“The clinical development for FB102 continues to progress well with important readouts in 2026,” said Forte Biosciences CEO
2025 Operating Results
Research and development expenses were
Our research and development expenses may increase as we continue to advance FB102 through a celiac Phase 2 trial including a
General and administrative expenses were
Our general and administrative expenses may fluctuate in the future due to fluctuations in professional and advisory fees as we build out our infrastructure to advance FB102 through a Phase 2 trial, multiple Phase 1b clinical trials and if we pursue additional autoimmune indications.
Net losses per share were
Forte ended the fourth quarter of 2025 with
Consolidated Balance Sheets (in thousands, except share and par value data) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 76,957 |
| $ | 22,244 |
| ||
| Short-term investments |
| - |
|
| 36,121 |
| ||
| Prepaid expenses and other current assets |
| 3,632 |
|
| 2,981 |
| ||
| Total current assets |
| 80,589 |
|
| 61,346 |
| ||
| Property and equipment, net |
| 129 |
|
| 77 |
| ||
| Other assets |
| 2,061 |
|
| 138 |
| ||
| Total assets | $ | 82,779 |
| $ | 61,561 |
| ||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,989 |
| $ | 4,879 |
| ||
| Accrued liabilities |
| 10,762 |
|
| 4,202 |
| ||
| Total current liabilities |
| 20,751 |
|
| 9,081 |
| ||
| Income tax payable |
| 1,037 |
|
| - |
| ||
| Total liabilities |
| 21,788 |
|
| 9,081 |
| ||
| Commitments and contingencies (Note 6) | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, |
| 13 |
|
| 6 |
| ||
| Additional paid-in capital |
| 284,348 |
|
| 206,461 |
| ||
| Accumulated other comprehensive income |
| 3 |
|
| 11 |
| ||
| Accumulated deficit |
| (223,373 | ) |
| (153,998 | ) | ||
| Total stockholders’ equity |
| 60,991 |
|
| 52,480 |
| ||
| Total liabilities and stockholders’ equity | $ | 82,779 |
| $ | 61,561 |
| ||
Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) | |||||||||
| Year Ended | |||||||||
| 2025 |
|
| 2024 |
| ||||
| Operating expenses: | |||||||||
| Research and development | $ | 57,647 |
| $ | 20,714 |
| |||
| Research and development - related party |
| 600 |
|
| 479 |
| |||
| General and administrative |
| 12,410 |
|
| 15,409 |
| |||
| Total operating expenses |
| 70,657 |
|
| 36,602 |
| |||
| Loss from operations |
| (70,657 | ) |
| (36,602 | ) | |||
| Interest income |
| 2,715 |
|
| 1,314 |
| |||
| Other expense, net |
| (396 | ) |
| (190 | ) | |||
| Total other income, net |
| 2,319 |
|
| 1,124 |
| |||
| Net loss before taxes |
| (68,338 | ) |
| (35,478 | ) | |||
| Income tax expense |
| 1,037 |
|
| — |
| |||
| Net loss | $ | (69,375 | ) | $ | (35,478 | ) | |||
| Per share information: | |||||||||
| Net loss per share - basic and diluted | $ | (4.71 | ) | $ | (12.17 | ) | |||
| Weighted average shares and pre-funded warrants outstanding, basic and diluted |
| 14,717,734 |
|
| 2,915,894 |
| |||
| Comprehensive loss: | |||||||||
| Net loss | $ | (69,375 | ) | $ | (35,478 | ) | |||
| Unrealized (loss) gain on available-for-sale securities, net |
| (8 | ) |
| 7 |
| |||
| Comprehensive loss | $ | (69,383 | ) | $ | (35,471 | ) | |||
Additional details on Forte’s full year 2025 financial results can be found in Forte’s Form 10-K as filed with the
About Forte
Forward-Looking Statements
Forte cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negatives of these terms or other similar expressions. These statements are based on the Company’s current beliefs and expectations. Forward-looking statements include statements regarding the Company’s beliefs, goals, intentions and expectations regarding its product candidate, FB102 and the therapeutic and commercial market potential of FB102, expectations for patient enrollment and timing of clinical data readouts. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation: risks related to Forte’s ability to obtain sufficient additional capital to continue to advance Forte’s product candidate, FB102; uncertainties associated with the clinical development and regulatory approval of Forte’s product candidate, FB102, including potential delays in the commencement, enrollment and completion of clinical trials, including the timing of the completion of the Company’s patient-based trials; the risk that results from preclinical and any interim result of our ongoing clinical trials may not be predictive of future results from clinical trials; risks associated with the failure to realize any value from FB102 in light of inherent risks, expense and difficulties involved in successfully bringing product candidates to market; and additional risks, uncertainties, and other information affecting Forte’s business and operating results is contained in Forte’s Annual Report on Forms 10-K filed on
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mmoyer@lifesciadvisors.com
investors@fortebiorx.com
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