Forte Biosciences Releases Q1 2024 Results and Business Update

Forte Biosciences, Inc. (NASDAQ: FBRX), a clinical-stage biopharmaceutical company specializing in autoimmune and autoimmune-related diseases, has disclosed its financial results for the first quarter of 2024 and provided significant business updates.

During the first quarter, Forte made substantial headway with its leading product candidate, FB102. According to Paul Wagner, Ph.D., Chairman and Chief Executive Officer, the single ascending dose (SAD) part of the Phase 1 trial for FB102 was successfully concluded in the previous quarter. Currently, the company is progressing with the multiple ascending dose (MAD) cohorts of the trial, which are expected to be completed by mid-year. FB102 has shown a favorable safety profile thus far, even within the MAD cohorts. Forte anticipates commencing patient-based studies by the year's end. The preliminary data suggests that FB102 has a significant potential in treating various autoimmune and autoimmune-related conditions, which represent large market opportunities.

For the first quarter of 2024, Forte's research and development expenses stood at $4.4 million, a decrease from $4.8 million in the same period of 2023. This reduction was primarily driven by a $2.7 million decline in manufacturing costs, although it was offset by a $1.4 million rise in clinical trial expenses for FB102 and a $0.9 million increase in payroll and related expenses due to a higher average headcount.

General and administrative expenses were $3.5 million for the three months ended March 31, 2024, compared to $2.1 million in the same period of the previous year. This increase was mainly attributed to higher legal and professional fees.

Net losses per share were ($0.16) for the first quarter of 2024, compared to ($0.32) for the same period in 2023. As of March 31, 2024, Forte had approximately $30.4 million in cash and cash equivalents and approximately 36.4 million shares of common stock outstanding.

The company provided a detailed condensed consolidated balance sheet for March 31, 2024, and December 31, 2023. As of March 31, 2024, Forte reported total assets of $32,017,000, including $30.4 million in cash and cash equivalents, and total liabilities of $3,332,000. The total stockholders’ equity was $28,685,000.

The operating expenses for the first quarter of 2024 were $7,804,000 compared to $6,855,000 in the first quarter of 2023. This increase was mainly due to the higher general and administrative costs. The net loss for the first quarter of 2024 was $7,420,000, slightly higher than the $6,753,000 net loss reported in the same period in 2023. The net loss per share for the first quarter of 2024 was ($0.16), reduced from ($0.32) in the first quarter of 2023.

Forte’s comprehensive loss for the first quarter of 2024 was $7,426,000, compared to $6,753,000 in the first quarter of 2023. The increase in comprehensive loss was modest, reflecting the company's ongoing investment in its research and development programs.

Forte Biosciences, Inc. remains committed to advancing FB102, a proprietary molecule with broad potential applications in autoimmune and autoimmune-related diseases such as graft-versus-host disease, vitiligo, and alopecia areata. The company is optimistic about the significant market opportunities these diseases present and continues to work diligently to bring FB102 through clinical trials and into patient-based studies.

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