Forte Biosciences, Inc. Announces Third Quarter 2023 Results and Provides Business Update
Forte 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.
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.
On 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.
Research 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.
General 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.
