Forte Biosciences, Inc. Announces Third Quarter 2022 Results and Provides Business Update
Forte Biosciences, Inc. (NASDAQ: FBRX) reported significant progress with its lead program, FB-102, which is projected to enter clinical trials in late 2023 or early 2024. The company ended Q3 2022 with approximately $44 million in cash. Appointing Dr. Scott Brun to the board strengthens its leadership, as he brings extensive pharmaceutical experience. Q3 operating expenses decreased to $3.4 million from $7.7 million year-over-year, primarily due to the winding down of the FB-401 program. However, net losses were reported at $3.4 million, compared to $7.8 million in Q3 2021.
- FB-102 shows significant market potential exceeding $6 billion.
- Appointment of Dr. Scott Brun enhances leadership expertise.
- Decrease in operating expenses from $7.7 million to $3.4 million year-over-year.
- Net loss of $3.4 million in Q3 2022, down from $7.8 million in Q3 2021, indicating ongoing financial losses.
-FB-102 Continues to Advance Towards the Clinic and Holds Significant Market Potential Across a Variety of Indications-
-Leadership Strengthened with the Appointment of
-Ended third quarter 2022 with approximately
“Forte is making excellent progress with its lead program FB-102, which is a direct result of the team’s hard work and diligent efforts. FB-102 holds significant potential in a variety of indications with market potential in excess of
Third Quarter 2022 Business Highlights
In
“Given Dr. Brun’s extensive experience in pharmaceutical product development, R&D and scientific affairs, his agreeing to join our board is pivotal for Forte. We are extremely fortunate to have board members of Dr. Brun’s caliber join the team to help guide the pipeline development.” said
Forte ended the third quarter of 2022 with approximately
Third Quarter 2022 Operating Results
Research and development expenses were
General and administrative expenses were
Net losses per share were (
FORTE BIOSCIENCES, INC.
|
|||||||||
| (unaudited) | |||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ |
44,048 |
|
$ |
42,044 |
|
|||
| Prepaid expenses and other current assets |
|
546 |
|
|
476 |
|
|||
| Total current assets |
|
44,594 |
|
|
42,520 |
|
|||
| Other assets |
|
534 |
|
|
786 |
|
|||
| Total assets | $ |
45,128 |
|
$ |
43,306 |
|
|||
| Liabilities, convertible preferred stock and stockholders' equity | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ |
1,191 |
|
$ |
946 |
|
|||
| Accrued liabilities |
|
1,102 |
|
|
812 |
|
|||
| Total current liabilities |
|
2,293 |
|
|
1,758 |
|
|||
| Commitments and contingencies (Note 4) | |||||||||
| Series A Convertible Preferred Stock, shares authorized and 0 shares issued and outstanding as of (unaudited) and |
|
— |
|
|
— |
|
|||
| Stockholders’ equity | |||||||||
| Common stock, 30, 2022 (unaudited) and issued and outstanding as of 2021, respectively |
|
21 |
|
|
15 |
|
|||
| Additional paid-in capital |
|
124,981 |
|
|
114,698 |
|
|||
| Accumulated deficit |
|
(82,167 |
) |
|
(73,165 |
) |
|||
| Total stockholders’ equity |
|
42,835 |
|
|
41,548 |
|
|||
| Total liabilities, convertible preferred stock and stockholders’ equity | $ |
45,128 |
|
$ |
43,306 |
|
|||
FORTE BIOSCIENCES, INC.
|
||||||||||||||||
| For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ |
1,379 |
|
$ |
5,656 |
|
$ |
3,106 |
|
$ |
12,501 |
|
||||
| General and administrative |
|
2,044 |
|
|
2,043 |
|
|
5,851 |
|
|
5,686 |
|
||||
| Total operating expenses |
|
3,423 |
|
|
7,699 |
|
|
8,957 |
|
|
18,187 |
|
||||
| Loss from operations |
|
(3,423 |
) |
|
(7,699 |
) |
|
(8,957 |
) |
|
(18,187 |
) |
||||
| Other income (expense), net |
|
23 |
|
|
(52 |
) |
|
(45 |
) |
|
(180 |
) |
||||
| Net loss | $ |
(3,400 |
) |
$ |
(7,751 |
) |
$ |
(9,002 |
) |
$ |
(18,367 |
) |
||||
| Per share information: | ||||||||||||||||
| Net loss per share - basic and diluted | $ |
(0.18 |
) |
$ |
(0.54 |
) |
$ |
(0.56 |
) |
$ |
(1.34 |
) |
||||
| Weighted average shares outstanding, basic and diluted |
|
18,927,446 |
|
|
14,241,220 |
|
|
16,164,770 |
|
|
13,702,727 |
|
||||
Additional detail on our financial results for the third quarter of 2022 can be found in Forte’s Form 10-Q as filed with the
About Forte
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
Source:
View source version on businesswire.com: https://www.businesswire.com/news/home/20221114005184/en/
mmoyer@lifesciadvisors.com
Source:
FAQ
What is the market potential for FB-102 from Forte Biosciences (FBRX)?
When is FB-102 expected to enter clinical trials?
What were the cash reserves of Forte Biosciences at the end of Q3 2022?
Who was appointed to the board of Forte Biosciences in November 2022?
What were the operating expenses for Forte Biosciences in Q3 2022?
