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GT Biopharma, Inc. filed a 10-Q/A for Q2 2025, which includes a restatement of interim financial data for the quarterly periods ended June 30, 2025, and September 30, 2025. The restatement was required due to an error in the classification and accounting of Greenshoe Rights related to Series L 10% Convertible Preferred Stock. Management determined that the Company did not maintain effective controls over the preparation and review of accounting for complex financial transactions, specifically with respect to the proper application of ASC 480. This control deficiency constituted a material weakness in internal control over financial reporting as of June 30, 2025, and September 30, 2025. The Company has concluded that its disclosure controls and procedures were not effective as of June 30, 2025. Subsequent to June 30, 2025, the Company adopted additional internal controls, including engaging an accounting consultant for complex transactions. No changes in internal controls over financial reporting were made during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.