Business
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
About this update from Forte Biosciences, Inc.
[{"type":"text","content":" DALLAS--(BUSINESS WIRE)--\nForte 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.\n\n\nFirst Quarter 2023 Business Highlights\n\n\n“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.\n\n\nFirst Quarter 2023 Operating Results\n\n\nResearch 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.\n\n\nGeneral 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.\n\n\nNet losses per share were ($0.32) and ($0.17) for the three months ended March 31, 2023 and 2022, respectively.\n\n\nForte ended the first quarter 2023 with approximately $35.9 million in cash and cash equivalents. Forte had approximately 21.0 million shares of common stock outstanding as of March 31, 2023.\n\n\n\n\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n\n\n\n\n\n\n\n(in thousands except share and par value data)\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMarch 31, 2023\n\nDecember 31, 2022\n\n\n\n\n(unaudited)\n\n\n\n\nAssets\n\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\n\nCash and cash equivalents\n\n\n$\n\n\n\n\n\n\n35,902\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n41,100\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nPrepaid expenses and other current assets\n\n\n \n\n\n\n\n\n\n369\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n411\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nTotal current assets\n\n\n \n\n\n\n\n\n\n36,271\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n41,5...