Forte Biosciences, Inc.
FBRX evidence brief
What we can confirm
- BioSniper Score:
- 6.7 / 10
- Market Cap:
- $1.63B
- Lead Asset:
- fb-102 (Phase 2)
What it means
What to watch
Prepared research question
What matters most for FBRX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · FBRX
Forte Biosciences, Inc. is a clinical-stage biotechnology company developing FB102, a CD122 antagonist for autoimmune diseases, with no approved products and a history of net losses.
Key risk: Single-asset dependency
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$1.63B
Cash Runway
—
Lead Asset
fb-102 (Phase 2)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 4 clinical trials for Forte Biosciences, Inc..
Forte Biosciences, Inc. is a clinical-stage biotechnology company developing FB102, a CD122 antagonist for autoimmune diseases, with no approved products and a history of net losses.
- Forte's sole product candidate is FB102, a CD122 antagonist in Phase 2 for celiac disease and Phase 1 for alopecia areata and vitiligo [pipeline].
- Cash and equivalents were $49.6M as of 2026-06-30 [sec].
- Net loss was $23.3M for the six months ended 2026-06-30 [sec].
- Shareholders' equity was $183.8M as of 2026-06-30 [sec].
- Forte has never generated revenue from product sales and expects ongoing losses [sec_mda · as of 2026-03-31].
What works
- Forte raised $162.1M net in a 2026 public offering, providing substantial cash runway [sec_mda · as of 2026-05-11].
- FB102 is being evaluated in multiple autoimmune indications (celiac, alopecia, vitiligo), diversifying potential market opportunities [pipeline].
- The company has a cash position of $49.6M as of 2026-06-30, which may support operations for at least 12 months from its 2025 filing [sec_mda · as of 2026-03-31].
What to weigh
- Forte has no approved products and has never generated revenue from product sales [sec_mda · as of 2026-03-31].
- The company reported a net loss of $69.4M for the twelve months ended 2025-12-31 and an accumulated deficit of $223.4M [sec_mda · as of 2026-03-31].
- Forte's business is almost entirely dependent on the success of FB102, which may not succeed [sec_mda · as of 2026-03-31].
- The company will require significant additional capital to complete clinical development of FB102 [sec_mda · as of 2026-03-31].
From the filings
Quoted directly from source documents.
Forte has no revenue from product sales
“We have not generated any revenue from product sales or from out-licensing.”
SEC MD&A · March 31, 2026
Net loss for twelve months ended 2025-12-31
“For the twelve months ended December 31, 2025, Forte reported a net loss of $69.4 million.”
SEC MD&A · March 31, 2026
Accumulated deficit as of 2025-12-31
“As of December 31, 2025, Forte had an accumulated deficit of $223.4 million.”
SEC MD&A · March 31, 2026
Cash position as of 2025-12-31
“We had cash and cash equivalents of approximately $77.0 million as of December 31, 2025.”
SEC MD&A · March 31, 2026
Catalyst timeline
- 2025-03-25 · Phase 1 start for FB102 in vitiligo — A randomized, double-blind, placebo-controlled study evaluating safety and efficacy in non-segmental vitiligo.
- 2025-08-04 · Phase 2 start for FB102 in celiac disease — A multicenter, randomized, double-blind, placebo-controlled Phase 2 study in adult participants on a gluten-free diet.
- 2025-10-23 · Phase 1 start for FB102 in alopecia areata — A randomized, double-blind, placebo-controlled study in patients with severe to very severe alopecia areata.
- 2026-06-23 · Phase 1 start for FB102 (additional indication) — A Phase 1, randomized, double-blind, placebo-controlled trial to evaluate safety, tolerability, and pharmacokinetics.
Risks & what to watch (4)›
Key risks
- Single-asset dependency — Forte's business is almost entirely dependent on FB102, which may not succeed [sec_mda · as of 2026-03-31].
- No revenue and ongoing losses — Forte has no product revenue and expects losses to increase as development continues [sec_mda · as of 2026-03-31].
- Future capital needs — Forte will require significant additional capital to complete FB102 development [sec_mda · as of 2026-03-31].
- Clinical trial uncertainty — Early positive results do not guarantee future trial success; FDA may require additional testing [sec_mda · as of 2026-03-31].
What to watch
- Phase 2 results for FB102 in celiac disease (started 2025-08-04) [catalyst].
- Phase 1 results for FB102 in alopecia areata (started 2025-10-23) [catalyst].
- Phase 1 results for FB102 in vitiligo (started 2025-03-25) [catalyst].
- Cash runway and any need for additional financing [sec_mda · as of 2026-03-31].
Sources: Catalysts · Pipeline · SEC filings · SEC MD&A · Generated October 2, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.12
Lead: Phase 2
2 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
68
Total value held
$348.8M
| Holder | Shares | Value |
|---|---|---|
| federated hermes, inc. | 1,765,516 | $45.7M |
| fred alger management, llc | 1,273,965 | $33.0M |
| orbimed advisors llc | 1,196,955 | $31.0M |
| janus henderson group plc | 1,188,060 | $30.8M |
| affinity asset advisors, llc | 1,011,890 | $26.2M |
| mpm bioimpact llc | 1,000,682 | $25.9M |
| adage capital partners gp, l.l.c. | 950,000 | $24.6M |
| vanguard capital management llc | 531,692 | $13.8M |
| morgan stanley | 500,298 | $13.0M |
| cable car capital, lp | 400,000 | $10.4M |
Showing top 10 of 68 institutional holders of Forte Biosciences, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 4.8%
- Days to cover
- 2.1
- Shares short
- 843,652
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
FBRX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Forte Biosciences, Inc.?
Forte Biosciences, Inc. is a clinical-stage biotechnology company developing FB102, a CD122 antagonist for autoimmune diseases, with no approved products and a history of net losses.
What is Forte Biosciences, Inc.'s lead drug candidate?
Forte Biosciences, Inc.'s most advanced tracked candidate is fb-102 (Phase 2) for Alopecia Areata; Vitiligo; Celiac Disease.
Who is the CEO of Forte Biosciences, Inc.?
Dr. Paul A. Wagner Ph.D. is the chief executive officer of Forte Biosciences, Inc. (FBRX).
Where is Forte Biosciences, Inc. headquartered?
Forte Biosciences, Inc. (FBRX) is headquartered in Dallas, TX, United States.
What therapeutic areas does Forte Biosciences, Inc. focus on?
Forte Biosciences, Inc. develops therapies across Immunology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.