Forte Biosciences Inc Financials
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).
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
The cost mix shifted sharply toward research rather than overhead: FY2025 R&D was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Forte Biosciences Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Forte Biosciences Inc carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.88, Forte Biosciences Inc holds $3.88 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 76/100.
Forte Biosciences Inc generates a -113.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -67.6% the prior year.
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).
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.
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
Earnings & Revenue
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.
Forte Biosciences Inc reported -$69.4M in net income in fiscal year 2025. This represents a decrease of 95.5% from the prior year.
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
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.
Forte Biosciences Inc held $77.0M in cash against $0 in long-term debt as of fiscal year 2025.
Forte Biosciences Inc had 13M shares outstanding in fiscal year 2025. This represents an increase of 102.5% from the prior year.
Margins & Returns
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
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | $20.3M | N/A | $15.1M+77.7% | $8.5M-32.5% | $12.5M | N/A | $5.7M+2.3% | $5.6M |
| SG&A Expenses | $2.0M | N/A | $3.2M+7.5% | $3.0M-13.8% | $3.4M | N/A | $2.8M-61.0% | $7.1M |
| Operating Income | -$22.4M | N/A | -$18.4M-58.8% | -$11.6M+28.2% | -$16.1M | N/A | -$8.6M+32.7% | -$12.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $373K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Net Income | -$22.1M | N/A | -$17.7M-57.2% | -$11.2M+28.1% | -$15.7M | N/A | -$8.4M+32.9% | -$12.5M |
| EPS (Diluted) | $-1.24 | N/A | $-0.99-3.1% | $-0.96+29.9% | $-1.37 | N/A | $-4.54 | $-6.78 |
FBRX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-31.2% | $26.1M |
| Current Assets | $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-31.3% | $25.7M |
| Cash & Equivalents | $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-33.2% | $24.5M |
| 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 | $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-5.9% | $9.1M |
| Current Liabilities | $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-5.9% | $9.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $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-44.8% | $17.0M |
| Retained Earnings | -$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-6.1% | -$138.5M |
FBRX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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-37.0% | -$5.9M |
| Capital Expenditures | $0 | $0-100.0% | $55K | $0-100.0% | $61K+96.8% | $31K | $0 | $0 |
| Free Cash Flow | -$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-37.0% | -$5.9M |
| Investing Cash Flow | $0 | $0+100.0% | -$55K | $0-100.0% | $36.3M+200.8% | -$36.0M | $0 | $0 |
| Financing Cash Flow | $74K+722.2% | $9K-99.3% | $1.3M-98.1% | $70.3M+3129.7% | -$2.3M-104.5% | $51.9M+2593950.0% | -$2K+80.0% | -$10K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -52.6% | N/A | -21.0%-9.6pp | -11.4%+29.3pp | -40.7% | N/A | -89.6%-15.8pp | -73.8% |
| Return on Assets | -32.9% | N/A | -18.2%-7.8pp | -10.4%+22.6pp | -33.0% | N/A | -46.8%+1.2pp | -48.0% |
| Current Ratio | 2.75-1.1 | 3.88-3.5 | 7.34-4.4 | 11.74+6.5 | 5.22-1.5 | 6.76+4.7 | 2.06-0.8 | 2.82 |
| Debt-to-Equity | 0.60+0.2 | 0.36+0.2 | 0.15+0.1 | 0.09-0.1 | 0.23+0.1 | 0.17-0.7 | 0.92+0.4 | 0.54 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Similar Companies
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.
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 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) 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.
How financially healthy is Forte Biosciences Inc?
Forte Biosciences Inc (FBRX) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.