Forte Biosciences (FBRX) Q2 2025 earnings summary

Executive summary

• FB102 advanced with positive Phase 1b celiac disease data; Phase 2 celiac and Phase 1b vitiligo trials underway, alopecia areata trial initiated, with three clinical trial readouts expected in 2026.

• US IND for FB102 is open; phase 2 celiac disease trial expanded to US sites.

• $106.1 million in cash and cash equivalents as of June 30, 2025, and $93.4 million at September 30, 2025, expected to fund operations for at least 12 months.

• Closed $75 million public offering in June 2025 and $53 million private placement in November 2024, strengthening liquidity.

• No revenue generated; focus remains on clinical development of FB102 for autoimmune indications.

Financial highlights

• Net loss of $11.2 million for Q2 2025 and $17.7 million for Q3 2025; net loss of $26.9 million for six months ended June 30, 2025.

• Research and development expenses rose to $15.2 million in Q3 2025 and $8.6 million in Q2 2025, driven by clinical trial activity.

• General and administrative expenses were $3.2 million in Q3 2025 and decreased to $3.0 million in Q2 2025, mainly due to changes in personnel and lower legal fees.

• Cash used in operating activities was $20.4 million for the six months ended June 30, 2025; net cash provided by financing activities was $68.0 million.

• Cash and cash equivalents at quarter-end were $93.4 million, up from $22.2 million at the end of 2024.

Outlook and guidance

• Cash runway expected to last at least 12 months from filing date; additional capital will be needed to complete FB102 development.

• Topline data from Phase 2 celiac and Phase 1b vitiligo and alopecia areata trials anticipated in 2026.

• Anticipates increased R&D expenses as FB102 advances through additional trials and indications.

• Future capital requirements depend on clinical progress, regulatory outcomes, and potential strategic partnerships.