Business
Forte Biosciences, Inc. Announces Third 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-related diseases, today announced third quarter 2023 results and provided a business update.\n\n\nThird Quarter 2023 Business Highlights\n\n\n“The third quarter of 2023 was defined by continued solid progress on FB-102,” said Paul Wagner, Ph.D., Chairman and Chief Executive Officer of Forte Biosciences. “Based on our preclinical data, we continue to believe that FB-102 is a best-in-class anti-CD122 antibody with broad therapeutic potential. Given the support of our new investors, we are in a strong position to advance FB-102 into human clinical trials by early 2024 and look forward to providing substantive clinical updates on FB-102 over the course of the year.”\n\n\nThird Quarter 2023 Operating Results\n\n\nOn July 31, 2023, Forte issued 15,166,957 shares of common stock and 9,689,293 pre-funded warrants as a part of a private placement that raised approximately $25.0 million in gross proceeds and before issuance costs of $272,000.\n\n\nResearch and development expenses were $6.4 million for the three months ended September 30, 2023, compared to $1.4 million for the same period in 2022. Research and development expenses were $18.3 million for the nine months ended September 30, 2023, compared to $3.1 million for the same period in 2022. The increases were primarily due to manufacturing and development expenses of our FB-102 program as it advances towards the clinic.\n\n\nGeneral and administrative expenses were $3.8 million for the three months ended September 30, 2023, compared to $2.0 million for the same period in 2022. General and administrative expenses were $7.8 million for the nine months ended September 30, 2023 compared to $5.9 million for the same period in 2022.\n\n\nNet losses per share were ($0.26) and ($0.18) for the three months ended September 30, 2023 and 2022, and ($0.96) and ($0.56) for the nine months ended September 30, 2023 and 2022, respectively.\n\n\nForte ended the third quarter 2023 with approximately $46.2 million in cash and cash equivalents. Forte had approximately 36.3 million shares of common stock outstanding as of September 30, 2023.\n\n\n\n\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n\n\n\n(in thousands except share and par value data)\n\n\n\n\n...