Forte Biosciences, Inc.
FBRX · Pharmaceutical Preparations · 13.9M shares · EDGAR filings ↗
Reference price $26.33 · est. market cap ~$366M — last insider purchase, 2025-12-30 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Clinical-stage biopharma (lead FB102, anti-CD122) with positive significant Phase 1b celiac data and multiple 2026 readouts, but pre-revenue and cash-constrained.
Strengths
- Statistically significant Phase 1b celiac result (VCIEL p=0.0099) de-risks the lead program ahead of Phase 2
- Clean balance sheet — ~$77M cash, current ratio 3.9 and no debt
Risks
- No revenue, negative ROE (-1.14) and ROA (-0.84); ~6-quarter runway likely requires a raise before pivotal data
- Binary clinical risk — Phase 2 celiac plus vitiligo/alopecia readouts in 2026 are unproven on a single asset
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-51.0M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 4 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, STATE STREET CORP +1 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC
- Trial readout soonUpcoming trial readout ~2027-02-28 — PHASE2 · Celiac Disease
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-113.7%
Return on assets
-83.8%
Revenue growth (QoQ)
0.0%
Current ratio
3.9×
Free cash flow
-$51M
Tangible book value
$61M
Cash & investments
$77M
Cash runway
6q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-01 | Riley Antony A | Option exercise | 375 | — |
| 2026-04-01 | Riley Antony A | Tax withheld | 134 | $24.86 |
| 2026-04-01 | Wagner Paul A. | Tax withheld | 98 | $24.86 |
| 2026-04-01 | Wagner Paul A. | Option exercise | 1.2K | — |
| 2026-01-01 | Riley Antony A | Tax withheld | 154 | $27.27 |
| 2026-01-01 | Wagner Paul A. | Option exercise | 1.2K | — |
| 2026-01-01 | Wagner Paul A. | Tax withheld | 164 | $27.27 |
| 2026-01-01 | Riley Antony A | Option exercise | 375 | — |
| 2025-12-30 | Riley Antony A | Buy | 9.7K | $26.33 |
| 2025-10-01 | Riley Antony A | Tax withheld | 134 | $14.52 |
| 2025-10-01 | Wagner Paul A. | Option exercise | 1.2K | — |
| 2025-10-01 | Wagner Paul A. | Tax withheld | 98 | $14.52 |
| 2025-10-01 | Riley Antony A | Option exercise | 375 | — |
| 2025-07-01 | Riley Antony A | Option exercise | 375 | — |
| 2025-07-01 | Riley Antony A | Tax withheld | 134 | $12.44 |
| 2025-07-01 | Wagner Paul A. | Option exercise | 1.2K | — |
| 2025-07-01 | Wagner Paul A. | Tax withheld | 98 | $12.44 |
| 2025-04-01 | Riley Antony A | Option exercise | 375 | — |
| 2025-04-01 | Riley Antony A | Tax withheld | 154 | $7.43 |
| 2025-04-01 | Wagner Paul A. | Option exercise | 1.2K | — |
| 2025-04-01 | Wagner Paul A. | Tax withheld | 18 | $7.43 |
| 2025-01-01 | Riley Antony A | Option exercise | 375 | — |
| 2025-01-01 | Riley Antony A | Tax withheld | 154 | $22.71 |
| 2025-01-01 | Wagner Paul A. | Option exercise | 1.2K | — |
| 2025-01-01 | Wagner Paul A. | Tax withheld | 164 | $22.71 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07205159 ↗ | A Study to Evaluate the Safety and Efficacy of FB102 in Patients With Severe to Very Severe Alopecia Areata. Alopecia Areata | PHASE1 | Recruiting | 2027-03-10 |
| NCT06982963 ↗ | Randomized, Double Blind, Placebo-controlled Phase 2 Study in Adults With Celiac Disease Celiac Disease | PHASE2 | Recruiting | 2027-02-28 |
| NCT06905873 ↗ | A Study to Evaluate the Safety and Efficacy of FB102 in Patients With Non-segmental Vitiligo Vitiligo | PHASE1 | Recruiting | 2026-12-31 |
| NCT07623057 ↗ | A Study Testing the Safety and Effects of FB102 in Healthy Volunteers Healthy Volunteer | PHASE1 | Not Yet Recruiting | 2027-02-01 |
| NCT04936113 ↗ | Continued Safety Evaluation of FB-401 in Children, Adolescents and Adults (2 Years and Older) With Mild to Moderate Atopic Dermatitis Previously Enrolled in the FB401-01 Study Atopic Dermatitis | PHASE2 | Terminated | 2021-09-30 |
| NCT04504279 ↗ | Evaluation of FB-401 in Children, Adolescents and Adults (2 Years and Older) With Mild to Moderate Atopic Dermatitis Atopic Dermatitis | PHASE2 | Completed | 2021-07-14 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-02 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-14 | ResultsExhibits | filing ↗ |
| 2026-04-09 | Material agreementReg FDOtherExhibits | filing ↗ |
| 2026-04-01 | ResultsExhibits | filing ↗ |
| 2025-11-14 | ResultsExhibits | filing ↗ |
| 2025-08-14 | ResultsOtherExhibits | filing ↗ |
| 2025-06-25 | Material agreementOtherExhibits | filing ↗ |
| 2025-06-23 | Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-02 | 2026-05-29 | 0001193125-26-253436 ↗ |
| 8-K | 2026-05-14 | 2026-05-11 | 0001193125-26-224214 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001193125-26-215862 ↗ |
| 8-K | 2026-04-09 | 2026-04-08 | 0001193125-26-148796 ↗ |
| 8-K | 2026-04-01 | 2026-03-31 | 0001193125-26-135767 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001193125-26-134498 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0001193125-25-281808 ↗ |
| 8-K | 2025-11-14 | 2025-11-14 | 0001193125-25-281807 ↗ |
| 10-Q | 2025-08-14 | 2025-06-30 | 0000950170-25-108889 ↗ |
| 8-K | 2025-08-14 | 2025-08-14 | 0001193125-25-180771 ↗ |
| 8-K | 2025-06-25 | 2025-06-24 | 0001193125-25-147017 ↗ |
| 8-K | 2025-06-23 | 2025-06-23 | 0001193125-25-144174 ↗ |