$FBRX
Forte Biosciences, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052509 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $0.00 $10.00K $9.000K
YoY Change -100.0% 0.0% -99.95%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.320M $3.120M $3.840M
YoY Change -65.63% -10.86% -11.11%
% of Gross Profit
Research & Development $3.688M $7.600M $353.0K
YoY Change 944.76% -51.34% -97.12%
% of Gross Profit
Depreciation & Amortization $10.00K $180.0K $230.0K
YoY Change -95.65% -14.29% 15.0%
% of Gross Profit
Operating Expenses $5.008M $10.71M $17.13M
YoY Change -70.77% -43.97% 3.32%
Operating Profit -$17.12M
YoY Change -1299.93%
Interest Expense -$130.0K -$1.610M
YoY Change -56.67% 436.67%
% of Operating Profit
Other Income/Expense, Net -$90.00K $0.00 -$6.000K
YoY Change 1400.0% -98.01%
Pretax Income -$5.100M -$10.58M -$18.74M
YoY Change -72.78% -45.49% -1763.85%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.100M -$10.58M -$690.0K
YoY Change 639.13% -46.01% 80.16%
Net Earnings / Revenue -105830.0% -7666.67%
Basic Earnings Per Share
Diluted Earnings Per Share -$455.0K -$6.654M -$11.79M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.20M $19.77M $55.34M
YoY Change -63.5% -79.42% -30.65%
Cash & Equivalents $20.20M $6.939M $25.58M
Short-Term Investments $12.84M $29.76M
Other Short-Term Assets $1.400M $1.100M $4.200M
YoY Change -66.67% -35.29% -19.23%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $21.60M $22.96M $59.54M
YoY Change -63.72% -76.52% -30.03%
LONG-TERM ASSETS
Property, Plant & Equipment $110.0K $1.689M $3.604M
YoY Change -96.95% -57.49% -9.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.003M $0.00 $5.000K
YoY Change 19960.0% -100.0% -99.6%
Total Long-Term Assets $1.130M -$15.30M $11.21M
YoY Change -89.92% -386.86% 113.33%
TOTAL ASSETS
Total Short-Term Assets $21.60M $22.96M $59.54M
Total Long-Term Assets $1.130M -$15.30M $11.21M
Total Assets $22.73M $7.658M $70.75M
YoY Change -67.87% -92.57% -21.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.513M $1.569M $2.293M
YoY Change -34.02% -53.91% -49.66%
Accrued Expenses $898.0K $343.0K $11.60M
YoY Change -92.26% -97.38% 15.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.700M $27.80M
YoY Change
Total Short-Term Liabilities $2.411M $13.20M $41.75M
YoY Change -94.22% -20.14% 185.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $81.00K $81.00K
YoY Change -96.32% -95.95%
Total Long-Term Liabilities $0.00 $81.00K $81.00K
YoY Change -100.0% -99.69% -99.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.411M $13.20M $41.75M
Total Long-Term Liabilities $0.00 $81.00K $81.00K
Total Liabilities $2.400M $17.31M $50.95M
YoY Change -95.29% -61.47% 19.32%
SHAREHOLDERS EQUITY
Retained Earnings -$46.90M -$279.4M -$268.8M
YoY Change -82.55% 29.42%
Common Stock $290.2M $288.6M
YoY Change 5.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.32M -$4.769M $19.80M
YoY Change
Total Liabilities & Shareholders Equity $22.70M $28.16M $70.75M
YoY Change -67.91% -72.68% -21.74%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$5.100M -$10.58M -$690.0K
YoY Change 639.13% -46.01% 80.16%
Depreciation, Depletion And Amortization $10.00K $180.0K $230.0K
YoY Change -95.65% -14.29% 15.0%
Cash From Operating Activities -$7.740M -$10.71M -$12.69M
YoY Change -39.01% -10.3% -1450.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$170.0K
YoY Change -100.0% -72.58%
Acquisitions
YoY Change
Other Investing Activities $0.00 $17.27M $19.53M
YoY Change -100.0% 1304.07% -1437.67%
Cash From Investing Activities $0.00 $17.27M $19.36M
YoY Change -100.0% 2172.37% -1030.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 160.0K -23.16M 10.00K
YoY Change 1500.0% -181.21%
NET CHANGE
Cash From Operating Activities -7.740M -10.71M -12.69M
Cash From Investing Activities 0.000 17.27M 19.36M
Cash From Financing Activities 160.0K -23.16M 10.00K
Net Change In Cash -7.580M -16.60M 6.680M
YoY Change -213.47% -195.73% -685.96%
FREE CASH FLOW
Cash From Operating Activities -$7.740M -$10.71M -$12.69M
Capital Expenditures $0.00 -$170.0K
Free Cash Flow -$10.71M -$12.52M
YoY Change -6.63% -902.56%

Facts In Submission

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<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:left;margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The preparation of the Company’s financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. Significant management estimates that affect the reported amounts of assets and liabilities include useful lives of property and equipment, stock-based compensation, accruals for clinical trials and deferred tax assets. 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></p>
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
40366000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
33107
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.46
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
5500000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
375000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
401000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5000

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