Financial Performance - Forte Biosciences reported research and development expenses of $5.7 million for Q2 2024, down from $7.1 million in Q2 2023, primarily due to a $1.5 million decrease in manufacturing costs[5] - General and administrative expenses increased to $7.1 million in Q2 2024 from $1.9 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) 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 $11.9 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 $37.1 million at the end of 2023[7] - The total stockholders' equity decreased to $16.96 million as of June 30, 2024, from $35.31 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]
Forte Biosciences(FBRX) - 2024 Q2 - Quarterly Results