | 34 | 33 | 26.83B | 20 | 7 | 7 | 7 | 6 | 6 | 4 | 7 |
| Basic Shares Outstanding | 30.28M | 5.51M | 1.9M | 1.35M | 31.87M | 28.16M | 4.38M | 3.38M | 2.96M | 986.42K | 160 | 15 | 464 | 14 | 13 | 7 | 3 | 0 | 36 | 36 | 34 | 33 | 26.83B | 20 | 7 | 7 | 7 | 6 | 6 | 4 | 7 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity exhaustion
As indicated by the company's historical financial filings, GT Biopharma has maintained a zero-revenue profile across the last ten quarters, confirming its status as a purely clinical-stage entity that remains entirely dependent on external capital markets to fund its ongoing research and development initiatives.
The lack of top-line growth is structural rather than cyclical, reflecting the company's current focus on the TriKE platform's clinical validation. Investors should note that without commercialized assets or licensing milestones, the revenue trajectory will remain stagnant until the company successfully transitions to a partnership-driven or product-launch phase.
Based on reported quarterly figures, the company's operating expenses exhibit significant volatility, with R&D spending fluctuating between $363,000 and $1.9 million, suggesting that clinical trial milestones and manufacturing complexities drive a highly irregular cost structure that complicates long-term financial forecasting for potential institutional investors.
The inconsistency in R&D expenditure may reflect the stop-start nature of clinical trial enrollment and the high costs associated with specialized fusion protein manufacturing. Management's inability to stabilize these costs suggests a lack of operational maturity, which may heighten the risk of unexpected cash outflows during critical development phases.
According to recent income statements, GTBP's operating losses have consistently tracked with its R&D and SG&A outlays, with quarterly operating losses reaching as high as $5.6 million, demonstrating that the company lacks the scale to achieve any meaningful operating leverage at this stage of its lifecycle.
The absence of gross profit means that every dollar spent on operations directly erodes the company's limited cash reserves. This structure implies that the company is currently in a value-destruction phase where operating efficiency is secondary to the binary outcome of clinical trial success or failure.
Financial statements reveal significant quarterly net income swings, such as the $8.3 million gain in 2025Q3 followed by a $23.0 million loss in 2025Q4, which appear to be driven by non-operating items rather than core operational performance, warranting extreme caution when evaluating the company's bottom-line results.
These large, non-recurring fluctuations likely stem from warrant revaluations or other accounting adjustments common in micro-cap biotech entities. Investors should focus on cash burn rates rather than reported net income, as the latter is heavily influenced by accounting noise that does not reflect the underlying health of the business.
With a reported cash balance of approximately $6.8 million, the company faces a precarious financial position, as evidenced by the high quarterly burn rate which suggests that the current runway is likely insufficient to reach the next major clinical inflection point without further dilutive financing.
Short-sellers would likely focus on the high probability of a dilutive equity raise, which could significantly impair existing shareholder value. The reliance on capital markets for survival in a high-interest-rate environment poses a systemic risk that may outweigh the potential upside of the TriKE platform's clinical data.
Quick answers to the most common questions about buying GTBP stock.
For fiscal year 2025, GT Biopharma, Inc. (GTBP) reported total revenue of $0.0M. This represents a 100.0% decline compared to $4.8M in 1996.
GT Biopharma, Inc. (GTBP) reported a net loss of $28.4M for the fiscal year ending 2025.