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FBRX reports zero revenue across all periods, with its cost structure dominated by surging R&D expenses that reached $20.3M in 2026Q1, reflecting the escalating investment required to advance the FB-102 program.
Forte Biosciences, Inc. (FBRX) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.04M | 41K | 49K | 51K |
| Revenue Growth % | - | - | - | - | - | - | - | -100% | 43890.24% | -16.33% | -3.92% | - |
| Cost of Goods Sold | -9K | 64K | 39K | 9K | 0 | 36K | 54K | 11K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 9K | -64K | -39K | -9K | 0 | -36K | -54K | -11K | 18.04M | 41K | 49K | 51K |
| Gross Margin % | - | - | - | - | - | - | - | - | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -64.1% | -333.33% | - | 100% | 33.33% | -390.91% | -100.06% | 43890.24% | -16.33% | -3.92% | - |
| Operating Expenses | 90.02M | 70.66M | 36.56M | 32.48M | 13.9M | 21.49M | 14.17M | 4.05M | 63.26M | 37.38M | 31.48M | 22.77M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | 350.77% | 91165.85% | 64255.1% | 44652.94% |
| Selling, General & Admin | 10.25M | 12.41M | 15.37M | 10.62M | 8.3M | 7.63M | 4.22M | 1.38M | 12.81M | 8.27M | 4.27M | 3.6M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | 71.02% | 20158.54% | 8708.16% | 7060.78% |
| Research & Development | 56.96M | 58.25M | 21.19M | 21.86M | 5.59M | 13.85M | 9.95M | 2.67M | 50.45M | 29.11M | 27.22M | 19.17M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 279.75% | 71007.32% | 55546.94% | 37592.16% |
| Other Operating Expenses | 1.64M | 0 | 0 | 0 | 17K | 0 | 0 | 0 | 0 | 0 | -50K | 0 |
| Operating Income | -90M | -70.66M | -36.6M | -32.49M | -13.9M | -21.49M | -14.22M | -4.06M | -45.85M | -37.63M | -31.69M | -22.95M |
| Operating Margin % | - | - | - | - | - | - | - | - | -254.23% | -91778.05% | -64675.51% | -45007.84% |
| Operating Income Growth % | - | -93.04% | -12.67% | -133.78% | 35.33% | -51.04% | -250.02% | 91.14% | -21.86% | -18.74% | -38.06% | - |
| EBITDA | -88.48M | -70.59M | -36.56M | -32.48M | -13.86M | -21.45M | -14.17M | -4.05M | -45.23M | -37.34M | -31.44M | -22.72M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | -250.77% | -91065.85% | -64155.1% | -44552.94% |
| EBITDA Growth % | -102.76% | -93.07% | -12.58% | -134.32% | 35.38% | -51.37% | -249.64% | 91.04% | -21.13% | -18.77% | -38.35% | - |
| D&A (Non-Cash Add-back) | 55K | 64K | 39K | 9K | 36K | 36K | 54K | 11K | 625K | 292K | 255K | 232K |
| EBIT | -86.33M | -68.34M | -35.48M | -31.48M | -13.88M | -21.71M | -46.49M | -4.07M | -44.32M | -37M | -31.43M | -22.72M |
| Net Interest Income | 0 | 2.71M | 1.31M | 1.12M | 0 | 0 | 0 | 0 | -173.38K | 1.9M | 0 | 0 |
| Interest Income | 0 | 2.71M | 1.31M | 1.12M | 0 | 0 | 0 | 0 | 0 | 595K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 173.38K | 1.93M | -1.84M | -102K |
| Other Income/Expense | 3.66M | 2.32M | 1.12M | 1.01M | 17K | -222K | -32.26M | -5K | -1.4M | -1.3M | -1.79M | -102K |
| Pretax Income | -86.33M | -68.34M | -35.48M | -31.48M | -13.88M | -21.71M | -46.49M | -4.07M | -47.26M | -38.93M | -33.48M | -23.06M |
| Pretax Margin % | - | - | - | - | - | - | - | - | -262.01% | -94948.78% | -68322.45% | -45207.84% |
| Income Tax | 1.6M | 1.04M | 0 | 0 | 0 | 0 | 0 | 0 | 1.7M | 0 | 0 | -204K |
| Effective Tax Rate % | -1.86% | -1.52% | 0% | 0% | 0% | 0% | 0% | 0% | -3.6% | 0% | 0% | 0.88% |
| Net Income | -87.94M | -69.38M | -35.48M | -31.48M | -13.86M | -21.71M | -46.49M | -4.07M | -48.95M | -38.93M | -33.48M | -23.06M |
| Net Margin % | - | - | - | - | - | - | - | - | -271.43% | -94948.78% | -68322.45% | -45207.84% |
| Net Income Growth % | -107.14% | -95.54% | -12.71% | -127.07% | 36.14% | 53.3% | -1042.47% | 91.69% | -25.75% | -16.28% | -45.2% | - |
| Net Income (Continuing) | -87.94M | -69.38M | -35.48M | -31.48M | -13.88M | -21.71M | -46.49M | -4.07M | -48.95M | -38.93M | -33.48M | -23.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.70 | -4.71 | -12.17 | -24.92 | -19.96 | -38.85 | -157.93 | -48.25 | -915.18 | -997.50 | -634.80 | -474.15 |
| EPS Growth % | 42.55% | 61.3% | 51.16% | -24.85% | 48.63% | 75.4% | -227.3% | 94.73% | 8.25% | -57.14% | -33.88% | - |
| EPS (Basic) | - | -4.71 | -12.17 | -24.92 | -19.96 | -38.85 | -157.93 | -48.25 | -915.18 | -997.50 | -634.80 | -474.15 |
| Diluted Shares Outstanding | 23.79M | 147.18M | 2.92M | 1.26M | 695.34K | 558.71K | 294.36K | 84.33K | 53.49K | 38.95K | 52.74K | 48.63K |
| Basic Shares Outstanding | 23.79M | 147.18M | 2.92M | 1.26M | 695.34K | 558.71K | 294.36K | 84.33K | 53.49K | 38.95K | 52.74K | 48.63K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FBRX stock.
For fiscal year 2025, Forte Biosciences, Inc. (FBRX) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 2015.
Forte Biosciences, Inc. (FBRX) reported a net loss of $69.4M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Single-asset clinical failure risk
Metrics are mathematically derived from official filings.
Revenue Trajectory Non-Existent
FBRX reports zero revenue across all periods, a defining characteristic of its clinical-stage status, with the company's financial trajectory entirely dependent on the capital-intensive development timeline of its FB-102 program.
The absence of revenue is not a temporary dip but a structural feature of the company's current operational model, which is focused on advancing a single preclinical/early clinical asset. This lack of top-line generation means all operational progress is measured by clinical milestones and cash burn, not commercial traction. Investors must therefore evaluate the company solely on its pipeline potential and balance sheet runway, as traditional growth metrics are inapplicable.
R&D Dominates Cost Structure
Research and Development expenses are the primary cost driver, surging to $20.3M in 2026Q1 from $4.4M in 2024Q1, reflecting the escalating investment required to advance the FB-102 program into human trials.
The dramatic increase in R&D spend, which now constitutes the vast majority of total operating expenses, indicates the company has moved from early-stage discovery into more capital-intensive clinical activities. This cost trajectory is typical for a biotech advancing a lead candidate but underscores the urgency of reaching data readouts before the cash runway is depleted. The relative stability of SG&A expenses suggests management is maintaining tight control over non-research overhead, focusing resources on the core pipeline.
Negative Operating Leverage Amplifies Losses
Operating losses have expanded significantly, with the quarterly net loss reaching $23.3M in 2026Q2, as the fixed cost base of R&D and G&A scales without any revenue to offset the burn.
The company exhibits pronounced negative operating leverage, where increases in R&D spending translate directly into larger operating losses due to the complete absence of gross profit. This dynamic is inherent to the pre-revenue biotech model but highlights the critical importance of capital allocation efficiency. The widening losses suggest that each incremental dollar spent on development is not yet generating any financial return, placing a premium on the eventual clinical and commercial success of FB-102.
Net Loss Distorted by Non-Cash Items
Reported net losses are significantly impacted by non-cash stock-based compensation, which reached $3.2M in 2026Q1, meaning the true cash burn from operations is lower than the GAAP net loss figure suggests.
The quality of earnings is low in the traditional sense, as the net loss includes substantial non-cash charges that do not affect immediate liquidity. Analysts must adjust for SBC and other non-cash items to model the actual cash consumption rate, which is the most critical metric for assessing the company's runway. The fluctuation in SBC across quarters also introduces volatility to the bottom line that is unrelated to core operational progress.
Pivot to FB-102 Resets Cost Trajectory
The strategic pivot from the failed FB-401 program to FB-102 is the defining inflection point, causing R&D expenses to more than triple from 2024 levels as the company initiates a new, capital-intensive clinical development cycle.
This inflection is not one of operational improvement but of strategic reset, where the company has committed its remaining resources to a new biological hypothesis. The lasting impact is a complete overhaul of the cost structure and a renewed, high-stakes timeline against its cash reserves. The previous failure serves as a stark reminder of the binary risk inherent in this model, making the execution of the FB-102 program the sole determinant of future value creation.
Cash Burn Rate Threatens Runway
With quarterly operating losses consistently exceeding $20M and a cash position of approximately $77M, the company's operational burn rate suggests a limited runway that may necessitate dilutive financing before key clinical data is available.
The most significant challenge to the investment thesis is the mathematical reality of the cash burn versus the timeline for clinical milestones. If the FB-102 program encounters delays or requires additional capital-intensive studies, the company may be forced to raise capital at unfavorable terms, eroding shareholder value. This risk is amplified by the lack of revenue and the company's history of program failure, which could make future fundraising more difficult and expensive.