Forte Biosciences(FBRX) - 2024 Q1 - Quarterly Results

Financial Performance - Forte Biosciences reported research and development expenses of $4.4 million for Q1 2024, a decrease from$4.8 million in Q1 2023, primarily due to a $2.7 million reduction in manufacturing costs[4] - General and administrative expenses increased to$3.5 million in Q1 2024 from $2.1 million in Q1 2023, mainly due to higher legal and professional expenses[5] - The net loss per share improved to ($0.16) in Q1 2024 compared to ($0.32) in Q1 2023[6] - Total operating expenses for Q1 2024 were$7.8 million, up from $6.9 million in Q1 2023[9] Cash and Assets - Forte ended Q1 2024 with approximately$30.4 million in cash and cash equivalents, down from $37.1 million at the end of 2023[8] - The total assets decreased to$32.0 million as of March 31, 2024, from $39.0 million at the end of 2023[8] - The accumulated deficit increased to$125.9 million as of March 31, 2024, compared to $118.5 million at the end of 2023[8] Shareholder Information - The weighted average shares outstanding increased to 46,082,861 in Q1 2024 from 21,006,680 in Q1 2023[9] Research and Development - The company anticipates completing the multiple ascending dose cohorts of the FB102 phase 1 trial around mid-year 2024[3] - Forte plans to initiate patient-based studies for FB102 before the end of 2024, indicating significant potential in treating autoimmune diseases[3]