Forte Biosciences (FBRX) Q2 2026 earnings summary

Executive summary

• Lead candidate FB102 advanced in clinical trials for celiac disease, vitiligo, and alopecia areata, with positive Phase 1b data in celiac and vitiligo and Phase 2 and 1b trials ongoing; topline readouts expected in H2 2026.

• Entered into a definitive merger agreement with argenx BV for acquisition at $77.00 per share in cash, pending customary closing conditions.

• Raised $172.5 million in April 2026 and $75 million in June 2025 through public offerings to fund clinical development.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $198.5 million as of June 30, 2026.

• Net loss was $45.5 million for the six months ended June 30, 2026, compared to $26.9 million for the same period in 2025.

• Research and development expenses rose to $42.8 million for the six months ended June 30, 2026, up from $21.3 million year-over-year, driven by increased clinical activity and headcount.

• General and administrative expenses decreased to $4.2 million for the six months ended June 30, 2026, from $6.4 million in 2025, primarily due to $4.8 million in legal settlement payments.

• Net cash used in operating activities was $41.5 million for the six months ended June 30, 2026.

Outlook and guidance

• Existing cash and investments expected to fund operations for at least twelve months from the filing date.

• Ongoing clinical trials for FB102 in celiac disease (Phase 2) and alopecia areata (Phase 1b) with topline data expected in H2 2026.

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