Forte Biosciences Inc

What they do

Forte Biosciences is a clinical-stage biopharmaceutical company with lead candidate FB102, a proprietary anti-CD122 monoclonal antibody designed as a CD122 antagonist to modulate IL-2/IL-15 receptor pathways involved in autoimmune diseases. FB102 is being developed across multiple indications, with completed Phase 1 healthy volunteer cohorts and ongoing/planned clinical trials in celiac disease, vitiligo, and alopecia areata. The company has no approved products and does not generate product revenue.

Revenue drivers

• No product revenue — Forte is a clinical-stage company with no approved products; historical revenue figures are minimal (e.g., $49,000 in 2016, $18.0M in 2018) and not from product sales.

Recent performance

For Q1 2026, Forte reported a net loss of $(1.24) per share, compared to $(1.37) in Q1 2025. R&D expenses rose to $20.5 million in Q1 2026 from $12.7 million in the prior year period, driven by clinical costs for FB102. G&A expenses fell to $2.0 million from $3.4 million, partly due to an insurance settlement. Cash and cash equivalents were $58.2 million at March 31, 2026; in April 2026, the company raised $172.5 million in gross proceeds from an offering. As of June 30, 2026, total assets were $205.7 million and cash was $49.6 million.

Strategy

Forte is advancing FB102 through a Phase 2 celiac disease study, which began in July 2025, and has received FDA Fast Track designation for celiac disease. The company is also running Phase 1b trials in non-segmental vitiligo and alopecia areata. Management plans to continue expanding into additional autoimmune indications, with a focus on addressing high unmet medical needs. The company raised $172.5 million in April 2026 to fund these activities.

Risks

• Clinical trial risk — FB102 is in clinical development; failure of Phase 2 or Phase 1b trials could halt further development.
• No product revenue — Forte has no approved products and relies on funding; continued losses require additional financing or a partner.
• Proposed acquisition by argenx — The 10-Q references a proposed transaction with argenx BV involving a tender offer and merger; the deal may not complete, creating uncertainty.
• Competition — Other companies are developing treatments for autoimmune diseases; FB102 may face competition from more advanced or alternative therapies.

Outlook

Management expects topline data from the Phase 2 celiac study in 2026 and topline results from the Phase 1b vitiligo study shortly, with alopecia areata data expected in 2026. The company continues to invest in FB102 development, including a US arm of the Phase 2 celiac trial. With the April 2026 financing, Forte has cash to fund near-term operations.