$FBRX
Forte Biosciences, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023042518 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.850M $1.895M $2.451M
YoY Change 88.36% -4.58% 25.89%
% of Gross Profit
Research & Development $6.369M $7.139M $2.488M
YoY Change 361.86% 590.43% 84.02%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $10.22M $9.034M $4.939M
YoY Change 198.45% 199.14% 49.71%
Operating Profit -$10.22M -$9.034M
YoY Change 198.45% 199.14%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $261.0K $138.0K $62.00K
YoY Change 1034.78% -1020.0% -247.62%
Pretax Income -$9.960M -$8.896M -$4.877M
YoY Change 192.94% 193.11% 45.97%
Income Tax
% Of Pretax Income
Net Earnings -$9.955M -$8.896M -$4.877M
YoY Change 192.79% 193.11% 45.97%
Net Earnings / Revenue
Basic Earnings Per Share -$0.26 -$0.42
Diluted Earnings Per Share -$0.26 -$0.42 -$0.23
COMMON SHARES
Basic Shares Outstanding 36.28M 21.05M 21.00M
Diluted Shares Outstanding 21.05M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.20M $30.39M $41.10M
YoY Change 4.89% -21.17% -2.25%
Cash & Equivalents $46.20M $20.40M $41.10M
Short-Term Investments $9.987M $0.00
Other Short-Term Assets $900.0K $322.0K $411.0K
YoY Change 64.84% 8.05% -13.66%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $47.10M $30.75M $41.51M
YoY Change 5.62% -20.85% -2.37%
LONG-TERM ASSETS
Property, Plant & Equipment $98.00K $30.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $679.0K $407.0K $486.0K
YoY Change 27.15% -53.43% -38.17%
Total Long-Term Assets $777.0K $437.0K $486.0K
YoY Change 45.51% -50.0% -38.17%
TOTAL ASSETS
Total Short-Term Assets $47.10M $30.75M $41.51M
Total Long-Term Assets $777.0K $437.0K $486.0K
Total Assets $47.88M $31.18M $42.00M
YoY Change 6.1% -21.49% -3.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.354M $3.006M $1.153M
YoY Change 349.54% 330.66% 21.88%
Accrued Expenses $2.117M $3.294M $2.026M
YoY Change 92.11% 304.17% 149.51%
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 $7.471M $6.300M $3.179M
YoY Change 225.82% 316.39% 80.83%
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 $7.471M $6.300M $3.179M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $7.500M $6.300M $3.179M
YoY Change 227.08% 316.39% 80.83%
SHAREHOLDERS EQUITY
Retained Earnings -$112.6M -$102.7M -$87.00M
YoY Change 36.98% 30.33% 18.91%
Common Stock $153.1M $127.6M $125.9M
YoY Change 22.45% 9.06% 9.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.41M $24.88M $38.82M
YoY Change
Total Liabilities & Shareholders Equity $47.88M $31.18M $42.00M
YoY Change 6.1% -21.49% -3.02%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$9.955M -$8.896M -$4.877M
YoY Change 192.79% 193.11% 45.97%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities -$9.060M -$5.475M -$2.893M
YoY Change 367.01% 297.6% -19.24%
INVESTING ACTIVITIES
Capital Expenditures $70.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.10M -$9.965M
YoY Change
Cash From Investing Activities $10.03M -$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 24.78M -24.00K -55.00K
YoY Change 233.06% -78.18% 41.03%
NET CHANGE
Cash From Operating Activities -9.060M -5.475M -2.893M
Cash From Investing Activities 10.03M -9.965M
Cash From Financing Activities 24.78M -24.00K -55.00K
Net Change In Cash 25.75M -15.46M -2.948M
YoY Change 368.18% 939.95% -18.59%
FREE CASH FLOW
Cash From Operating Activities -$9.060M -$5.475M -$2.893M
Capital Expenditures $70.00K
Free Cash Flow -$9.130M
YoY Change

Facts In Submission

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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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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
411000
CY2023Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
407000
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
486000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
356000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
643000
CY2023Q2 fbrx Accrued Compensation
AccruedCompensation
591000
CY2022Q4 fbrx Accrued Compensation
AccruedCompensation
890000
CY2023Q2 fbrx Accrued Manufacturing And Preclinical Expenses
AccruedManufacturingAndPreclinicalExpenses
2311000
CY2022Q4 fbrx Accrued Manufacturing And Preclinical Expenses
AccruedManufacturingAndPreclinicalExpenses
485000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
36000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3294000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2026000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0
CY2023Q2 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
9986000
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2023Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
9987000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M10D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M4D
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
9986000
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
9987000
CY2023Q2 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
9986000
CY2023Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
9987000
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
17000
us-gaap Operating Lease Expense
OperatingLeaseExpense
24000
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
3000
us-gaap Operating Lease Expense
OperatingLeaseExpense
6000
CY2023Q2 us-gaap Contractual Obligation
ContractualObligation
3200000
CY2022Q3 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2022-07-21
CY2023Q2 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2024-07-12
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.81
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.82
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.92
CY2023Q2 fbrx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Of Common Stock
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsOfCommonStock
0.98
CY2022Q2 fbrx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Of Common Stock
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsOfCommonStock
1.28
fbrx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Of Common Stock
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsOfCommonStock
1
fbrx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Of Common Stock
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsOfCommonStock
1.49
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0375
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0306
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0373
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0225
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M17D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0452
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7145
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0297
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6857
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
65000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.01
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2428195
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y5M15D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
87000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2428195
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y5M15D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
87000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1314075
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.80
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y14D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
45000
fbrx Share Based Compensation Arrangement By Share Based Payment Award Options Fair Value Of Stock Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsFairValueOfStockPrice
1.04
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
855000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1194000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1732000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2249000
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5600000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y25D

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