Forte Biosciences Inc. ( (FBRX) ) has released its Q4 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 specializing in the development of treatments for autoimmune and autoimmune-related diseases, with a focus on its proprietary therapeutic candidate, FB102.
In its latest earnings report, Forte Biosciences highlighted significant progress in 2024, particularly with the development of FB102. The company successfully completed a healthy volunteer study and initiated a trial for celiac patients, with promising progress reported. Additionally, Forte is preparing to commence a trial for vitiligo in 2025.
Financially, Forte Biosciences reported a decrease in research and development expenses to $21.2 million in 2024, compared to $21.9 million in 2023, mainly due to reduced manufacturing costs. However, general and administrative expenses rose to $15.4 million, attributed to higher professional and legal fees. The company ended the year with a net loss per share of $(12.17), an improvement from $(24.92) in 2023, and closed 2024 with $58.4 million in cash and investments.
Strategically, Forte executed a 1:25 reverse stock split and raised $53.0 million through a private placement, reflecting strong investor interest. The company also granted equity awards to new employees as part of its growth strategy.
Looking ahead, Forte Biosciences is optimistic about 2025, with expectations to further validate FB102’s potential through ongoing and upcoming clinical trials. The management remains focused on advancing its clinical programs and enhancing shareholder value.