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Free cash flow burn has accelerated to over -$20M per quarter, with the OCF/NI ratio averaging 0.85 over the last ten quarters, indicating that non-cash charges like stock-based compensation are a significant component of the reported losses.
Forte Biosciences, Inc. (FBRX) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | -71.98M | -50.88M | -30.75M | -28.71M | -8.19M | -16.68M | -18.42M | -2.77M | -34.47M | -31.13M | -29.54M | -21.04M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | -191.11% | -75934.15% | -60283.67% | -41258.82% |
| Operating CF Growth % | -343.93% | -65.5% | -7.1% | -250.71% | 50.92% | 9.48% | -564.85% | 91.96% | -10.72% | -5.4% | -40.38% | - |
| Net Income | -87.94M | -69.38M | -35.48M | -31.48M | -13.88M | -21.71M | -46.49M | -4.07M | -48.95M | -38.93M | -33.48M | -23.06M |
| Depreciation & Amortization | 75K | 64K | 39K | 9K | 0 | 36K | 54K | 11K | 625K | 292K | 255K | 232K |
| Stock-Based Compensation | 6.32M | 6.26M | 3.1M | 3.28M | 4.01M | 4.21M | 956K | 0 | 6.87M | 4.45M | 0 | 0 |
| Deferred Taxes | 0 | 1.04M | 0 | 0 | 0 | 0 | 0 | 0 | -6.87M | -4.45M | 0 | 0 |
| Other Non-Cash Items | 3.66M | -237K | -158K | -131K | 0 | 61K | 30.89M | 36K | 7.77M | 5.26M | 1.74M | 928K |
| Working Capital Changes | 5.91M | 11.37M | 1.76M | -392K | 1.68M | 720K | -3.83M | 1.25M | 6.08M | 2.52M | 1.87M | 747K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 8.54M | 5.54M | 3.02M | 271K | 207K | -294K | -369K | 976K | 1.26M | 304K | 586K | 571K |
| Cash from Investing | -147.9M | 36.23M | -35.99M | 47K | 0 | 0 | 3.58M | -162K | -4.19M | -27.71M | 24.57M | -24.93M |
| Capital Expenditures | -55K | -116K | -37K | -88K | 0 | 0 | 0 | -162K | -1.97M | -655K | -525K | -231K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | 10.91% | 1597.56% | 1071.43% | 452.94% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 3.58K | 0 | 2.22M | 20K | 0 | 15K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 3.58M | 0 | -2.22M | -27.05M | 25.09M | -24.7M |
| Cash from Financing | 163.36M | 69.36M | 51.86M | 24.68M | 7.24M | -44K | 66.67M | 4.86M | 43.54M | 89.26M | 2.33M | 49.92M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.32M | 138K | 2.91M | 50.74M |
| Equity Issued (Net) | 163.41M | 76.83M | 53M | 24.73M | 7.23M | 62K | 66.7M | 4.86M | 28.84M | 89.13M | 10K | 157K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 89K | 3.38M | 33.23M |
| Other Financing | -49K | -7.47M | -1.14M | -44K | 12K | -106K | -32K | 0 | -8.63M | 0 | -592K | -982K |
| Net Change in Cash | -56.52M | 54.71M | -14.88M | -3.98M | -944K | -16.72M | 51.83M | -33.87M | 4.88M | 30.42M | -2.64M | 3.95M |
| Free Cash Flow | -72.03M | -51M | -30.78M | -28.79M | -8.19M | -16.68M | -18.42M | -2.93M | -36.44M | -31.79M | -30.06M | -21.27M |
| FCF Margin % | - | - | - | - | - | - | - | - | -202.02% | -77531.71% | -61355.1% | -41711.76% |
| FCF Growth % | -86.37% | -65.67% | -6.9% | -251.79% | 50.92% | 9.48% | -528.13% | 91.95% | -14.63% | -5.73% | -41.32% | - |
| FCF per Share | -3.03 | -0.35 | -10.56 | -22.80 | -11.77 | -29.85 | -62.59 | -34.78 | -681.17 | -816.06 | -570.06 | -437.48 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.73x | 0.87x | 0.91x | 0.59x | 0.77x | 0.40x | 0.68x | 0.70x | 0.80x | 0.88x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying FBRX stock.
Forte Biosciences, Inc. (FBRX) generated $-50.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Forte Biosciences, Inc. (FBRX) reported negative free cash flow of $51.0M in 2025, indicating capital requirements exceeded cash from operations.
Forte Biosciences, Inc. (FBRX) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Single-asset clinical failure risk
Metrics are mathematically derived from official filings.
Cash Burn Consistently Trails Net Loss
Operating cash flow consistently exceeds the net loss, with the OCF/NI ratio averaging 0.85 over the last ten quarters, indicating that non-cash charges like stock-based compensation are a significant component of the reported losses.
The persistent gap between net income and operating cash flow is primarily driven by non-cash items, most notably stock-based compensation, which reached $3.2M in 2026Q1. This suggests the true cash consumption from core operations is lower than the GAAP net loss implies, a critical distinction for assessing the company's actual cash runway. However, the ratio has been volatile, ranging from 0.47 to 1.40, indicating that working capital movements can temporarily distort the relationship.
Accelerating Cash Burn from Clinical Pivot
Free cash flow burn has more than doubled from an average of -$7.4M per quarter in early 2024 to over -$20M in recent quarters, reflecting the substantial increase in R&D spending to advance the FB-102 program.
The FCF trajectory shows a clear and accelerating negative trend, with the quarterly burn rate expanding from -$6.7M in 2024Q1 to -$22.7M in 2026Q2. This deterioration directly mirrors the tripling of R&D expenses noted in the income statement analysis, confirming the financial impact of the strategic pivot. The company is now consuming cash at a rate that will significantly shorten its runway unless clinical milestones trigger new financing or partnerships.
Volatile Working Capital Swings
Working capital changes have been highly erratic, swinging from a $5.8M source of cash in 2024Q2 to a $3.4M use in 2024Q4, suggesting lumpy payments to vendors and CROs that can obscure the underlying operational burn rate.
The large, unpredictable swings in working capital, such as the $5.6M positive contribution in 2025Q4, appear to be driven by the timing of payments to clinical research organizations and other service providers. This volatility means that quarterly operating cash flow figures can be misleading; investors should focus on the multi-quarter trend to gauge the true cash consumption. The recent -$2.0M working capital use in 2026Q2 may indicate a normalization of payment cycles.
SBC and Warrants Mask True Cash Burn
Stock-based compensation, which reached $3.2M in 2026Q1, is a non-cash add-back that inflates operating cash flow relative to the net loss, while the revaluation of warrant liabilities can create significant non-cash volatility in the income statement.
The cash flow statement obscures the full economic cost of employee and management compensation by adding back SBC, which does not require an immediate cash outlay but dilutes shareholders. Furthermore, the accounting treatment of warrant liabilities can cause large, non-cash swings in net income that have no bearing on the company's liquidity. Analysts must adjust for these items to understand the true cash burn rate and the potential for future dilution from vested equity awards.