Logo

FBRX

Forte Biosciences, Inc.

FBRX

Forte Biosciences, Inc. • NASDAQ
$18.56 ▼ -2.73% (-0.52)
Market Cap $232.50 M
52w High $28.68
52w Low $4.90
Dividend Yield 0%
P/E -232
Volume 50.83K
Outstanding Shares 12.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $18.366M ▲ $-17.682M ▼ 0% $-0.99 ▼ $-17.665M ▼
Q2-2025 $0 $11.564M ▼ $-11.249M ▲ 0% $-0.96 ▲ $-11.564M ▲
Q1-2025 $0 $16.111M ▲ $-15.656M ▼ 0% $-1.37 ▼ $-16.111M ▼
Q4-2024 $0 $7.341M ▼ $-7.155M ▲ 0% $-1.12 ▲ $-7.145M ▲
Q3-2024 $0 $8.619M $-8.392M 0% $-4.54 $-8.619M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $93.414M ▼ $97.089M ▼ $12.992M ▲ $84.097M ▼
Q2-2025 $106.144M ▲ $107.783M ▲ $9.17M ▲ $98.613M ▲
Q1-2025 $45.856M ▼ $47.459M ▼ $9.032M ▼ $38.427M ▼
Q4-2024 $58.365M ▲ $61.561M ▲ $9.081M ▲ $52.48M ▲
Q3-2024 $16.363M $17.946M $8.58M $9.366M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-17.682M ▼ $-14M ▼ $-55K ▼ $1.325M ▼ $-12.73M ▼ $-14.055M ▼
Q2-2025 $-11.249M ▲ $-10.061M ▲ $0 ▼ $70.349M ▲ $60.288M ▲ $-10.061M ▲
Q1-2025 $-15.656M ▼ $-10.355M ▼ $36.289M ▲ $-2.322M ▼ $23.612M ▲ $-10.416M ▼
Q4-2024 $-7.155M ▲ $-10.009M ▼ $-35.987M ▼ $51.877M ▲ $5.881M ▲ $-10.04M ▼
Q3-2024 $-8.392M $-8.133M $0 $-2K $-8.135M $-8.133M

Five-Year Company Overview

Income Statement

Income Statement Forte Biosciences is still a pure development-stage company, with no product revenue over the past several years. Its expenses are mainly research, development, and general corporate costs, producing steady operating and net losses each year. The overall loss level appears relatively small for a biotech, but it is persistent and reflects ongoing trial and platform work rather than commercial activity. The very large loss per share figures mainly reflect share-count changes and reverse stock splits, not a sudden deterioration in the underlying business. Overall, the income statement shows a company fully in build-and-test mode, not yet in a position to generate recurring sales.

Balance Sheet

Balance Sheet The balance sheet is simple and lean: a small asset base largely made up of cash, no financial debt, and equity that closely mirrors total assets. This means the company is not burdened by interest payments but also operates with limited financial cushion. Cash levels declined from earlier years and then ticked up again recently, suggesting fresh capital was raised to fund the new strategy. The two reverse stock splits highlight that the company is very small and managing listing requirements, which is common for early-stage biotech firms. Overall, the balance sheet is clean but constrained, leaving little room for prolonged setbacks without additional financing.

Cash Flow

Cash Flow Cash flow is consistently negative, driven by operating activities such as research, clinical trials, and overhead. There is essentially no spending on physical assets, so free cash flow is almost entirely determined by how quickly the company is burning cash on operations. The burn rate looks modest in absolute terms but is meaningful relative to the small cash balance, implying a finite runway. As clinical programs advance and potentially expand, cash usage could increase, which would likely require further capital raises or partnerships. In short, the cash flow profile is typical of an early biotech: steady outflows, no inflows yet, and ongoing dependence on external funding.

Competitive Edge

Competitive Edge Forte’s competitive position rests almost entirely on the promise of its lead drug candidate, FB-102, rather than on scale or market presence. The company is going up against much larger players in autoimmune diseases and dermatology-adjacent fields, many with multiple programs and deeper resources. Its edge is a more targeted immune approach focused on a specific receptor involved in key inflammatory pathways, which could offer a better balance of efficacy and safety if the data hold up. The broad potential to apply the same mechanism across several autoimmune conditions gives it a “pipeline-in-a-product” feel, but also concentrates risk in one core asset. Until there is clear, positive mid- to late-stage data, Forte’s competitive strength is more about scientific differentiation than commercial clout.

Innovation and R&D

Innovation and R&D Innovation is clearly the heart of Forte’s story. The pivot from its prior dermatology program to FB-102 in autoimmune disease shows management is willing to cut losses and refocus on a more promising mechanism. FB-102’s design—aiming to dampen harmful immune cells while sparing protective regulatory cells—is scientifically attractive and supported by early lab and initial clinical signals. The company has been active in defending intellectual property around its approach, which is important in crowded autoimmune fields. However, R&D remains concentrated in a single platform and early clinical stages, so scientific and clinical execution over the next few years will be critical to turning this innovation into durable value.

Summary

Forte Biosciences is a small, pre-revenue biotech built around one main experimental antibody targeting autoimmune diseases. Financially, it has a straightforward profile: no sales yet, recurring but relatively modest losses, negative operating cash flow, and a small cash cushion with no debt. Its future hinges on the success of FB-102 in celiac disease, vitiligo, and potentially other conditions, where it faces intense competition but also significant unmet need. The science offers a clear, focused thesis with the potential to address multiple diseases from a single mechanism, balanced by concentrated pipeline risk and ongoing funding requirements. Overall, this is a classic early-stage biotech: high dependence on clinical trial outcomes and capital markets, with meaningful upside if the lead program proves both effective and safe, and significant downside if it does not.

NEWS

November 24, 2025 · 4:01 PM UTC

Forte Biosciences, Inc. Reports Inducement Grant Under Nasdaq Listing Rules

Read more

November 14, 2025 · 9:00 AM UTC

Forte Biosciences, Inc. Announces Third Quarter 2025 Results and Provides Update

Read more

October 3, 2025 · 4:01 PM UTC

Forte Biosciences, Inc. Reports Inducement Grants Under Nasdaq Listing Rules

Read more

September 15, 2025 · 9:00 AM UTC

Forte Biosciences, Inc. Announces Presentation of FB102 Celiac Disease Trial at Tampere Celiac Disease Symposium

Read more