GT Biopharma, Inc. (GTBP): auditor change — GT Biopharma restates Q2/Q3 2025 financials; Greenshoe Rights liability misclassified

GT Biopharma, Inc.

Audit committee concluded non-reliance on Q2 and Q3 2025 Form 10-Q after finding Greenshoe Rights should have been liability under ASC 480.
Restatement adds $28.7M liability and loss on initial recognition in Q2; net loss restated to $30.2M from $1.4M.
For Q3, change in fair value of Greenshoe Rights added $11.4M income; net loss restated to $22.6M from $5.3M.
Greenshoe Rights liability extinguished and reclassified to equity in September 2025 after redemption rights waiver.
Company plans to file amended 10-Qs for affected periods and includes restated data in 2025 10-K.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

GT Biopharma, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Weinberg & Company, P.A.

Exact text from the filing

on March 1, 2026, the audit committee of the Company’s board of directors, after discussion with the Company’s management and Weinberg, concluded that this resulted in an error in the Company’s interim quarterly financial statements as originally reported in the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2025, and September 30, 2025, which may no longer be relied upon.

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Source: SEC EDGAR

accession 0001493152-26-008442

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