Forte Biosciences Reports $11.2 Million Net Loss and $106.1 Million Cash Reserves for Q2 2025

Forte Biosciences, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $11.2 million for the three months ended June 30, 2025, a decrease from a net loss of $12.5 million in the same period of the previous year. For the six months ended June 30, 2025, the net loss was $26.9 million, compared to $19.9 million for the same period in 2024. Operating expenses totaled $11.6 million for the quarter, down from $12.8 million year-over-year, while total operating expenses for the first half of 2025 reached $27.7 million, up from $20.6 million in the prior year.

The company experienced a notable increase in cash and cash equivalents, which rose to approximately $106.1 million as of June 30, 2025, compared to $22.2 million at the end of 2024. This increase was primarily driven by a public offering completed on June 25, 2025, where Forte sold 5,630,450 shares of common stock and pre-funded warrants, generating gross proceeds of $75 million. The company also reported a significant increase in additional paid-in capital, which rose to $279.5 million from $206.5 million at the end of 2024.

Forte is advancing its lead product candidate, FB102, a monoclonal antibody targeting autoimmune conditions. The company recently announced positive results from a Phase 1b clinical trial for celiac disease, which demonstrated significant improvements in key clinical endpoints. Following this success, Forte initiated a Phase 2 study for celiac disease in July 2025 and is also progressing with trials for non-segmental vitiligo and alopecia areata. The company’s research and development expenses increased significantly, reflecting the costs associated with these clinical trials.

In terms of operational metrics, Forte's employee headcount has increased, contributing to higher personnel-related expenses. The company is actively expanding its clinical development efforts, which may lead to further increases in operating expenses as it continues to advance FB102 through various stages of clinical trials. The company has indicated that it expects to incur additional losses in the foreseeable future as it focuses on the development of its product candidates.

Looking ahead, Forte Biosciences anticipates that its existing cash reserves will be sufficient to fund operations for at least the next twelve months. However, the company acknowledges the need for additional capital to support its ongoing research and development activities. Management is exploring various financing options, including potential equity and debt offerings, to ensure the continuation of its clinical programs and operational needs. The company remains vigilant regarding macroeconomic factors that could impact its business, including geopolitical tensions and economic uncertainties.