Will FBRX's Q1 2025 earnings surprise investors?

**Forte Biosciences (FBRX) is unlikely to surprise investors with a positive earnings report in Q1 2025.** Here's why: 1. **Expected Earnings**: Analysts expect Forte Biosciences to announce earnings of ($4.55) per share for the quarter. This expectation suggests that any surprise, positive or negative, is not anticipated to be significant. 2. **Financial Performance**: Forte Biosciences has reported a net loss of $35.5 million for the year ended December 31, 2024. The company's financials indicate a focus on research and development, with R&D expenses decreasing slightly to $21.2 million. General and administrative expenses have increased, primarily due to higher professional and legal costs. 3. **Clinical Development**: The company's lead product candidate, FB102, has completed Phase 1 trials and is currently in a patient-based trial for celiac disease, with top-line results expected in Q2 2025. This means that Q1 2025 will not contribute to any revenue from clinical trials for FB102. 4. **Revenue Expectations**: The company has not generated any revenue from product sales or other sources. With no revenue expectations for Q1 2025, the focus remains on clinical development and associated expenses. In conclusion, Forte Biosciences is not positioned to deliver a positive earnings surprise in Q1 2025, given the expected earnings per share, the company's financial focus on R&D and increased G&A expenses, and the absence of revenue from its lead product candidate's clinical trials.