Forte Biosciences(FBRX) - 2024 Q4 - Annual Report

Financial Position - As of December 31, 2024, the company had approximately $58.4 million in cash, cash equivalents, and short-term investments[343]. - Cash, cash equivalents, and short-term investments totaled approximately$58.4 million as of December 31, 2024, expected to fund operations for at least 12 months[380]. - Net cash used in operating activities for 2024 was $30.7 million, compared to$28.7 million in 2023, indicating an increase in cash outflow[387]. - Net cash provided by financing activities in 2024 was $51.9 million, primarily from a private placement of common stock and pre-funded warrants[390]. - The company has not generated any revenue from product sales and has incurred operating losses since inception, with an accumulated deficit of$154.0 million as of December 31, 2024[375]. Private Placement - The gross proceeds from the 2024 Private Placement were $53.0 million, with issuance costs of$3.4 million[344]. - The gross proceeds from the 2023 Private Placement were $25.0 million, with issuance costs of$272 thousand[345]. - The gross proceeds from the 2024 Private Placement were $53.0 million, with issuance costs of$3.4 million[377]. Research and Development - The company anticipates research and development expenses to continue to increase as it develops its lead product candidate, FB102[353]. - The company anticipates an increase in research and development expenses as it continues to develop its lead product candidate, FB102, currently in Phase 1 clinical development[371]. - Research and development expenses decreased to $21.2 million in 2024 from$21.9 million in 2023, primarily due to a $7.0 million decrease in manufacturing expenses[370]. Operating Expenses - Total operating expenses for the year ended December 31, 2024, were$36.6 million, an increase of $4.1 million from$32.5 million in 2023[369]. - General and administrative expenses increased to $15.4 million in 2024 from$10.6 million in 2023, reflecting a rise of $4.8 million mainly due to higher professional and legal expenses[372]. Clinical Trials and Product Development - FB102 demonstrated significant reductions in NK cell pharmacodynamic markers, with reductions of approximately 70$1.2 billion in 2018 and is projected to reach $1.9 billion by 2026[340]. - The global alopecia treatment market was valued at$2.7 billion in 2018 and is projected to reach $3.9 billion by 2026, with a CAGR of 4.6$35.5 million, compared to a net loss of $31.5 million in 2023, representing an increase of$4.0 million[375].