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Forte Biosciences Inc. (FBRX-10.07%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing FB102, a proprietary anti-CD122 monoclonal antibody therapeutic candidate for autoimmune and autoimmune-related indications. Forte is advancing clinical development into patient-based trials for celiac disease and non-segmental vitiligo.
Forte reported a net loss of $35.5 million for the year ended December 31, 2024, compared to a net loss of $31.5 million for the prior year. The increase in net loss was primarily due to higher general and administrative expenses.
Research and development expenses decreased slightly to $21.2 million from $21.9 million in the previous year, attributed to a decrease in manufacturing expenses.
General and administrative expenses increased to $15.4 million from $10.6 million, primarily due to higher professional and legal expenses.
The company had cash, cash equivalents, and short-term investments totaling approximately $58.4 million as of December 31, 2024.
Forte completed a private placement in November 2024, issuing 4,931,389 shares of common stock and 4,615,555 pre-funded warrants, raising gross proceeds of $53.0 million.
Forte's accumulated deficit increased to $154.0 million as of December 31, 2024, reflecting ongoing investment in the development of FB102.
The company highlighted risks related to its business, including the need for additional capital to fund operations and the dependency on the successful development of FB102.
Forte's operations continue to be affected by global economic conditions, including inflation, rising interest rates, and geopolitical tensions.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.