$FBRX
Forte Biosciences, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023022184 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.895M $2.068M $1.821M
YoY Change -4.58% 13.56% 28.24%
% of Gross Profit
Research & Development $7.139M $4.787M $693.0K
YoY Change 590.43% 590.76% -79.14%
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $9.034M $6.855M $2.514M
YoY Change 199.14% 172.67% -46.97%
Operating Profit -$9.034M -$6.855M -$2.514M
YoY Change 199.14% 172.67% -46.97%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $138.0K $102.0K -$53.00K
YoY Change -1020.0% -292.45% -15.87%
Pretax Income -$8.896M -$6.753M -$2.567M
YoY Change 193.11% 163.07% -46.52%
Income Tax
% Of Pretax Income
Net Earnings -$8.896M -$6.753M -$2.567M
YoY Change 193.11% 163.07% -46.57%
Net Earnings / Revenue
Basic Earnings Per Share -$0.42 -$0.32 -$0.17
Diluted Earnings Per Share -$0.42 -$0.32 -$173.9K
COMMON SHARES
Basic Shares Outstanding 21.05M 21.01M 14.76M
Diluted Shares Outstanding 21.05M 21.01M 14.76M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.39M $35.90M $40.04M
YoY Change -21.17% -10.32% -26.94%
Cash & Equivalents $20.40M $35.90M $40.00M
Short-Term Investments $9.987M
Other Short-Term Assets $322.0K $369.0K $376.0K
YoY Change 8.05% -1.86% -65.82%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $30.75M $36.27M $40.41M
YoY Change -20.85% -10.24% -27.71%
LONG-TERM ASSETS
Property, Plant & Equipment $30.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $407.0K $437.0K $893.0K
YoY Change -53.43% -51.06% -19.77%
Total Long-Term Assets $437.0K $437.0K $893.0K
YoY Change -50.0% -51.06% -25.58%
TOTAL ASSETS
Total Short-Term Assets $30.75M $36.27M $40.41M
Total Long-Term Assets $437.0K $437.0K $893.0K
Total Assets $31.18M $36.71M $41.30M
YoY Change -21.49% -11.13% -27.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.006M $1.342M $576.0K
YoY Change 330.66% 132.99% -52.0%
Accrued Expenses $3.294M $2.418M $680.0K
YoY Change 304.17% 255.59% -41.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.300M $3.760M $1.256M
YoY Change 316.39% 199.36% -47.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.300M $3.760M $1.256M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $6.300M $3.760M $1.256M
YoY Change 316.39% 199.36% -47.67%
SHAREHOLDERS EQUITY
Retained Earnings -$102.7M -$93.80M -$75.70M
YoY Change 30.33% 23.91% 34.46%
Common Stock $127.6M $126.7M
YoY Change 9.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.88M $32.95M $40.05M
YoY Change
Total Liabilities & Shareholders Equity $31.18M $36.71M $41.30M
YoY Change -21.49% -11.13% -27.66%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$8.896M -$6.753M -$2.567M
YoY Change 193.11% 163.07% -46.57%
Depreciation, Depletion And Amortization $0.00
YoY Change -100.0%
Cash From Operating Activities -$5.475M -$5.200M -$2.000M
YoY Change 297.6% 160.0% -50.37%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$9.965M
YoY Change
Cash From Investing Activities -$9.965M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.00K 6.000K -34.00K
YoY Change -78.18% -117.65% -225.93%
NET CHANGE
Cash From Operating Activities -5.475M -5.200M -2.000M
Cash From Investing Activities -9.965M
Cash From Financing Activities -24.00K 6.000K -34.00K
Net Change In Cash -15.46M -5.198M -2.009M
YoY Change 939.95% 158.74% -49.81%
FREE CASH FLOW
Cash From Operating Activities -$5.475M -$5.200M -$2.000M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:8.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. Significant management estimates that affect the reported amounts of assets, liabilities and expenses include stock-based compensation expense and accruals for clinical trials and drug manufacturing</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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1.0142
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6689
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2363195
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.29
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M19D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
65000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
50000
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.02
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2413195
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.12
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M8D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
70000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2413195
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.12
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y8M8D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
70000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
915791
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
13.82
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y4M2D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6000
CY2023Q1 fbrx Share Based Compensation Arrangement By Share Based Payment Award Options Fair Value Of Stock Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsFairValueOfStockPrice
1.01
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
877000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1055000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
6200000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10D

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