$FBRX
Forte Biosciences, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023062907 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.814M $3.850M
YoY Change 14.81% 88.36%
% of Gross Profit
Research & Development $3.567M $6.369M
YoY Change 43.37% 361.86%
% of Gross Profit
Depreciation & Amortization $6.000K $0.00
YoY Change
% of Gross Profit
Operating Expenses $6.381M $10.22M
YoY Change 29.2% 198.45%
Operating Profit -$10.22M
YoY Change 198.45%
Interest Expense $1.124M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$615.0K $261.0K
YoY Change -1091.94% 1034.78%
Pretax Income -$5.872M -$9.960M
YoY Change 20.4% 192.94%
Income Tax
% Of Pretax Income
Net Earnings -$5.872M -$9.955M
YoY Change 20.4% 192.79%
Net Earnings / Revenue
Basic Earnings Per Share -$0.26
Diluted Earnings Per Share -$0.19 -$0.26
COMMON SHARES
Basic Shares Outstanding 36.34M 36.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.13M $46.20M
YoY Change -9.67% 4.89%
Cash & Equivalents $37.10M $46.20M
Short-Term Investments
Other Short-Term Assets $1.202M $900.0K
YoY Change 192.46% 64.84%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $38.33M $47.10M
YoY Change -7.67% 5.62%
LONG-TERM ASSETS
Property, Plant & Equipment $109.0K $98.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $544.0K $679.0K
YoY Change 11.93% 27.15%
Total Long-Term Assets $653.0K $777.0K
YoY Change 34.36% 45.51%
TOTAL ASSETS
Total Short-Term Assets $38.33M $47.10M
Total Long-Term Assets $653.0K $777.0K
Total Assets $38.98M $47.88M
YoY Change -7.18% 6.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.424M $5.354M
YoY Change 23.5% 349.54%
Accrued Expenses $2.242M $2.117M
YoY Change 10.66% 92.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.666M $7.471M
YoY Change 15.32% 225.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.666M $7.471M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.666M $7.500M
YoY Change 15.32% 227.08%
SHAREHOLDERS EQUITY
Retained Earnings -$118.5M -$112.6M
YoY Change 36.21% 36.98%
Common Stock $153.8M $153.1M
YoY Change 22.22% 22.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.31M $40.41M
YoY Change
Total Liabilities & Shareholders Equity $38.98M $47.88M
YoY Change -7.18% 6.1%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$5.872M -$9.955M
YoY Change 20.4% 192.79%
Depreciation, Depletion And Amortization $6.000K $0.00
YoY Change
Cash From Operating Activities -$8.969M -$9.060M
YoY Change 210.02% 367.01%
INVESTING ACTIVITIES
Capital Expenditures $17.00K $70.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.000K $10.10M
YoY Change
Cash From Investing Activities -$16.00K $10.03M
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 -75.00K 24.78M
YoY Change 36.36% 233.06%
NET CHANGE
Cash From Operating Activities -8.969M -9.060M
Cash From Investing Activities -16.00K 10.03M
Cash From Financing Activities -75.00K 24.78M
Net Change In Cash -9.060M 25.75M
YoY Change 207.33% 368.18%
FREE CASH FLOW
Cash From Operating Activities -$8.969M -$9.060M
Capital Expenditures $17.00K $70.00K
Free Cash Flow -$8.986M -$9.130M
YoY Change

Facts In Submission

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<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:8pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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CY2023Q3 fbrx Prepaid Professional Fee
PrepaidProfessionalFee
362000
CY2023Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
94000
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
70000
CY2023Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
917000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
411000
CY2023Q3 fbrx Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
329000
CY2022Q4 fbrx Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
473000
CY2023Q3 fbrx Prepaid Professional Fees Noncurrent
PrepaidProfessionalFeesNoncurrent
302000
CY2023Q3 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
48000
CY2022Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
13000
CY2023Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
679000
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
486000
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
97000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
643000
CY2023Q3 fbrx Accrued Compensation
AccruedCompensation
850000
CY2022Q4 fbrx Accrued Compensation
AccruedCompensation
890000
CY2023Q3 fbrx Accrued Manufacturing And Preclinical Expenses
AccruedManufacturingAndPreclinicalExpenses
1100000
CY2022Q4 fbrx Accrued Manufacturing And Preclinical Expenses
AccruedManufacturingAndPreclinicalExpenses
485000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
70000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2117000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2026000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
25046000
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
5000
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
25041000
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
25046000
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
25041000
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
25046000
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
25041000
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
42000
us-gaap Operating Lease Expense
OperatingLeaseExpense
66000
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
6000
us-gaap Operating Lease Expense
OperatingLeaseExpense
12000
CY2023Q3 us-gaap Contractual Obligation
ContractualObligation
1500000
CY2023Q3 us-gaap Loss Contingency Lawsuit Filing Date
LossContingencyLawsuitFilingDate
August 10, 2023
CY2023Q3 us-gaap Loss Contingency Name Of Plaintiff
LossContingencyNameOfPlaintiff
Camac Fund LP
CY2023Q3 us-gaap Loss Contingency Name Of Defendant
LossContingencyNameOfDefendant
members of the Company’s Board of Directors (the “Directors”) and entities affiliated with certain of the Company’s investors (the “Investors”) and naming the Company as nominal defendant.
CY2023Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
25000
CY2022Q3 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2022-07-21
CY2023Q3 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2024-07-12
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.69
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.71
CY2022Q3 fbrx Share Based Compensation Arrangement By Share Based Payment Award Options Fair Value Of Stock Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsFairValueOfStockPrice
0
fbrx Share Based Compensation Arrangement By Share Based Payment Award Options Fair Value Of Stock Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsFairValueOfStockPrice
0.92
CY2023Q3 fbrx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Of Common Stock
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsOfCommonStock
0.82
fbrx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Of Common Stock
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsOfCommonStock
0.85
fbrx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Of Common Stock
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsOfCommonStock
1.49
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0445
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0434
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0225
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
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
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M21D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y7M13D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M17D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.1386
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.1219
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
280000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.86
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2643195
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.39
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y5M4D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2643195
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.39
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y5M4D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1205082
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.55
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y2M1D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3000
fbrx Share Based Compensation Arrangement By Share Based Payment Award Options Fair Value Of Stock Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsFairValueOfStockPrice
0.66
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
772000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
906000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2504000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3155000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5000000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M9D

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