Forte Biosciences(FBRX) - 2025 Q1 - Quarterly Results

Financial Performance - Forte Biosciences reported a net loss per share of $(12.17) for the year ended December 31, 2024, compared to$ (24.92) for 2023, indicating an improvement in loss per share by 51.1%[6]. - Forte's accumulated deficit increased to $(153.998) million in 2024 from$ (118.520) million in 2023, reflecting a rise of 29.9% in accumulated losses[8]. Expenses - Research and development expenses decreased to $21.2 million in 2024 from$ 21.9 million in 2023, a reduction of $0.7 million, primarily due to a$ 7.0 million decrease in manufacturing expenses[4]. - General and administrative expenses increased to $15.4 million in 2024, up from$ 10.6 million in 2023, reflecting a rise of $4.8 million mainly due to higher professional and legal expenses[5]. Cash and Assets - Forte ended 2024 with$ 58.4 million in cash, cash equivalents, and short-term investments, down from $37.1 million in cash and cash equivalents at the end of 2023[6]. - Total current assets increased to$ 61.3 million as of December 31, 2024, compared to $38.3 million in 2023, reflecting a growth of 60.0%[8]. Liabilities - Total liabilities rose to$ 9.1 million in 2024 from $3.7 million in 2023, an increase of 147.0%[8]. Clinical Trials - The company initiated a celiac patient trial for FB102, with nearly half of the patients having completed both dosing and gluten challenge, and topline results expected in Q2 2025[3]. - The company anticipates dosing the first patient in the FB102 vitiligo trial shortly, indicating ongoing commitment to expanding its clinical programs[3]. Fundraising - Forte raised$ 53.0 million in gross proceeds from an over-subscribed private placement in November 2024, enhancing its financial position[6].