Affinity trims Forte Biosciences (FBRX) ownership to 6.7% stake

Rhea-AI Filing Summary

Affinity Asset Advisors, LLC and Michael Cho filed an amended Schedule 13G reporting their beneficial ownership in Forte Biosciences. They beneficially own 834,964 shares of common stock, including listed call options exercisable for 22,400 shares, representing about 6.7% of the company.

The filing notes that as of December 31, 2025, they beneficially owned approximately 8.1% of Forte Biosciences, so their ownership percentage has decreased. They certify that the position is held in the ordinary course of business and not with the purpose or effect of changing or influencing control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Forte Biosciences, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

34962G208

(CUSIP Number)

01/22/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 34962G208

1

Names of Reporting Persons

Affinity Asset Advisors, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 834,964.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 834,964.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

834,964.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.7 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 34962G208

1

Names of Reporting Persons

Michael Cho

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 834,964.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 834,964.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

834,964.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.7 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Forte Biosciences, Inc.
(b)	Address of issuer's principal executive offices: 3060 Pegasus Park Drive, Building 6, Dallas, Texas, 75247
Item 2.
(a)	Name of person filing: Affinity Asset Advisors, LLC Michael Cho
(b)	Address or principal business office or, if none, residence: 450 Park Avenue Suite 1403 New York, NY 10022
(c)	Citizenship: Affinity Asset Advisors, LLC is a Delaware limited liability company, and Michael Cho is an individual and is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 34962G208
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The securities reported herein are directly held by Affinity Healthcare Fund, LP (the "Fund"). Affinity Asset Advisors, LLC (the "Adviser") is the investment manager of the Fund and exercises voting and investment power over the securities held directly by the Fund reported herein pursuant to an investment management agreement between the Adviser, the Fund, and the general partner of the Fund. The Adviser may be deemed to beneficially own the securities reported herein held by the Fund by virtue of its position as investment manager of the Fund. Michael Cho, the managing member of the Adviser, may be deemed a beneficial owner of the securities reported herein held directly by the Fund. As of the date hereof, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 812,564 shares of common stock, par value $0.001 per share ("Common Stock"), of Forte Biosciences, Inc. (the "Issuer"). In addition, the Fund directly holds listed call options that are exercisable to purchase 22,400 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser beneficially owned 989,490 shares of Common Stock. In addition, the Fund directly held listed call options that were exercisable to purchase 22,400 shares of Common Stock.
(b)	Percent of class: As of the date hereof, the Reporting Persons beneficially own approximately 6.7% of the Common Stock outstanding. As of December 31, 2025, the Fund and the Adviser beneficially owned approximately 8.1% of the Common Stock outstanding. The percentages disclosed above are based on 12,526,935 shares of Common Stock of the Issuer outstanding as of November 7, 2025, as set forth in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 14, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: As of the date hereof, the Reporting Persons have sole power to vote or to direct the vote of 834,964 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had sole power to vote or to direct the vote of 0 shares of Common Stock.
	(ii) Shared power to vote or to direct the vote: As of the date hereof, the Reporting Persons have shared power to vote or to direct the vote of 0 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had shared power to vote or to direct the vote of 1,011,890 shares of Common Stock.
	(iii) Sole power to dispose or to direct the disposition of: As of the date hereof, the Reporting Persons have sole power to dispose or to direct the disposition of 834,964 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had sole power to dispose or to direct the disposition of 0 shares of Common Stock.
	(iv) Shared power to dispose or to direct the disposition of: As of the date hereof, the Reporting Persons have shared power to dispose or to direct the disposition of 0 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had shared power to dispose or to direct the disposition of 1,011,890 shares of Common Stock.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Affinity Asset Advisors, LLC

Signature:	/s/ Andrew Weinstein
Name/Title:	Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
Date:	01/29/2026

Michael Cho

Signature:	/s/ Michael Cho
Name/Title:	Michael Cho, Self
Date:	01/29/2026

FAQ

What stake in Forte Biosciences (FBRX) do Affinity Asset Advisors and Michael Cho report?

Affinity Asset Advisors and Michael Cho report beneficial ownership of 834,964 Forte Biosciences common shares. This represents approximately 6.7% of the company’s outstanding common stock, based on 12,526,935 shares outstanding as of November 7, 2025, as disclosed in Forte’s Form 10-Q filing.

How has Affinity Asset Advisors’ ownership in Forte Biosciences (FBRX) changed over time?

The filing shows their beneficial ownership decreased from about 8.1% of Forte Biosciences’ common stock as of December 31, 2025 to approximately 6.7% as of the current reporting date, reflecting a lower percentage stake relative to the company’s outstanding shares.

What securities tied to Forte Biosciences (FBRX) does the Affinity fund hold?

The Affinity Healthcare Fund directly holds Forte Biosciences common stock and listed call options. The options are exercisable to purchase 22,400 shares of common stock, which are included in the reported 834,964 shares beneficially owned by Affinity Asset Advisors and Michael Cho.

Who are the reporting persons on this Forte Biosciences (FBRX) Schedule 13G/A?

The reporting persons are Affinity Asset Advisors, LLC and Michael Cho. Affinity serves as investment manager to Affinity Healthcare Fund, LP, and Cho is the managing member of Affinity, which gives them beneficial ownership over the Forte Biosciences securities held by the fund.

Do Affinity Asset Advisors and Michael Cho seek to influence control of Forte Biosciences (FBRX)?

They state the securities were acquired and are held in the ordinary course of business. The certification explicitly says they were not acquired, and are not held, for the purpose or effect of changing or influencing the control of Forte Biosciences, except for limited nomination-related activities.

What key dates are associated with this Forte Biosciences (FBRX) ownership filing?

The date of the reportable event is January 22, 2026, and the Schedule 13G/A is signed on January 29, 2026. Ownership percentages are calculated using shares outstanding as of November 7, 2025, per Forte Biosciences’ Form 10-Q filed November 14, 2025.