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MARKETS / NASDAQ / FBRX
NASDAQ · PHARMACEUTICAL PREPARATIONS · SMALL CAP

Forte Biosciences, Inc. FBRX

11 fiscal years on record · USD · FY2025 reported · SEC filings only
$-69.4M
$-51.0M
In brief

What this company does

Forte Biosciences, Inc. and its subsidiaries (www.fortebiorx.com) (“Forte”, “we”, “our”) is a clinical-stage biopharmaceutical company whose current lead product candidate is FB102. FB102 is a proprietary anti-CD122 monoclonal antibody therapeutic candidate with potentially broad autoimmune and autoimmune-related indications. Our FB102 program aims to address key pathways implicated in these indications with a CD122 antagonist. Based on the successful completion of the Phase 1 healthy volunteer cohorts, we initiated a patient-based Phase 1b trial in celiac disease in the third quarter of 2024 and a patient-based Phase 1b trial for non-segmental vitiligo in the first quarter of 2025. In June 2025, we announced positive data in our celiac disease Phase 1b study. The primary objective of the Phase 1 trial was to assess the safety, tolerability and pharmacokinetics of single and multiple ascending doses of FB102.

Written from the business description in Forte Biosciences, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth
Revenue, FY2025 · full 11-year series below
Revenue $M Net income $M
FY2019 · Revenue 0.0 · Net income -4.1
8M16M-20M-40M201520172019202120232025
Compound annual growth
−9.8%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
Operating margin Net margin
FY2019 · Operating -11288.9% · Net -11302.8%
-50000%201520172019202120232025
ROE
FY2025 · ROE -122.3%
-50%-100%-150%201520172019202120232025

Each USD of equity lost 122 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -51.0
-20M-40M201520172019202120232025

Total assetsUSD 82.8M
EquityUSD 61.0M
CashUSD 77.0M
Current ratio3.88×

Equity funds 74% of total assets.

The 11-year record
11 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015
Revenue $B······0.00.00.00.0·
Operating income $B−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.1−0.0−0.0·−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.00.0····0.00.00.00.0·
Net income $B−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.1−0.0−0.0···−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−4.71−12.17−24.92−0.80−1.55−6.32−1.93−2.44−2.66−15.22−10.57
Dividend / sh $···········
Payout %···········
ROE %−122.3−80.8−84.9−34.5−43.2−171.5·−139.2···
Shares out B0.010.010.000.020.010.010.000.020.020.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 38 reconciliationsAUDITED

Reconciled in 11 of 19 fiscal years. 38 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2015

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