Forte Biosciences Inc. ( (FBRX) ) has released its Q3 earnings. Here is a breakdown of the information Forte Biosciences Inc. presented to its investors.
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Forte Biosciences Inc. is a clinical-stage biopharmaceutical company focused on developing FB102, an anti-CD122 monoclonal antibody therapeutic candidate targeting broad autoimmune indications. In its latest earnings report for the third quarter of 2024, Forte Biosciences disclosed a net loss of $8.4 million, a slight improvement compared to the $10.2 million loss in the same period last year. The company continues to advance its FB102 candidate into patient-based trials, despite facing ongoing operating losses and a decrease in cash reserves. Forte’s operating expenses for the nine months ending September 2024 totaled $29.3 million, reflecting increased general and administrative costs. The company raised $25 million through a private placement in 2023, which contributed to its financial resources; however, it faces challenges due to its current cash position of $16.4 million, which may not suffice for the upcoming twelve months. Looking ahead, Forte Biosciences plans to finance its operations through potential equity or debt financings and strategic collaborations, as it continues its development efforts. Management remains focused on advancing FB102 through clinical trials while seeking additional funding to support its operations.
