Detailed financial statements for Forte Biosciences, Inc. (FBRX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Forte Biosciences, Inc. is a U.S.-based biopharmaceutical company currently in its clinical development phase. The firm's key initiative involves advancing the FB-102 program, which is designed to tackle a variety of autoimmune conditions, notably vitiligo and alopecia areata. Their main offices are situated in Dallas, Texas.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $76.99, FBRX has negative trailing earnings (P/E not meaningful) and an ROE of -94.82%. Market capitalisation stands at $1.6B.
Balance sheet quality for FBRX: current ratio of 3.9. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $49000 | $41000 | $18.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | $11000 | $54000 | $36000 | 0 | $9000 | $39000 | $64000 |
| Gross Profit | $49000 | $41000 | $18.0M | -$11000 | -$54000 | -$36000 | 0 | -$9000 | -$39000 | -$64000 |
| Research & Development | $27.2M | $29.1M | $50.5M | $2.7M | $9.9M | $13.9M | $5.6M | $21.9M | $21.2M | $58.2M |
| Selling, General & Admin | $4.3M | $8.3M | $12.8M | $1.4M | $4.2M | $7.6M | $8.3M | $10.6M | $15.4M | $12.4M |
| Operating Expenses | $31.5M | $37.4M | $63.3M | $4.1M | $14.2M | $21.5M | $13.9M | $32.5M | $36.6M | $70.7M |
| Operating Income | -$31.7M | -$37.6M | -$45.9M | -$4.1M | -$14.2M | -$21.5M | -$13.9M | -$32.5M | -$36.6M | -$70.7M |
| EBITDA | -$31.2M | -$36.7M | -$43.7M | -$4.1M | -$46.4M | -$21.7M | -$13.8M | -$31.5M | -$35.4M | -$68.3M |
| Interest Expense | -$1.8M | $1.9M | $173380 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$33.5M | -$38.9M | -$47.3M | -$4.1M | -$46.5M | -$21.7M | -$13.9M | -$31.5M | -$35.5M | -$68.3M |
| Income Tax | 0 | 0 | $1.7M | 0 | 0 | 0 | 0 | 0 | 0 | $1.0M |
| Net Income | -$33.5M | -$38.9M | -$49.0M | -$4.1M | -$46.5M | -$21.7M | -$13.9M | -$31.5M | -$35.5M | -$69.4M |
| EPS | $-634.80 | $-997.50 | $-915.18 | $-48.25 | $-157.93 | $-38.85 | $-19.96 | $-24.92 | $-12.17 | $-4.71 |
| EPS (Diluted) | $-634.80 | $-997.50 | $-915.18 | $-48.25 | $-157.93 | $-38.85 | $-19.96 | $-24.92 | $-12.17 | $-4.71 |
| Shares Outstanding (Diluted) | $52738 | $38953 | $53492 | $84330 | $294357 | $558712 | $695341 | $1.3M | $2.9M | $14.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$17000 | $45000 | -$19000 | 0 |
| Operating Income | -$18.4M | -$24.6M | -$22.4M | -$24.6M |
| EBITDA | -$17.7M | -$23.7M | -$21.7M | -$23.1M |
| Net Income | -$17.7M | -$24.8M | -$22.1M | -$23.3M |
| EPS | $-0.99 | $-1.39 | $-1.24 | $-0.97 |
| EPS (Diluted) | $-0.99 | $-1.39 | $-1.24 | $-0.97 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $5.5M | $35.9M | $40.8M | $6.9M | $58.8M | $42.0M | $41.1M | $12.0M | $22.2M | $77.0M |
| Short-term Investments | $25.7M | $52.8M | $55.3M | 0 | 0 | 0 | 0 | $25.2M | $36.1M | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $817000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $32.5M | $90.6M | $97.7M | $7.5M | $59.9M | $42.5M | $41.5M | $38.3M | $61.3M | $80.6M |
| Property, Plant & Equipment | $743000 | $1.2M | $4.0M | $152000 | $97000 | 0 | 0 | $109000 | $77000 | $129000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $35.4M | $92.1M | $103.1M | $7.7M | $61.2M | $43.3M | $42.0M | $39.0M | $61.6M | $82.8M |
| Accounts Payable | $1.7M | $2.0M | $78379 | $1.6M | $1.2M | $946000 | $1.2M | $1.4M | $4.9M | $10.0M |
| Short-term Debt | $7.2M | $7.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $14.4M | $17.3M | $16.5M | $1.9M | $2.3M | $1.8M | $3.2M | $3.7M | $9.1M | $20.8M |
| Long-term Debt | $13.8M | $3.6M | $26.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $28.4M | $21.0M | $44.9M | $1.9M | $2.3M | $1.8M | $3.2M | $3.7M | $9.1M | $21.8M |
| Retained Earnings | -$128.0M | -$166.9M | -$215.9M | -$5.0M | -$51.5M | -$73.2M | -$87.0M | -$118.5M | -$154.0M | -$223.4M |
| Total Equity | $7.0M | $71.1M | $58.1M | $5.7M | $59.0M | $41.5M | $38.8M | $35.3M | $52.5M | $61.0M |
| Total Debt | $21.0M | $10.8M | $26.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -$10.3M | -$77.9M | -$69.9M | -$6.9M | -$58.8M | -$42.0M | -$41.1M | -$37.1M | -$58.4M | -$77.0M |
| Working Capital | $18.1M | $73.3M | $81.2M | $5.6M | $57.6M | $40.8M | $38.3M | $34.7M | $52.3M | $59.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $93.4M | $77.0M | $58.2M | $49.6M |
| Total Assets | $97.1M | $82.8M | $67.2M | $205.7M |
| Total Liabilities | $13.0M | $21.8M | $25.1M | $21.9M |
| Total Equity | $84.1M | $61.0M | $42.1M | $183.8M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$33.5M | -$38.9M | -$49.0M | -$4.1M | -$46.5M | -$21.7M | -$13.9M | -$31.5M | -$35.5M | -$69.4M |
| Depreciation & Amortization | $255000 | $292000 | $625000 | $11000 | $54000 | $36000 | 0 | $9000 | $39000 | $64000 |
| Stock-based Compensation | 0 | $4.5M | $6.9M | 0 | $956000 | $4.2M | $4.0M | $3.3M | $3.1M | $6.3M |
| Change in Working Capital | $1.9M | $2.5M | $6.1M | $1.3M | -$3.8M | $720000 | $1.7M | -$392000 | $1.8M | $11.4M |
| Operating Cash Flow | -$29.5M | -$31.1M | -$34.5M | -$2.8M | -$18.4M | -$16.7M | -$8.2M | -$28.7M | -$30.7M | -$50.9M |
| Capital Expenditure | -$525000 | -$655000 | -$2.0M | -$162000 | 0 | 0 | 0 | -$88000 | -$37000 | -$116000 |
| Acquisitions | 0 | $20000 | $2.2M | 0 | $3582 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | $3.4M | $89000 | 0 | 0 | 0 | 0 | 0 | 0 | -$1000 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$30.1M | -$31.8M | -$36.4M | -$2.9M | -$18.4M | -$16.7M | -$8.2M | -$28.8M | -$30.8M | -$51.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$14.0M | -$16.5M | -$18.8M | -$22.7M |
| Capital Expenditure | -$55000 | 0 | 0 | 0 |
| Free Cash Flow | -$14.1M | -$16.5M | -$18.8M | -$22.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.5M | $1.7M | $3.2M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -16.3% | +43890.2% | -100.0% | | | | | | |
| Net Income Growth (YoY) | | -16.3% | -25.8% | +91.7% | -1042.5% | +53.3% | +36.1% | -127.1% | -12.7% | -95.5% |
| EPS Growth (YoY) | | -57.1% | +8.3% | +94.7% | -227.3% | +75.4% | +48.6% | -24.8% | +51.2% | +61.3% |
| Shares Change (YoY) | | -26.1% | +37.3% | +57.6% | +249.1% | +89.8% | +24.5% | +81.6% | +130.9% | +404.7% |
| FCF Growth (YoY) | | -5.7% | -14.6% | +92.0% | -528.1% | +9.5% | +50.9% | -251.8% | -6.9% | -65.7% |
| Gross Margin | 100.0% | 100.0% | 100.0% | | | | | | | |
| Operating Margin | -64675.5% | -91778.0% | -254.2% | | | | | | | |
| EBITDA Margin | -63614.3% | -89524.4% | -242.3% | | | | | | | |
| Net Margin | -68322.4% | -94948.8% | -271.4% | | | | | | | |
| FCF Margin | -61355.1% | -77531.7% | -202.0% | | | | | | | |
| Effective Tax Rate | -0.0% | -0.0% | -3.6% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -1.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-570.06 | $-816.06 | $-681.17 | $-34.78 | $-62.59 | $-29.85 | $-11.77 | $-22.80 | $-10.56 | $-3.47 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $52738 | $38953 | $53492 | $84330 | $294357 | $558712 | $695341 | $1.3M | $2.9M | $14.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -94.82% |
| Return on Invested Capital | -48.53% |
| Return on Assets | -42.74% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 10.01 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -7.35 | -3.85 | -3.36 | -4.14 | -5.76 | -1.38 | -1.25 | -0.82 | -1.87 | -5.79 |
| P/B | 35.19 | 2.11 | 2.83 | 2.93 | 4.54 | 0.72 | 0.45 | 0.73 | 1.26 | 6.58 |
| P/S | 5024.91 | 3651.84 | 9.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -64675.5% | -91778.0% | -254.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -68322.4% | -94948.8% | -271.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |