Forte Biosciences Key Executives
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Forte Biosciences Earnings
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| Transcript | Quarter | Year | Date | Estimated EPS | Actual EPS |
|---|
Forte Biosciences, Inc. operates as a clinical-stage biopharmaceutical company in the United States. It is developing FB-102 program that addresses various autoimmune diseases, such as vitiligo and alopecia areata. The company is headquartered in Dallas, Texas.
$7.35
Stock Price
$48.38M
Market Cap
14
Employees
Dallas, TX
Location
Financial Statements
Access annual & quarterly financial statements for Forte Biosciences, including income statements, balance sheets, and cash flow statements..
Annual Income Statement
| Breakdown | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 |
|---|---|---|---|---|---|
| Revenue | $- | $- | $- | $- | $- |
| Cost of Revenue | $- | $9.00K | $- | $36.00K | $54.00K |
| Gross Profit | $- | $-9.00K | $- | $-36.00K | $-54.00K |
| Gross Profit Ratio | 0.00% | - | 0.00% | - | - |
| Research and Development Expenses | $20.71M | $21.86M | $5.59M | $13.85M | $10.00M |
| General and Administrative Expenses | $15.41M | $10.62M | $8.30M | $7.63M | $4.22M |
| Selling and Marketing Expenses | $- | $-9.00K | $- | $- | $- |
| Selling General and Administrative Expenses | $15.41M | $10.62M | $8.30M | $7.63M | $4.22M |
| Other Expenses | $479.00K | $-1 | $17.00K | $-222.00K | $-205.00K |
| Operating Expenses | $36.60M | $32.48M | $13.90M | $21.49M | $14.22M |
| Cost and Expenses | $- | $32.49M | $13.90M | $21.49M | $14.22M |
| Interest Income | $1.31M | $1.12M | $- | $- | $- |
| Interest Expense | $- | $- | $- | $- | $- |
| Depreciation and Amortization | $- | $9.00K | $36.00K | $36.00K | $54.00K |
| EBITDA | $-36.60M | $-32.48M | $-13.90M | $-21.45M | $-46.43M |
| EBITDA Ratio | - | - | - | - | - |
| Operating Income | $-36.60M | $-32.49M | $-13.90M | $-21.49M | $17.83M |
| Operating Income Ratio | - | - | - | - | - |
| Total Other Income Expenses Net | $1.12M | $1.01M | $17.00K | $-222.00K | $-205.00K |
| Income Before Tax | $-35.48M | $-31.48M | $-13.88M | $-21.71M | $-46.49M |
| Income Before Tax Ratio | - | - | - | - | - |
| Income Tax Expense | $- | $- | $-17.00K | $-200.56K | $32.06M |
| Net Income | $-35.48M | $-31.48M | $-13.86M | $-21.71M | $-78.54M |
| Net Income Ratio | - | - | - | - | - |
| EPS | $-12.17 | $-24.92 | $-19.96 | $-38.85 | $-157.93 |
| EPS Diluted | $-12.17 | $-24.92 | $-19.96 | $-38.85 | $-157.93 |
| Weighted Average Shares Outstanding | 2.92M | 1.26M | 695.34K | 558.71K | 294.36K |
| Weighted Average Shares Outstanding Diluted | 2.92M | 1.26M | 695.34K | 558.71K | 294.36K |
| SEC Filing | Source | Source | Source | Source | Source |
| Breakdown | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $- | $- | $- | $- | $6.00K | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Cost of Revenue | $- | $- | $10.00K | $9.00K | $6.00K | $3.00K | $- | $- | $- | $- | $- | $- | $- | $9.00K | $13.00K | $14.00K | $- | $- | $- | $- |
| Gross Profit | $- | $- | $-10.00K | $-9.00K | $- | $-3.00K | $- | $- | $- | $- | $- | $- | $- | $-9.00K | $-13.00K | $-14.00K | $- | $- | $- | $- |
| Gross Profit Ratio | - | 0.00% | - | - | 0.00% | - | 0.00% | 0.00% | 0.00% | 0.00% | - | - | - | - | - | - | 0.00% | 0.00% | 0.00% | 0.00% |
| Research and Development Expenses | $5.23M | $5.72M | $5.74M | $4.35M | $3.57M | $6.37M | $7.14M | $4.79M | $2.49M | $1.38M | $1.03M | $693.00K | $1.35M | $5.66M | $3.52M | $3.32M | $3.02M | $3.69M | $1.94M | $1.35M |
| General and Administrative Expenses | $2.12M | $2.76M | $7.08M | $3.45M | $2.81M | $3.85M | $1.90M | $2.07M | $2.45M | $2.04M | $1.99M | $1.82M | $1.95M | $2.04M | $2.22M | $1.42M | $1.47M | $1.32M | $760.00K | $673.00K |
| Selling and Marketing Expenses | $- | $- | $- | $-9.00K | $-6.00K | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Selling General and Administrative Expenses | $2.12M | $2.76M | $7.08M | $3.44M | $2.81M | $3.85M | $1.90M | $2.07M | $2.45M | $2.04M | $1.99M | $1.82M | $1.95M | $2.04M | $2.22M | $1.42M | $1.47M | $1.32M | $760.00K | $673.00K |
| Other Expenses | $- | $150.00K | $- | $384.00K | $-615.00K | $261.00K | $138.00K | $102.00K | $62.00K | $23.00K | $-15.00K | $-53.00K | $-42.00K | $-52.00K | $-65.00K | $-63.00K | $-83.00K | $-92.00K | $-7.00K | $-23.00K |
| Operating Expenses | $7.35M | $8.63M | $12.82M | $7.79M | $6.38M | $10.22M | $9.03M | $6.86M | $4.94M | $3.42M | $3.02M | $2.51M | $3.30M | $7.70M | $5.75M | $4.74M | $4.49M | $5.01M | $2.70M | $2.03M |
| Cost and Expenses | $7.35M | $8.63M | $12.82M | $7.80M | $6.38M | $10.22M | $9.03M | $6.86M | $4.94M | $3.42M | $3.02M | $2.51M | $3.30M | $7.70M | $5.75M | $4.74M | $4.49M | $5.01M | $2.70M | $2.03M |
| Interest Income | $- | $- | $- | $- | $1.12M | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Interest Expense | $- | $- | $- | $- | $102.00K | $- | $- | $- | $6.00K | $- | $15.00K | $53.00K | $42.00K | $- | $- | $- | $- | $- | $- | $- |
| Depreciation and Amortization | $10.00K | $10.00K | $10.00K | $9.00K | $6.00K | $3.00K | $9.03M | $6.86M | $9.00K | $9.00K | $9.00K | $9.00K | $-42.00K | $9.00K | $13.00K | $14.00K | $14.00K | $13.00K | $14.00K | $13.00K |
| EBITDA | $-7.34M | $-8.62M | $-12.81M | $-7.79M | $-6.38M | $-10.21M | $-9.03M | $-6.86M | $-4.94M | $-3.42M | $-3.02M | $-2.51M | $-3.30M | $-7.69M | $-5.73M | $-4.73M | $-4.48M | $-5.00M | $-2.68M | $-2.01M |
| EBITDA Ratio | - | - | - | - | -106250.00% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | $-7.35M | $-8.63M | $-12.82M | $-7.80M | $-6.38M | $-10.22M | $-9.03M | $-6.86M | $-4.94M | $-3.42M | $-3.02M | $-2.51M | $-3.30M | $-7.70M | $-5.75M | $-4.74M | $-4.49M | $-5.01M | $-34.75M | $-2.03M |
| Operating Income Ratio | - | - | - | - | -106350.00% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Other Income Expenses Net | $196.00K | $237.00K | $307.00K | $384.00K | $509.00K | $261.00K | $138.00K | $102.00K | $62.00K | $23.00K | $-15.00K | $-53.00K | $-42.00K | $-52.00K | $-65.00K | $-63.00K | $-83.00K | $-92.00K | $-7.00K | $-23.00K |
| Income Before Tax | $-7.16M | $-8.39M | $-12.51M | $-7.42M | $-5.87M | $-9.96M | $-8.90M | $-6.75M | $-4.88M | $-3.40M | $-3.04M | $-2.57M | $-3.34M | $-7.75M | $-5.81M | $-4.80M | $-4.58M | $-5.10M | $-34.76M | $-2.05M |
| Income Before Tax Ratio | - | - | - | - | -97866.67% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax Expense | $- | $- | $- | $-34.28K | $114.03K | $-3.00K | $-9.03K | $-102.00K | $6.00K | $-23.00K | $15.00K | $53.00K | $42.00K | $- | $- | $- | $- | $- | $32.06M | $- |
| Net Income | $-7.16M | $-8.39M | $-12.51M | $-7.42M | $-5.87M | $-9.96M | $-8.90M | $-6.65M | $-4.88M | $-3.38M | $-3.05M | $-2.62M | $-3.34M | $-7.75M | $-5.81M | $-4.80M | $-4.58M | $-5.10M | $-34.76M | $-2.05M |
| Net Income Ratio | - | - | - | - | -97866.67% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS | $-3.00 | $-4.54 | $-6.78 | $-4.03 | $-4.04 | $-6.57 | $-10.57 | $-8.04 | $-5.81 | $-4.49 | $-5.14 | $-4.35 | $-5.66 | $-13.61 | $-10.68 | $-9.06 | $-8.92 | $-11.37 | $-238.06 | $-161.28 |
| EPS Diluted | $-3.00 | $-4.54 | $-6.78 | $-4.03 | $-4.04 | $-6.57 | $-10.57 | $-8.04 | $-5.81 | $-4.49 | $-5.14 | $-4.35 | $-5.66 | $-13.61 | $-10.68 | $-9.06 | $-8.92 | $-11.37 | $-238.06 | $-161.28 |
| Weighted Average Shares Outstanding | 2.38M | 1.85M | 1.85M | 1.84M | 1.45M | 1.51M | 841.87K | 840.27K | 840.00K | 757.10K | 590.45K | 590.39K | 590.18K | 569.65K | 544.13K | 530.12K | 513.22K | 448.36K | 146.02K | 63.74K |
| Weighted Average Shares Outstanding Diluted | 2.38M | 1.85M | 1.85M | 1.84M | 1.45M | 1.51M | 841.87K | 840.27K | 840.00K | 757.10K | 590.45K | 590.39K | 590.18K | 569.65K | 544.13K | 530.12K | 513.22K | 448.36K | 146.02K | 63.74K |
| SEC Filing | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source |
Annual Balance Sheet
| Breakdown | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 |
|---|---|---|---|---|---|
| Cash and Cash Equivalents | $22.24M | $11.96M | $41.10M | $42.04M | $58.77M |
| Short Term Investments | $36.12M | $25.16M | $- | $- | $- |
| Cash and Short Term Investments | $58.37M | $37.12M | $41.10M | $42.04M | $58.77M |
| Net Receivables | $- | $- | $- | $- | $- |
| Inventory | $- | $- | $- | $- | $- |
| Other Current Assets | $2.98M | $1.20M | $411.00K | $476.00K | $1.13M |
| Total Current Assets | $61.35M | $38.33M | $41.51M | $42.52M | $59.90M |
| Property Plant Equipment Net | $77.00K | $109.00K | $- | $- | $97.00K |
| Goodwill | $- | $- | $- | $- | $- |
| Intangible Assets | $- | $- | $- | $- | $- |
| Goodwill and Intangible Assets | $- | $- | $- | $- | $- |
| Long Term Investments | $- | $- | $- | $- | $- |
| Tax Assets | $- | $- | $- | $- | $- |
| Other Non-Current Assets | $138.00K | $544.00K | $486.00K | $786.00K | $1.24M |
| Total Non-Current Assets | $215.00K | $653.00K | $486.00K | $786.00K | $1.34M |
| Other Assets | $- | $- | $- | $0 | $0 |
| Total Assets | $61.56M | $38.98M | $42.00M | $43.31M | $61.24M |
| Account Payables | $4.88M | $1.42M | $1.15M | $946.00K | $1.24M |
| Short Term Debt | $- | $- | $- | $- | $- |
| Tax Payables | $- | $- | $- | $- | $- |
| Deferred Revenue | $- | $- | $- | $- | $- |
| Other Current Liabilities | $4.20M | $2.24M | $2.03M | $812.00K | $1.02M |
| Total Current Liabilities | $9.08M | $3.67M | $3.18M | $1.76M | $2.26M |
| Long Term Debt | $- | $- | $- | $- | $- |
| Deferred Revenue Non-Current | $- | $- | $- | $- | $- |
| Deferred Tax Liabilities Non-Current | $- | $- | $- | $- | $- |
| Other Non-Current Liabilities | $- | $- | $- | $- | $- |
| Total Non-Current Liabilities | $- | $- | $1.15M | $- | $- |
| Other Liabilities | $- | $- | $-1.15M | $- | $- |
| Total Liabilities | $9.08M | $3.67M | $3.18M | $1.76M | $2.26M |
| Preferred Stock | $- | $- | $- | $43.31M | $61.24M |
| Common Stock | $6.00K | $36.00K | $21.00K | $15.00K | $13.00K |
| Retained Earnings | $-154.00M | $-118.52M | $-87.04M | $-73.17M | $-51.46M |
| Accumulated Other Comprehensive Income Loss | $11.00K | $4.00K | $- | $-43.31M | $-61.24M |
| Other Total Stockholders Equity | $206.46M | $153.79M | $125.84M | $71.39M | $49.19M |
| Total Stockholders Equity | $52.48M | $35.31M | $38.82M | $41.55M | $58.98M |
| Total Equity | $52.48M | $35.31M | $38.82M | $41.55M | $58.98M |
| Total Liabilities and Stockholders Equity | $61.56M | $38.98M | $42.00M | $43.31M | $61.24M |
| Minority Interest | $- | $- | $- | $- | $- |
| Total Liabilities and Total Equity | $61.56M | $38.98M | $42.00M | $43.31M | $61.24M |
| Total Investments | $36.12M | $25.16M | $- | $- | $- |
| Total Debt | $- | $- | $- | $- | $- |
| Net Debt | $-22.24M | $-11.96M | $-41.10M | $-42.04M | $-58.77M |
Balance Sheet Charts
| Breakdown | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | $22.24M | $16.36M | $24.50M | $10.63M | $11.96M | $21.14M | $20.44M | $35.90M | $41.10M | $44.05M | $38.55M | $40.03M | $42.04M | $45.66M | $50.80M | $54.76M | $58.77M | $20.18M | $27.75M | $4.12M |
| Short Term Investments | $36.12M | $- | $- | $19.81M | $25.16M | $25.04M | $9.99M | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Cash and Short Term Investments | $58.37M | $16.36M | $24.50M | $30.44M | $37.12M | $46.19M | $30.43M | $35.90M | $41.10M | $44.05M | $38.55M | $40.03M | $42.04M | $45.66M | $50.80M | $54.76M | $58.77M | $20.18M | $27.75M | $4.12M |
| Net Receivables | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Inventory | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Current Assets | $2.98M | $1.30M | $1.21M | $1.06M | $1.20M | $917.00K | $322.00K | $369.00K | $411.00K | $546.00K | $298.00K | $376.00K | $476.00K | $891.00K | $1.09M | $1.11M | $1.13M | $1.44M | $395.00K | $800.00K |
| Total Current Assets | $61.35M | $17.67M | $25.71M | $31.50M | $38.33M | $47.10M | $30.75M | $36.27M | $41.51M | $44.59M | $38.85M | $40.41M | $42.52M | $46.56M | $51.88M | $55.87M | $59.90M | $21.62M | $28.14M | $4.92M |
| Property Plant Equipment Net | $77.00K | $86.00K | $96.00K | $106.00K | $109.00K | $98.00K | $30.00K | $- | $- | $- | $- | $- | $- | $- | $70.00K | $83.00K | $97.00K | $110.00K | $124.00K | $137.00K |
| Goodwill | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Intangible Assets | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Goodwill and Intangible Assets | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Long Term Investments | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Tax Assets | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Non-Current Assets | $138.00K | $192.00K | $271.00K | $409.00K | $544.00K | $679.00K | $407.00K | $437.00K | $486.00K | $534.00K | $874.00K | $893.00K | $786.00K | $834.00K | $936.00K | $1.11M | $1.24M | $1.00M | $43.00K | $43.00K |
| Total Non-Current Assets | $215.00K | $278.00K | $367.00K | $515.00K | $653.00K | $777.00K | $437.00K | $437.00K | $486.00K | $534.00K | $874.00K | $893.00K | $786.00K | $834.00K | $1.01M | $1.20M | $1.34M | $1.11M | $167.00K | $180.00K |
| Other Assets | $- | $- | $- | $- | $1 | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Assets | $61.56M | $17.95M | $26.08M | $32.02M | $38.98M | $47.88M | $31.18M | $36.71M | $42.00M | $45.13M | $39.72M | $41.30M | $43.31M | $47.39M | $52.89M | $57.07M | $61.24M | $22.73M | $28.31M | $5.10M |
| Account Payables | $4.88M | $5.16M | $5.28M | $1.69M | $1.42M | $5.35M | $3.01M | $1.34M | $1.15M | $1.19M | $698.00K | $576.00K | $946.00K | $2.33M | $985.00K | $1.21M | $1.24M | $1.51M | $2.57M | $668.00K |
| Short Term Debt | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $4.98M |
| Tax Payables | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $43.00K | $- | $- |
| Deferred Revenue | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $-4.98M |
| Other Current Liabilities | $4.20M | $3.42M | $3.84M | $1.65M | $2.24M | $2.12M | $3.29M | $2.42M | $2.03M | $1.10M | $815.00K | $680.00K | $812.00K | $1.41M | $1.99M | $1.16M | $1.02M | $855.00K | $866.00K | $-4.29M |
| Total Current Liabilities | $9.08M | $8.58M | $9.12M | $3.33M | $3.67M | $7.47M | $6.30M | $3.76M | $3.18M | $2.29M | $1.51M | $1.26M | $1.76M | $3.74M | $2.98M | $2.37M | $2.26M | $2.41M | $3.43M | $1.36M |
| Long Term Debt | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $3.91M |
| Deferred Revenue Non-Current | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Deferred Tax Liabilities Non-Current | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Non-Current Liabilities | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Non-Current Liabilities | $- | $- | $- | $- | $- | $- | $- | $1.34M | $1.15M | $1.19M | $698.00K | $576.00K | $946.00K | $- | $- | $- | $- | $- | $- | $3.91M |
| Other Liabilities | $- | $- | $- | $- | $- | $- | $- | $-1.34M | $-1.15M | $-1.19M | $-698.00K | $-576.00K | $-946.00K | $- | $- | $- | $- | $- | $- | $-3.91M |
| Total Liabilities | $9.08M | $8.58M | $9.12M | $3.33M | $3.67M | $7.47M | $6.30M | $3.76M | $3.18M | $2.29M | $1.51M | $1.26M | $1.76M | $3.74M | $2.98M | $2.37M | $2.26M | $2.41M | $3.43M | $1.36M |
| Preferred Stock | $- | $- | $- | $- | $- | $- | $- | $- | $- | $45.13M | $39.72M | $41.30M | $1 | $47.39M | $52.89M | $57.07M | $0 | $22.73M | $28.31M | $10.52M |
| Common Stock | $6.00K | $1.00K | $36.00K | $36.00K | $36.00K | $36.00K | $21.00K | $21.00K | $21.00K | $21.00K | $15.00K | $15.00K | $15.00K | $15.00K | $14.00K | $13.00K | $13.00K | $11.00K | $11.00K | $1.00K |
| Retained Earnings | $-154.00M | $-146.84M | $-138.45M | $-125.94M | $-118.52M | $-112.65M | $-102.69M | $-93.80M | $-87.04M | $-82.17M | $-78.77M | $-75.73M | $-73.17M | $-69.82M | $-62.07M | $-56.26M | $-51.46M | $-46.88M | $-41.78M | $-7.02M |
| Accumulated Other Comprehensive Income Loss | $11.00K | $1.00K | $-7.00K | $-2.00K | $4.00K | $-5.00K | $1.00K | $- | $- | $- | $- | $-41.30M | $0 | $-47.39M | $-52.89M | $-57.07M | $-0 | $-22.73M | $-28.31M | $-0 |
| Other Total Stockholders Equity | $206.46M | $156.21M | $155.38M | $154.59M | $153.79M | $153.03M | $127.56M | $126.72M | $125.84M | $124.98M | $116.96M | $115.77M | $114.70M | $66.07M | $59.08M | $53.88M | $110.42M | $44.46M | $38.34M | $247.00K |
| Total Stockholders Equity | $52.48M | $9.37M | $16.96M | $28.68M | $35.31M | $40.41M | $24.88M | $32.95M | $38.82M | $42.84M | $38.21M | $40.05M | $41.55M | $43.65M | $49.91M | $54.70M | $58.98M | $20.32M | $24.88M | $3.74M |
| Total Equity | $52.48M | $9.37M | $16.96M | $28.68M | $35.31M | $40.41M | $24.88M | $32.95M | $38.82M | $42.84M | $38.21M | $40.05M | $41.55M | $43.65M | $49.91M | $54.70M | $58.98M | $20.32M | $24.88M | $3.74M |
| Total Liabilities and Stockholders Equity | $61.56M | $17.95M | $26.08M | $32.02M | $38.98M | $47.88M | $31.18M | $36.71M | $42.00M | $45.13M | $39.72M | $41.30M | $43.31M | $47.39M | $52.89M | $57.07M | $61.24M | $22.73M | $28.31M | $5.10M |
| Minority Interest | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Liabilities and Total Equity | $61.56M | $17.95M | $26.08M | $32.02M | $38.98M | $47.88M | $31.18M | $36.71M | $42.00M | $45.13M | $39.72M | $41.30M | $43.31M | $47.39M | $52.89M | $57.07M | $61.24M | $22.73M | $28.31M | $5.10M |
| Total Investments | $36.12M | $- | $14.92M | $19.81M | $25.16M | $25.04M | $9.99M | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Debt | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $4.98M |
| Net Debt | $-22.24M | $-16.36M | $-24.50M | $-10.63M | $-11.96M | $-21.14M | $-20.44M | $-35.90M | $-41.10M | $-44.05M | $-38.55M | $-40.03M | $-42.04M | $-45.66M | $-50.80M | $-54.76M | $-58.77M | $-20.18M | $-27.75M | $862.00K |
Annual Cash Flow
| Breakdown | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 |
|---|---|---|---|---|---|
| Net Income | $-35.48M | $-31.48M | $-13.88M | $-21.71M | $-46.49M |
| Depreciation and Amortization | $39.00K | $9.00K | $- | $36.00K | $54.00K |
| Deferred Income Tax | $- | $- | $- | $- | $- |
| Stock Based Compensation | $3.10M | $3.28M | $4.01M | $4.21M | $956.00K |
| Change in Working Capital | $1.76M | $-392.00K | $1.68M | $720.00K | $-3.83M |
| Accounts Receivables | $- | $- | $- | $- | $- |
| Inventory | $- | $- | $- | $- | $- |
| Accounts Payables | $3.02M | $271.00K | $207.00K | $-294.00K | $-369.00K |
| Other Working Capital | $-1.26M | $-663.00K | $1.47M | $1.01M | $-3.46M |
| Other Non Cash Items | $-158.00K | $-131.00K | $3.81M | $61.00K | $30.89M |
| Net Cash Provided by Operating Activities | $-30.75M | $-28.71M | $-8.19M | $-16.68M | $-18.42M |
| Investments in Property Plant and Equipment | $-37.00K | $-88.00K | $- | $- | $- |
| Acquisitions Net | $- | $- | $- | $- | $3.58K |
| Purchases of Investments | $-35.96M | $-9.96M | $- | $- | $- |
| Sales Maturities of Investments | $- | $10.10M | $- | $- | $- |
| Other Investing Activities | $- | $- | $- | $- | $3.58M |
| Net Cash Used for Investing Activities | $-35.99M | $47.00K | $- | $- | $3.58M |
| Debt Repayment | $- | $- | $- | $- | $- |
| Common Stock Issued | $53.00M | $24.74M | $7.23M | $62.00K | $66.70M |
| Common Stock Repurchased | $-1.00K | $- | $- | $- | $- |
| Dividends Paid | $- | $- | $- | $- | $- |
| Other Financing Activities | $-1.14M | $-28.00K | $12.00K | $-44.00K | $-32.00K |
| Net Cash Used Provided by Financing Activities | $51.86M | $24.68M | $7.24M | $-44.00K | $66.67M |
| Effect of Forex Changes on Cash | $- | $- | $- | $- | $- |
| Net Change in Cash | $-14.88M | $-3.98M | $-944.00K | $-16.72M | $51.83M |
| Cash at End of Period | $22.24M | $37.12M | $41.10M | $42.04M | $58.77M |
| Cash at Beginning of Period | $37.12M | $41.10M | $42.04M | $58.77M | $6.94M |
| Operating Cash Flow | $-30.75M | $-28.71M | $-8.19M | $-16.68M | $-18.42M |
| Capital Expenditure | $-37.00K | $-88.00K | $- | $- | $- |
| Free Cash Flow | $-30.78M | $-28.79M | $-8.19M | $-16.68M | $-18.42M |
Cash Flow Charts
| Breakdown | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $-7.16M | $-8.39M | $-12.51M | $-7.42M | $-5.87M | $-9.96M | $-8.90M | $-6.75M | $-4.88M | $-3.40M | $-3.04M | $-2.57M | $-3.34M | $-7.75M | $-5.81M | $-4.80M | $-4.58M | $-5.10M | $-34.76M | $-2.05M |
| Depreciation and Amortization | $10.00K | $10.00K | $10.00K | $9.00K | $6.00K | $3.00K | $- | $- | $- | $- | $- | $- | $- | $9.00K | $13.00K | $14.00K | $14.00K | $13.00K | $14.00K | $13.00K |
| Deferred Income Tax | $- | $- | $- | $- | $-4.66M | $-3.00K | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $3.83M | $- | $- | $- |
| Stock Based Compensation | $697.00K | $791.00K | $802.00K | $805.00K | $780.00K | $772.00K | $855.00K | $877.00K | $860.00K | $906.00K | $1.19M | $1.05M | $1.24M | $1.47M | $1.01M | $495.00K | $555.00K | $375.00K | $24.00K | $2.00K |
| Change in Working Capital | $-3.40M | $-551.00K | $5.77M | $-55.00K | $-3.89M | $240.00K | $2.59M | $672.00K | $1.12M | $554.00K | $464.00K | $-463.00K | $-1.48M | $1.08M | $853.00K | $265.00K | $204.00K | $-3.03M | $-178.00K | $-830.00K |
| Accounts Receivables | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Inventory | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Accounts Payables | $-714.00K | $-116.00K | $3.59M | $261.00K | $-3.87M | $2.28M | $1.66M | $189.00K | $18.00K | $466.00K | $93.00K | $-370.00K | $-1.38M | $1.34M | $-221.00K | $-34.00K | $25.00K | $-1.35M | $1.86M | $-900.00K |
| Other Working Capital | $-2.69M | $-435.00K | $2.18M | $-316.00K | $-25.00K | $-2.04M | $923.00K | $-189.00K | $1.11M | $88.00K | $371.00K | $-93.00K | $-95.00K | $-264.00K | $1.07M | $299.00K | $179.00K | $-1.67M | $-2.04M | $70.00K |
| Other Non Cash Items | $-156.00K | $9.00K | $-5.00K | $556.00K | $4.67M | $-115.00K | $-21.00K | $688.00K | $842.00K | $440.00K | $1.10M | $1.43M | $2.62M | $61.00K | $1.25M | $557.00K | $-3.83M | $-1.35M | $30.89M | $-900.00K |
| Net Cash Provided by Operating Activities | $-10.01M | $-8.13M | $-5.94M | $-6.67M | $-8.97M | $-9.06M | $-5.47M | $-5.20M | $-2.89M | $-1.94M | $-1.38M | $-1.98M | $-3.58M | $-5.13M | $-3.94M | $-4.03M | $-3.80M | $-7.74M | $-4.02M | $-2.87M |
| Investments in Property Plant and Equipment | $-31.00K | $- | $- | $-6.00K | $-17.00K | $-71.00K | $- | $- | $- | $- | $- | $- | $61.00K | $- | $- | $- | $- | $- | $- | $- |
| Acquisitions Net | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $-1.00K | $3.58M | $- |
| Purchases of Investments | $-35.96M | $- | $- | $- | $- | $- | $-9.96M | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Sales Maturities of Investments | $- | $- | $- | $- | $1.00K | $10.10M | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $12.72M |
| Other Investing Activities | $- | $- | $- | $- | $1 | $10.10K | $-9.96K | $- | $- | $- | $- | $- | $-61.00K | $- | $- | $- | $3.58M | $-1.00K | $- | $- |
| Net Cash Used for Investing Activities | $-35.99M | $- | $- | $-6.00K | $-16.00K | $10.03M | $-9.96M | $- | $- | $- | $- | $- | $61.00K | $- | $- | $- | $3.58M | $-1.00K | $3.58M | $12.72M |
| Debt Repayment | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Common Stock Issued | $53.00M | $6.00K | $- | $8.00K | $-63.00K | $24.82M | $-24.00K | $6.00K | $-55.00K | $7.28M | $- | $12.00K | $62.00K | $19.00K | $15.00K | $27.00K | $42.68M | $- | $- | $10.00K |
| Common Stock Repurchased | $- | $26.00K | $-10.00K | $-16.00K | $-75 | $-24 | $-24 | $- | $-55.00K | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Dividends Paid | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Financing Activities | $-1.12M | $-2.00K | $-10.00K | $-8.00K | $-10.00K | $24.78M | $- | $6.00K | $- | $7.44M | $-110.00K | $-34.00K | $-39.00K | $-3.00K | $-29.00K | $27.00K | $-290.00K | $166.00K | $24.06M | $45.00K |
| Net Cash Used Provided by Financing Activities | $51.88M | $-2.00K | $-10.00K | $-8.00K | $-75.00K | $24.78M | $-24.00K | $6.00K | $-55.00K | $7.44M | $-110.00K | $-34.00K | $-39.00K | $-3.00K | $-29.00K | $27.00K | $42.39M | $166.00K | $24.06M | $45.00K |
| Effect of Forex Changes on Cash | $- | $- | $- | $- | $-123.00K | $- | $- | $- | $- | $- | $- | $- | $-61.00K | $- | $- | $- | $-3.58M | $- | $- | $-12.72M |
| Net Change in Cash | $5.88M | $-8.13M | $-5.95M | $-1.33M | $-9.18M | $25.75M | $-15.46M | $-5.20M | $-2.95M | $5.50M | $-1.49M | $-2.01M | $-3.62M | $-5.13M | $-3.97M | $-4.00M | $38.59M | $-7.57M | $23.63M | $-2.82M |
| Cash at End of Period | $22.24M | $16.36M | $24.50M | $10.63M | $11.96M | $46.19M | $20.44M | $35.90M | $41.10M | $44.05M | $38.55M | $40.03M | $42.04M | $45.66M | $50.80M | $54.76M | $58.77M | $20.18M | $27.75M | $4.12M |
| Cash at Beginning of Period | $16.36M | $24.50M | $30.44M | $11.96M | $21.14M | $20.44M | $35.90M | $41.10M | $44.05M | $38.55M | $40.03M | $42.04M | $45.66M | $50.80M | $54.76M | $58.77M | $20.18M | $27.75M | $4.12M | $6.94M |
| Operating Cash Flow | $-10.01M | $-8.13M | $-5.94M | $-6.67M | $-8.97M | $-9.06M | $-5.47M | $-5.20M | $-2.89M | $-1.94M | $-1.38M | $-1.98M | $-3.58M | $-5.13M | $-3.94M | $-4.03M | $-3.80M | $-7.74M | $-4.02M | $-2.87M |
| Capital Expenditure | $-31.00K | $- | $- | $-6.00K | $-17.00K | $-71.00K | $- | $- | $- | $- | $- | $- | $61.00K | $- | $- | $- | $- | $- | $- | $- |
| Free Cash Flow | $-10.04M | $-8.13M | $-5.94M | $-6.67M | $-8.99M | $-9.13M | $-5.47M | $-5.20M | $-2.89M | $-1.94M | $-1.38M | $-1.98M | $-3.52M | $-5.13M | $-3.94M | $-4.03M | $-3.80M | $-7.74M | $-4.02M | $-2.87M |
Forte Biosciences Dividends
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Forte Biosciences News
Read the latest news about Forte Biosciences, including recent articles, headlines, and updates.
Forte Biosciences (FBRX) Is a Great Choice for 'Trend' Investors, Here's Why
Forte Biosciences (FBRX) could be a solid choice for shorter-term investors looking to capitalize on the recent price trend in fundamentally sound stocks. It is one of the many stocks that passed through our shorter-term trading strategy-based screen.
Here's Why Momentum in Forte Biosciences (FBRX) Should Keep going
Forte Biosciences (FBRX) could be a solid choice for shorter-term investors looking to capitalize on the recent price trend in fundamentally sound stocks. It is one of the many stocks that passed through our shorter-term trading strategy-based screen.
Forte Biosciences, Inc. Announces Oversubscribed $53 Million Private Placement From Leading Healthcare Institutional Investors to Advance FB102 Across Autoimmune Indications
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a clinical-stage biopharmaceutical company focused on autoimmune and autoimmune-related diseases, today announced an oversubscribed $53 million equity financing to support the continuing clinical advancement of FB102. “We are appreciative of the support from new and existing investors including OrbiMed, Janus Henderson Investors, Tybourne Capital Management, Alger, Ikarian Capital, LLC, BVF Partners LP, and Th.
Forte Biosciences, Inc. Reports Inducement Grants Under Nasdaq Listing Rules
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a clinical-stage biopharmaceutical company focused on autoimmune and autoimmune-related diseases, today announced the issuance of equity inducement awards as required by the Nasdaq Stock Market Rules. In accordance with NASDAQ Listing Rule 5635(c)(4), the Compensation Committee of Forte's Board of Directors approved the grant of equity awards to purchase a total of 70,000 shares of common stock to new non-exec.
Forte Biosciences, Inc. Announces First Quarter 2024 Results and Provides Business Update
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a clinical-stage biopharmaceutical company focused on autoimmune and autoimmune-related diseases, today announced first quarter 2024 results and provided a business update. First Quarter 2024 Business Highlights “Forte continues to make excellent progress with FB102. As we indicated last quarter, the single ascending dose (SAD) portion of the FB102 phase 1 trial was successfully completed. We expect the dosing.
Forte Biosciences, Inc. Announces 2023 Results and Provides Business Update
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a clinical-stage biopharmaceutical company focused on autoimmune and autoimmune-related diseases, today announced its 2023 results and provided a business update. 2023 Business Highlights “Forte achieved a major milestone by advancing FB-102 into the clinic and beating the timelines we targeted in our third quarter business update. The single ascending dose (SAD) portion of the FB-102 phase 1 trial was success.
Forte Biosciences, Inc. Reports Inducement Grant Under Nasdaq Listing Rules
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases today announced the issuance of an equity inducement award as required by the Nasdaq Stock Market Rules. In accordance with NASDAQ Listing Rule 5635(c)(4), the Compensation Committee of Forte's Board of Directors approved the grant of an equity award to purchase 25,000 shares of common stock to a new non-executive employee as a material inducement to s.
ISS and Glass Lewis Recommend Forte Biosciences Stockholders Vote FOR Boardroom Change at the Company's Upcoming Annual Meeting
NEW YORK--(BUSINESS WIRE)--Camac Partners, LLC (“Camac”) and ATG Capital Management, LLC (“ATG”) (together with the other participants in their solicitation, the “Concerned Stockholders,” the “Group” or “we”), which collectively own approximately 8.5% of the outstanding common stock of Forte Biosciences, Inc. (Nasdaq: FBRX) (“Forte” or the “Company”), today announced that leading independent proxy advisory firms Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC (“G.
Concerned Stockholders of Forte Biosciences and Its Independent Director Candidates Share Key Facts that Reinforce the Need for Urgent Change in the Company's Boardroom
NEW YORK--(BUSINESS WIRE)--Camac Partners, LLC (“Camac”) and ATG Capital Management, LLC (“ATG”) (together with the other participants in their solicitation, the “Concerned Stockholders,” the “Group” or “we”) collectively own approximately 8.5% of the outstanding common stock of Forte Biosciences, Inc. (Nasdaq: FBRX) (“Forte” or the “Company”). Today, the Group and its independent director candidates – Michael Hacke and Chris McIntyre – responded to misrepresentations and distortions included i.
Concerned Stockholders of Forte Biosciences File Definitive Proxy Statement and Send Letter to Stockholders
NEW YORK--(BUSINESS WIRE)--Camac Partners, LLC (“Camac”) and ATG Capital Management, LLC (“ATG”) (together with the other participants in their solicitation, the “Concerned Stockholders,” the “Group” or “we”), who collectively own approximately 8.5% of the outstanding common stock of Forte Biosciences, Inc. (Nasdaq: FBRX) (“Forte” or the “Company”), today announced that they have filed a definitive proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) in connection with F.
Forte Biosciences, Inc. Announces Second Quarter 2023 Results and Provides Business Update
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune and autoimmune-detailed diseases, today announced second quarter 2023 results and provided a business update. Second Quarter 2023 Business Highlights “We were pleased to announce earlier in the month that FB-102 had demonstrated potentially best in class activity and plan to advance FB-102 into the clinic in 2024,” said Paul Wagner, Ph.D., Chairman and Chief Ex.
Forte Biosciences, Inc. Announces $25 Million Financing and R&D Update for FB-102
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases, today announced key R&D updates for FB-102 and the closing of financing to support the advancement of FB-102. “FB-102 had demonstrated potentially best in class activity including in graft versus host disease (GvHD), an indication for which there is a very high unmet medical need and potentially abbreviated clinical development pathway. We plan to.
Forte Biosciences, Inc. Announces First Quarter 2023 Results and Provides Business Update
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases, today announced first quarter 2023 results and provided a business update. First Quarter 2023 Business Highlights “We are very pleased with the development progress we have made this quarter with FB-102. We believe that FB-102 has potentially broad applications in several autoimmune indications with large addressable markets,” said Paul Wagner, Ph.D., Chairman and Chief Executive Officer of Forte Biosciences. First Quarter 2023 Operating Results Research and development expenses were $4.8 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively. The increase was primarily due to net increases of approximately $3.4 million in manufacturing costs and $0.4 million in preclinical expenses as we ramped up our development of our current lead product candidate, FB-102, a net increase in payroll expenses of approximately $0.2 million and a net increase of approximately $0.1 million in other expenses. General and administrative expenses were $2.1 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively. The increase was primarily due to an increase of $0.4 million in legal and professional fees partially offset by a decrease of $0.2 million in stock-based compensation. Net losses per share were ($0.32) and ($0.17) for the three months ended March 31, 2023 and 2022, respectively. Forte ended the first quarter 2023 with approximately $35.9 million in cash and cash equivalents. Forte had approximately 21.0 million shares of common stock outstanding as of March 31, 2023. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and par value data) $ 35,902 $ 41,100 369 411 36,271 41,511 437 486 $ 36,708 $ 41,997 $ 1,342 $ 1,153 2,418 2,026 3,760 3,179 21 21 126,724 125,841 (93,797 ) (87,044 ) 32,948 38,818 $ 36,708 $ 41,997 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) 2023 2022 $ 4,787 $ 693 2,068 1,821 6,855 2,514 (6,855 ) (2,514 ) 102 (53 ) $ (6,753 ) $ (2,567 ) $ (0.32 ) $ (0.17 ) 21,006,680 14,759,806 Additional details on our financial results for the first quarter of 2023 can be found in Forte’s Form 10-Q as filed with the SEC on May 15, 2023. You can also find more information in the investor relations section of our website at www.fortebiorx.com. About Forte Forte Biosciences, Inc. is a biopharmaceutical company that is advancing through preclinical development its product candidate, FB-102, which is a proprietary therapeutic molecule with potentially broad autoimmune applications. Forward-Looking Statements Forte cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negatives of these terms or other similar expressions. These statements are based on the Company’s current beliefs and expectations. Forward-looking statements include statements regarding Forte’s beliefs, goals, intentions and expectations regarding its product candidates. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: risks related to Forte’s ability to obtain sufficient additional capital to continue to advance Forte’s product candidates and preclinical programs; results from early-preclinical studies may not be predictive of results from later-stage studies or clinical trials; uncertainties associated with the clinical development and regulatory approval of Forte’s product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; and risks associated with the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market. Information on these and additional risks, uncertainties, and other information affecting Forte's business and operating results is contained in Forte’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 as filed with the Securities and Exchange Commission on May 15, 2023 and in its other filings with the Securities and Exchange Commission. All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Forte undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Source: Forte Biosciences, Inc.
Forte Biosciences, Inc. Announces Full Year 2022 Results and Provides Business Update
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases, today announced full year 2022 results and provided a business update. “FB-102 continues to progress towards the clinic in late 2023 or early 2024. We are excited about the advancement of FB-102 which we believe holds significant potential in a variety of indications with large markets,” said Paul Wagner, Ph.D.
Dr. Scott Brun, M.D. Appointed to Forte Biosciences Board of Directors
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), announced today that Dr. Scott Brun, M.D. has been appointed to the Forte Biosciences Board of Directors. Dr. Brun is currently a Venture Partner at Abingworth and in addition to his consulting practice, he is also a Senior Advisor for Horizon Therapeutics, and a Senior Medical Advisor at Launch Therapeutics. Dr. Brun previously served in numerous executive capacities at AbbVie, most recently as Head of AbbVie Ventures. In Dr. Brun’s previous role as Head of Product Development at Abbvie, he led the global organization responsible for the development of AbbVie’s portfolio of early and late-stage clinical preregistration pipeline compounds as well as marketed compounds across a range of therapeutic areas. Dr Brun received his M.D. at The Johns Hopkins University School of Medicine. Dr. Brun commented, “I am excited to join Paul as well as the Board and leadership team of Forte as they continue to drive forward with their development plans for FB-102 for a number of autoimmune disorders which currently have limited options available.” “We are extremely fortunate to have board members of Dr. Brun’s caliber join the team to help guide the pipeline development. We are all excited to work with Scott to help drive long term value for Forte,” said Forte’s chairman and CEO Paul Wagner, Ph.D. About Forte Forte Biosciences, Inc. is a biopharmaceutical company and the lead product, FB-102, is a proprietary molecule with potentially broad autoimmune applications. Forward Looking Statements Forte cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negatives of these terms or other similar expressions. These statements are based on the Company’s current beliefs and expectations. Forward looking statements include statements regarding Forte’s beliefs, goals, intentions and expectations regarding its product candidates. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: risks related to Forte’s ability to obtain sufficient additional capital to continue to advance Forte’s product candidates and preclinical programs; Results from early-preclinical studies may not be predictive of results from later-stage studies or clinical trials; uncertainties associated with the clinical development and regulatory approval of Forte’s product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; the risk that interim results of clinical trials do not necessarily predict final results and that one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, and as more patient data become available; the risk that unforeseen adverse reactions or side effects may occur in the course of developing and testing product candidates; risks associated with the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; and risks related to the impact of the COVID-19 outbreak on Forte’s operations, the biotechnology industry and the economy generally. Information on these and additional risks, uncertainties, and other information affecting Forte's business and operating results is contained in Forte’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 as filed with the Securities and Exchange Commission on November 14, 2022 and in its other filings with the Securities and Exchange Commission. All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Forte undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Source: Forte Biosciences, Inc.
Forte Biosciences, Inc. Announces Third Quarter 2022 Results and Provides Business Update
DALLAS--( BUSINESS WIRE )--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases, today announced third quarter 2022 results and provided a business update.
Camac Partners Condemns Forte Biosciences’ Seemingly Defensive and Unjustifiable Capital Raise
NEW YORK--(BUSINESS WIRE)--Camac Partners, LLC (together with its affiliates, "Camac" or “we”), which is one of the largest shareholders of Forte Biosciences, Inc. (Nasdaq: FBRX) (“Forte” or the “Company”), today expressed concerns regarding the Company’s sizable trading price discount relative to its cash on hand and the Board of Directors’ (the “Board”) decision to conduct a highly dilutive equity capital raise following the emergence of four separate Schedule 13D filers. Eric Shahinian, founder and managing member of Camac, commented: “Since Forte’s initial public offering, the Company’s share price has declined approximately 95%. We believe shareholders have lost all confidence in Forte due to the Board and management’s failure to establish a sensible capital allocation strategy, as well as inexcusable lapses in governance. We understand why the Company now trades at an approximately 40% percent discount to its roughly $45 million in cash. To make matters worse, following the emergence of four separate 13D filers that independently possess significant concerns, the Board has conducted a dilutive capital raise at a massive discount to cash that we view as defensive and without a justifiable business purpose. Rather than take such a brazen step that permanently impairs investors, the Board should consider how to return capital to the Company’s long-suffering shareholders. We are now putting the Board on notice that Camac is prepared to take any and all actions to protect its investment, which could include initiating litigation against the directors and garnering support from fellow shareholders to remove all directors for cause pursuant to section 20(b) of the Company's bylaws. It seems to us that the Board is more focused on entrenchment than honoring its fiduciary duties. If that is not the case, the Board should promptly announce a plan to return capital to shareholders." About Camac Camac is a private investment firm founded in 2011. Camac focuses on extremely mispriced assets in discrete pockets of opportunity. Camac prides itself on its unique sourcing, flexible mandate, and constant focus on non-competitive opportunities. Its investments are long term in nature and focused on compounding capital over several decades rather than months or years.
Camac Partners Condemns Forte Biosciences' Seemingly Defensive and Unjustifiable Capital Raise
NEW YORK--(BUSINESS WIRE)--Camac Partners, LLC (together with its affiliates, "Camac" or “we”), which is one of the largest shareholders of Forte Biosciences, Inc. (Nasdaq: FBRX) (“Forte” or the “Company”), today expressed concerns regarding the Company's sizable trading price discount relative to its cash on hand and the Board of Directors' (the “Board”) decision to conduct a highly dilutive equity capital raise following the emergence of four separate Schedule 13D filers. Eric Shahinian, foun
Forte Biosciences, Inc. Announces Second Quarter 2022 Results and Provides Business Update
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases, today announced second quarter 2022 results and provided a business update. “Forte is excited to continue down our new path as we develop novel compounds for the treatment of autoimmune diseases, including potentially graft versus host disease (GvHD), vitiligo and alopecia areata which represent combined markets of over $6 billion,” said Paul Wagner, Ph.D., President and Chief Executive Officer of Forte Biosciences. “We expect FB-102, our lead molecule, to be in the clinic late 2023 or early 2024. We believe that our innovative approach to treating autoimmune disease has the potential to drive significant value for Forte shareholders. Beyond FB-102 we will continue to strategically evaluate opportunities to create value for shareholders.” Second Quarter 2022 Business Highlights In May 2022, Forte appointed Steve Doberstein, Ph.D. to its board of directors, which further strengthened Forte’s board of directors. Dr. Doberstein previously served at the Chief Research and Development Officer at Nektar Therapeutics and has led research efforts at Xencor, FivePrime, Exelixis and Xoma. In June 2022, Forte announced that Dr. Hubert Chen, M.D., joined the company as Chief Scientific Officer and President. Dr. Chen previously served as Chief Medical Officer at Metacrine, a clinical-stage company focused on the treatment of liver and gastrointestinal diseases. Prior, he was the Chief Scientific and Medical Officer of Pfenex, vice president of clinical development at Aileron Therapeutics, vice president of translational medicine at Regulus Therapeutics, and senior director of clinical research at Amylin Pharmaceuticals. “Forte is tremendously fortunate that Steve and Hubert have agreed to join Forte. They are both thought leaders in the industry and will add significant experience and perspective to our pre-clinical and clinical development efforts,” said Dr. Wagner. Forte ended the second quarter of 2022 with approximately $38.5 million in cash and cash equivalents. Forte had approximately 14.8 million shares of common stock outstanding as of June 30, 2022. Subsequent to the June quarter-end, Forte issued an additional 5.6 million shares of common stock between July 1 and August 10, 2022 for gross proceeds of approximately $7.0 million under its At-the-Market (ATM) financing facility further strengthening its balance sheet. Second Quarter 2022 Operating Results Research and development expenses were $1.0 million and $3.5 million for the three months ended June 30, 2022 and 2021, respectively. Research and development expenses were $1.7 million and $6.8 million for the six months ended June 30, 2022 and 2021, respectively. The decreases in 2022 were primarily due to the wind down of our FB-401 program as the company began the shift in development activities to autoimmune indications with FB-102. General and administrative expenses were $2.0 million and $2.2 million for the three months ended June 30, 2022 and 2021, respectively. The decrease in 2022 was primarily due to a decrease in legal and professional expenses partially offset by an increase in stock-based compensation and other expenses. General and administrative expenses were $3.8 million and $3.6 million for the six months ended June 30, 2022 and 2021, respectively. The increase in 2022 was primarily due to an increase in stock-based compensation expense partially offset by a decrease in legal and professional expenses. Net losses per share were [$0.21] and [$0.43] for the three months ended June 30, 2022 and 2021, and [$0.38] and [$0.79] for the six months ended June 30, 2022 and 2021, respectively. Balance Sheets FORTE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and par value data) $ 38,548 $ 42,044 298 476 38,846 42,520 874 786 $ 39,720 $ 43,306 $ 698 $ 946 815 812 1,513 1,758 — — 15 15 116,959 114,698 (78,767 ) (73,165 ) 38,207 41,548 $ 39,720 $ 43,306 Statements of Operations FORTE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 $ 1,034 $ 3,523 $ 1,727 $ 6,845 1,986 2,224 3,807 3,643 3,020 5,747 5,534 10,488 (3,020 ) (5,747 ) (5,534 ) (10,488 ) (15 ) (65 ) (68 ) (128 ) $ (3,035 ) $ (5,812 ) $ (5,602 ) $ (10,616 ) $ (0.21 ) $ (0.43 ) $ (0.38 ) $ (0.79 ) 14,761,261 13,603,181 14,760,538 13,429,018 Additional detail on our financial results for the second quarter of 2022 can be found in Forte’s Form 10-Q as filed with the SEC on August 15, 2022. You can also find more information in the investor relations section of our website at www.fortebiorx.com. About Forte Forte Biosciences, Inc. is a biopharmaceutical company focused on autoimmune diseases. Forte’s lead product, FB-102, is a proprietary molecule with potentially broad autoimmune applications. Forward Looking Statements Forte cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negatives of these terms or other similar expressions. These statements are based on the Company’s current beliefs and expectations. Forward looking statements include statements regarding Forte’s beliefs, goals, intentions and expectations regarding its product candidates. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: risks related to Forte’s ability to obtain sufficient additional capital to continue to advance Forte’s product candidates and preclinical programs; Results from early-preclinical studies may not be predictive of results from later-stage studies or clinical trials; uncertainties associated with the clinical development and regulatory approval of Forte’s product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; the risk that interim results of clinical trials do not necessarily predict final results and that one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, and as more patient data become available; the risk that unforeseen adverse reactions or side effects may occur in the course of developing and testing product candidates; risks associated with the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; and risks related to the impact of the COVID-19 outbreak on Forte’s operations, the biotechnology industry and the economy generally. Information on these and additional risks, uncertainties, and other information affecting Forte's business and operating results is contained in Forte’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 as filed with the Securities and Exchange Commission on August 15, 2022 and in its other filings with the Securities and Exchange Commission. All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Forte undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Source: Forte Biosciences, Inc.
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