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Forte Biosciences (FBRX) Financials

Forte Biosciences logo
$43.20 -0.92 (-2.09%)
Closing price 07/14/2026 04:00 PM Eastern
Extended Trading
$43.87 +0.67 (+1.56%)
As of 04:45 AM Eastern
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Annual Income Statements for Forte Biosciences

Annual Income Statements for Forte Biosciences

This table shows Forte Biosciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -23 -33 -39 -49 -4.07 -46 -22 -14 -31 -35 -69
Consolidated Net Income / (Loss)		 -23 -33 -39 -49 -4.07 -46 -22 -14 -31 -35 -69
Net Income / (Loss) Continuing Operations		 -23 -33 -39 -49 -4.07 -46 -22 -14 -31 -35 -69
Total Pre-Tax Income 		-23 -33 -39 -47 -4.07 -46 -22 -14 -31 -35 -68
Total Operating Income		 -23 -32 -38 -46 -4.06 -46 -21 -14 -32 -37 -71
Total Gross Profit		 0.05 0.05 0.04 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Revenue		 0.05 0.05 0.04 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 23 32 38 64 4.06 46 21 14 32 37 71
Selling, General & Admin Expense		 3.83 4.52 8.56 13 1.38 4.22 7.63 8.30 11 15 12
Research & Development Expense		 19 27 29 51 2.68 42 14 5.59 22 21 58
Total Other Income / (Expense), net		 -0.10 -1.79 -1.30 -1.40 -0.01 -0.21 -0.22 0.02 1.01 1.12 2.32
Interest Expense		 0.34 2.05 1.93 2.93 - - - -0.16 -1.12 -1.31 -2.72
Other Income / (Expense), net		 0.11 0.05 0.04 - -0.01 -0.21 -0.22 -0.15 -0.11 -0.19 -0.40
Income Tax Expense		 - 0.00 0.00 1.70 - - - - - 0.00 1.04
Basic Earnings per Share		 ($10.57) ($15.22) ($2.66) ($2.44) ($1.93) ($6.32) ($1.55) ($0.80) ($24.92) ($12.17) ($4.71)
Weighted Average Basic Shares Outstanding		 2.18M 2.20M 14.61M 20.06M 2.11M 7.36M 13.97M 21.01M 1.26M 2.92M 13.89M
Diluted Earnings per Share		 ($10.57) ($15.22) ($2.66) ($2.44) ($1.93) ($6.32) ($1.55) ($0.80) ($24.92) ($12.17) ($4.71)
Weighted Average Diluted Shares Outstanding		 2.18M 2.20M 14.61M 20.06M 2.11M 7.36M 13.97M 21.01M 1.26M 2.92M 13.89M
Weighted Average Basic & Diluted Shares Outstanding		 2.18M 2.20M 14.61M 20.06M 2.11M 7.36M 13.97M 21.01M 2.53M 5.83M 29.44M

Quarterly Income Statements for Forte Biosciences

This table shows Forte Biosciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -9.96 -5.87 -7.42 -13 -8.39 -7.16 -16 -11 -18 -25 -22
Consolidated Net Income / (Loss)		 -9.96 -5.87 -7.42 -13 -8.39 -7.16 -16 -11 -18 -25 -22
Net Income / (Loss) Continuing Operations		 -9.96 -5.87 -7.42 -13 -8.39 -7.16 -16 -11 -18 -25 -22
Total Pre-Tax Income 		-9.96 -5.87 -7.42 -13 -8.39 -6.85 -16 -12 -18 -23 -22
Total Operating Income		 -10 -6.38 -7.80 -13 -8.63 -7.35 -16 -12 -18 -25 -22
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 10 6.38 7.78 13 8.63 7.38 16 12 18 25 22
Selling, General & Admin Expense		 3.85 2.81 3.45 7.08 2.76 2.12 3.43 2.96 3.18 2.84 1.97
Research & Development Expense		 6.37 3.57 4.32 5.74 5.87 5.26 13 8.62 15 22 20
Total Other Income / (Expense), net		 0.26 0.51 0.38 0.00 0.24 0.50 0.47 0.00 0.00 1.85 0.68
Other Income / (Expense), net		 0.26 -0.62 0.38 - 0.24 - 0.47 - - - 0.68
Income Tax Expense		 - - - - - - 0.00 - - - 0.37
Basic Earnings per Share		 ($6.57) ($4.65) ($4.03) ($6.78) ($4.54) ($2.45) ($1.37) ($0.96) ($0.99) ($1.79) ($1.24)
Diluted Earnings per Share		 ($6.57) ($4.65) ($4.03) ($6.78) ($4.54) ($2.45) ($1.37) ($0.96) ($0.99) ($1.79) ($1.24)

Annual Cash Flow Statements for Forte Biosciences

This table details how cash moves in and out of Forte Biosciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 3.95 -2.64 30 4.88 1.92 52 -17 -0.94 -3.98 -15 55
Net Cash From Operating Activities		 -21 -30 -31 -34 -2.77 -18 -17 -8.19 -29 -31 -51
Net Cash From Continuing Operating Activities		 -21 -30 -31 -34 -2.77 -18 -17 -8.19 -29 -31 -51
Net Income / (Loss) Continuing Operations		 -23 -33 -39 -49 -4.07 -46 -22 -14 -31 -35 -69
Consolidated Net Income / (Loss)		 -23 -33 -39 -49 -4.07 -46 -22 -14 -31 -35 -69
Depreciation Expense		 0.23 0.26 0.29 0.63 0.01 0.05 0.04 0.00 0.01 0.04 0.06
Amortization Expense		 0.01 -0.01 -0.02 -0.25 - - - - -0.13 -0.16 -0.24
Non-Cash Adjustments To Reconcile Net Income		 1.03 1.82 5.00 8.03 0.04 32 4.28 4.02 3.28 3.10 6.26
Changes in Operating Assets and Liabilities, net		 0.75 1.87 2.52 6.08 1.25 -3.83 0.72 1.68 -0.39 1.76 12
Net Cash From Investing Activities		 -25 25 -28 -4.19 -0.16 3.58 0.00 0.00 0.05 -36 36
Net Cash From Continuing Investing Activities		 -25 25 -28 -4.19 -0.16 3.58 0.00 0.00 0.05 -36 36
Purchase of Property, Plant & Equipment		 -0.23 -0.53 -0.66 -1.97 -0.16 - - 0.00 -0.09 -0.04 -0.12
Purchase of Investments		 -60 -23 -71 -71 - - - 0.00 -9.97 -36 0.00
Sale and/or Maturity of Investments		 35 48 44 69 - - - 0.00 10 0.00 36
Net Cash From Financing Activities		 50 2.33 89 44 4.86 67 -0.04 7.24 25 52 69
Net Cash From Continuing Financing Activities		 50 2.33 89 44 4.86 67 -0.04 7.24 25 52 69
Repayment of Debt		 - -0.60 -7.20 -12 0.00 -0.29 -0.11 - -0.27 -1.12 -7.44
Issuance of Common Equity		 0.16 0.01 89 29 0.00 67 0.00 7.24 25 53 77
Other Financing Activities, net		 - 0.14 - - 0.00 0.26 0.06 0.00 -0.06 -0.04 0.01

Quarterly Cash Flow Statements for Forte Biosciences

This table details how cash moves in and out of Forte Biosciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 26 -9.06 -6.68 -5.95 -8.14 5.88 24 60 -13 -16 -19
Net Cash From Operating Activities		 -9.06 -8.97 -6.67 -5.94 -8.13 -10 -10 -10 -14 -16 -19
Net Cash From Continuing Operating Activities		 -9.06 -8.97 -6.67 -5.94 -8.13 -10 -10 -10 -14 -16 -19
Net Income / (Loss) Continuing Operations		 -9.96 -5.87 -7.42 -13 -8.39 -7.16 -16 -11 -18 -25 -22
Consolidated Net Income / (Loss)		 -9.96 -5.87 -7.42 -13 -8.39 -7.16 -16 -11 -18 -25 -22
Depreciation Expense		 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02
Amortization Expense		 - - -0.01 -0.01 0.01 -0.16 -0.24 - -0.01 0.01 -0.01
Non-Cash Adjustments To Reconcile Net Income		 0.65 0.92 0.81 0.80 0.79 0.70 1.62 1.50 1.48 1.66 3.18
Changes in Operating Assets and Liabilities, net		 0.24 -3.89 -0.06 5.77 -0.55 -3.41 3.91 -0.32 2.19 6.63 0.14
Net Cash From Investing Activities		 10 -0.02 -0.01 - - -36 36 - -0.06 - 0.00
Net Cash From Continuing Investing Activities		 10 -0.02 -0.01 - - -36 36 - -0.06 - 0.00
Purchase of Property, Plant & Equipment		 -0.07 -0.02 -0.01 - - -0.03 -0.06 - -0.06 - 0.00
Sale and/or Maturity of Investments		 - 0.00 0.00 - - - 36 - - - 0.00
Net Cash From Financing Activities		 25 -0.08 -0.01 -0.01 -0.00 52 -2.32 70 1.33 0.01 0.07
Net Cash From Continuing Financing Activities		 25 -0.08 -0.01 -0.01 -0.00 52 -2.32 70 1.33 0.01 0.07
Repayment of Debt		 - - 0.00 - - -1.12 -2.32 -4.65 -0.48 - 0.00
Issuance of Common Equity		 25 0.21 0.01 - 0.01 53 0.01 75 1.79 - 0.10
Other Financing Activities, net		 -0.02 -0.01 -0.02 -0.01 -0.01 -0.00 -0.02 -0.00 0.01 0.01 -0.03

Annual Balance Sheets for Forte Biosciences

This table presents Forte Biosciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 35 92 103 7.66 61 43 42 39 62 83
Total Current Assets		 32 91 98 7.51 60 43 42 38 61 81
Cash & Equivalents		 5.51 36 41 6.94 59 42 41 37 22 77
Short-Term Investments		 26 53 55 - - - - 0.00 36 0.00
Prepaid Expenses		 1.22 1.90 1.66 0.57 1.13 0.48 0.41 1.20 2.98 3.63
Plant, Property, & Equipment, net		 0.74 1.22 3.97 0.15 0.10 0.00 0.00 0.11 0.08 0.13
Total Noncurrent Assets		 2.15 0.23 1.36 0.00 1.24 0.79 0.49 0.54 0.14 2.06
Other Noncurrent Operating Assets		 2.15 0.23 1.36 0.00 1.24 - 0.49 0.54 0.14 2.06
Total Liabilities & Shareholders' Equity		 35 92 103 7.66 61 43 42 39 62 83
Total Liabilities		 28 21 45 1.91 2.26 1.76 3.18 3.67 9.08 22
Total Current Liabilities		 14 17 17 1.91 2.26 1.76 3.18 3.67 9.08 21
Accounts Payable		 1.67 1.95 3.40 1.57 1.24 0.95 1.15 1.42 4.88 9.99
Accrued Expenses		 5.44 8.12 13 0.34 1.02 0.81 2.03 2.24 4.20 11
Total Noncurrent Liabilities		 14 3.66 28 0.00 0.00 0.00 0.00 0.00 0.00 1.04
Other Noncurrent Operating Liabilities		 0.27 - - - - - - - - 1.04
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -124 71 58 -4.77 59 42 39 35 52 61
Total Preferred & Common Equity		 -124 71 58 -4.77 59 42 39 35 52 61
Total Common Equity		 -124 71 58 -4.77 59 42 39 35 52 61
Common Stock		 3.58 238 274 0.20 110 115 126 154 206 284
Retained Earnings		 -128 -167 -216 -4.97 -51 -73 -87 -119 -154 -223
Accumulated Other Comprehensive Income / (Loss)		 - -0.03 -0.02 - - - 0.00 0.00 0.01 0.00

Quarterly Balance Sheets for Forte Biosciences

This table presents Forte Biosciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 48 32 26 18 47 108 97 67
Total Current Assets		 47 32 26 18 47 108 95 65
Cash & Equivalents		 46 30 24 16 46 106 93 58
Short-Term Investments		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Prepaid Expenses		 0.92 1.06 1.21 1.31 1.30 1.47 2.00 6.89
Plant, Property, & Equipment, net		 0.10 0.11 0.10 0.09 0.13 0.11 0.15 0.11
Total Noncurrent Assets		 0.68 0.41 0.27 0.19 0.18 0.06 1.53 2.00
Other Noncurrent Operating Assets		 0.68 0.41 0.27 0.19 0.18 0.06 1.53 2.00
Total Liabilities & Shareholders' Equity		 48 32 26 18 47 108 97 67
Total Liabilities		 7.47 3.33 9.12 8.58 9.03 9.17 13 25
Total Current Liabilities		 7.47 3.33 9.12 8.58 9.03 9.17 13 24
Accounts Payable		 5.35 1.69 5.28 5.16 5.02 5.30 5.49 13
Accrued Expenses		 2.12 1.65 3.84 3.42 4.01 3.87 7.50 11
Total Noncurrent Liabilities		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.48
Other Noncurrent Operating Liabilities		 - - - - - - - 1.48
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 40 29 17 9.37 38 99 84 42
Total Preferred & Common Equity		 40 29 17 9.37 38 99 84 42
Total Common Equity		 40 29 17 9.37 38 99 84 42
Common Stock		 153 155 155 156 208 280 283 288
Retained Earnings		 -113 -126 -138 -147 -170 -181 -199 -246
Accumulated Other Comprehensive Income / (Loss)		 -0.01 -0.00 -0.01 0.00 0.00 0.00 -0.01 -0.00

Annual Metrics And Ratios for Forte Biosciences

This table displays calculated financial ratios and metrics derived from Forte Biosciences' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 19,809,449.00 19,953,281.00 23,897,771.00 12,830,598.00 14,754,557.00 21,000,069.00 36,335,105.00 1,461,934.00 12,526,935.00
DEI Adjusted Shares Outstanding		 0.00 0.00 792,378.00 798,131.00 955,911.00 513,224.00 590,182.00 840,003.00 1,453,404.00 1,461,934.00 12,526,935.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -49.13 -61.34 -4.26 -90.58 -36.78 -16.52 -21.66 -24.27 -5.54
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% -3.92% -16.33% 43,890.24% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 0.00% -38.87% -18.87% -21.86% 91.08% -1,044.23% 53.33% 35.21% -133.05% -12.80% -92.97%
EBIT Growth		 0.00% -38.51% -18.81% -21.98% 91.13% -1,042.47% 53.30% 35.32% -132.18% -12.86% -93.12%
NOPAT Growth		 0.00% -38.06% -18.74% -21.86% 91.14% -1,038.83% 53.58% 35.33% -133.78% -12.67% -93.04%
Net Income Growth		 0.00% -45.20% -16.28% -25.75% 91.69% -1,042.47% 53.30% 36.07% -126.79% -12.71% -95.54%
EPS Growth		 0.00% -43.99% 82.52% 8.27% 20.90% -227.46% 75.47% 48.39% -126.79% 51.16% 61.30%
Operating Cash Flow Growth		 0.00% -40.38% -5.40% -10.72% 91.96% -564.85% 9.48% 50.92% -250.71% -7.10% -65.50%
Free Cash Flow Firm Growth		 0.00% 0.00% -22.15% -18.51% 50.72% -152.43% 59.94% 35.56% -165.96% 7.17% -82.75%
Invested Capital Growth		 0.00% 0.00% -99.94% -72.19% 89.84% 118.02% -696.28% -78.00% 20.64% -224.96% -171.30%
Revenue Q/Q Growth		 0.00% 0.00% -2.38% -0.01% -100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -7.63% -22.77% 89.06% -67.40% 5.33% -14.56% -5.42% -3.69% -32.43%
EBIT Q/Q Growth		 0.00% 0.00% -7.66% -22.50% 89.09% -67.29% 5.38% -14.56% -5.01% -3.26% -32.97%
NOPAT Q/Q Growth		 0.00% 0.00% -7.77% -22.50% 89.10% -67.27% 5.26% -13.38% -4.65% -2.72% -32.22%
Net Income Q/Q Growth		 0.00% 0.00% -6.59% -21.81% 89.29% -68.58% 5.38% -12.44% -3.26% -3.75% -34.08%
EPS Q/Q Growth		 0.00% 0.00% 70.44% -336.89% 99.69% -101.02% -147.11% -2.56% -3.26% 34.25% -14.04%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -4.79% -8.74% 80.29% -20.62% 1.31% 7.76% -26.85% -3.50% -14.53%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -0.43% 45.41% -24.23% 1.27% 6.97% -35.21% 9.17% -12.24%
Invested Capital Q/Q Growth		 0.00% 0.00% 2.35% -91.64% 84.50% 49.31% 36.38% -88.13% 68.65% 15.89% -71.36%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 -44,325.49% -64,069.39% -91,019.51% -252.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 -45,007.84% -64,673.47% -91,775.61% -254.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 -44,790.20% -64,571.43% -91,685.37% -254.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -45,207.84% -68,322.45% -94,948.78% -271.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 103.60% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 101.52%
Interest Burden Percent		 100.93% 105.81% 103.56% 103.06% 100.00% 100.00% 100.00% 98.85% 96.55% 96.43% 96.18%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -478.53% -99.72% -75.77% -12.74% -143.64% -43.19% -34.54% -84.92% -80.82% -122.28%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -15,723.44% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -89.50% -59.00% -46.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% -94.70% -61.10% -50.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 0.00% 8,510.20% 68.12% -75.77% -10.64% -120.31% -43.19% -34.54% -84.92% -80.82% -122.28%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 26.91% -54.77% -84.19% 85.32% -78.82% -52.25% -35.75% -89.13% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -16 -22 -26 -32 -2.84 -32 -15 -9.73 -23 -26 -49
NOPAT Margin		 -31,505.49% -45,271.43% -64,242.93% -177.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% -217.09% -28.51% -22.81% -3.19% -42.89% -13.13% -9.89% -22.34% -20.64% -29.43%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -64.39% -48.82% -81.09%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 7,515.69% 9,226.53% 20,868.29% 71.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 37,592.16% 55,546.94% 71,007.32% 283.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 45,107.84% 64,773.47% 91,875.61% 354.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -23 -32 -38 -46 -4.07 -46 -22 -14 -33 -37 -71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -23 -31 -37 -45 -4.06 -46 -22 -14 -33 -37 -71
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 2.86 2.82 0.00 7.92 0.76 0.54 0.85 0.63 5.60
Price to Tangible Book Value (P/TBV)		 0.00 0.00 2.86 2.82 0.00 7.92 0.76 0.54 0.85 0.63 5.60
Price to Revenue (P/Rev)		 0.00 0.00 4,952.36 9.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 1,899.52 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 3,052.36 5.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 2.98 0.15 0.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 1.95 0.05 0.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 -1.49 -1.13 -1.14 -1.20 -1.02 -1.01 -1.04 -1.06 -1.09 -1.19
Leverage Ratio		 0.00 5.05 1.63 1.51 1.73 1.06 1.04 1.06 1.09 1.15 1.27
Compound Leverage Factor		 0.00 5.35 1.69 1.56 1.73 1.06 1.04 1.05 1.05 1.10 1.22
Debt to Total Capital		 0.00% 74.87% 13.22% 31.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 25.87% 8.79% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 49.00% 4.43% 31.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 472.11% 0.00% 0.00% 183.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% -446.98% 86.78% 68.94% -83.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 -0.66 -0.29 -0.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.33 2.09 1.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 -0.43 -0.10 -0.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 -0.94 -0.41 -0.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.47 2.96 2.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 -0.61 -0.14 -0.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 0.00 2.87 -1.09 2.21 121.53 7.89 1.05 -1.06 -2.26 3.66
Noncontrolling Interest Sharing Ratio		 0.00% 1,878.40% 168.31% 0.00% 16.46% 16.25% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 2.26 5.23 5.91 3.93 26.52 24.19 13.06 10.45 6.76 3.88
Quick Ratio		 0.00 2.17 5.12 5.81 3.63 26.01 23.92 12.93 10.13 6.43 3.71
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -19 -23 -27 -13 -34 -14 -8.73 -23 -22 -39
Operating Cash Flow to CapEx		 -9,741.67% -5,626.48% -4,902.83% -1,751.47% -1,710.49% 0.00% 0.00% 0.00% -32,620.45% -83,094.59% -43,863.79%
Free Cash Flow to Firm to Interest Expense		 0.00 -9.15 -11.87 -9.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -62.07 -14.40 -16.11 -11.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -62.71 -14.65 -16.44 -12.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.07 0.04 6.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 -3.41 -6.82 -12 -1.19 0.22 -1.28 -2.28 -1.81 -5.89 -16
Invested Capital Turnover		 0.00 -0.03 -0.01 -1.94 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 -3.41 -3.41 -4.92 11 1.41 -1.50 -1.00 0.47 -4.07 -10
Enterprise Value (EV)		 0.00 0.00 125 94 16 408 -10 -20 -7.27 -25 265
Market Capitalization		 0.00 0.00 203 164 13 467 32 21 30 33 342
Book Value per Share		 $0.00 ($56.55) $3.59 $2.91 ($0.20) $4.60 $2.82 $1.85 $0.97 $35.90 $4.87
Tangible Book Value per Share		 $0.00 ($56.55) $3.59 $2.91 ($0.20) $4.60 $2.82 $1.85 $0.97 $35.90 $4.87
Total Capital		 0.00 28 82 84 5.75 59 42 39 35 52 61
Total Debt		 0.00 21 11 26 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 14 3.63 26 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.00 -10 -78 -70 -6.94 -59 -42 -41 -37 -58 -77
Capital Expenditures (CapEx)		 0.22 0.53 0.64 1.97 0.16 0.00 0.00 0.00 0.09 0.04 0.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -5.97 -8.23 -15 -1.35 -1.13 -1.28 -2.77 -2.46 -6.10 -17
Debt-free Net Working Capital (DFNWC)		 0.00 25 80 81 5.59 58 41 38 35 52 60
Net Working Capital (NWC)		 0.00 18 73 81 5.59 58 41 38 35 52 60
Net Nonoperating Expense (NNE)		 6.99 11 13 17 1.22 14 6.67 4.15 8.74 9.86 20
Net Nonoperating Obligations (NNO)		 0.00 -10 -78 -70 -6.94 -59 -43 -41 -37 -58 -77
Total Depreciation and Amortization (D&A)		 0.24 0.25 0.27 0.38 0.01 0.05 0.04 0.00 -0.12 -0.12 -0.17
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -12,175.51% -20,063.41% -82.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 51,589.80% 196,339.02% 450.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 36,895.92% 178,778.05% 450.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($10.57) ($15.22) ($2.66) ($2.44) ($2.69) ($6.32) ($1.55) ($0.80) ($25.00) ($12.17) ($4.71)
Adjusted Weighted Average Basic Shares Outstanding		 2.18M 2.20M 19.91M 23.02M 23.90M 13.51M 14.76M 17.38M 1.46M 6.58M 13.89M
Adjusted Diluted Earnings per Share		 ($10.57) ($15.22) ($2.66) ($2.44) ($2.69) ($6.32) ($1.55) ($0.80) ($25.00) ($12.17) ($4.71)
Adjusted Weighted Average Diluted Shares Outstanding		 2.18M 2.20M 19.91M 23.02M 23.90M 13.51M 14.76M 17.38M 1.46M 6.58M 13.89M
Adjusted Basic & Diluted Earnings per Share		 ($10.57) ($15.22) ($2.66) ($2.44) ($2.69) ($6.32) ($1.55) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.18M 2.20M 14.61M 20.06M 23.63M 7.36M 13.97M 21.01M 1.46M 5.83M 29.44M
Normalized Net Operating Profit after Tax (NOPAT)		 -16 -22 -26 -32 -2.84 -32 -15 -9.73 -23 -26 -49
Normalized NOPAT Margin		 -31,505.49% -45,271.43% -64,242.93% -177.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -45,207.84% -68,320.41% -94,946.34% -262.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -67.38 -15.42 -19.46 -15.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -47.40 -10.81 -13.63 -10.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -68.02 -15.68 -19.79 -16.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -48.03 -11.07 -13.96 -11.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -4.26% -1.77% 0.00% -0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Forte Biosciences

This table displays calculated financial ratios and metrics derived from Forte Biosciences' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 36,281,772.00 36,335,105.00 36,394,882.00 36,442,380.00 36,503,949.00 1,461,934.00 6,581,667.00 6,581,667.00 12,432,854.00 12,526,935.00 13,885,668.00
DEI Adjusted Shares Outstanding		 1,451,271.00 1,453,404.00 1,455,795.00 1,457,695.00 1,460,158.00 1,461,934.00 6,581,667.00 6,581,667.00 12,432,854.00 12,526,935.00 13,885,668.00
DEI Earnings Per Adjusted Shares Outstanding		 -6.86 -4.04 -5.10 -8.58 -5.75 -4.89 -2.38 -1.71 -1.42 -1.98 -1.59
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -192.71% -41.53% -9.83% -44.03% 15.87% -7.25% -114.14% 9.75% -119.42% -227.37% -36.95%
EBIT Growth		 -192.79% -41.65% -9.88% -44.09% 15.70% -5.07% -111.00% 9.67% -119.05% -234.25% -39.01%
NOPAT Growth		 -198.45% -29.20% -13.84% -41.89% 15.53% -15.20% -106.61% 9.67% -113.04% -234.25% -39.17%
Net Income Growth		 -192.79% -20.40% -9.88% -40.64% 15.70% -21.85% -111.00% 10.09% -110.70% -246.44% -41.39%
EPS Growth		 -192.79% -20.40% -9.88% -40.64% 30.90% 47.31% 66.01% 85.84% 78.19% 26.94% 9.49%
Operating Cash Flow Growth		 -366.91% -210.02% -28.11% -8.42% 10.21% -11.60% -55.32% -69.49% -72.14% -64.51% -81.63%
Free Cash Flow Firm Growth		 19.10% -100.94% -263.52% -520.80% -86.31% 78.30% 15.64% -16.26% -118.83% -564.24% -24.86%
Invested Capital Growth		 -376.26% 20.64% 40.45% -36.02% -21.12% -224.96% -322.34% 0.08% -33.16% -171.30% -117.03%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -11.87% 29.76% -6.11% -72.75% 34.65% 10.46% -111.86% 27.19% -58.87% -33.59% 11.38%
EBIT Q/Q Growth		 -11.90% 29.72% -6.06% -72.75% 34.53% 12.40% -112.98% 26.04% -58.76% -33.66% 11.43%
NOPAT Q/Q Growth		 -13.08% 37.54% -22.30% -64.25% 32.68% 14.81% -119.34% 28.19% -58.76% -33.66% 8.68%
Net Income Q/Q Growth		 -11.90% 41.01% -26.36% -68.61% 32.92% 14.74% -118.81% 28.15% -57.19% -40.19% 10.70%
EPS Q/Q Growth		 -11.90% 41.01% -26.36% -68.61% 33.04% 46.04% 44.08% 29.93% -3.13% -80.81% 30.73%
Operating Cash Flow Q/Q Growth		 -65.44% 0.98% 25.67% 10.96% -37.01% -23.07% -3.46% 2.84% -39.15% -17.61% -14.22%
Free Cash Flow Firm Q/Q Growth		 -130.22% -90.85% -34.84% -4.79% 30.91% 77.77% -424.10% -44.41% -30.04% 32.51% 1.48%
Invested Capital Q/Q Growth		 -4.26% 68.65% 2.87% -328.48% 7.16% 15.89% -26.24% -1.37% -23.72% -71.36% -0.98%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 97.60% 100.00% 104.48% 100.00% 97.15% 96.19% 109.10% 101.71%
Interest Burden Percent		 100.00% 83.93% 100.00% 100.00% 100.00% 93.16% 100.00% 100.00% 100.00% 92.47% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -73.23% -84.92% -104.30% -170.91% -137.40% -80.82% -130.27% -73.46% -110.72% -122.28% -188.40%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -73.23% -84.92% -104.30% -170.91% -137.40% -80.82% -130.27% -73.46% -110.72% -122.28% -188.40%
Return on Equity Simple (ROE_SIMPLE)		 -75.43% 0.00% -112.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -7.15 -4.47 -5.46 -8.97 -6.04 -5.15 -11 -8.11 -13 -17 -16
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -6.21% -3.59% -5.90% -12.88% -7.52% -4.21% -11.45% -4.81% -8.77% -11.22% -12.35%
Return On Investment Capital (ROIC_SIMPLE)		 - -12.65% -19.04% -52.90% -64.49% -9.81% -29.37% -8.22% -15.30% -28.20% -37.31%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -9.96 -7.00 -7.42 -13 -8.39 -7.35 -16 -12 -18 -25 -22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -9.95 -6.99 -7.42 -13 -8.37 -7.50 -16 -12 -18 -25 -22
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.59 0.85 0.88 1.15 0.87 0.63 1.33 0.86 2.22 5.60 8.54
Price to Tangible Book Value (P/TBV)		 0.59 0.85 0.88 1.15 0.87 0.63 1.33 0.86 2.22 5.60 8.54
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.08 -1.06 -1.08 -1.31 -1.26 -1.09 -1.14 -1.13 -1.17 -1.19 -1.29
Leverage Ratio		 1.12 1.09 1.12 1.37 1.32 1.15 1.18 1.16 1.23 1.27 1.42
Compound Leverage Factor		 1.12 0.92 1.12 1.37 1.32 1.07 1.18 1.16 1.23 1.18 1.42
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -1.06 1.10 -0.65 -7.00 -11.82 -0.68 -1.74 3.96 6.14 5.52 3.15
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.30 10.45 9.45 2.82 2.06 6.76 5.22 11.74 7.34 3.88 2.75
Quick Ratio		 6.18 10.13 9.14 2.69 1.91 6.43 5.08 11.58 7.19 3.71 2.46
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2.59 -4.94 -6.66 -6.98 -4.82 -1.07 -5.62 -8.11 -11 -7.12 -7.01
Operating Cash Flow to CapEx		 -12,757.75% -52,758.82% -111,116.67% 0.00% 0.00% -32,287.10% -16,975.41% 0.00% -25,454.55% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -5.78 -1.81 -1.76 -7.54 -7.00 -5.89 -7.43 -7.53 -9.32 -16 -16
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -4.56 0.47 1.20 -2.00 -1.22 -4.07 -5.67 0.01 -2.32 -10 -8.69
Enterprise Value (EV)		 -22 -7.27 -5.11 -4.93 -8.20 -25 5.22 -21 93 265 301
Market Capitalization		 24 30 25 20 8.16 33 51 85 186 342 360
Book Value per Share		 $1.11 $0.97 $0.79 $0.47 $0.26 $35.90 $5.84 $7.93 $6.76 $4.87 $3.36
Tangible Book Value per Share		 $1.11 $0.97 $0.79 $0.47 $0.26 $35.90 $5.84 $7.93 $6.76 $4.87 $3.36
Total Capital		 40 35 29 17 9.37 52 38 99 84 61 42
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -46 -37 -30 -24 -16 -58 -46 -106 -93 -77 -58
Capital Expenditures (CapEx)		 0.07 0.02 0.01 0.00 0.00 0.03 0.06 0.00 0.06 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -6.55 -2.46 -2.27 -7.90 -7.28 -6.10 -7.73 -7.70 -11 -17 -17
Debt-free Net Working Capital (DFNWC)		 40 35 28 17 9.09 52 38 98 82 60 41
Net Working Capital (NWC)		 40 35 28 17 9.09 52 38 98 82 60 41
Net Nonoperating Expense (NNE)		 2.80 1.41 1.96 3.54 2.35 2.01 4.37 3.14 4.81 7.59 6.43
Net Nonoperating Obligations (NNO)		 -46 -37 -30 -24 -16 -58 -46 -106 -93 -77 -58
Total Depreciation and Amortization (D&A)		 0.00 0.01 0.00 0.01 0.02 -0.15 -0.23 0.02 0.01 0.03 0.01
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($6.50) ($116.25) ($4.00) ($6.75) ($4.54) ($2.45) ($1.37) ($0.96) ($0.99) ($1.79) ($1.24)
Adjusted Weighted Average Basic Shares Outstanding		 1.45M 50.51K 1.46M 1.46M 1.46M 2.92M 0.00 12.43M 12.53M 13.89M 0.00
Adjusted Diluted Earnings per Share		 ($6.50) ($116.25) ($4.00) ($6.75) ($4.54) ($2.45) ($1.37) ($0.96) ($0.99) ($1.79) ($1.24)
Adjusted Weighted Average Diluted Shares Outstanding		 1.45M 50.51K 1.46M 1.46M 1.46M 2.92M 0.00 12.43M 12.53M 13.89M 0.00
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($116.25) $0.00 $0.00 $0.00 ($2.45) $0.00 $0.00 $0.00 ($1.79) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.03M 101.03K 1.46M 3.69M 3.70M 5.83M 0.00 23.49M 35.59M 29.44M 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 -7.15 -4.47 -5.46 -8.97 -6.04 -5.15 -11 -8.11 -13 -17 -16
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Forte Biosciences remains a pre-revenue biotech with a cash-rich balance sheet, but its burn rate is still substantial. In Q1 2026, the company reported no revenue, a net loss of $22.1 million, and negative operating cash flow of $18.8 million. The good news is that it ended the quarter with $58.2 million in cash and equivalents, which provides a meaningful runway. However, the pace of spending suggests that capital preservation will remain the key story for investors.

  • Cash and equivalents rose to $58.2 million at Q1 2026, giving the company a solid liquidity cushion.
  • The balance sheet shows $65.1 million in current assets versus $25.1 million in total liabilities, leaving Forte with a strong near-term asset position.
  • Quarterly operating losses have improved versus late 2025, with Q1 2026 net loss of $22.1 million compared with $24.8 million in Q4 2025.
  • Share issuance in Q1 2026 was limited to only $101,000, suggesting minimal dilution in the latest quarter.
  • The company remains pre-revenue, so valuation continues to depend on clinical and pipeline progress rather than sales growth.
  • Research and development spending remains the largest cost line at $20.3 million in Q1 2026, consistent with a development-stage biotech.
  • Prepaid expenses and other current assets are elevated, which likely reflects ongoing clinical and operating commitments.
  • Forte generated negative operating cash flow of $18.8 million in Q1 2026, indicating continued cash burn.
  • The company posted a net loss per share of $1.24 in Q1 2026, highlighting the absence of earnings power.
  • Cash fell sharply from $93.4 million in Q3 2025 to $58.2 million in Q1 2026, underscoring how quickly funds are being used.

Longer-term trend: Forte Biosciences has been through a major financing and balance sheet reset over the last year. Cash surged in mid-2025 after equity issuance, but the company has since burned through a large portion of that balance. Revenue remains at zero across the entire period shown, while quarterly losses have generally ranged from the mid-single-digit millions to the low-$20 millions. That pattern is typical for a clinical-stage biotech, but it also means the stock’s performance will likely hinge on whether upcoming trial or pipeline updates can justify the cash burn.

Bottom line: Forte Biosciences currently looks financially stable in the short term because of its cash position, but the absence of revenue and persistent operating losses make it a high-risk, catalyst-driven biotech name. Investors should watch the burn rate and any future capital raises closely.

07/15/26 05:13 AM ETAI Generated. May Contain Errors.

Forte Biosciences Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Forte Biosciences' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Forte Biosciences' net income appears to be on an upward trend, with a most recent value of -$69.38 million in 2025, rising from -$23.06 million in 2015. The previous period was -$35.48 million in 2024. Find out what analysts predict for Forte Biosciences in the coming months.

Forte Biosciences' total operating income in 2025 was -$70.66 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $70.66 million

Over the last 10 years, Forte Biosciences' total revenue changed from $51 thousand in 2015 to $0.00 in 2025, a change of -100.0%.

Forte Biosciences' total liabilities were at $21.79 million at the end of 2025, a 139.9% increase from 2024, and a 23.2% decrease since 2016.

In the past 9 years, Forte Biosciences' cash and equivalents has ranged from $5.51 million in 2016 to $76.96 million in 2025, and is currently $76.96 million as of their latest financial filing in 2025.

Over the last 10 years, Forte Biosciences' book value per share changed from 0.00 in 2015 to 4.87 in 2025, a change of 486.9%.


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Financial statements for NASDAQ:FBRX last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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