What is Forte Biosciences Inc's earnings per share (EPS)?

Forte Biosciences Inc (FBRX) reported diluted earnings per share of $-4.71 for fiscal year 2025. This represents a 61.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Forte Biosciences Inc Financials

FBRX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Forte Biosciences Inc (FBRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

1/9

Forte Biosciences Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.73x

For every $1 of reported earnings, Forte Biosciences Inc generates $0.73 in operating cash flow (-$50.9M OCF vs -$69.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-26.0x

Forte Biosciences Inc earns $-26.0 in operating income for every $1 of interest expense (-$70.7M vs $2.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

-$70.6M

YoY-93.1%

Forte Biosciences Inc's EBITDA was -$70.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 93.1% from the prior year.

Net Income

-$69.4M

YoY-95.5%

Forte Biosciences Inc reported -$69.4M in net income in fiscal year 2025. This represents a decrease of 95.5% from the prior year.

EPS (Diluted)

$-4.71

YoY+61.3%

Forte Biosciences Inc earned $-4.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 61.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$51.0M

YoY-65.7%

Forte Biosciences Inc generated -$51.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 65.7% from the prior year.

Cash & Debt

$77.0M

YoY+246.0%

5Y CAGR+5.5%

10Y CAGR+25.2%

Forte Biosciences Inc held $77.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

14M

YoY+117.2%

Forte Biosciences Inc had 14M shares outstanding in fiscal year 2025. This represents an increase of 117.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-113.8%

YoY-46.1pp

5Y CAGR-34.9pp

Forte Biosciences Inc's ROE was -113.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 46.1 percentage points from the prior year.

Capital Allocation

R&D Spending

$57.6M

YoY+178.3%

5Y CAGR+41.9%

10Y CAGR+11.6%

Forte Biosciences Inc invested $57.6M in research and development in fiscal year 2025. This represents an increase of 178.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$116K

YoY+213.5%

10Y CAGR-6.7%

Forte Biosciences Inc invested $116K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 213.5% from the prior year.

FBRX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$57.6M+178.3%	$20.7M-5.3%	$21.9M+290.8%	$5.6M-59.6%	$13.9M+38.5%	$10.0M
SG&A Expenses	$12.4M-19.5%	$15.4M+45.0%	$10.6M+28.0%	$8.3M+8.8%	$7.6M+80.8%	$4.2M
Operating Income	-$70.7M-93.0%	-$36.6M-12.7%	-$32.5M-133.8%	-$13.9M+35.3%	-$21.5M+53.6%	-$46.3M
Interest Expense	$2.7M+106.6%	$1.3M+16.9%	$1.1M+593.8%	$162K	N/A	N/A
Income Tax	$1.0M	N/A	N/A	N/A	N/A	N/A
Net Income	-$69.4M-95.5%	-$35.5M-12.7%	-$31.5M-126.8%	-$13.9M+36.1%	-$21.7M+53.3%	-$46.5M
EPS (Diluted)	$-4.71+61.3%	$-12.17	$-24.92	$-0.80+48.4%	$-1.55	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$15.1M+77.7%	$8.5M-32.5%	$12.5M	N/A	$5.7M+2.3%	$5.6M+29.3%	$4.3M	N/A
SG&A Expenses	$3.2M+7.5%	$3.0M-13.8%	$3.4M	N/A	$2.8M-61.0%	$7.1M+105.1%	$3.5M	N/A
Operating Income	-$18.4M-58.8%	-$11.6M+28.2%	-$16.1M	N/A	-$8.6M+32.7%	-$12.8M-64.2%	-$7.8M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$17.7M-57.2%	-$11.2M+28.1%	-$15.7M	N/A	-$8.4M+32.9%	-$12.5M-68.6%	-$7.4M	N/A
EPS (Diluted)	$-0.99-3.1%	$-0.96+29.9%	$-1.37	N/A	$-4.54	$-6.78-68.2%	$-4.03	N/A

FBRX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$82.8M+34.5%	$61.6M+57.9%	$39.0M-7.2%	$42.0M-3.0%	$43.3M-29.3%	$61.2M
Current Assets	$80.6M+31.4%	$61.3M+60.1%	$38.3M-7.7%	$41.5M-2.4%	$42.5M-29.0%	$59.9M
Cash & Equivalents	$77.0M+246.0%	$22.2M-40.1%	$37.1M-9.7%	$41.1M-2.2%	$42.0M-28.5%	$58.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$21.8M+139.9%	$9.1M+147.7%	$3.7M+15.3%	$3.2M+80.8%	$1.8M-22.2%	$2.3M
Current Liabilities	$20.8M+128.5%	$9.1M+147.7%	$3.7M+15.3%	$3.2M+80.8%	$1.8M-22.2%	$2.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$61.0M+16.2%	$52.5M+48.6%	$35.3M-9.0%	$38.8M-6.6%	$41.5M-29.6%	$59.0M
Retained Earnings	-$223.4M-45.0%	-$154.0M-29.9%	-$118.5M-36.2%	-$87.0M-19.0%	-$73.2M-42.2%	-$51.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$97.1M-9.9%	$107.8M+127.1%	$47.5M-22.9%	$61.6M+243.0%	$17.9M-31.2%	$26.1M-18.5%	$32.0M-17.9%	$39.0M
Current Assets	$95.4M-11.3%	$107.6M+128.2%	$47.2M-23.1%	$61.3M+247.2%	$17.7M-31.3%	$25.7M-18.4%	$31.5M-17.8%	$38.3M
Cash & Equivalents	$93.4M-12.0%	$106.1M+131.5%	$45.9M+106.1%	$22.2M+35.9%	$16.4M-33.2%	$24.5M-19.5%	$30.4M-18.0%	$37.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$13.0M+41.7%	$9.2M+1.5%	$9.0M-0.5%	$9.1M+5.8%	$8.6M-5.9%	$9.1M+173.6%	$3.3M-9.1%	$3.7M
Current Liabilities	$13.0M+41.7%	$9.2M+1.5%	$9.0M-0.5%	$9.1M+5.8%	$8.6M-5.9%	$9.1M+173.6%	$3.3M-9.1%	$3.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$84.1M-14.7%	$98.6M+156.6%	$38.4M-26.8%	$52.5M+460.3%	$9.4M-44.8%	$17.0M-40.9%	$28.7M-18.8%	$35.3M
Retained Earnings	-$198.6M-9.8%	-$180.9M-6.6%	-$169.7M-10.2%	-$154.0M-4.9%	-$146.8M-6.1%	-$138.5M-9.9%	-$125.9M-6.3%	-$118.5M

FBRX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$50.9M-65.5%	-$30.7M-7.1%	-$28.7M-250.7%	-$8.2M+50.9%	-$16.7M+9.5%	-$18.4M
Capital Expenditures	$116K+213.5%	$37K-58.0%	$88K	N/A	N/A	N/A
Free Cash Flow	-$51.0M-65.7%	-$30.8M-6.9%	-$28.8M	N/A	N/A	N/A
Investing Cash Flow	$36.2M+200.7%	-$36.0M-76680.9%	$47K	N/A	N/A	$3.6M
Financing Cash Flow	$69.4M+33.8%	$51.9M+110.1%	$24.7M+240.9%	$7.2M+16556.8%	-$44K-100.1%	$66.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$14.0M-39.2%	-$10.1M+2.8%	-$10.4M-3.5%	-$10.0M-23.1%	-$8.1M-37.0%	-$5.9M+11.0%	-$6.7M+25.7%	-$9.0M
Capital Expenditures	$55K	$0-100.0%	$61K+96.8%	$31K	$0	$0-100.0%	$6K-64.7%	$17K
Free Cash Flow	-$14.1M-39.7%	-$10.1M+3.4%	-$10.4M-3.7%	-$10.0M-23.4%	-$8.1M-37.0%	-$5.9M+11.0%	-$6.7M+25.7%	-$9.0M
Investing Cash Flow	-$55K	$0-100.0%	$36.3M+200.8%	-$36.0M	$0	$0+100.0%	-$6K+62.5%	-$16K
Financing Cash Flow	$1.3M-98.1%	$70.3M+3129.7%	-$2.3M-104.5%	$51.9M+2593950.0%	-$2K+80.0%	-$10K-25.0%	-$8K+89.3%	-$75K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FBRX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-113.8%-46.1pp	-67.6%+21.5pp	-89.1%-53.4pp	-35.8%+16.5pp	-52.3%+26.6pp	-78.8%
Return on Assets	-83.8%-26.2pp	-57.6%+23.1pp	-80.8%-47.7pp	-33.1%+17.1pp	-50.1%+25.8pp	-75.9%
Current Ratio	3.88-2.9	6.76-3.7	10.45-2.6	13.06-11.1	24.19-2.3	26.52
Debt-to-Equity	0.36+0.2	0.17+0.1	0.10+0.0	0.08+0.0	0.040.0	0.04
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-21.0%-9.6pp	-11.4%+29.3pp	-40.7%	N/A	-89.6%-15.8pp	-73.8%-47.9pp	-25.9%	N/A
Return on Assets	-18.2%-7.8pp	-10.4%+22.6pp	-33.0%	N/A	-46.8%+1.2pp	-48.0%-24.8pp	-23.2%	N/A
Current Ratio	7.34-4.4	11.74+6.5	5.22-1.5	6.76+4.7	2.06-0.8	2.82-6.6	9.45-1.0	10.45
Debt-to-Equity	0.15+0.1	0.09-0.1	0.23+0.1	0.17-0.7	0.92+0.4	0.54+0.4	0.12+0.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Zura Bio Limited ZURA

$572.1M

Inhibikase Therapeutics Inc IKT

$239.0M

Fate Therapeutic FATE

$144.2M

Cybin Inc CYBN

$413.1M

Avalo Therapeutics Inc AVTX

$380.6M

Frequently Asked Questions

Is Forte Biosciences Inc profitable?

No, Forte Biosciences Inc (FBRX) reported a net income of -$69.4M in fiscal year 2025.

What is Forte Biosciences Inc's EBITDA?

Forte Biosciences Inc (FBRX) had EBITDA of -$70.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Forte Biosciences Inc's return on equity (ROE)?

Forte Biosciences Inc (FBRX) has a return on equity of -113.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Forte Biosciences Inc's free cash flow?

Forte Biosciences Inc (FBRX) generated -$51.0M in free cash flow during fiscal year 2025. This represents a -65.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Forte Biosciences Inc's operating cash flow?

Forte Biosciences Inc (FBRX) generated -$50.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Forte Biosciences Inc's total assets?

Forte Biosciences Inc (FBRX) had $82.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Forte Biosciences Inc's capital expenditures?

Forte Biosciences Inc (FBRX) invested $116K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Forte Biosciences Inc spend on research and development?

Forte Biosciences Inc (FBRX) invested $57.6M in research and development during fiscal year 2025.

How many shares does Forte Biosciences Inc have outstanding?

Forte Biosciences Inc (FBRX) had 14M shares outstanding as of fiscal year 2025.

What is Forte Biosciences Inc's current ratio?

Forte Biosciences Inc (FBRX) had a current ratio of 3.88 as of fiscal year 2025, which is generally considered healthy.

What is Forte Biosciences Inc's debt-to-equity ratio?

Forte Biosciences Inc (FBRX) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Forte Biosciences Inc's return on assets (ROA)?

Forte Biosciences Inc (FBRX) had a return on assets of -83.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Forte Biosciences Inc's cash runway?

Based on fiscal year 2025 data, Forte Biosciences Inc (FBRX) had $77.0M in cash against an annual operating cash burn of $50.9M. This gives an estimated cash runway of approximately 18 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Forte Biosciences Inc's Piotroski F-Score?

Forte Biosciences Inc (FBRX) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Forte Biosciences Inc's earnings high quality?

Forte Biosciences Inc (FBRX) has an earnings quality ratio of 0.73x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Forte Biosciences Inc cover its interest payments?

Forte Biosciences Inc (FBRX) has an interest coverage ratio of -26.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.