Free cash flow has deteriorated to an outflow of $18.8 million in 2026Q1, indicating an intensifying burn rate that has reduced the current ratio to 2.75.
| Cash from Operations | -59.34M | -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 % | -287.77% | -65.5% | -7.1% | -250.71% | 50.92% | 9.48% | -564.85% | 91.96% | -10.72% | -5.4% | -40.38% | - |
| Net Income | -75.86M | -69.38M | -35.48M | -31.48M | -13.88M | -21.71M | -46.49M | -4.07M | -48.95M | -38.93M | -33.48M | -23.06M |
| Depreciation & Amortization | 70K | 64K | 39K | 9K | 0 | 36K | 54K | 11K | 625K | 292K | 255K | 232K |
| Stock-Based Compensation | 7.82M | 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 | 1.03M | -237K | -158K | -131K | 0 | 61K | 30.89M | 36K | 7.77M | 5.26M | 1.74M | 928K |
| Working Capital Changes | 7.6M | 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 | 8.06M | 5.54M | 3.02M | 271K | 207K | -294K | -369K | 976K | 1.26M | 304K | 586K | 571K |
| Cash from Investing | -55K | 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 | 71.76M | 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) | 71.8M | 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 | -41K | -7.47M | -1.14M | -44K | 12K | -106K | -32K | 0 | -8.63M | 0 | -592K | -982K |
| Net Change in Cash | 12.37M | 54.71M | -14.88M | -3.98M | -944K | -16.72M | 51.83M | -33.87M | 4.88M | 30.42M | -2.64M | 3.95M |
| Free Cash Flow | -59.39M | -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 % | -72.02% | -65.67% | -6.9% | -251.79% | 50.92% | 9.48% | -528.13% | 91.95% | -14.63% | -5.73% | -41.32% | - |
| FCF per Share | -0.33 | -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) | 0.78x | 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 |
Clinical trial funding runway
As reported in financial statements, FBRX consistently exhibits a significant gap between net income and operating cash flow, with the OCF/NI ratio fluctuating between 0.47 and 1.53 over the last ten quarters, suggesting that non-cash adjustments and working capital volatility heavily influence the reported bottom line.
The divergence between net losses and operating cash outflows appears to be driven by stock-based compensation and periodic working capital shifts rather than operational efficiency. Investors should monitor this relationship closely, as the reliance on non-cash add-backs may mask the true underlying rate of cash depletion required to sustain the FB-102 clinical program.
Based on recent SEC filings, the company's free cash flow has deteriorated from a quarterly outflow of $9.0 million in 2023Q4 to $18.8 million in 2026Q1, indicating an intensifying cash burn rate as clinical development activities for the FB-102 program scale up without any offsetting revenue streams.
The consistent negative free cash flow trajectory suggests that the company is in a high-intensity capital consumption phase. This trend warrants further investigation into whether the current cash position can support the projected clinical milestones without necessitating additional dilutive financing in the near term.
According to quarterly data, working capital changes have been highly inconsistent, swinging from a $5.6 million inflow in 2025Q4 to a $3.9 million outflow in 2025Q1, which suggests that the company's cash position is sensitive to the timing of vendor payments and clinical trial-related accruals.
These fluctuations appear to reflect the lumpy nature of payments to clinical research organizations rather than a structural improvement in liquidity management. Analysts should interpret these swings as a potential source of short-term cash flow noise that does not necessarily indicate a change in the long-term burn profile.
As detailed in recent financial disclosures, stock-based compensation has risen to $3.2 million in 2026Q1, a significant non-cash expense that effectively subsidizes the company's operating cash flow while simultaneously creating a persistent overhang of potential dilution for existing shareholders as the clinical pipeline remains in early stages.
The reliance on equity-based compensation appears to be a strategic mechanism to preserve cash, yet it obscures the true economic cost of talent retention. Investors should be wary that this accounting treatment may flatter the operating cash flow figures while failing to address the fundamental challenge of sustaining operations without commercial revenue.
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.