GT Biopharma

3 serious warning signs in GT Biopharma’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 8 later 8-Ks.

• Doubt it can keep going

  Serious

  The company or its auditor warned it may not have enough money to last the next year.

  “These factors raise substantial doubt about our ability to continue as a going concern within one year of the date that the financial statements are issued.”

  Show the full paragraph

  The accompanying unaudited condensed financial statements have been prepared assuming that we will continue as a going concern. We do not have any product candidates approved for sale and have not generated any revenue from our product sales. We have sustained operating losses since inception, and we expect such losses to continue into the foreseeable future. Historically, we have financed our operations through public and private sales of Common Stock, the issuance of preferred stock and Common Stock, the issuance of convertible debt instruments, and strategic collaborations. For the six months ended June 30, 2026, we recorded a net loss of approximately $7.4 million and used cash in operations of approximately $6.7 million. These factors raise substantial doubt about our ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2025 financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

  From the 10-Q filed 14 August 2026, Part II, Item 2. Read it in the filing

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

  “Based on that evaluation, we concluded that our disclosure controls and procedures were not effective as of June 30, 2026, due to a material weakness in internal control over financial reporting that was previously identified for the year ended December 31, 2025, and has not been fully remediated.”

  Show the full paragraph

  Our Principal Executive Officer and Principal Financial Officer evaluated the effectiveness of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended), as of June 30, 2026. Based on that evaluation, we concluded that our disclosure controls and procedures were not effective as of June 30, 2026, due to a material weakness in internal control over financial reporting that was previously identified for the year ended December 31, 2025, and has not been fully remediated.

  From the 10-Q filed 14 August 2026, Part II, Item 4. Read it in the filing

• Its past accounts can't be relied on

  Serious

  It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

  8-K Item 4.02 filed 2 Mar 2026: the company said its earlier financial statements should no longer be relied on.

  From an 8-K filed 2 March 2026: Previously issued accounts should no longer be relied on. Open the filing

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.