The $172.5M April equity raise extends cash runway into 2027, de-risking upcoming Phase 2 celiac and Phase 1b vitiligo/alopecia readouts. Fast Track designation adds regulatory momentum. However, the EPS miss and accelerating burn rate cap upside. Monitor topline data catalysts — celiac Phase 2 results are the primary swing factor for the stock.
Price Chart
Executive Summary
Forte Biosciences reported Q1 2026 net loss of $1.24/share, wider than the $0.98 consensus miss, with no revenue. The key positive is FB102 receiving FDA Fast Track Designation for celiac disease, but the net loss deepened to $22.1M from $15.7M a year ago. A $172.5M April offering (6.6M shares) provides cash runway through upcoming Phase 2 celiac and Phase 1b vitiligo/alopecia readouts.
Key Financial Metrics
Key Facts
- Q1 2026 net loss per share $(1.24) vs consensus $(0.98) — a 26.5% miss
- Net loss widened to $22.1M from $15.7M in Q1 2025, driven by R&D spend up 62% to $20.5M
- FB102 received FDA Fast Track Designation for celiac disease
- Cash and equivalents $58.2M at March 31, 2026, supplemented by $172.5M gross April offering (6.6M shares)
- Phase 2 celiac topline data expected in 2026; Phase 1b vitiligo data expected shortly; alopecia areata data in 2026
- Weighted average diluted shares rose 56% YoY to 17.8M, reflecting prior equity raises
Financial Impact
Net loss per share $(1.24) vs consensus $(0.98); R&D spend $20.5M (+62% YoY); cash burn rate ~$22M/quarter pre-April offering
Risk Factors
- Clinical trial failure — Phase 2 celiac data may not replicate Phase 1b positive results
- Dilution — 6.6M new shares from April offering plus 4.0M prefunded warrants overhang
- Cash burn — operating expenses running ~$22M/quarter with no revenue; $58.2M cash pre-offering provides ~2.6 quarters runway without the April raise
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-224214 |
| Document: d95486d8k.htm | 0001193125-26-224214 |
| Document: 0001193125-26-224214-index-headers.html | 0001193125-26-224214 |
| Document: 0001193125-26-224214-index.html | 0001193125-26-224214 |
| Document: 0001193125-26-224214.txt | 0001193125-26-224214 |
| 8-K Data (Synthetic) | 0001193125-26-224214 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | EFFECT | $76.99 awaiting T+1 | awaiting T+1 | — | — |
Sep 2, 2026 4w ago | EFFECT | $76.99 awaiting T+1 | awaiting T+1 | — | — |
Aug 27, 2026 5w ago | 25-NSE | $76.99 $76.99 | · 0.00% | ▼ −0.23% | — |
Jul 27, 2026 9w ago | 8-K | $76.50 $76.65 | ▲ +0.20% | ▼ −0.04% | — |
Jun 11, 2026 16w ago | EFFECT | $17.40 $17.56 | ▼ −0.92% | ▼ −0.38% | — |
Jun 6, 2026 16w ago | S-3/A | $15.67 $17.00 | ▼ −8.49% | ▼ −8.78% | — |
Jun 2, 2026 17w ago | S-3 | $17.00 $16.69 | ▲ +1.82% | ▲ +2.22% | — |
Jun 2, 2026 17w ago | 8-K | $17.00 $16.69 | ▼ −1.82% | ▼ −2.23% | — |
May 14, 2026 20w ago | 8-K | $23.11 $20.97 | ▼ −9.26% | ▼ −9.20% | — |
Apr 9, 2026 25w ago | 8-K | $33.90 $35.09 | ▲ +3.51% | ▲ +3.57% | — |
US Market Status
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