$FBRX
Forte Biosciences, Inc.

2022 Q1 Form 10-K Financial Statement

#000156459022012987 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.821M $7.633M $1.470M
YoY Change 28.24% 80.88% -52.88%
% of Gross Profit
Research & Development $693.0K $13.85M $3.030M
YoY Change -79.14% 38.47% -60.13%
% of Gross Profit
Depreciation & Amortization $0.00 $36.00K $10.00K
YoY Change -100.0% -33.33% -94.44%
% of Gross Profit
Operating Expenses $2.514M $21.49M $4.490M
YoY Change -46.97% -53.58% -58.08%
Operating Profit -$2.514M -$21.49M
YoY Change -46.97% -53.58%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$53.00K -$222.0K -$80.00K
YoY Change -15.87% 8.29%
Pretax Income -$2.567M -$21.71M -$4.580M
YoY Change -46.52% -53.31% -56.71%
Income Tax
% Of Pretax Income
Net Earnings -$2.567M -$21.71M -$4.580M
YoY Change -46.57% -53.3% -56.72%
Net Earnings / Revenue
Basic Earnings Per Share -$0.17 -$1.55
Diluted Earnings Per Share -$173.9K -$1.554M -$370.6K
COMMON SHARES
Basic Shares Outstanding 14.76M 13.97M
Diluted Shares Outstanding 14.76M 13.97M

Balance Sheet

Concept 2022 Q1 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.04M $42.04M $58.80M
YoY Change -26.94% -28.5% 197.36%
Cash & Equivalents $40.00M $42.04M $58.77M
Short-Term Investments
Other Short-Term Assets $376.0K $476.0K $1.200M
YoY Change -65.82% -60.33% 9.09%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $40.41M $42.52M $59.90M
YoY Change -27.71% -29.02% 160.93%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $97.00K
YoY Change -100.0% -94.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $893.0K $773.0K $1.244M
YoY Change -19.77% -35.58%
Total Long-Term Assets $893.0K $786.0K $1.341M
YoY Change -25.58% -39.54% -108.77%
TOTAL ASSETS
Total Short-Term Assets $40.41M $42.52M $59.90M
Total Long-Term Assets $893.0K $786.0K $1.341M
Total Assets $41.30M $43.31M $61.24M
YoY Change -27.66% -29.24% 699.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $576.0K $946.0K $1.240M
YoY Change -52.0% -21.17% -20.97%
Accrued Expenses $680.0K $812.0K $1.019M
YoY Change -41.58% -18.8% 197.08%
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 $1.256M $1.758M $2.300M
YoY Change -47.67% -23.57% -82.58%
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 -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.256M $1.758M $2.300M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.256M $1.758M $2.300M
YoY Change -47.67% -23.57% -86.71%
SHAREHOLDERS EQUITY
Retained Earnings -$75.70M -$51.50M
YoY Change 34.46% -81.57%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.05M $41.55M $58.98M
YoY Change
Total Liabilities & Shareholders Equity $41.30M $43.31M $61.24M
YoY Change -27.66% -29.24% 117.47%

Cashflow Statement

Concept 2022 Q1 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$2.567M -$21.71M -$4.580M
YoY Change -46.57% -53.3% -56.72%
Depreciation, Depletion And Amortization $0.00 $36.00K $10.00K
YoY Change -100.0% -33.33% -94.44%
Cash From Operating Activities -$2.000M -$16.68M -$3.800M
YoY Change -50.37% -9.48% -64.52%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.00K -44.00K 42.40M
YoY Change -225.93% -100.07% -283.07%
NET CHANGE
Cash From Operating Activities -2.000M -16.68M -3.800M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -34.00K -44.00K 42.40M
Net Change In Cash -2.009M -16.72M 38.60M
YoY Change -49.81% -132.26% -332.53%
FREE CASH FLOW
Cash From Operating Activities -$2.000M -$16.68M -$3.800M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:left;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;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 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 consolidated financial statements and accompanying notes. Significant management estimates that affect the reported amounts of assets, liabilities and expenses include useful lives of property and equipment, stock-based compensation expense, accruals for clinical trials and drug manufacturing, 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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IncomeTaxReconciliationDeferredAdjustmentsPercent
0.000
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
479000
CY2021 us-gaap Allocated Share Based Compensation Expense
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4214000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
956000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
9400000
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M7D
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-4558000
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-9765000
CY2020 fbrx Income Tax Reconciliation Deferred Adjustments
IncomeTaxReconciliationDeferredAdjustments
38000
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IncomeTaxReconciliationDeferredAdjustmentsPercent
-0.001
CY2021 fbrx Income Tax Reconciliation Transaction Adjustments
IncomeTaxReconciliationTransactionAdjustments
369000
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IncomeTaxReconciliationTransactionAdjustmentsPercent
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CY2020 fbrx Income Tax Reconciliation Transaction Adjustments
IncomeTaxReconciliationTransactionAdjustments
-392000
CY2020 fbrx Income Tax Reconciliation Transaction Adjustments Percent
IncomeTaxReconciliationTransactionAdjustmentsPercent
0.009
CY2021 fbrx Income Tax Reconciliation Permanent Items
IncomeTaxReconciliationPermanentItems
-30000
CY2021 fbrx Income Tax Reconciliation Permanent Items Percent
IncomeTaxReconciliationPermanentItemsPercent
0.001
CY2020 fbrx Income Tax Reconciliation Permanent Items
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340000
CY2020 fbrx Income Tax Reconciliation Permanent Items Percent
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.186
CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
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-67000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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0.003
CY2020 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
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CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense
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8643000
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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0.000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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0.000
CY2020Q4 fbrx Deferred Tax Assets Accrual To Cash Adjustment
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256000
CY2021Q4 fbrx Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
2111000
CY2020Q4 fbrx Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
1730000
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
40000
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
57000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
944000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
275000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
5968000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3429000
CY2020Q4 fbrx Deferred Tax Assets Acquisition
DeferredTaxAssetsAcquisition
418000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
10000
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
245000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
9586000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
6165000
CY2020Q4 fbrx Deferred Tax Liabilities Depreciation
DeferredTaxLiabilitiesDepreciation
3000
CY2020Q4 fbrx Deferred Tax Liabilities State Taxes
DeferredTaxLiabilitiesStateTaxes
383000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
386000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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9586000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5779000
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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3800000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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4400000
CY2021 fbrx Cumulative Change In Ownership Percentage
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0.50
CY2021Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0

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