GT Biopharma, Inc.

GTBPdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

GT Biopharma, Inc. earns about -259% on equity, and has bought back 80% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$58M¹	−$20.9M²	−$7.6M³	−$13.2M⁴	−$28.4M⁴
Operating cash flow	−$15.6M⁵	−$15.2M⁶	−$8.85M⁷	−$12.9M⁸	−$12.9M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$8.97M⁹	$5.67M¹⁰	$1.08M¹¹	$3.95M¹²	$6.81M¹²
Diluted shares	28.2M	1.1M	1.3M	1.9M	5.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$10.5

your share of equity

Profit it earned you last year

−$51.43

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $10.5 of net worth that earned you −$51.43 last year.

iii. Is this a good business?

Moat signal · return on equity

-259% avg · 5y

FY21 -265%FY22 -178%FY23 -102%FY24 —FY25 -490%

It earned an average -259% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−80% shares · 5y

Share count is down 80% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001493152-23-009812 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-011332 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001493152-25-007908 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-008443 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001493152-23-009812 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-011332 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001493152-25-007908 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-008443 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001493152-23-009812 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001493152-24-011332 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001493152-25-007908 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001493152-26-008443 (CashAndCashEquivalentsAtCarryingValue)