GT Biopharma is a clinical-stage biopharmaceutical company developing a novel class of immuno-oncology drugs called Tri-specific Killer Engagers, or TriKEs. TriKEs are engineered fusion proteins that activate a patient's own natural killer (NK) cells and direct them to kill cancer cells by simultaneously binding to NK cells, delivering an IL-15 activation signal, and targeting proteins expressed on tumor cells. GT Biopharma argues that because TriKEs work through NK cells rather than T cells, they carry a lower risk of cytokine release syndrome and neurological side effects compared to CAR-T and other T-cell therapies. GT Biopharma holds an exclusive worldwide license to the TriKE platform from the University of Minnesota, where the technology originated. The lead program, GTB-3650, targets CD33 on leukemia cells in AML and MDS, and entered Phase 1 clinical trials in January 2025, sponsored and run by the University of Minnesota. A second program, GTB-5550, targets B7-H3 across multiple solid tumor types, with IND clearance received in January 2026 and patient enrollment expected in mid-2026. A third candidate, GTB-7550, targets CD19 on B cells for autoimmune diseases like lupus, and remains in early preclinical stages. GT Biopharma has no revenue and funds operations through equity issuances. The company runs on a lean model with one full-time employee, outsourcing manufacturing to CMOs and relying on the University of Minnesota to conduct research and run clinical trials.