Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 15, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40023 | |
Entity Registrant Name | GT BIOPHARMA, INC. | |
Entity Central Index Key | 0000109657 | |
Entity Tax Identification Number | 94-1620407 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 8000 Marina Blvd | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Brisbane | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94005 | |
City Area Code | 415 | |
Local Phone Number | 919-4040 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | GTBP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,416,651 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 1,950 | $ 1,079 |
Short-term investments | 7,857 | 12,893 |
Prepaid expenses and other current assets | 78 | 84 |
Total Current Assets | 9,885 | 14,056 |
Operating lease right-of-use asset | 27 | 53 |
TOTAL ASSETS | 9,912 | 14,109 |
Current liabilities | ||
Accounts payable | 3,213 | 4,328 |
Accrued expenses | 963 | 1,195 |
Current operating lease liability | 30 | 58 |
Warrant liability | 394 | 1,052 |
Total Current Liabilities | 4,600 | 6,633 |
Total Liabilities | 4,600 | 6,633 |
Stockholders’ Equity | ||
Convertible Preferred stock, par value $0.01, 15,000,000 shares authorized Series C - 96,230 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 1 | 1 |
Common stock, par value $0.001, 250,000,000 shares authorized, 1,380,633 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 1 | 1 |
Additional paid in capital | 689,641 | 689,539 |
Accumulated deficit | (684,331) | (682,065) |
Total Stockholders’ Equity | 5,312 | 7,476 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 9,912 | $ 14,109 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 1,380,633 | 1,380,633 |
Common stock, shares outstanding | 1,380,633 | 1,380,633 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 96,230 | 96,230 |
Preferred stock, shares outstanding | 96,230 | 96,230 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating Expenses: | ||
Research and development | 777 | 1,650 |
Selling, general and administrative (including $102 and $718 from stock compensation granted to officers, directors and employees during the three months ended March 31, 2024 and 2023, respectively) | 2,314 | 2,015 |
Loss from Operations | 3,091 | 3,665 |
Other (Income) Expense | ||
Interest income | (142) | (164) |
Interest expense | 212 | |
Change in fair value of warrant liability | (658) | (2,924) |
Gain on extinguishment of debt | (533) | |
Unrealized loss (gain) on marketable securities | 2 | (29) |
Other | (27) | |
Total Other (Income) Expense | (825) | (3,438) |
Net Loss | $ (2,266) | $ (227) |
Net Loss Per Share - Basic | $ (1.64) | $ (0.21) |
Net Loss Per Share - Diluted | $ (1.64) | $ (0.21) |
Weighted average common shares outstanding - basic | 1,380,633 | 1,082,871 |
Weighted average common shares outstanding - diluted | 1,380,633 | 1,082,871 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Selling, General and Administrative Expenses [Member] | Officers, Employees and Directors [Member] | ||
Share-based payment arrangement, expense | $ 102 | $ 718 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 1 | $ 1 | $ 686,200 | $ (674,468) | $ 11,734 |
Balance, shares at Dec. 31, 2022 | 96 | 1,091 | |||
Fair value of vested stock options | 507 | 507 | |||
Net loss | (227) | (227) | |||
Private placement of common stock | 6,268 | 6,268 | |||
Private placement of common stock, shares | 120 | ||||
Initial recognition of fair value of warrant liability | (5,831) | (5,831) | |||
Issuance of common shares for services | 315 | 315 | |||
Issuance of common shares for services, shares | 2 | ||||
Issuance of common shares in settlement of vendors payable | 287 | 287 | |||
Issuance of common shares in settlement of vendors payable, shares | 16 | ||||
Balance at Mar. 31, 2023 | $ 1 | $ 1 | 687,746 | (674,695) | 13,053 |
Balance, shares at Mar. 31, 2023 | 96 | 1,229 | |||
Balance at Dec. 31, 2023 | $ 1 | $ 1 | 689,539 | (682,065) | 7,476 |
Balance, shares at Dec. 31, 2023 | 96 | 1,381 | |||
Fair value of vested stock options | 102 | 102 | |||
Net loss | (2,266) | (2,266) | |||
Balance at Mar. 31, 2024 | $ 1 | $ 1 | $ 689,641 | $ (684,331) | $ 5,312 |
Balance, shares at Mar. 31, 2024 | 96 | 1,381 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (2,266) | $ (227) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock based compensation - services | 176 | ||
Stock based compensation - officers, employees and board of directors | 102 | 646 | |
Change in fair value of warrant liability | (658) | (2,924) | |
Gain on extinguishment of share settled debt | (533) | ||
Change in operating lease right-of-use assets | 26 | 25 | |
Unrealized loss (gain) on marketable securities | 2 | (29) | |
Changes in operating assets and liabilities: | |||
Decrease in prepaid expenses | 6 | 16 | |
(Decrease) in accounts payable and accrued expenses | (1,347) | (29) | |
(Decrease) in operating lease liability | (28) | (27) | |
Net Cash Used in Operating Activities | (4,163) | (2,906) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Sale (purchase) of investments | 5,034 | (6,989) | |
Net Cash Provided by (Used in) Investing Activities | 5,034 | (6,989) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of common stock and prefunded warrants | 6,268 | ||
Net Cash Provided by Financing Activities | 6,268 | ||
Net Increase (Decrease) in Cash | 871 | (3,627) | |
Cash at Beginning of Period | 1,079 | 5,672 | $ 5,672 |
Cash at End of Period | 1,950 | 2,045 | $ 1,079 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest | |||
Income taxes | |||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Initial recognition of fair value of warrant liability | 5,831 | ||
Fair value of common stock issued to a vendor to settle accounts payable | $ 287 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | Note 1 – Organization and Operations The corporate predecessor of GT Biopharma, Inc, Diagnostic Data, Inc., was incorporated in the state of California in 1965. Diagnostic Data, Inc. changed its incorporation to the state of Delaware on December 21, 1972 and changed its name to DDI Pharmaceuticals, Inc. on March 11, 1985. On September 7, 1994, DDI Pharmaceuticals, Inc. merged with International BioClinical, Inc. and Bioxytech S.A. and changed its name to OXIS International, Inc. On July 17, 2017, OXIS International, Inc. changed its name to GT Biopharma, Inc. (the “Company”). The Company is a clinical stage biopharmaceutical company focused on the development and commercialization of novel immune-oncology products based on our proprietary Tri-specific Killer Engager (TriKE®), and Tetra-specific Killer Engager (Dual Targeting TriKE®) platforms. The Company’s TriKE® and Dual Targeting TriKE® platforms generate proprietary therapeutics designed to harness and enhance the cancer killing abilities of a patient’s own natural killer cells (NK cells). Reverse Stock Split On February 1, 2024, the Company announced a reverse stock-split of its common stock, par value $0.001 per share, at a ratio of 1 for 30. The reverse stock-split became effective on February 2, 2024. The Company’s common stock began trading on a reverse stock-split-adjusted basis on The Nasdaq Capital Market on February 5, 2024 under the existing trading symbol “GTBP.” As a result of the reverse stock-split, every thirty (30) shares of issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share. No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares of common stock will be entitled to receive their pro-rata portion of the net proceeds obtained from the aggregation and sale by the exchange agent of the fractional shares resulting from the reverse stock-split (reduced by any customary brokerage fees, commission and other expenses). The reverse stock split reduced the number of shares of common stock outstanding on the effective date of the reverse stock-split from 41,419,000 1,380,633 250,000,000 Proportionate adjustments will be made to the per share exercise price and the number of shares of common stock that may be purchased upon exercise of outstanding stock options for the Company’s common stock and to the number of shares of common stock reserved for future issuance pursuant to the GT Biopharma, Inc. 2022 Omnibus Incentive Plan. All share and per share information within this report have been adjusted to retroactively reflect the reverse stock-split as of the earliest period presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Oxis Biotech, Inc. and Georgetown Translational Pharmaceuticals, Inc. All intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 26, 2024 (the “2023 Annual Report”). The consolidated balance sheet as of December 31, 2023 included herein, was derived from the audited consolidated financial statements as of that date. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results. Liquidity The accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended March 31, 2024, the Company recorded a net loss of $ 2.3 4.2 9.8 5.3 5.3 9.8 Historically, the Company has financed its operations through public and private sales of common stock, issuance of preferred and common stock, issuance of convertible debt instruments, and strategic collaborations. There can be no assurances that the Company will be able to secure additional financing on acceptable terms. In the event the Company does not generate sufficient cash flows from investing and financing activities, the Company will be forced to delay, reduce, or eliminate some or all of its discretionary spending, which could adversely affect the Company’s business prospects, ability to meet long-term liquidity needs or ability to continue operations. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include management’s estimates for continued liquidity, accruals for potential liabilities, assumptions used in deriving the fair value of derivative liabilities, valuation of equity instruments issued for services and realization of deferred tax assets. Actual results could differ from those estimates. Cash Equivalents and Short-Term Investments The Company considers highly liquid investments with maturities of three months or less at the date of acquisition as cash equivalents in the accompanying condensed consolidated financial statements. Total cash equivalents, which consist of money market funds, amounted to approximately $ 1.8 443,000 The Company also invested its excess cash in commercial paper and corporate notes and bonds. Management generally determines the appropriate classification of its investments at the time of purchase. We classify these investments as short-term investments, as part of current assets, based upon our ability and intent to use any and all of these investments as necessary to satisfy liquidity requirements that may arise from our business. Investments are carried at fair value with the unrealized holding gains and losses reported in the accompanying condensed consolidated statements of operations. Total short-term investments amounted to approximately $ 7.9 12.9 Fair Value of Financial Instruments Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10 requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet for which it is practicable to estimate fair value. ASC 820-10 defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. The three levels of the fair value hierarchy are as follows: Level 1 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 Valuations based on inputs that are unobservable, supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of the Company’s warrant liability of $ 394,000 1.1 The carrying amounts of the Company’s other financial assets and liabilities, such as cash and cash equivalents, short term investments, prepaid expenses and other current assets, accounts payable, accrued expenses, approximate their fair values because of the short maturity of these instruments. Warrant Liability The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “ Derivatives and Hedging The Company’s use of derivative financial instruments is generally limited to warrants issued by the Company that do not meet the criteria for equity treatment and are recorded as liabilities. We do not use financial instruments or derivatives for any trading purposes. Stock-Based Compensation The Company periodically issues stock-based compensation to officers, directors, employees and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date. Stock-based payments to officers, directors, employees and consultants for acquiring goods and services from non-employees, which include grants of employee stock options, are recognized in the financial statements based on their grant date fair values in accordance with ASC 718, Compensation-Stock Compensation Research and Development Costs Costs incurred for research and development are expensed as incurred. The salaries, benefits, and overhead costs of personnel conducting research and development of the Company’s products are included in research and development expenses. Purchased materials that do not have an alternative future use are also expensed. Leases The Company accounts for its lease in accordance with the guidance of ASC 842, Leases Net Loss Per Share Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed using the weighted-average number of common shares and the dilutive effect of contingent shares outstanding during the period. Potentially dilutive contingent shares, which primarily consist of stock issuable upon exercise of stock options and warrants have been excluded from the diluted loss per share calculation because their effect is anti-dilutive. The following common stock equivalents were excluded in the computation of the net loss per share because their effect is anti-dilutive: Schedule of Anti-dilutive Securities March 31, 2024 (Unaudited) March 31, 2023 (Unaudited) Options to purchase common stock 126,265 115,598 Warrants to purchase common stock 304,962 304,962 Total anti-dilutive securities 431,227 420,560 Concentration Cash is deposited in one financial institution. The balances held at this financial institution at times may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits of up to $ 250,000 Management believes that the financial institutions that hold the Company’s cash are financially sound and, accordingly, minimal credit risk exists. The Company has a significant concentration of expenses incurred and accounts payable from a single vendor, see Note 4 – Accounts Payable. Segments The Company determined its reporting units in accordance with “ Segment Reporting Management has determined that the Company has one consolidated operating segment. The Company’s reporting segment reflects the manner in which its chief operating decision maker reviews results and allocates resources. The Company’s reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards and guidance that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 3 – Fair Value of Financial Instruments The estimated fair values of financial instruments outstanding were as follows (in thousands): Schedule of Estimated Fair Value of Financial Instrument March 31, 2024 (Unaudited) Unrealized Unrealized Fair Cost Gains Losses Value Short-term investments $ 7,859 $ — $ (2 ) $ 7,857 Total $ 7,859 $ — $ (2 ) $ 7,857 December 31, 2023 Unrealized Unrealized Fair Cost Gains Losses Value Short-term investments $ 12,845 $ 48 $ — $ 12,893 Total $ 12,845 $ 48 $ — $ 12,893 The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands): Schedule of Fair Value Hierarchy Financial Assets Fair Value Level 1 Level 2 Level 3 March 31, 2024 (Unaudited) Fair Value Level 1 Level 2 Level 3 Money market funds $ 1,845 $ 1,845 $ — $ — Corporate notes and commercial paper 7,857 — 7,857 — Total financial assets $ 9,702 $ 1,845 $ 7,857 $ — Fair Value Level 1 Level 2 Level 3 December 31, 2023 Fair Value Level 1 Level 2 Level 3 Money market funds $ 443 $ 443 $ — $ — Corporate notes and commercial paper 12,893 — 12,893 — Total financial assets $ 13,336 $ 443 $ 12,893 $ — As of March 31, 2024, the fair value of the warrant liability was $ 394,000 Schedule of Warrant Liability Transactions March 31, 2024 March 31, 2023 Three Months Ending March 31, 2024 March 31, 2023 (Unaudited) (Unaudited) Beginning balance $ 1,052 $ 19 Issuance of warrants at fair value — 5,831 Change in fair value (658 ) (2,924 ) Extinguishment — — Ending balance $ 394 $ 2,926 |
Accounts Payable
Accounts Payable | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable | Note 4 – Accounts Payable Accounts payable consisted of the following (in thousands): Schedule of Accounts Payable March 31, 2024 December 31, 2023 (Unaudited) Accounts payable to a third-party manufacturer $ 1,983 $ 3,515 Other accounts payable 1,230 813 Total accounts payable $ 3,213 $ 4,328 The Company relies on a third-party contract manufacturing operation to produce and/or test our compounds used in our potential product candidates. In October 2020, the Company entered into a Master Services Agreement with a third-party product manufacturer to perform biologic development and manufacturing services on behalf of the Company. Associated with this, the Company has subsequently executed a number of Statements of Work for the research and development of products for use in clinical trials. The Company’s commitments in relation to these SOWs and any related Change Orders totaled approximately $ 15.6 On August 24, 2022, existing agreements with the third-party product manufacturer were amended. As part of the amendment, the third-party manufacturer agreed that services to be rendered in future periods, will be paid or settled at the Company’s discretion, in a combination of cash and issuance of the Company’s common stock. The amendment also eliminated future financial commitments of the Company. As of December 31, 2023, outstanding accounts payable balance to the third-party product manufacturer amounted to $ 3.5 During the three months ended March 31, 2024, the Company recorded research and development expenses of $ 268,000 1.8 2.0 |
Warrant Liability
Warrant Liability | 3 Months Ended |
Mar. 31, 2024 | |
Warrant Liability | |
Warrant Liability | Note 5 – Warrant Liability 2023 Warrants On January 4, 2023, as part of the private placement offering, the Company issued common stock, warrants to purchase up to an aggregate of 216,667 13,000 The Purchase Warrant provides for a value calculation for the Purchase Warrant using the Black Scholes model in the event of certain fundamental transactions. The fair value calculation provides for a floor on the volatility amount utilized in the value calculation at 100 5.8 As of March 31, 2024, the fair value of the warrant liability was reduced to $ 393,000 All changes in the fair value of the warrant liabilities are recognized as a change in fair value of warrant liability in the Company’s condensed consolidated statements of operations until they are either exercised or expire. The warrant liabilities for the Common Warrants and the Placement Agents Warrants were valued using a Binomial pricing model with the following assumptions: Schedule of Derivative Liabilities Assumptions Common Warrants and Placement Agents Warrants March 31, 2024 December 31, 2023 (Unaudited) (Unaudited) Stock price $ 4.43 $ 7.80 Risk-free interest rate 4.21 % 4.26 % Expected volatility 103.9 % 115.2 % Expected average life (in years) 4.0 4.25 Expected dividend yield - - Fair value of warrants (in thousands) $ 393 $ 1,050 2020 Warrants The Company issued certain warrants during the year ended December 31, 2020 that contained a fundamental transaction provision that could give rise to an obligation to pay cash to the warrant holder upon occurrence of certain change in control type events. In accordance with ASC 480, the fair value of these warrants is classified as a liability in the Condensed Consolidated Balance Sheets and will be re-measured at the end of every reporting period with the change in value reported in the Condensed Consolidated Statements of Operations. The warrant liabilities for the 2020 warrants were valued using a Binomial pricing model with the following assumptions: Schedule of Derivative Liabilities Assumptions March 31, 2024 December 31, 2023 (Unaudited) Stock price $ 4.43 $ 7.80 Risk-free interest rate 4.21 % 4.54 % Expected volatility 89 % 89 % Expected life (in years) 1.2 1.6 Expected dividend yield - - Fair value of warrants (in thousands) $ 1 $ 2 The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the derivative securities was determined by the remaining contractual life of the derivative instrument. For derivative instruments that already matured, the Company used the estimated life. The expected dividend yield was based on the fact that the Company has not paid dividends to its common stockholders in the past and does not expect to pay dividends to its common stockholders in the future. The Company recognized a gain of $ 658,000 2.9 |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 6 – Stockholders’ Equity The Company’s authorized capital as of March 31, 2024 was 250,000,000 0.001 15,000,000 0.01 Common Stock Private Placement of Common Stock On January 4, 2023, GT Biopharma received gross proceeds of $ 6.5 232,000 120,000 0.001 96,667 216,667 13,000 30.00 0.003 37.50 30.00 29.997 The Common Warrants and the Placement Agents Warrants contained a clause not considered to be within the Company’s control. The Company determined that the provision represented a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under ASC 815-40, and thus the Common Warrants and the Placement Agent Warrants are not considered indexed to the Company’s own stock and not eligible for an exception from derivative accounting. Accordingly, the Common Warrants and the Placement Agent Warrants were classified as a warrant liability, and $ 5.8 Common Stock Issued for Services During the three months ended March 31, 2023, and pursuant to the vesting term of a 2021 agreement, the Company issued 2,449 315,000 Common Stock Issued for Vendor Payable On March 13, 2023, the Company issued 16,228 287,000 820,000 533,000 Preferred Stock Series C Preferred Stock At March 31, 2024 and December 31, 2023, there were 96,230 0.01 As a result of reverse stock splits in previous years and the agreement terms for adjusting the rights of the related shares, the 96,230 Series K Preferred Stock On February 16, 2021, the Board designated 115,000 .01 Shares of the Series K Preferred Stock are convertible at any time, at the option of the holders, into shares of the Company’s common stock at an effective conversion rate of 100 As of March 31, 2024 and December 31, 2023, there were no Warrants and Options Common Stock Warrants Stock warrant transactions for the three months ended March 31, 2024 were as follows: Schedule of Warrant Activity Number of Weighted Average Warrants Exercise Price Warrants outstanding at December 31, 2023 304,962 $ 63.30 Granted - - Forfeited/cancelled - - Exercised - - Warrants outstanding at March 31, 2024 304,962 $ 63.30 Warrants exercisable at March 31, 2024 304,962 $ 63.30 As of March 31, 2024, all issued and outstanding warrants are fully vested. The warrants had an exercise price greater than the market price, which resulted in no Warrants outstanding as of March 31, 2024 are exercisable as follows: Schedule of Warrants Outstanding and Exercisable Warrants Outstanding Warrants Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 10.50 1,867 1.3 $ 10.50 1,867 $ 10.50 30.00 37.50 229,666 4.3 30.42 229,666 30.42 165 73,429 1.9 165.00 73,429 165.00 304,962 304,962 Common Stock Options Common stock option transactions for the three months ended March 31, 2024 were as follows: Schedule of Options Activity Number of Weighted Average Options Exercise Price Options outstanding at December 31, 2023 126,265 $ 39.60 Granted — — Forfeited/cancelled — — Exercised — — Options outstanding at March 31, 2024 126,265 $ 39.60 Options exercisable at March 31, 2024 123,487 $ 40.25 The Company is recognizing the corresponding stock compensation expense for options granted to certain consultants, employees, officers and directors based upon their vesting term. On January 27, 2023, the Company granted stock options to employees and members of its board of directors to purchase an aggregate of 66,667 25.50 10 1.4 Schedule of Stock Granted Assumptions Stock price $ 0.85 Risk-free interest rate 3.62 % Expected volatility 121 % Expected life (in years) 5.3 Expected dividend yield - For the three months ended March 31, 2024, the Company recognized stock compensation expense related to the vesting options of $ 102,000 507,000 Options outstanding as of March 31, 2024 are exercisable as follows: Schedule of Options Outstanding and Options Exercisable Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 10.50 16,666 9.1 $ 10.50 13,888 $ 10.50 25.50 66,667 8.8 25.50 66,667 25.50 74.40 42,932 8.3 74.40 42,932 74.40 126,265 123,487 At March 31, 2024 and 2023, there were 2,778 53,225 12,000 1.3 There was no intrinsic value of the outstanding options as of March 31, 2024 as the exercise price of these options was greater than the market price. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7 – Commitments and Contingencies Litigation The Company is involved in certain legal proceedings that arise from time to time in the ordinary course of our business. Except for income tax contingencies, we record accruals for contingencies to the extent that our management concludes that the occurrence is probable and that the related amounts of loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. There is no current or pending litigation of any significance with the exception of the matters that have arisen under, and are being handled in, the normal course of business. ● On November 14, 2023, former interim Chief Executive Officer, Dr. Greg Berk filed a lawsuit alleging that GT Biopharma discriminated and retaliated against Berk for engaging in protected whistleblowing activity in violation of the Sarbanes Oxley Act ("SOX"). The Parties are proceeding with litigating Berk's SOX claim. GT Biopharma is vigorously defending this matter and believe it to be without merit. At this early stage in the proceedings, GT Biopharma is not able to determine the probability of the outcome of this matter or a range of reasonably expected losses, if any. ● On May 13, 2022, the Company made an arbitration demand upon Michael Handelman, its former Chief Financial Officer, asserting that he breached his fiduciary duty by misappropriating Company funds and shares of common stock, among other things. The Company seeks among other relief, monetary damages estimated at $ 470,000 13,903 409,000 13,903 ● On May 24, 2023, TWF Global, LLC (“TWF”) filed a Complaint in the California Superior Court for the County of Los Angeles naming the Company as defendant. The Complaint alleges that TWF is the holder of two Convertible Promissory Notes (“Notes”) and that the Company did not deliver shares of common stock due on conversion in February 2021. TWF was seeking per diem liquidated damages based on the terms of alleged Notes. On July 14, 2023, the Company filed a motion to dismiss for improper forum because the terms of the Notes, as alleged, require disputes to be filed in New York state and federal courts. TWF voluntarily dismissed its Complaint before the California Superior Court of Los Angeles without prejudice. The Company subsequently filed a Summons and Complaint for Interpleader against TWF and Z One LLC before the Supreme Court of the State of New York County of New York, asking the Supreme Court to determine if the Company’s shares of common stock are properly registered to TWF or Z One LLC, as both of these entities have made conflicting demands for registration of the shares of common stock. On February 5, 2024, the Company filed a motion for entry of default against TWF, seeking an order directing the Company to register the shares of common stock in the name of Z-One and that the Company be released from all associated liability and claims. The Court has not yet ruled on the Company’s motion. The Company believes that any claims related to the Notes are without merit and will continue to defend vigorously against these claims. The Court denied the motion without prejudice, and will reconsider the motion without further briefing upon the filing of a party affidavit. Z-One has filed a concurrent motion to dismiss of the action, representing that Z-One and TWF have settled their dispute over the entitlement to GT Biopharma shares. The Company believes that any claims related to the Notes are without merit and will continue to defend vigorously against these claims. Significant Agreements Research and Development Agreements The Company is a party to a scientific research agreement with the Regents of the University of Minnesota (“UofMN”), effective June 16, 2021. This scientific research agreement aims to work with the Company with three major goals in mind: (1) support the Company’s TriKE ® ® ® ® ® ® The Company recorded an expense of $ 0 192,000 2.1 Patent and License Agreements 2016 Exclusive Patent License Agreement The Company is party to an exclusive worldwide license agreement with the Regents of the University of Minnesota, (“UofMN”), to further develop and commercialize cancer therapies using TriKE ® ® ® 200,000 100,000 4 6 250,000 5.0 3.1 1.0 250 5.0 500 The Company did no 2021 Patent License Agreement On March 26, 2021, the Company signed an agreement specific to the B7H3 targeted TriKE ® 20,000 5,000 2.5 5 250,000 2.0 3.1 1.0 250 5.0 500 The Company did no |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2024 | |
Operating Leases | |
Operating Leases | Note 8 – Operating Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Rent expense is recognized on a straight-line basis over the lease term. Operating lease Right-of-Use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical collateralized borrowing rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. On November 19, 2021, the Company entered into a sublease with a third party for 4,500 commencement date of January 1, 2022 and maturing on June 30, 2024. As a result of this agreement, the Company recognized 247,294 pursuant to ASC 842 , Leases. On February 8, 2022, the Company entered into a copier lease which will end on February 7, 2025. As a result, the Company recognized 13,000 6,000 As a result of these lease agreements, the Company recognized ROU asset and liability in the aggregate of $ 260,294 The total rent expense related to these leases reflected on the Company’s Condensed Consolidated Statements of Operations totaled $ 25,000 29,000 Other information related to leases and future minimum lease payments under non-cancellable operating leases were as follows: Schedule of Other Information Related Leases Under Non-Cancellable March 31, 2024 (Unaudited) March 31, 2023 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 30 $ 30 Weighted-average remaining lease term (in years): Operating leases 0.25 1.5 Weighted-average discount rate: Operating leases 10 % 10 % Future minimum lease payments under non-cancellable operating leases were as follows (in thousands): Schedule of Future Minimum Lease Payments March 31, 2024 (Unaudited) Within one year $ 30 After one year and within two years - After two years and within three years - Thereafter - Total future minimum lease payments 30 Less – Discount (0 ) Lease liability $ 30 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 9 – Subsequent Event On April 30, 2024, the Company issued 36,018 278,500 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Oxis Biotech, Inc. and Georgetown Translational Pharmaceuticals, Inc. All intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 26, 2024 (the “2023 Annual Report”). The consolidated balance sheet as of December 31, 2023 included herein, was derived from the audited consolidated financial statements as of that date. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results. |
Liquidity | Liquidity The accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended March 31, 2024, the Company recorded a net loss of $ 2.3 4.2 9.8 5.3 5.3 9.8 Historically, the Company has financed its operations through public and private sales of common stock, issuance of preferred and common stock, issuance of convertible debt instruments, and strategic collaborations. There can be no assurances that the Company will be able to secure additional financing on acceptable terms. In the event the Company does not generate sufficient cash flows from investing and financing activities, the Company will be forced to delay, reduce, or eliminate some or all of its discretionary spending, which could adversely affect the Company’s business prospects, ability to meet long-term liquidity needs or ability to continue operations. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include management’s estimates for continued liquidity, accruals for potential liabilities, assumptions used in deriving the fair value of derivative liabilities, valuation of equity instruments issued for services and realization of deferred tax assets. Actual results could differ from those estimates. |
Cash Equivalents and Short-Term Investments | Cash Equivalents and Short-Term Investments The Company considers highly liquid investments with maturities of three months or less at the date of acquisition as cash equivalents in the accompanying condensed consolidated financial statements. Total cash equivalents, which consist of money market funds, amounted to approximately $ 1.8 443,000 The Company also invested its excess cash in commercial paper and corporate notes and bonds. Management generally determines the appropriate classification of its investments at the time of purchase. We classify these investments as short-term investments, as part of current assets, based upon our ability and intent to use any and all of these investments as necessary to satisfy liquidity requirements that may arise from our business. Investments are carried at fair value with the unrealized holding gains and losses reported in the accompanying condensed consolidated statements of operations. Total short-term investments amounted to approximately $ 7.9 12.9 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10 requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet for which it is practicable to estimate fair value. ASC 820-10 defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. The three levels of the fair value hierarchy are as follows: Level 1 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 Valuations based on inputs that are unobservable, supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of the Company’s warrant liability of $ 394,000 1.1 The carrying amounts of the Company’s other financial assets and liabilities, such as cash and cash equivalents, short term investments, prepaid expenses and other current assets, accounts payable, accrued expenses, approximate their fair values because of the short maturity of these instruments. |
Warrant Liability | Warrant Liability The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “ Derivatives and Hedging The Company’s use of derivative financial instruments is generally limited to warrants issued by the Company that do not meet the criteria for equity treatment and are recorded as liabilities. We do not use financial instruments or derivatives for any trading purposes. |
Stock-Based Compensation | Stock-Based Compensation The Company periodically issues stock-based compensation to officers, directors, employees and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date. Stock-based payments to officers, directors, employees and consultants for acquiring goods and services from non-employees, which include grants of employee stock options, are recognized in the financial statements based on their grant date fair values in accordance with ASC 718, Compensation-Stock Compensation |
Research and Development Costs | Research and Development Costs Costs incurred for research and development are expensed as incurred. The salaries, benefits, and overhead costs of personnel conducting research and development of the Company’s products are included in research and development expenses. Purchased materials that do not have an alternative future use are also expensed. |
Leases | Leases The Company accounts for its lease in accordance with the guidance of ASC 842, Leases |
Net Loss Per Share | Net Loss Per Share Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed using the weighted-average number of common shares and the dilutive effect of contingent shares outstanding during the period. Potentially dilutive contingent shares, which primarily consist of stock issuable upon exercise of stock options and warrants have been excluded from the diluted loss per share calculation because their effect is anti-dilutive. The following common stock equivalents were excluded in the computation of the net loss per share because their effect is anti-dilutive: Schedule of Anti-dilutive Securities March 31, 2024 (Unaudited) March 31, 2023 (Unaudited) Options to purchase common stock 126,265 115,598 Warrants to purchase common stock 304,962 304,962 Total anti-dilutive securities 431,227 420,560 |
Concentration | Concentration Cash is deposited in one financial institution. The balances held at this financial institution at times may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits of up to $ 250,000 Management believes that the financial institutions that hold the Company’s cash are financially sound and, accordingly, minimal credit risk exists. The Company has a significant concentration of expenses incurred and accounts payable from a single vendor, see Note 4 – Accounts Payable. |
Segments | Segments The Company determined its reporting units in accordance with “ Segment Reporting Management has determined that the Company has one consolidated operating segment. The Company’s reporting segment reflects the manner in which its chief operating decision maker reviews results and allocates resources. The Company’s reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards and guidance that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Anti-dilutive Securities | The following common stock equivalents were excluded in the computation of the net loss per share because their effect is anti-dilutive: Schedule of Anti-dilutive Securities March 31, 2024 (Unaudited) March 31, 2023 (Unaudited) Options to purchase common stock 126,265 115,598 Warrants to purchase common stock 304,962 304,962 Total anti-dilutive securities 431,227 420,560 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Estimated Fair Value of Financial Instrument | The estimated fair values of financial instruments outstanding were as follows (in thousands): Schedule of Estimated Fair Value of Financial Instrument March 31, 2024 (Unaudited) Unrealized Unrealized Fair Cost Gains Losses Value Short-term investments $ 7,859 $ — $ (2 ) $ 7,857 Total $ 7,859 $ — $ (2 ) $ 7,857 December 31, 2023 Unrealized Unrealized Fair Cost Gains Losses Value Short-term investments $ 12,845 $ 48 $ — $ 12,893 Total $ 12,845 $ 48 $ — $ 12,893 |
Schedule of Fair Value Hierarchy Financial Assets | The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands): Schedule of Fair Value Hierarchy Financial Assets Fair Value Level 1 Level 2 Level 3 March 31, 2024 (Unaudited) Fair Value Level 1 Level 2 Level 3 Money market funds $ 1,845 $ 1,845 $ — $ — Corporate notes and commercial paper 7,857 — 7,857 — Total financial assets $ 9,702 $ 1,845 $ 7,857 $ — Fair Value Level 1 Level 2 Level 3 December 31, 2023 Fair Value Level 1 Level 2 Level 3 Money market funds $ 443 $ 443 $ — $ — Corporate notes and commercial paper 12,893 — 12,893 — Total financial assets $ 13,336 $ 443 $ 12,893 $ — |
Schedule of Warrant Liability Transactions | Schedule of Warrant Liability Transactions March 31, 2024 March 31, 2023 Three Months Ending March 31, 2024 March 31, 2023 (Unaudited) (Unaudited) Beginning balance $ 1,052 $ 19 Issuance of warrants at fair value — 5,831 Change in fair value (658 ) (2,924 ) Extinguishment — — Ending balance $ 394 $ 2,926 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable | Accounts payable consisted of the following (in thousands): Schedule of Accounts Payable March 31, 2024 December 31, 2023 (Unaudited) Accounts payable to a third-party manufacturer $ 1,983 $ 3,515 Other accounts payable 1,230 813 Total accounts payable $ 3,213 $ 4,328 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
2023 Warrants [Member] | |
Short-Term Debt [Line Items] | |
Schedule of Derivative Liabilities Assumptions | The warrant liabilities for the Common Warrants and the Placement Agents Warrants were valued using a Binomial pricing model with the following assumptions: Schedule of Derivative Liabilities Assumptions Common Warrants and Placement Agents Warrants March 31, 2024 December 31, 2023 (Unaudited) (Unaudited) Stock price $ 4.43 $ 7.80 Risk-free interest rate 4.21 % 4.26 % Expected volatility 103.9 % 115.2 % Expected average life (in years) 4.0 4.25 Expected dividend yield - - Fair value of warrants (in thousands) $ 393 $ 1,050 |
2020 Warrants [Member] | |
Short-Term Debt [Line Items] | |
Schedule of Derivative Liabilities Assumptions | The warrant liabilities for the 2020 warrants were valued using a Binomial pricing model with the following assumptions: Schedule of Derivative Liabilities Assumptions March 31, 2024 December 31, 2023 (Unaudited) Stock price $ 4.43 $ 7.80 Risk-free interest rate 4.21 % 4.54 % Expected volatility 89 % 89 % Expected life (in years) 1.2 1.6 Expected dividend yield - - Fair value of warrants (in thousands) $ 1 $ 2 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Class of Warrant or Right [Line Items] | |
Schedule of Warrant Activity | Stock warrant transactions for the three months ended March 31, 2024 were as follows: Schedule of Warrant Activity Number of Weighted Average Warrants Exercise Price Warrants outstanding at December 31, 2023 304,962 $ 63.30 Granted - - Forfeited/cancelled - - Exercised - - Warrants outstanding at March 31, 2024 304,962 $ 63.30 Warrants exercisable at March 31, 2024 304,962 $ 63.30 |
Schedule of Options Activity | Common stock option transactions for the three months ended March 31, 2024 were as follows: Schedule of Options Activity Number of Weighted Average Options Exercise Price Options outstanding at December 31, 2023 126,265 $ 39.60 Granted — — Forfeited/cancelled — — Exercised — — Options outstanding at March 31, 2024 126,265 $ 39.60 Options exercisable at March 31, 2024 123,487 $ 40.25 |
Schedule of Stock Granted Assumptions | Schedule of Stock Granted Assumptions Stock price $ 0.85 Risk-free interest rate 3.62 % Expected volatility 121 % Expected life (in years) 5.3 Expected dividend yield - |
Schedule of Options Outstanding and Options Exercisable | Options outstanding as of March 31, 2024 are exercisable as follows: Schedule of Options Outstanding and Options Exercisable Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 10.50 16,666 9.1 $ 10.50 13,888 $ 10.50 25.50 66,667 8.8 25.50 66,667 25.50 74.40 42,932 8.3 74.40 42,932 74.40 126,265 123,487 |
Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Schedule of Warrants Outstanding and Exercisable | Warrants outstanding as of March 31, 2024 are exercisable as follows: Schedule of Warrants Outstanding and Exercisable Warrants Outstanding Warrants Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 10.50 1,867 1.3 $ 10.50 1,867 $ 10.50 30.00 37.50 229,666 4.3 30.42 229,666 30.42 165 73,429 1.9 165.00 73,429 165.00 304,962 304,962 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Operating Leases | |
Schedule of Other Information Related Leases Under Non-Cancellable | Other information related to leases and future minimum lease payments under non-cancellable operating leases were as follows: Schedule of Other Information Related Leases Under Non-Cancellable March 31, 2024 (Unaudited) March 31, 2023 (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 30 $ 30 Weighted-average remaining lease term (in years): Operating leases 0.25 1.5 Weighted-average discount rate: Operating leases 10 % 10 % |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under non-cancellable operating leases were as follows (in thousands): Schedule of Future Minimum Lease Payments March 31, 2024 (Unaudited) Within one year $ 30 After one year and within two years - After two years and within three years - Thereafter - Total future minimum lease payments 30 Less – Discount (0 ) Lease liability $ 30 |
Organization and Operations (De
Organization and Operations (Details Narrative) - shares | 3 Months Ended | |||
Mar. 31, 2024 | Feb. 02, 2024 | Feb. 01, 2024 | Dec. 31, 2023 | |
Revers stock split ratio | On February 1, 2024, the Company announced a reverse stock-split of its common stock, par value $0.001 per share, at a ratio of 1 for 30. The reverse stock-split became effective on February 2, 2024. The Company’s common stock began trading on a reverse stock-split-adjusted basis on The Nasdaq Capital Market on February 5, 2024 under the existing trading symbol “GTBP.” | |||
Common stock, shares outstanding | 1,380,633 | 1,380,633 | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 | ||
Common Stock [Member] | ||||
Common stock, shares outstanding | 1,380,633 | 41,419,000 |
Schedule of Anti-dilutive Secur
Schedule of Anti-dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities | 431,227 | 420,560 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities | 126,265 | 115,598 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities | 304,962 | 304,962 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Net loss | $ (2,266,000) | $ (227,000) | ||
Cash used in operating activities | (4,163,000) | (2,906,000) | ||
Cash on hand and short term investment | 9,800,000 | |||
Working capital | 5,300,000 | |||
Stockholders' equity | 5,312,000 | $ 13,053,000 | $ 7,476,000 | $ 11,734,000 |
Cash and cash equivalents, and short-term investments | 9,800,000 | |||
Cash equivalents | 1,800,000 | 443,000,000,000 | ||
Short-term investments | 7,857,000 | 12,893,000 | ||
Derivative liability | 394,000 | $ 1,100,000 | ||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cash, FDIC insured amount | $ 250,000 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value of Financial Instrument (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Cost | $ 7,859 | $ 12,845 |
Unrealized gains | 48 | |
Unrealized losses | (2) | |
Fair value | 7,857 | 12,893 |
Short-Term Investments [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Cost | 7,859 | 12,845 |
Unrealized gains | 48 | |
Unrealized losses | (2) | |
Fair value | $ 7,857 | $ 12,893 |
Schedule of Fair Value Hierarch
Schedule of Fair Value Hierarchy Financial Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 9,702 | $ 13,336 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,845 | 443 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 7,857 | 12,893 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | ||
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,845 | 443 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,845 | 443 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | ||
Corporate Notes and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 7,857 | 12,893 |
Corporate Notes and Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | ||
Corporate Notes and Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 7,857 | 12,893 |
Corporate Notes and Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets |
Schedule of Warrant Liability T
Schedule of Warrant Liability Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 1,052 | $ 19 |
Issuance of warrants at fair value | 5,831 | |
Change in fair value | (658) | (2,924) |
Extinguishment | ||
Ending balance | $ 394 | $ 2,926 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair value of warrant liability | $ (658,000) | $ (2,924,000) |
Warrant [Member] | ||
Fair value of warrant liability | $ 394,000 |
Schedule of Accounts Payable (D
Schedule of Accounts Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accounts payable to a third-party manufacturer | $ 1,983 | $ 3,515 |
Other accounts payable | 1,230 | 813 |
Total accounts payable | $ 3,213 | $ 4,328 |
Accounts Payable (Details Narra
Accounts Payable (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Oct. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Research and development expenses | $ 777,000 | $ 1,650,000 | ||
Third Party Product Manufacturer [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Accounts payable | 2,000,000 | $ 3,500,000 | ||
Research and development expenses | 268,000 | |||
Cash | $ 1,800,000 | |||
Master Services Agreement [Member] | Research and Development Expense [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Accounts payable | $ 15,600,000 |
Schedule of Derivative Liabilit
Schedule of Derivative Liabilities Assumptions (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of warrants | $ (658) | $ (2,924) | |
2023 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of warrants | 393 | $ 1,050 | |
2020 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of warrants | $ 1 | $ 2 | |
Measurement Input, Share Price [Member] | 2023 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants measurement input | $ / shares | 4.43 | 7.80 | |
Measurement Input, Share Price [Member] | 2020 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants measurement input | $ / shares | 4.43 | 7.80 | |
Measurement Input, Risk Free Interest Rate [Member] | 2023 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants measurement input | 4.21 | 4.26 | |
Measurement Input, Risk Free Interest Rate [Member] | 2020 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants measurement input | 4.21 | 4.54 | |
Measurement Input, Price Volatility [Member] | 2023 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants measurement input | 103.9 | 115.2 | |
Measurement Input, Price Volatility [Member] | 2020 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants measurement input | 89 | 89 | |
Measurement Input, Expected Term [Member] | 2023 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Expected life (in years) | 4 years | 4 years 3 months | |
Measurement Input, Expected Term [Member] | 2020 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Expected life (in years) | 1 year 2 months 12 days | 1 year 7 months 6 days | |
Measurement Input, Expected Dividend Rate [Member] | 2023 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants measurement input | |||
Measurement Input, Expected Dividend Rate [Member] | 2020 Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants measurement input |
Warrant Liability (Details Narr
Warrant Liability (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Jan. 04, 2023 | |
Volatility amount utilized in the value calculation percentage | 121% | ||
Change in fair value of the warrant liability | $ 393,000 | ||
Accounting Standards Update 2016-02 [Member] | |||
Recognized gain of change in fair value of derivative liability | $ 658,000 | $ 2,900,000 | |
Common Warrants [Member] | Maximum [Member] | |||
Warrants to purchase | 216,667 | ||
Placement Agents Warrants [Member] | Maximum [Member] | |||
Warrants to purchase | 13,000 | ||
Warrant [Member] | |||
Volatility amount utilized in the value calculation percentage | 100% | ||
Purchase Warrant [Member] | |||
Warrant fair value | $ 5,800,000 |
Schedule of Warrant Activity (D
Schedule of Warrant Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Equity [Abstract] | |
Warrants outstanding, beginning balance | shares | 304,962 |
Weighted average exercise price, beginning balance | $ / shares | $ 63.30 |
Number of warrants, granted | shares | |
Weighted average exercise price, granted | $ / shares | |
Number of warrants, forfeited | shares | |
Weighted average exercise price, forfeited | $ / shares | |
Number of warrants, exercised | shares | |
Weighted average exercise price, exercised | $ / shares | |
Warrants outstanding, beginning balance | shares | 304,962 |
Weighted average exercise price, beginning balance | $ / shares | $ 63.30 |
Warrants exercisable, ending balance | shares | 304,962 |
Exercisable, ending balance | $ / shares | $ 63.30 |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding and Exercisable (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Class of Warrant or Right [Line Items] | ||
Number of warrants outstanding | 304,962 | 304,962 |
Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants outstanding | 304,962 | |
Number of warrants exercisable | 304,962 | |
Warrants [Member] | Range One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Range of lower excercise price | $ 10.50 | |
Number of warrants outstanding | 1,867 | |
Warrants outstanding, weighted average remaining contractual life (years) | 1 year 3 months 18 days | |
Warrants outstanding, weighted average exercise price | $ 10.50 | |
Number of warrants exercisable | 1,867 | |
Warrants exercisable, weighted average exercise price | $ 10.50 | |
Warrants [Member] | Range Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants outstanding | 229,666 | |
Warrants outstanding, weighted average remaining contractual life (years) | 4 years 3 months 18 days | |
Warrants outstanding, weighted average exercise price | $ 30.42 | |
Number of warrants exercisable | 229,666 | |
Warrants exercisable, weighted average exercise price | $ 30.42 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | 37.50 | |
Warrants [Member] | Range Two [Member] | Minimum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 30 | |
Warrants [Member] | Range Three [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants outstanding | 73,429 | |
Warrants outstanding, weighted average remaining contractual life (years) | 1 year 10 months 24 days | |
Warrants outstanding, weighted average exercise price | $ 165 | |
Number of warrants exercisable | 73,429 | |
Warrants exercisable, weighted average exercise price | $ 165 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 165 |
Schedule of Options Activity (D
Schedule of Options Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Equity [Abstract] | |
Number of Options outstanding, Beginning balance | shares | 126,265 |
Weighted-Average Exercise Price, Options Outstanding Beginning balance | $ / shares | $ 39.60 |
Number of Options, Granted | shares | |
Weighted-Average Exercise Price, Granted | $ / shares | |
Number of Options, Forfeited/cancelled | shares | |
Weighted-Average Exercise Price, Forfeited/cancelled | $ / shares | |
Number of Options, Exercised | shares | |
Weighted-Average Exercise Price, Exercised | $ / shares | |
Number of Options outstanding, Ending balance | shares | 126,265 |
Weighted-Average Exercise Price, Options Outstanding Ending balance | $ / shares | $ 39.60 |
Number of Options Exercisable, Ending balance | shares | 123,487 |
Weighted-Average Exercise Price, Options Exercisable Ending balance | $ / shares | $ 40.25 |
Schedule of Stock Granted Assum
Schedule of Stock Granted Assumptions (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Equity [Abstract] | |
Stock price | $ 0.85 |
Risk-free interest rate | 3.62% |
Expected volatility | 121% |
Expected life (in years) | 5 years 3 months 18 days |
Expected dividend yield |
Schedule of Options Outstanding
Schedule of Options Outstanding and Options Exercisable (Details) - $ / shares | 3 Months Ended | ||
Jan. 27, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Options outstanding | 126,265 | 126,265 | |
Options outstanding, weighted average remaining contractual life (years) | 10 years | ||
Options outstanding, weighted average exercise price | $ 39.60 | $ 39.60 | |
Number of options exercisable | 1,400,000 | 123,487 | |
Options exercisable, weighted average exercise price | $ 25.50 | ||
Range One [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of excercise price | $ 10.50 | ||
Options outstanding | 16,666 | ||
Options outstanding, weighted average remaining contractual life (years) | 9 years 1 month 6 days | ||
Options outstanding, weighted average exercise price | $ 10.50 | ||
Number of options exercisable | 13,888 | ||
Options exercisable, weighted average exercise price | $ 10.50 | ||
Range Two [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of excercise price | $ 25.50 | ||
Options outstanding | 66,667 | ||
Options outstanding, weighted average remaining contractual life (years) | 8 years 9 months 18 days | ||
Options outstanding, weighted average exercise price | $ 25.50 | ||
Number of options exercisable | 66,667 | ||
Options exercisable, weighted average exercise price | $ 25.50 | ||
Range Three [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of excercise price | $ 74.40 | ||
Options outstanding | 42,932 | ||
Options outstanding, weighted average remaining contractual life (years) | 8 years 3 months 18 days | ||
Options outstanding, weighted average exercise price | $ 74.40 | ||
Number of options exercisable | 42,932 | ||
Options exercisable, weighted average exercise price | $ 74.40 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 3 Months Ended | |||||||
Mar. 13, 2023 | Jan. 27, 2023 | Jan. 04, 2023 | Jan. 04, 2023 | Feb. 16, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | ||||||
Common stock par value | $ 0.001 | $ 0.001 | ||||||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | ||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||||||
Direct offering | 1,380,633 | 1,380,633 | ||||||
Change in fair value of warrant liability | $ (658,000) | $ (2,924,000) | ||||||
Shares issued, value | $ 315,000 | |||||||
Issued shares for vendor payable | 16,228 | |||||||
Fair value for vendor payable | $ 287,000 | |||||||
Debt securities gain | 533,000 | |||||||
Options outstanding intrinsic value | $ 0 | |||||||
Purchase an aggregate | 66,667 | |||||||
Exercise price | $ 25.50 | |||||||
Stock options expire | 10 years | |||||||
Fair value | 1,400,000 | 123,487 | ||||||
Unvested options, shares | 2,778 | 53,225 | ||||||
Stock compensation expense unvested options | $ 12,000 | $ 1,300,000 | ||||||
Equity Option [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Options granted | $ 507,000 | $ 102,000 | ||||||
Series C Preferred Stock [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||||||
Preferred stock, shares outstanding | 96,230 | 96,230 | ||||||
Preferred stock, shares Issued | 96,230 | 96,230 | ||||||
Series K Preferred Stocks [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Preferred stock, par value | $ 0.01 | |||||||
Preferred stock shares designated | 115,000 | |||||||
Convertible shares issuable | 100 | |||||||
Series K Preferred Stock [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||
Preferred stock, shares Issued | 0 | 0 | ||||||
Board Of Directors Employees And Consultants [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Shares issued | 2,449 | |||||||
Shares issued, value | $ 315,000 | |||||||
Common Stock [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Shares issued | 2,000 | |||||||
Shares issued, value | ||||||||
Issued shares for vendor payable | 16,000 | |||||||
Accounts payable | $ 820,000 | |||||||
Preferred stock shares designated | 120,000 | |||||||
Common Warrant and Placement Agent Warrant [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Change in fair value of warrant liability | $ 5,800,000 | |||||||
Purchase Agreement [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Proceeds from private placement | $ 6,500,000 | |||||||
Other offering expenses | $ 232,000 | |||||||
Purchase Agreement [Member] | Pre Funded Warrants [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Exercise price of warrant | $ 0.003 | $ 0.003 | ||||||
Purchase Agreement [Member] | Common Stock [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Common stock par value | $ 0.001 | $ 0.001 | ||||||
Direct offering | 120,000 | 120,000 | ||||||
Purchase Agreement [Member] | Prefunded Warrant [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Purchase of warrants | 96,667 | 96,667 | ||||||
Purchase Agreement [Member] | Common Warrants [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Purchase of warrants | 216,667 | 216,667 | ||||||
Exercise price of warrant | $ 30 | $ 30 | ||||||
Purchase Agreement [Member] | Placement Agents Warrants [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Purchase of warrants | 13,000 | 13,000 | ||||||
Exercise price of warrant | $ 37.50 | $ 37.50 | ||||||
Purchase Agreement [Member] | Common Shares and Common Warrants [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Price per share | 30 | 30 | ||||||
Purchase Agreement [Member] | Pre-Funded Warrants and Common Warrants [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Price per share | $ 29.997 | $ 29.997 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) shares in Thousands | 3 Months Ended | ||||
Mar. 20, 2024 | May 13, 2022 | Mar. 26, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | |
Loss Contingencies [Line Items] | |||||
Loss Contingency, Damages Sought, Value | $ 470,000 | ||||
Treasury Stock, Common, Shares | 13,903 | ||||
Shares return, value | $ 409,000,000 | ||||
Shares return | 13,903 | ||||
Research and development expense | $ 777,000 | $ 1,650,000 | |||
Aggregate research and development expense | 2,100,000 | ||||
Scientific Research Agreement [Member] | |||||
Loss Contingencies [Line Items] | |||||
Research and development expense | 0 | 192,000 | |||
2016 Patent Exclusive License Agreement [Member] | |||||
Loss Contingencies [Line Items] | |||||
Research and development expense | 0 | 0 | |||
Proceeds from upfront amount | 200,000 | ||||
Maintenance fee | 100,000 | ||||
Performance milestone payments | 3,100,000 | ||||
Sales milestone payments | 1,000,000 | ||||
Gross sales | 250,000,000 | ||||
Sales revenue | 5,000,000 | ||||
Cumulative gross sales | $ 500,000,000 | ||||
2016 Patent Exclusive License Agreement [Member] | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Net sales percentage | 4% | ||||
Annual royalty payments | $ 250,000 | ||||
2016 Patent Exclusive License Agreement [Member] | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Net sales percentage | 6% | ||||
Annual royalty payments | $ 5,000,000 | ||||
2021 Patent License Agreement [Member] | |||||
Loss Contingencies [Line Items] | |||||
Research and development expense | $ 0 | $ 0 | |||
Maintenance fee | $ 2,000,000 | ||||
Annual royalty payments | 250,000 | ||||
Performance milestone payments | 3,100,000 | ||||
Sales milestone payments | 1,000,000 | ||||
Gross sales | 250,000,000 | ||||
Sales revenue | 5,000,000 | ||||
Cumulative gross sales | 500,000,000 | ||||
Upfront license fee | 20,000 | ||||
License maintenance fee, receivable | $ 5,000 | ||||
2021 Patent License Agreement [Member] | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Net sales percentage | 2.50% | ||||
2021 Patent License Agreement [Member] | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Net sales percentage | 5% |
Schedule of Other Information R
Schedule of Other Information Related Leases Under Non-Cancellable (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Leases | ||
Operating cash flows from operating leases | $ 30 | $ 30 |
Weighted average remaining lease term operating leases | 3 months | 1 year 6 months |
Weighted average discount rate operating leases | 10% | 10% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Operating Leases | |
Within one year | $ 30 |
After one year and within two years | |
After two years and within three years | |
Thereafter | |
Total future minimum lease payments | 30 |
Less – Discount | 0 |
Lease liability | $ 30 |
Operating Leases (Details Narra
Operating Leases (Details Narrative) | 3 Months Ended | |||||
Nov. 19, 2021 USD ($) ft² | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) | Feb. 08, 2022 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Operating lease, right of use asset | $ 27,000 | $ 53,000 | ||||
Operating lease liability | 30,000 | |||||
Rent expense | 25,000 | $ 29,000 | ||||
Lease Agreements [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Lessee, operating sublease, option to extend | commencement date of January 1, 2022 and maturing on June 30, 2024. | |||||
Operating lease, right of use asset | $ 247,294 | 260,294 | ||||
Operating lease liability | $ 260,294 | $ 13,000 | ||||
Written off right of use asset | $ 6,000 | |||||
Lease Agreements [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Area of land | ft² | 4,500 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - USD ($) | 3 Months Ended | |
Apr. 30, 2024 | Mar. 31, 2023 | |
Subsequent Event [Line Items] | ||
Stock Issued During Period, Value, New Issues | $ 6,268,000 | |
Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 120,000 | |
Stock Issued During Period, Value, New Issues | ||
Common Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 36,018 | |
Stock Issued During Period, Value, New Issues | $ 278,500 |