Forte Biosciences, Inc. Announces 2023 EPS $(1.00) Vs $(0.80) YoY
Portfolio Pulse from Benzinga Newsdesk
Forte Biosciences, Inc. reported an increase in its 2023 EPS loss to $(1.00) from $(0.80) YoY. R&D expenses rose to $21.9 million, driven by manufacturing, preclinical, and clinical expenses, notably for the FB-102 program. G&A expenses also increased to $10.6 million due to higher professional and legal costs. The company ended the year with $37.1 million in cash and 36.3 million shares outstanding.
March 18, 2024 | 8:13 pm
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Forte Biosciences, Inc. reported a wider EPS loss in 2023, significant increases in R&D and G&A expenses, and ended the year with $37.1 million in cash.
The reported increase in EPS loss and significant expenses in R&D and G&A could negatively impact investor sentiment in the short term, potentially leading to a decrease in stock price. The increase in expenses indicates significant investment in the FB-102 program, which could be seen as a positive in the long term but may weigh on short-term financial performance.
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