Forte Biosciences Reports $35.5 Million Net Loss for Fiscal Year 2024

Forte Biosciences, Inc. reported a net loss of $35.5 million for the fiscal year ending December 31, 2024, compared to a net loss of $31.5 million in the previous year. The company's total operating expenses increased to $36.6 million from $32.5 million in 2023, primarily driven by a rise in general and administrative expenses, which grew by $4.8 million to $15.4 million. Research and development expenses slightly decreased to $21.2 million from $21.9 million, reflecting a reduction in manufacturing costs offset by increased clinical trial expenses as the company advanced its lead product candidate, FB102, into clinical trials.

Forte's financial position showed a significant cash reserve of approximately $58.4 million as of December 31, 2024, bolstered by recent capital raises. In November 2024, the company completed a private placement, issuing 4,931,389 shares of common stock and 4,615,555 pre-funded warrants, generating gross proceeds of $53 million. This followed a previous private placement in July 2023, which raised $25 million. The company anticipates that its existing cash will be sufficient to fund operations for at least the next twelve months, although it will require additional capital to support ongoing development efforts.

The company is focused on advancing FB102, a proprietary anti-CD122 monoclonal antibody, which is currently in Phase 1 clinical trials for celiac disease and has potential applications in other autoimmune conditions. The trial for celiac disease is expected to yield top-line results in the second quarter of 2025. Forte's strategic direction has shifted significantly since it discontinued the development of its previous candidate, FB-401, in 2021, and is now entirely centered on the development of FB102.

As of March 24, 2025, Forte had 14 full-time employees, reflecting a lean operational structure as it continues to develop its product candidate. The company has faced challenges typical of clinical-stage biopharmaceutical firms, including the need for substantial funding and the inherent risks associated with drug development. Forte's ability to successfully navigate these challenges will be critical to its future growth and market position.

Looking ahead, Forte's management remains optimistic about the potential of FB102, but acknowledges the uncertainties involved in clinical development and regulatory approval processes. The company is actively monitoring macroeconomic conditions and their potential impact on its operations, particularly in light of ongoing geopolitical tensions and economic fluctuations.