Forte Biosciences, Inc. FBRX
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. CD122 is a subunit of IL-2/IL-15 receptors which are key regulators of NK cells and certain T cell subsets.
In FB102 mechanistic in-vitro studies, human donor T and NK cells were stimulated with either IL2 or IL15 in the presence or absence of FB102. FB102 significantly inhibited proliferation (4-5x inhibition in the proliferation of T cells and 6-8 fold inhibition in the proliferation of NK cells) and also inhibited activation of T cells. The level of FB102 inhibition of proliferation and activation was at levels comparable to unstimulated cells. Human donor regulatory T cell (Treg) studies stimulated with IL2 demonstrated comparable proliferation both in the presence and absence of FB102. Additionally, in-vitro assays demonstrated superiority of FB102 compared to competing antibodies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $36.0K | $18.0M | $41.0K | $49.0K |
| R&D | — | — | — | — | — | — | $45.3M | $51.1M | $29.1M | $27.2M |
| SG&A | $12.4M | $15.4M | $10.6M | $8.3M | $7.6M | $4.2M | $1.4M | $12.8M | $8.6M | $4.5M |
| Total operating expenses | $70.7M | $36.6M | $32.5M | $13.9M | $21.5M | $46.3M | $4.1M | $63.9M | $37.7M | $31.7M |
| Operating income | -$70.7M | -$36.6M | -$32.5M | -$13.9M | -$21.5M | -$46.3M | -$4.1M | -$45.9M | -$37.6M | -$31.7M |
| Interest expense | $2.7M | $1.3M | $1.1M | $162.0K | — | — | — | — | — | — |
| Pre-tax income | -$68.3M | -$35.5M | -$31.5M | — | — | — | -$63.5M | -$47.3M | -$38.9M | -$33.5M |
| Income tax | $1.0M | $0 | — | — | — | — | $1.0K | $1.7M | $1.0K | $1.0K |
| Net income | -$69.4M | -$35.5M | -$31.5M | -$13.9M | -$21.7M | -$46.5M | -$4.1M | -$49.0M | -$38.9M | -$33.5M |
| EPS, basic | -4.71 | -12.17 | -24.92 | -0.80 | -1.55 | — | — | — | — | — |
| EPS, diluted | -4.71 | -12.17 | -24.92 | -0.80 | -1.55 | -6.32 | -1.93 | -2.44 | -2.66 | -15.22 |
| Shares, diluted (wtd. avg.) | — | — | — | 17.4M | 14.0M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $77.0M | $22.2M | $37.1M | $41.1M | $42.0M | $58.8M | $6.9M | $5.0M | $35.9M | $5.5M |
| Short-term investments | — | $36.1M | — | — | — | — | $12.8M | $55.3M | $52.8M | $25.7M |
| Total current assets | $80.6M | $61.3M | $38.3M | $41.5M | $42.5M | $59.9M | $7.5M | $97.7M | $90.6M | $32.5M |
| Property, plant and equipment | $129.0K | $77.0K | $109.0K | — | — | $97.0K | $152.0K | $4.0M | $1.2M | $743.0K |
| Total assets | $82.8M | $61.6M | $39.0M | $42.0M | $43.3M | $61.2M | $7.7M | $103.1M | $92.1M | $35.4M |
| Accounts payable | $10.0M | $4.9M | $1.4M | $1.2M | $946.0K | $1.2M | $1.6M | $3.4M | $2.0M | $1.7M |
| Total current liabilities | $20.8M | $9.1M | $3.7M | $3.2M | $1.8M | $2.3M | $1.9M | $16.5M | $17.3M | $14.4M |
| Long-term debt | — | — | — | — | — | — | — | $26.2M | $3.6M | $10.2M |
| Total liabilities | $21.8M | $9.1M | — | — | — | — | $17.3M | $44.9M | $21.0M | $28.4M |
| Retained earnings | -$223.4M | -$154.0M | -$118.5M | -$87.0M | -$73.2M | -$51.5M | -$5.0M | -$215.9M | -$166.9M | -$128.0M |
| Total equity | $61.0M | $52.5M | $35.3M | $38.8M | $41.5M | $59.0M | -$4.8M | -$736.0K | $71.1M | -$124.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$50.9M | -$30.7M | -$28.7M | -$8.2M | -$16.7M | -$18.4M | -$2.8M | -$34.5M | -$31.1M | -$29.5M |
| Depreciation and amortisation | $64.0K | $39.0K | $9.0K | — | $36.0K | $54.0K | $11.0K | $625.0K | $292.0K | $255.0K |
| Stock-based compensation | $6.3M | $3.1M | $3.3M | $4.0M | $4.2M | $956.0K | $36.0K | $6.9M | $4.5M | $1.3M |
| Capital expenditure | $116.0K | $37.0K | $88.0K | — | — | — | $162.0K | $2.0M | $655.0K | $525.0K |
| Investing cash flow | $36.2M | -$36.0M | $47.0K | — | — | $3.6M | -$162.0K | -$4.2M | -$27.7M | $24.6M |
| Financing cash flow | $69.4M | $51.9M | $24.7M | $7.2M | -$44.0K | $66.7M | $4.9M | $43.5M | $89.3M | $2.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-191515.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.0K | $41.0K | $18.0M | $36.0K | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$33.5M | -$38.9M | -$49.0M | -$4.1M | -$46.5M | -$21.7M | -$13.9M | -$31.5M | -$35.5M | -$69.4M |
Recent filings and events
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Change of control Control of the company has changed hands. Item 5.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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