Business
Forte Biosciences, Inc. Announces Second Quarter 2023 Results and Provides Business Update
DALLAS--(BUSINESS WIRE)-- Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune and
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 and autoimmune-detailed diseases, today announced second quarter 2023 results and provided a business update.\n\n\nSecond Quarter 2023 Business Highlights\n\n\n“We were pleased to announce earlier in the month that FB-102 had demonstrated potentially best in class activity and plan to advance FB-102 into the clinic in 2024,” said Paul Wagner, Ph.D., Chairman and Chief Executive Officer of Forte Biosciences. “Our financial position was augmented with the $25 million offering announced on August 1, which allows Forte to continue to advance the development of our development pipeline. We are deeply appreciative of the support from the preeminent institutional biotechnology investors that participated in the investment.”\n\n\nSecond Quarter 2023 Operating Results\n\n\nResearch and development expenses were $7.1 million for the three months ended June 30, 2023, compared to $1.0 million for the same period in 2022. Research and development expenses were $11.9 million for the six months ended June 30, 2023, compared to $1.7 million for the same period in 2022. The increases were primarily due to the development expenses of our FB-102 program as the program advances towards the clinic.\n\n\nGeneral and administrative expenses were $1.9 million for the three months ended June 30, 2023, compared to $2.0 million for the same period in 2022. General and administrative expenses were $4.0 million for the six months ended June 30, 2023, compared to $3.8 million for the same period in 2022. The increase for the six-month period was primarily due to an increase of $0.4 million in legal and professional fees and a net increase of approximately $0.2 million other expenses, partially offset by a decrease of $0.4 million in stock-based compensation expense.\n\n\nNet losses per share were ($0.42) and ($0.21) for the three months ended June 30, 2023 and 2022, and ($0.74) and ($0.38) for the six months ended June 30, 2023 and 2022, respectively.\n\n\nForte ended the second quarter 2023 with approximately $30.4 million in cash, cash equivalents and marketable short-term investments. Forte had approximately 21.0 million shares of common stock outstanding as of June 30, 2023.\n\n\nOn July 31, 2023, Forte issued 15,166,...