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Forte Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $8.4 million, compared to a net loss of $10 million in the same quarter the previous year. The decrease in net loss is primarily due to a reduction in research and development expenses.
Research and development expenses for the quarter were $5.9 million, down from $6.4 million in the previous year, primarily due to decreased manufacturing costs.
General and administrative expenses for the quarter were $2.8 million, compared to $3.8 million in the previous year. The decrease was mainly attributed to lower legal and professional expenses.
Forte reported cash and cash equivalents of $16.4 million as of September 30, 2024, down from $37.1 million as of December 31, 2023.
The company highlighted its focus on developing FB102, a proprietary anti-CD122 monoclonal antibody for autoimmune diseases, with ongoing patient-based trials in celiac disease.
Forte's liquidity position raises substantial doubt about its ability to continue as a going concern, with existing cash expected to be insufficient for the next twelve months.
The company plans to seek additional funding through public or private equity or debt financings to continue its operations and development efforts.
Forte Biosciences faces risks related to its dependence on FB102, potential competition, and the need for additional capital to fund its operations.
The filing also details ongoing legal proceedings, including settlements related to previous shareholder litigation and a complaint against insurance carriers for coverage obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Forte Biosciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.