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Forte Biosciences(FBRX) - 2024 Q2 - Quarterly Results
FBRXForte Biosciences(FBRX)2024-08-14 20:37

Financial Performance - Forte Biosciences reported research and development expenses of 5.7millionforQ22024,downfrom5.7 million for Q2 2024, down from 7.1 million in Q2 2023, primarily due to a 1.5milliondecreaseinmanufacturingcosts[5]−Generalandadministrativeexpensesincreasedto1.5 million decrease in manufacturing costs[5] - General and administrative expenses increased to 7.1 million in Q2 2024 from 1.9millioninQ22023,mainlyduetohigherlegalandprofessionalexpenses[6]−ThenetlosspershareforQ22024was1.9 million in Q2 2023, mainly due to higher legal and professional expenses[6] - The net loss per share for Q2 2024 was (0.27), compared to (0.42)forQ22023,indicatinganimprovementinlosspershareyear−over−year[7]−Researchanddevelopmentexpensesforthefirsthalfof2024totaled(0.42) for Q2 2023, indicating an improvement in loss per share year-over-year[7] - Research and development expenses for the first half of 2024 totaled 10.1 million, down from 11.9millioninthesameperiodof2023,reflectingadecreaseinmanufacturingcosts[6]CashandEquityPosition−ForteendedQ22024withapproximately11.9 million in the same period of 2023, reflecting a decrease in manufacturing costs[6] Cash and Equity Position - Forte ended Q2 2024 with approximately 24.5 million in cash and cash equivalents, down from 37.1millionattheendof2023[7]−Thetotalstockholders′equitydecreasedto37.1 million at the end of 2023[7] - The total stockholders' equity decreased to 16.96 million as of June 30, 2024, from 35.31millionattheendof2023,primarilyduetoaccumulateddeficitincreases[9]−Forte′stotalassetsdecreasedto35.31 million at the end of 2023, primarily due to accumulated deficit increases[9] - Forte's total assets decreased to 26.08 million as of June 30, 2024, from $38.98 million at the end of 2023, indicating a significant reduction in financial resources[9] Product Development - The company is advancing its FB102 program into a patient study for celiac disease, with first patient dosing expected in Q3 2024 and top-line results anticipated by Q2 2025[4] - Forte's FB102 demonstrated a good safety profile in the completed phase 1 healthy volunteer study, with significant reductions in NK cell pharmacodynamic markers observed[4] - The company is optimistic about the potential of FB102 across various autoimmune diseases, citing significant unmet needs in the market[2]