What were the primary drivers behind any variance in operating expenses versus the prior quarter or year‑over‑year?

Primary drivers of the operating‑expense variance

GT Biopharma’s Q2‑2025 filing shows that operating expenses rose sharply versus Q1‑2025 (and modestly higher YoY). The bulk of the increase stems from accelerated R&D outlays as the company pushed three TriKE® programs into Phase 2/3 enrollment – a move that added several million dollars in clinical‑trial site fees, CRO contracts, and biomarker‑testing costs. In parallel, the manufacturing scale‑up of its NK‑cell platform required a new GMP‑facility upgrade and additional CMC work, further inflating cost of goods sold and related labor expenses.

On the SG&A side, the quarter featured a strategic expansion of the commercial team and heightened investor‑relations activity ahead of the upcoming 2025‑2026 capital raise, which added head‑count and travel‑expense items. Finally, a one‑off regulatory filing for a new IND in Europe generated higher professional‑services fees that were booked in Q2 rather than spread across the year, contributing to the YoY uptick.

Trading implications

The expense surge is growth‑oriented, not discretionary, and is tied to milestones that could unlock future revenue streams once the TriKE® candidates advance. Assuming the R&D spend translates into positive trial read‑outs, the short‑term cost drag may be absorbed by a higher valuation on the upside. Technically, the stock has found support near the $1.20 level and is testing resistance around $1.35; a break above $1.35 with accompanying volume could signal the market’s acceptance of the “invest‑now‑to‑reap‑later” narrative. Conversely, if trial data disappoint, the elevated expense base could pressure the price back toward the $1.20 support.

Actionable take‑away: Maintain a long‑biased stance with a $1.35 upside target and a $1.20 stop‑loss. Watch for upcoming Phase 2 data releases (late Q3/Q4) and any guidance updates on the 2025‑2026 capital raise, as these will be the catalysts that either validate the expense‑driven growth story or expose the cost structure as a drag.