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. 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

FY2025 annual

Revenue Not reported for FY2025

Net Income -$69.4M -95.5% YoY

EPS (Diluted) -$4.71 YoY not available

Free Cash Flow -$51.0M -65.7% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

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).

Rhea AI FBRX FY2025 2026-05-11

Forte Biosciences operates as a cash-funded R&D platform, with losses expanding when development spending is accelerated and replenished by investor financing.

FY2025’s bigger cash balance did not reflect self-funding: cash rose to $77.0M from $22.2M even as operating cash burn deepened to -$50.9M from -$30.7M, because financing inflows of $69.4M more than offset the burn. The same year, R&D jumped to $57.6M from $20.7M, so the stronger liquidity position came from new capital supporting a much more expensive development cycle, not from the business becoming self-supporting.

Free cash flow of -$51.0M closely matched operating cash flow of -$50.9M because capital spending was only $116K. That means cash use is coming from the ongoing operating model rather than from building long-lived assets, which is typical of a research-heavy company rather than an asset-heavy operator.

The cost mix shifted sharply toward research rather than overhead: FY2025 R&D was $57.6M versus SG&A of $12.4M, while FY2024 was much closer at $20.7M and $15.4M. Balance-sheet strain is therefore more about funding cadence than debt service, because liabilities were only $21.8M against equity of $61.0M and liquidity remained 3.9x current liabilities.

Financial Health Signals

Financial health score not available

Forte Biosciences Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

1/6

Forte Biosciences Inc passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

N/A

Forte Biosciences Inc reported a net loss of $69.4M while operations used $50.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Forte Biosciences Inc reported an operating loss of $70.7M against $2.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

Export CSV

Earnings & Revenue

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

Forte Biosciences Inc earned -$4.71 per diluted share (EPS) in fiscal year 2025.

Revenue

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$51.0M

YoY-65.7%

Forte Biosciences Inc recorded an outflow of $51.0M in free cash flow in fiscal year 2025, representing a cash shortfall 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 as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

13M

Forte Biosciences Inc had 13M shares outstanding in fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$57.6M

YoY+178.3%

5Y CAGR+41.9%

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.

Capital Expenditures

$116K

YoY+213.5%

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.

Share Buybacks

Not reported for fiscal year 2025.

FBRX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FBRX annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$36K-99.8%	$18.0M+43890.2%	$41K-16.3%	$49K	N/A
R&D Expenses	N/A	$57.6M+178.3%	$20.7M-5.3%	$21.9M+290.8%	$5.6M-59.6%	$13.9M+38.5%	$10.0M	N/A	$51.1M+75.5%	$29.1M+7.0%	$27.2M+42.0%	$19.2M
SG&A Expenses	N/A	$12.4M-19.5%	$15.4M+45.0%	$10.6M+28.0%	$8.3M+8.8%	$7.6M+80.8%	$4.2M+205.9%	$1.4M-89.2%	$12.8M+49.7%	$8.6M+89.3%	$4.5M+17.9%	$3.8M
Operating Income	N/A	-$70.7M-93.0%	-$36.6M-12.7%	-$32.5M-133.8%	-$13.9M+35.3%	-$21.5M+53.6%	-$46.3M-1038.8%	-$4.1M+91.1%	-$45.9M-21.9%	-$37.6M-18.7%	-$31.7M-38.1%	-$23.0M
Interest Expense	N/A	$2.7M+106.6%	$1.3M+16.9%	$1.1M+593.8%	$162K	N/A	N/A	$3.8M+30.4%	$2.9M+51.7%	$1.9M-5.8%	$2.1M+505.3%	$339K
Income Tax	N/A	$1.0M	$0	N/A	N/A	N/A	N/A	$1K-99.9%	$1.7M+169800.0%	$1K0.0%	$1K	N/A
Net Income	N/A	-$69.4M-95.5%	-$35.5M-12.7%	-$31.5M-126.8%	-$13.9M+36.1%	-$21.7M+53.3%	-$46.5M-1042.5%	-$4.1M+91.7%	-$49.0M-25.8%	-$38.9M-16.3%	-$33.5M-45.2%	-$23.1M
EPS (Diluted)	—	-$4.71	-$12.17	-$24.92	-$0.80+48.4%	-$1.55	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
R&D Expenses	$22.2M+9.2%	$20.3M	N/A	$15.1M+77.7%	$8.5M-32.5%	$12.5M	N/A	$5.7M
SG&A Expenses	$2.3M+15.1%	$2.0M	N/A	$3.2M+7.5%	$3.0M-13.8%	$3.4M	N/A	$2.8M
Operating Income	-$24.6M-9.6%	-$22.4M	N/A	-$18.4M-58.8%	-$11.6M+28.2%	-$16.1M	N/A	-$8.6M
Income Tax	$193K-48.3%	$373K	N/A	N/A	$0	$0	N/A	N/A
Net Income	-$23.3M-5.4%	-$22.1M	N/A	-$17.7M-57.2%	-$11.2M+28.1%	-$15.7M	N/A	-$8.4M
EPS (Diluted)	-$0.97+21.8%	-$1.24	N/A	-$0.99	-$0.96	-$1.37	N/A	-$4.54

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

FBRX Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FBRX annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$82.8M+34.5%	$61.6M+57.9%	$39.0M-7.2%	$42.0M-3.0%	$43.3M-29.3%	$61.2M+699.7%	$7.7M-92.6%	$103.1M+12.0%	$92.1M+160.5%	$35.4M	N/A
Current Assets	$80.6M+31.4%	$61.3M+60.1%	$38.3M-7.7%	$41.5M-2.4%	$42.5M-29.0%	$59.9M+698.0%	$7.5M-92.3%	$97.7M+7.9%	$90.6M+179.2%	$32.5M	N/A
Cash & Equivalents	$77.0M+246.0%	$22.2M-40.1%	$37.1M-9.7%	$41.1M-2.2%	$42.0M-28.5%	$58.8M+746.9%	$6.9M-83.0%	$40.8M+13.6%	$35.9M+552.1%	$5.5M-32.4%	$8.2M
Total Liabilities	$21.8M+139.9%	$9.1M+147.7%	$3.7M+15.3%	$3.2M+80.8%	$1.8M-22.2%	$2.3M-81.8%	$12.4M-88.0%	$103.8M+394.6%	$21.0M-86.9%	$159.8M	N/A
Current Liabilities	$20.8M+128.5%	$9.1M+147.7%	$3.7M+15.3%	$3.2M+80.8%	$1.8M-22.2%	$2.3M+18.1%	$1.9M-88.4%	$16.5M-4.6%	$17.3M+20.5%	$14.4M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$26.2M+622.8%	$3.6M-64.6%	$10.2M	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+1336.7%	-$4.8M-548.0%	-$736K-101.0%	$71.1M+157.1%	-$124.4M-34.8%	-$92.3M
Retained Earnings	-$223.4M-45.0%	-$154.0M-29.9%	-$118.5M-36.2%	-$87.0M-19.0%	-$73.2M-42.2%	-$51.5M-935.4%	-$5.0M+97.7%	-$215.9M-29.3%	-$166.9M-30.4%	-$128.0M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$205.7M+206.1%	$67.2M-18.8%	$82.8M-14.7%	$97.1M-9.9%	$107.8M+127.1%	$47.5M-22.9%	$61.6M+243.0%	$17.9M
Current Assets	$203.1M+211.9%	$65.1M-19.2%	$80.6M-15.5%	$95.4M-11.3%	$107.6M+128.2%	$47.2M-23.1%	$61.3M+247.2%	$17.7M
Cash & Equivalents	$49.6M-14.8%	$58.2M-24.3%	$77.0M-17.6%	$93.4M-12.0%	$106.1M+131.5%	$45.9M+106.1%	$22.2M+35.9%	$16.4M
Total Liabilities	$21.9M-12.6%	$25.1M+15.3%	$21.8M+67.7%	$13.0M+41.7%	$9.2M+1.5%	$9.0M-0.5%	$9.1M+5.8%	$8.6M
Current Liabilities	$20.3M-14.2%	$23.6M+14.0%	$20.8M+59.7%	$13.0M+41.7%	$9.2M+1.5%	$9.0M-0.5%	$9.1M+5.8%	$8.6M
Total Equity	$183.8M+336.6%	$42.1M-31.0%	$61.0M-27.5%	$84.1M-14.7%	$98.6M+156.6%	$38.4M-26.8%	$52.5M+460.3%	$9.4M
Retained Earnings	-$268.8M-9.5%	-$245.5M-9.9%	-$223.4M-12.5%	-$198.6M-9.8%	-$180.9M-6.6%	-$169.7M-10.2%	-$154.0M-4.9%	-$146.8M

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

FBRX Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FBRX annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Operating Cash Flow	-$72.0M	-$50.9M-65.5%	-$30.7M-7.1%	-$28.7M-250.7%	-$8.2M+50.9%	-$16.7M+9.5%	-$18.4M-564.9%	-$2.8M+92.0%	-$34.5M-10.7%	-$31.1M-5.4%	-$29.5M-40.4%	-$21.0M
Capital Expenditures	$55K	$116K+213.5%	$37K-58.0%	$88K	N/A	N/A	N/A	$162K-91.8%	$2.0M+200.5%	$655K+24.8%	$525K+127.3%	$231K
Free Cash Flow	-$72.0M	-$51.0M-65.7%	-$30.8M-6.9%	-$28.8M	N/A	N/A	N/A	-$2.9M+92.0%	-$36.4M-14.6%	-$31.8M-5.7%	-$30.1M-41.3%	-$21.3M
Investing Cash Flow	-$147.9M	$36.2M+200.7%	-$36.0M-76680.9%	$47K	N/A	N/A	$3.6M+2311.1%	-$162K+96.1%	-$4.2M+84.9%	-$27.7M-212.8%	$24.6M	N/A
Financing Cash Flow	$163.4M	$69.4M+33.8%	$51.9M+110.1%	$24.7M+240.9%	$7.2M+16556.8%	-$44K-100.1%	$66.7M+1272.9%	$4.9M-88.8%	$43.5M-51.2%	$89.3M+3727.7%	$2.3M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$22.7M-20.7%	-$18.8M-14.2%	-$16.5M-17.6%	-$14.0M-39.2%	-$10.1M+2.8%	-$10.4M-3.5%	-$10.0M-23.1%	-$8.1M
Capital Expenditures	$0	$0	$0-100.0%	$55K	$0-100.0%	$61K+96.8%	$31K	$0
Free Cash Flow	-$22.7M-20.7%	-$18.8M-14.2%	-$16.5M-17.2%	-$14.1M-39.7%	-$10.1M+3.4%	-$10.4M-3.7%	-$10.0M-23.4%	-$8.1M
Investing Cash Flow	-$147.8M	$0	$0+100.0%	-$55K	$0-100.0%	$36.3M+200.8%	-$36.0M	$0
Financing Cash Flow	$161.9M+218750.0%	$74K+722.2%	$9K-99.3%	$1.3M-98.1%	$70.3M+3129.7%	-$2.3M-104.5%	$51.9M+2593950.0%	-$2K

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

FBRX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FBRX annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	-11288.9%	-254.2%	-91775.6%	-64673.5%	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	-11302.8%	-271.4%	-94948.8%	-68322.4%	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%	N/A	N/A	-54.8%	N/A	N/A
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%-22.8pp	-53.1%-5.6pp	-47.5%-5.2pp	-42.3%+52.4pp	-94.7%	N/A
Current Ratio	3.88-2.9x	6.76-3.7x	10.45-2.6x	13.06-11.1x	24.19-2.3x	26.52+22.6x	3.93-2.0x	5.91+0.7x	5.23+3.0x	2.26	N/A
Debt-to-Equity	0.36+0.2x	0.17+0.1x	0.100.0x	0.080.0x	0.040.0x	0.04	N/A	N/A	0.05	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-8147.2%	-202.0%	-77531.7%	-61355.1%	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-12.7%+39.9pp	-52.6%	N/A	-21.0%-9.6pp	-11.4%+29.3pp	-40.7%	N/A	-89.6%
Return on Assets	-11.3%+21.6pp	-32.9%	N/A	-18.2%-7.8pp	-10.4%+22.6pp	-33.0%	N/A	-46.8%
Current Ratio	10.01+7.3x	2.75-1.1x	3.88-3.5x	7.34-4.4x	11.74+6.5x	5.22-1.5x	6.76+4.7x	2.06
Debt-to-Equity	0.12-0.5x	0.60+0.2x	0.36+0.2x	0.15+0.1x	0.09-0.1x	0.23+0.1x	0.17-0.7x	0.92

Not reported in any period shown, so not listed: Gross Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

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Where Forte Biosciences Inc Ranks

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) recorded an outflow of $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) recorded an outflow of $50.9M in operating cash flow during fiscal year 2025, representing cash used by 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 13M 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.

How does Forte Biosciences Inc's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Forte Biosciences Inc (FBRX) held $77.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $50.9M over that year. Dividing the one by the other, the reported balance equals about 18 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

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

Forte Biosciences Inc (FBRX) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $69.4M while operations used $50.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $70.7M against $2.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.