Forte Biosciences | 8-K: 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.

Research and Development Expenses

• For the three months ended September 30, 2025, research and development expenses were $15.2 million, compared to $5.9 million for the same period in 2024. This increase was primarily due to a $9.7 million rise in clinical and manufacturing expenses related to Phase 2 and Phase 1b clinical trials, and a $0.8 million increase in personnel-related expenses, partially offset by a $1.2 million decrease in preclinical expenses.
• For the nine months ended September 30, 2025, research and development expenses were $36.5 million, compared to $16.0 million for the same period in 2024. The increase was mainly due to a $21.6 million rise in manufacturing and clinical expenses, a $0.9 million increase in discovery work, and a $0.9 million increase in personnel-related expenses, partially offset by a $2.8 million decrease in preclinical expenses.

General and Administrative Expenses

• General and administrative expenses were $3.2 million for the three months ended September 30, 2025, compared to $2.8 million for the same period in 2024. The increase was primarily due to $0.6 million in personnel-related expenses, including $0.5 million in non-cash stock-based compensation, partially offset by a $0.3 million decrease in professional and legal expenses.
• For the nine months ended September 30, 2025, general and administrative expenses were $9.6 million, compared to $13.3 million for the same period in 2024. This decrease was primarily due to a $6.0 million reduction in professional and legal expenses, partially offset by a $2.1 million increase in personnel-related expenses, including $1.9 million in non-cash stock-based compensation.

Net Loss

• Net loss per share was - $0.99 for the three months ended September 30, 2025, compared to - $4.54 for the same period in 2024. For the nine months ended September 30, 2025, net loss per share was - $3.26, compared to - $15.35 for the same period in 2024.

Cash and Cash Equivalents

• Forte ended the third quarter of 2025 with $93.4 million in cash and cash equivalents.

Outlook / Guidance

• Forte Biosciences expects three clinical trial readouts for FB102 in 2026, including a phase 2 trial in celiac disease and phase 1b trials in both vitiligo and alopecia areata. The company anticipates that 2026 will be a significant year, highlighting FB102’s potential to address unmet medical needs across multiple indications, representing multi-billion dollar market opportunities.