FBRX

MKT CAP:$384M

Forte Biosciences, Inc.

Market Cap

$384M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$29.83+$6.22 (+26.34%)

Apr 22, 2026

Company Details

Forte Biosciences, Inc. operates as a clinical-stage biopharmaceutical company in the United States. It is developing FB-102 program that addresses various autoimmune diseases, such as vitiligo and alopecia areata. The company is headquarte...

CEO

Paul A. Wagner

IPO Date

Apr 13, 2017

Website

www.fortebiorx.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$69M

EPS (Diluted)

-$4.71

Free Cash Flow

-$51M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

FY 2025

Mar 31, 2026

$0EPS -$4.71

Q4 2025

Mar 31, 2026

$0EPS -$1.39

Q3 2025

Nov 14, 2025

$0EPS -$0.99

Q2 2025

Aug 14, 2025

$0EPS -$0.96

Q1 2025

May 15, 2025

$0EPS -$1.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$3M
Q2 22	$0	$0	-$3M
Q3 22	$0	$0	-$3M
Q4 22	$0	$0	-$5M
Q1 23	$0	$0	-$7M
Q2 23	$0	$0	-$9M
Q3 23	$0	-$3.0K	-$10M
Q4 23	$0	-$6.0K	-$6M
Q1 24	$0	-$9.0K	-$8M
Q2 24	$0	-$10.0K	-$13M
Q3 24	$0	-$10.0K	-$9M
Q4 24	$0	-$10.0K	-$7M
Q1 25	$0	-$13.0K	-$16M
Q2 25	$0	-$15.0K	-$12M
Q3 25	$0	-$17.0K	-$18M
Q4 25	$0	$45.0K	-$25M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$2M	-$2M
Q2 22	-$1M	-$1M
Q3 22	-$2M	-$2M
Q4 22	-$3M	-$3M
Q1 23	-$5M	-$5M
Q2 23	-$5M	-$5M
Q3 23	-$9M	-$9M
Q4 23	-$9M	-$9M
Q1 24	-$7M	-$7M
Q2 24	-$6M	-$6M
Q3 24	-$8M	-$8M
Q4 24	-$10M	-$10M
Q1 25	-$10M	-$10M
Q2 25	-$10M	-$10M
Q3 25	-$14M	-$14M
Q4 25	-$16M	-$16M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$71.0K
Q4 23	$17.0K
Q1 24	$6.0K
Q2 24	$0
Q3 24	$0
Q4 24	$31.0K
Q1 25	$61.0K
Q2 25	$0
Q3 25	$55.0K
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	-47.0%
Q2 22	—	-47.5%
Q3 22	—	-55.5%
Q4 22	—	+49.7%
Q1 23	—	+172.7%
Q2 23	—	+199.1%
Q3 23	—	+198.5%
Q4 23	—	+29.2%
Q1 24	—	+13.8%
Q2 24	—	+41.9%
Q3 24	—	-15.5%
Q4 24	—	+15.2%
Q1 25	—	+106.6%
Q2 25	—	-9.7%
Q3 25	—	+113.0%
Q4 25	—	+234.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	—
Q2 22	$1M	—
Q3 22	$906.0K	—
Q4 22	$860.0K	—
Q1 23	$877.0K	—
Q2 23	$855.0K	—
Q3 23	$772.0K	—
Q4 23	$780.0K	—
Q1 24	$805.0K	—
Q2 24	$802.0K	—
Q3 24	$791.0K	—
Q4 24	$697.0K	—
Q1 25	$2M	—
Q2 25	$1M	—
Q3 25	$1M	—
Q4 25	$2M	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$693.0K	—	$2M
Q2 22	$1M	$2M	—
Q3 22	$1M	—	$2M
Q4 22	$2M	$2M	—
Q1 23	$5M	—	$2M
Q2 23	$7M	$2M	—
Q3 23	$6M	$4M	—
Q4 23	$4M	—	$3M
Q1 24	$4M	$3M	—
Q2 24	$6M	$7M	—
Q3 24	$6M	$3M	—
Q4 24	$5M	—	$2M
Q1 25	$13M	$3M	—
Q2 25	$9M	$3M	—
Q3 25	$15M	$3M	—
Q4 25	$21M	$3M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$40M	$0	$40M
Q2 22	$39M	$0	$39M
Q3 22	$44M	$0	$44M
Q4 22	$41M	$0	$41M
Q1 23	$36M	$0	$36M
Q2 23	$20M	$10M	$30M
Q3 23	$21M	$25M	$46M
Q4 23	$12M	$25M	$37M
Q1 24	$11M	$20M	$30M
Q2 24	$24M	$0	$24M
Q3 24	$16M	$0	$16M
Q4 24	$22M	$36M	$58M
Q1 25	$46M	$0	$46M
Q2 25	$106M	$0	$106M
Q3 25	$93M	$0	$93M
Q4 25	$77M	$0	$77M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	590K	+0.0%	+11.4%
Q2 22	590K	+0.0%	+8.5%
Q3 22	757K	+28.2%	+32.9%
Q4 22	840K	+11.0%	+42.3%
Q1 23	840K	+0.0%	+42.3%
Q2 23	842K	+0.2%	+42.6%
Q3 23	2M	+79.9%	+100.0%
Q4 23	1M	-4.0%	+73.0%
Q1 24	2M	+6.9%	+84.9%
Q2 24	2M	+18.7%	+119.2%
Q3 24	2M	+0.1%	+22.0%
Q4 24	6M	+246.0%	+339.9%
Q1 25	11M	+78.3%	+633.5%
Q2 25	12M	+3.0%	+536.5%
Q3 25	18M	+51.5%	+863.1%
Q4 25	147M	+727.1%	+2202.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	5
Q2 22	$0	5
Q3 22	$0	5
Q4 22	$0	6
Q1 23	$0	6
Q2 23	$0	6
Q3 23	$0	6
Q4 23	$0	9
Q1 24	$0	9
Q2 24	$0	9
Q3 24	$0	9
Q4 24	$0	14
Q1 25	$0	14
Q2 25	$0	14
Q3 25	$0	14
Q4 25	$0	19

Revenue / Employee