Forte Biosciences (FBRX) Q4 2025 earnings summary

Executive summary

• FB102 clinical development advanced with multiple key data readouts expected in 2026, including phase 2 celiac disease and phase 1b studies in vitiligo and alopecia areata.

• FB102 targets significant unmet needs in autoimmune diseases, representing multi-billion dollar market opportunities.

Financial highlights

• Research and development expenses rose to $58.2 million in 2025 from $21.2 million in 2024, mainly due to increased clinical and manufacturing costs for FB102 trials.

• General and administrative expenses decreased to $12.4 million in 2025 from $15.4 million in 2024, driven by lower professional and legal fees.

• Net loss for 2025 was $69.4 million, with net loss per share at $(4.71), compared to a net loss of $35.5 million and $(12.17) per share in 2024.

• Ended 2025 with $77.0 million in cash and cash equivalents.

Outlook and guidance

• Anticipates topline results from phase 2 celiac disease study and phase 1b studies in vitiligo and alopecia areata in 2026.

• Expects research and development expenses to increase as FB102 advances through additional trials and indications.