Forte Biosciences | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.99, beating the estimate of USD -1.0267.

EBIT: As of FY2025 Q3, the actual value is USD -19.08 M.

Segment Revenue

• Forte Biosciences, Inc. did not report any revenue for the periods ended September 30, 2025, and 2024, as the company has no products approved for commercial sale and has not generated any revenue from product sales.

Operational Metrics

• Net Loss: For the three months ended September 30, 2025, the net loss was - $17.7 million, compared to - $8.4 million for the same period in 2024. For the nine months ended September 30, 2025, the net loss was - $44.6 million, compared to - $28.3 million for the same period in 2024.
• Research and Development Expenses: For the three months ended September 30, 2025, R&D expenses were $15.2 million, compared to $5.9 million for the same period in 2024. For the nine months ended September 30, 2025, R&D expenses were $36.5 million, compared to $16.0 million for the same period in 2024.
• General and Administrative Expenses: For the three months ended September 30, 2025, G&A expenses were $3.2 million, compared to $2.8 million for the same period in 2024. For the nine months ended September 30, 2025, G&A expenses were $9.6 million, compared to $13.3 million for the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was - $34.4 million, compared to - $20.7 million for the same period in 2024.
• Net Cash Provided by Investing Activities: For the nine months ended September 30, 2025, net cash provided by investing activities was $36.2 million, compared to net cash used of - $6 thousand for the same period in 2024.
• Net Cash Provided by Financing Activities: For the nine months ended September 30, 2025, net cash provided by financing activities was $69.4 million, compared to net cash used of - $20 thousand for the same period in 2024.

Unique Metrics

• Cash and Cash Equivalents: As of September 30, 2025, the company had cash and cash equivalents of approximately $93.4 million, compared to $22.2 million as of December 31, 2024.

Future Outlook and Strategy

• Core Business Focus: Forte Biosciences, Inc. plans to continue focusing on the development of its lead product candidate, FB102, which is in clinical trials for autoimmune and autoimmune-related indications. The company has initiated a Phase 2 study for celiac disease and a Phase 1b trial for non-segmental vitiligo, with topline data expected in 2026.
• Non-Core Business: The company has not reported any specific plans related to non-core business segments or divestitures.