Forte Biosciences, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Forte Biosciences, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and corporate structure.</b>

AI Summary

Forte Biosciences, Inc. (FBRX) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Forte Biosciences, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's principal business address is located at 3060 Pegasus Park Drive, Building 6, Dallas, TX 75247. Forte Biosciences, Inc. was formerly known as Tocagen Inc., with a name change date of November 20, 2007. The filing references various accounting standards and equity plans, including the TwoThousandSeventeenEmployeeStockPurchasePlan and the TwoThousandTwentyOneEquityIncentivePlan. The report details fair value measurements for assets like MoneyMarketFunds and USTreasuryBillSecurities as of December 31, 2023, and March 31, 2024.

Why It Matters

For investors and stakeholders tracking Forte Biosciences, Inc., this filing contains several important signals. This 10-Q filing provides investors and stakeholders with the latest financial performance and operational updates for Forte Biosciences, Inc. during the first quarter of 2024. Understanding the company's financial position, including its equity plans and asset valuations, is crucial for assessing its current health and future prospects.

Risk Assessment

Risk Level: low — Forte Biosciences, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would indicate a high-risk profile based solely on this header information.

Analyst Insight

Review the full 10-Q filing to understand Forte Biosciences' financial performance, R&D expenses, and any material changes from the previous quarter.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-13 — Filing Date (Filed as of date)
• 2007-11-20 — Former Company Name Change Date (Date of name change from Tocagen Inc.)
• 001-38052 — SEC File Number (SEC File Number)

Key Players & Entities

• Forte Biosciences, Inc. (company) — Filer name
• FBRX (company) — Ticker symbol
• Tocagen Inc. (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• 3060 Pegasus Park Drive (address) — Business street address
• Dallas, TX 75247 (address) — Business city, state, zip
• 2834 (industry_code) — Standard Industrial Classification

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial performance and condition.)

us-gaap:FairValueMeasurementsRecurringMember

Refers to assets and liabilities measured at fair value on a recurring basis. (Indicates how the company values certain financial instruments and assets consistently over time.)

Key Financial Figures

• $0.001 — had 36,442,380 shares of common stock, $0.001 par value per share, outstanding. Tab

Filing Documents

• fbrx-20240331.htm (10-Q) — 1467KB
• fbrx-ex10_1.htm (EX-10.1) — 98KB
• fbrx-ex31_1.htm (EX-31.1) — 15KB
• fbrx-ex31_2.htm (EX-31.2) — 15KB
• fbrx-ex32_1.htm (EX-32.1) — 9KB
• fbrx-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-058669.txt (&nbsp;) — 6066KB
• fbrx-20240331.xsd (EX-101.SCH) — 931KB
• fbrx-20240331_htm.xml (XML) — 889KB

Financial Statements

Financial Statements 2 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three months ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity for the Three months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Three months ended March 31, 2024 and 2023 (unaudited) 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 PART II. OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 77 Item 3. Defaults Upon Senior Securities 77 Item 4. Mine Safety Disclosures 77 Item 5. Other Information 77 Item 6. Exhibits 79

– F INANCIAL INFORMATION

PART I – F INANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements FORTE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BA LANCE SHEETS (in thousands, except share and par value data) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 30,444 $ 37,125 Prepaid expenses and other current assets 1,058 1,202 Total current assets 31,502 38,327 Property and equipment, net 106 109 Other assets 409 544 Total assets $ 32,017 $ 38,980 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,685 $ 1,424 Accrued liabilities 1,647 2,242 Total current liabilities 3,332 3,666 Commitments and contingencies (Note 6) Stockholders' equity Common stock, $ 0.001 par value: 200,000,000 shares authorized as of March 31, 2024 (unaudited) and December 31, 2023; 36,394,882 and 36,335,105 shares issued and outstanding as of March 31, 2024 (unaudited) and December 31, 2023, respectively 36 36 Additional paid-in capital 154,591 153,794 Accumulated other comprehensive income (loss) ( 2 ) 4 Accumulated deficit ( 125,940 ) ( 118,520 ) Total stockholders' equity 28,685 35,314 Total liabilities and stockholders' equity $ 32,017 $ 38,980 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 FORTE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMEN TS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except share and per share amounts) For the Three Months Ended March 31, 2024 2023 Operating expenses: Research and development (including $ 29 and $ 0 of related party transactions for the 3 months ending March 31, 2024 and 2023, respectively) $ 4,353 $ 4,787 General and administrative 3,451 2,068 Total operating expenses 7,804 6,855 Loss from operations ( 7,804 ) ( 6,855 ) Other income, net 384 102 Net loss $ ( 7,420 ) $ (

View Full Filing

View this 10-Q filing on SEC EDGAR