So far unsuccessful at resolving the problem - trying different things right now like recreaing the project etc. Here's debugger log
=thread-group-added,id="i1"
(gdb)
<-gdb-set confirm off>
^done
(gdb)
<-gdb-set new-console off>
^error,msg="No symbol table is loaded. Use the \"file\" command."
(gdb)
<set width 50000>
&"set width 50000\n"
=cmd-param-changed,param="width",value="50000"
^done
(gdb)
<-gdb-version>
~"GNU gdb (GDB) 7.8.1\n"
~"Copyright (C) 2014 Free Software Foundation, Inc.\n"
~"License GPLv3+: GNU GPL version 3 or later <http://gnu.org/licenses/gpl.html>\nThis is free software: you are free to change and redistribute it.\nThere is NO WARRANTY, to the extent permitted by law. Type \"show copying\"\nand \"show warranty\" for details.\n"
~"This GDB was configured as \"x86_64-apple-darwin14.0.0\".\nType \"show configuration\" for configuration details."
~"\nFor bug reporting instructions, please see:\n"
~"<http://www.gnu.org/software/gdb/bugs/>.\n"
~"Find the GDB manual and other documentation resources online at:\n<http://www.gnu.org/software/gdb/documentation/>.\n"
~"For help, type \"help\".\n"
~"Type \"apropos word\" to search for commands related to \"word\".\n"
^done
(gdb)
<-gdb-set env TMPDIR=/var/folders/1f/bnsnksrs1nx2yztm33d36l1h0000gn/T/>
^done
(gdb)
<-gdb-set env __CF_USER_TEXT_ENCODING=0x1F5:0x0:0x0>
^done
(gdb)
<-gdb-set env SHELL=/bin/bash>
^done
(gdb)
<-gdb-set env HOME=/Users/myname>
^done
(gdb)
<-gdb-set env Apple_PubSub_Socket_Render=/private/tmp/com.apple.launchd.RFNY1ZGdsq/Render>
^done
(gdb)
<-gdb-set env SSH_AUTH_SOCK=/private/tmp/com.apple.launchd.34Vd1AMPMu/Listeners>
^done
(gdb)
<-gdb-set env PATH=/usr/bin:/bin:/usr/sbin:/sbin>
^done
(gdb)
<-gdb-set env LOGNAME=myname>
^done
(gdb)
<-gdb-set env XPC_SERVICE_NAME=lazarus.freepascal.ide.58820>
^done
(gdb)
<-gdb-set env USER=myname>
^done
(gdb)
<-gdb-set env XPC_FLAGS=0x0>
^done
(gdb)
<-file-exec-and-symbols "/Volumes/DiskW/projects-cool/MyProject/compiled/MyProjectLazarus.app">
^error,msg="/Volumes/DiskW/projects-cool/MyProject/compiled/MyProjectLazarus.app: Inappropriate ioctl for device."
(gdb)
<-file-exec-and-symbols "/Volumes/DiskW/projects-cool/MyProject/compiled/MyProjectLazarus.app/Contents/MacOS/MyProjectLazarus">
^error,msg="\"/Volumes/DiskW/projects-cool/MyProject/compiled/MyProjectLazarus.app/Contents/MacOS/MyProjectLazarus\": not in executable format: File format not recognized"
(gdb)
<kill>