Forte Biosciences (FBRX) Q3 2025 earnings summary

Executive summary

• FB102 advanced with positive Phase 1b celiac disease data; Phase 2 celiac and Phase 1b vitiligo and alopecia areata trials ongoing, with topline data for all three expected in 2026.

• US IND for FB102 is open, enabling expanded enrollment in the celiac disease Phase 2 trial at US sites.

• $93.4 million in cash and cash equivalents as of September 30, 2025, following $75 million public offering and $53 million private placement.

• No commercial revenue; focus remains on clinical development and expanding indications for FB102.

Financial highlights

• Net loss of $17.7 million for Q3 2025, up from $8.4 million in Q3 2024; net loss of $44.6 million for the nine months ended September 30, 2025, compared to $28.3 million in the prior year period.

• Research and development expenses rose to $15.2 million in Q3 2025 (from $5.9 million in Q3 2024), mainly due to increased clinical and manufacturing costs.

• General and administrative expenses were $3.2 million in Q3 2025 (up from $2.8 million), driven by higher personnel costs.

• Net loss per share was $(0.99) for Q3 2025 versus $(4.54) for Q3 2024; for the nine months ended September 30, 2025, net loss per share was $(3.26) compared to $(15.35) in 2024.

• Ended Q3 2025 with $93.4 million in cash and cash equivalents.

Outlook and guidance

• Topline results for FB102 in celiac disease, vitiligo, and alopecia areata expected in 2026.

• Cash runway expected to fund operations for at least 12 months from the filing date.

• Additional capital will be required to complete development and commercialization of FB102.

• R&D expenses may increase as clinical programs expand and new indications are pursued.

• General and administrative expenses may fluctuate with infrastructure and advisory needs.