Hilary Kramer Acquires 31,250 GTBP Shares via Option Exercise at $1.33

Rhea-AI Filing Summary

Hilary Kramer, a director of GT Biopharma, Inc. (GTBP), exercised options to acquire 31,250 shares of common stock on 09/04/2025 at an exercise price of $1.33 per share. The options are reported as fully vested and exercisable, and following the transaction Ms. Kramer directly beneficially owns 31,250 shares. The Form 4 was signed by the reporting person and reflects a single option exercise converting derivative securities into common stock.

Insights

Financial Analyst

TL;DR: Director exercised vested options to acquire 31,250 GTBP shares at $1.33 each, increasing direct ownership.

The reported transaction is a routine insider option exercise rather than an open-market purchase or sale. The exercise converts derivative securities into 31,250 common shares at a modest strike price of $1.33, and the options are explicitly stated as fully vested and exercisable. For investors, this is a non-dilutive conversion from the holder's perspective but increases outstanding shares. The filing contains no information about sales following exercise, cash proceeds disposition, or any change in overall ownership percentage.

Corporate Governance Expert

TL;DR: This is a standard, vested-option exercise by a director with transparent reporting and no disclosed atypical features.

The Form 4 documents a standard Section 16 disclosure: a director exercised options that are fully vested. The filing notes direct ownership of 31,250 shares post-exercise and includes the required signature. There are no indications of a Rule 10b5-1 plan, joint filing, or secondary sale in this submission. As presented, the transaction appears compliant with routine insider reporting obligations.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Kramer Hilary

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Option to purchase Common Stock	31,250	$0.00	--

Holdings After Transaction: Option to purchase Common Stock — 31,250 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kramer Hilary

(Last) (First) (Middle)

C/O GT BIOPHARMA, INC.

505 MONTGOMERY STREET, 10TH FLOOR

(Street)

SAN FRANCISCO CA 94111

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GT Biopharma, Inc. [ GTBP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option to purchase Common Stock	$1.33	09/04/2025		A		31,250		(1)	08/19/2035	Common Stock	31,250	$0	31,250	D

Explanation of Responses:

1. The options are fully vested and exercisable.

	/s/ Hilary Kramer	09/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Hilary Kramer report on Form 4 for GTBP?

She reported exercising options to acquire 31,250 common shares at an exercise price of $1.33 per share on 09/04/2025, resulting in direct ownership of 31,250 shares.

Were the options exercised by the GTBP director vested?

Yes. The filing explicitly states the options are fully vested and exercisable.

Does the Form 4 show any sale of GTBP shares after the exercise?

No. The filing records an acquisition via option exercise and shows direct ownership of 31,250 shares; it does not report any subsequent sale.

What was the exercise price per share reported on the GTBP Form 4?

$1.33 per share.

Did the filing indicate a 10b5-1 trading plan or joint filing for this transaction?

No indication of a Rule 10b5-1 plan or a joint/group filing is present in the submitted content.