Forte Biosciences, Inc.

Listed Company

FBRXCIK 0001419041NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-69.38M

Total Assets

$82.78M

Equity

$60.99M

Shares Out

13.89M

Op. Cash Flow

$-50.90M

Business

Forte Biosciences, Inc. is a clinical-stage biopharmaceutical company developing FB102, an anti-CD122 monoclonal antibody targeting autoimmune and autoimmune-related indications. It offers FB102 as its lead therapeutic candidate, supported by in vitro, non-human primate studies and completed Phase 1 healthy volunteer trials demonstrating NK and T cell modulation and a favorable safety profile, and it is conducting a patient trial in celiac disease. Key business activities include research and development, clinical development, regulatory affairs, intellectual property management and outsourced manufacturing. Forte advances its programs through clinical trial networks and third-party CMOs, pursuing U.S. and international regulatory pathways.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	58	21	22	6	14
Research and development - related party	600,000	479,000	—	—	—
General and administrative	12	15	11	8	8
Total operating expenses	71	37	32	14	21
Loss from operations	−71	−37	−32	−14	−21
Interest income	3	1	1	162,000	—
Other expense, net	−396,000	−190,000	−114,000	−145,000	−222,000
Total other income, net	2	1	—	—	—
Net loss before taxes	−68	−35	—	—	—
Income tax expense	1	0	—	—	—
Net loss	−69	−35	−31	−14	−22
Net loss per share - basic	−4.71	−12.17	−24.92	−0.8	−1.55
Net loss per share - diluted	−4.71	−12.17	−24.92	−0.8	−1.55
Weighted average shares and pre-funded warrants outstanding, basic	15	3	1	17	—
Weighted average shares and pre-funded warrants outstanding, diluted	15	3	1	17	—
Unrealized (loss) gain on available-for-sale securities, net	−8,000	7,000	4,000	—	—
Comprehensive loss	−69	−35	−31	−14	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	77	22	37	41	42
Short-term investments	—	36	—	—	—
Prepaid expenses and other current assets	4	3	1	411,000	476,000
Total current assets	81	61	38	42	43
Property and equipment, net	129,000	77,000	109,000	—	—
Other assets	2	138,000	544,000	486,000	786,000
Total assets	83	62	39	42	43
Accounts payable	10	5	1	1	946,000
Accrued liabilities	11	4	2	2	812,000
Total current liabilities	21	9	4	3	2
Income tax payable	1	—	—	—	—
Total liabilities	22	9	—	—	—
Commitments and contingencies (Note 6)	—	—	—	—	—
Common stock, $0.001 par value: 200,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 12,948,308 and 6,393,323 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	13,000	6,000	1,000	21,000	15,000
Additional paid-in capital	284	206	154	126	115
Accumulated other comprehensive income	3,000	11,000	4,000	—	—
Accumulated deficit	−223	−154	−119	−87	−73
Total stockholders equity	61	52	35	39	42
Total liabilities and stockholders' equity	83	62	39	42	43

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−69	−35	—	—	—
Depreciation expense	64,000	39,000	9,000	—	36,000
Accretion of debt discount on available-for-sale securities	−237,000	−158,000	−131,000	—	—
Stock-based compensation expense	6	3	3	4	4
Prepaid expenses and other assets	−3	−1	−849,000	258,000	1
Accounts payable	6	3	271,000	207,000	−294,000
Accrued liabilities	8	109,000	186,000	1	−207,000
Income taxes payable	1	0	—	—	—
Net cash used in operating activities	−51	−31	−29	−8	−17
Purchase of available-for-sale securities	0	−36	−10	—	—
Proceeds from redemptions of short-term investments	36	0	—	—	—
Purchase of property and equipment	−116,000	−37,000	−88,000	—	—
Net cash provided by (used in) investing activities	36	−36	47,000	—	—
Proceeds from issuance of common stock and pre-funded warrants	75	53	25	7	—
Payment of issuance costs associated with financings	−7	−1	−272,000	—	−106,000
Proceeds from issuance of common stock upon exercise of underwriters' option	2	0	—	7	—
Proceeds from issuance of common stock under ESPP	18,000	14,000	—	—	—
Proceeds from exercise of warrants and options	34,000	0	—	—	—
Taxes paid related to net share settlement of equity awards	−29,000	−35,000	−60,000	—	—
Settlement of fractional shares paid in cash	0	−1,000	—	—	—
Net cash provided by financing activities	69	52	25	7	−44,000
Net increase (decrease) in cash and cash equivalents	55	−15	−4	−944,000	−17
Unpaid issuance costs recorded in accounts payable and accrued liabilities	41,000	2	—	—	—

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