Operating losses have widened to $22.4 million in 2026Q1, reflecting an aggressive R&D scaling strategy that lacks any offsetting commercial revenue streams.
| 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 | 6K | 64K | 39K | 9K | 0 | 36K | 54K | 11K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -6K | -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 | 76.98M | 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 | 10.95M | 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 | 65.42M | 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 | 645K | 0 | 0 | 0 | 17K | 0 | 0 | 0 | 0 | 0 | -50K | 0 |
| Operating Income | -76.97M | -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 | -76.9M | -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 % | -71.35% | -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) | 70K | 64K | 39K | 9K | 36K | 36K | 54K | 11K | 625K | 292K | 255K | 232K |
| EBIT | -76.27M | -70.66M | -35.48M | -32.49M | -13.9M | -21.49M | -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 | 2.53M | 2.32M | 1.12M | 1.01M | 17K | -222K | -32.26M | -5K | -1.4M | -1.3M | -1.79M | -102K |
| Pretax Income | -74.44M | -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 | 1.41M | 1.04M | 0 | 0 | 0 | 0 | 0 | 0 | 1.7M | 0 | 0 | -204K |
| Effective Tax Rate % | -1.89% | -1.52% | 0% | 0% | 0% | 0% | 0% | 0% | -3.6% | 0% | 0% | 0.88% |
| Net Income | -75.86M | -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 % | -73.53% | -95.54% | -12.71% | -127.07% | 36.14% | 53.3% | -1042.47% | 91.69% | -25.75% | -16.28% | -45.2% | - |
| Net Income (Continuing) | -75.86M | -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) | -0.43 | -4.71 | -12.17 | -24.92 | -19.96 | -38.85 | -157.93 | -48.25 | -915.18 | -997.50 | -634.80 | -474.15 |
| EPS Growth % | 66.84% | 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 | 178.37M | 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 | 178.37M | 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 | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial failure risk
As detailed in recent quarterly filings, Forte Biosciences has seen R&D expenses climb to $20.3 million in 2026Q1, reflecting an aggressive acceleration in clinical trial activity compared to the $3.6 million reported in 2023Q4 as the company prioritizes the development of its FB-102 program.
The sharp rise in R&D spending suggests a transition into more resource-intensive clinical phases, likely driven by increased patient enrollment and manufacturing requirements. Investors should monitor whether this expenditure trajectory remains sustainable given the company's current cash position and the absence of any offsetting revenue streams.
Based on the company's reported financial statements, operating losses have widened significantly to $22.4 million in 2026Q1, indicating that the firm's cost structure is scaling rapidly without the benefit of any commercial revenue to provide operating leverage or mitigate the ongoing cash burn.
The lack of revenue means that every dollar spent on R&D and G&A directly impacts the bottom line, resulting in a persistent and deepening operating deficit. This structure implies that the company is entirely dependent on external capital markets to fund its operations until a potential commercial inflection point is reached.
According to recent SEC filings, stock-based compensation has trended upward, reaching $3.2 million in 2026Q1, which represents a meaningful non-cash expense that complicates the assessment of the company's true operational cash burn and adds to the potential dilution for existing shareholders over time.
While stock-based compensation is a standard tool for talent retention in biotechnology, its rising magnitude relative to the company's total operating loss warrants close scrutiny. Analysts should adjust for these non-cash charges to better understand the actual liquidity depletion occurring within the business.
As reported in financial statements, the company's quarterly net loss of $22.1 million in 2026Q1 highlights a significant cash consumption rate that may force further dilutive financing if clinical milestones are not achieved within the expected timeframe to support a higher valuation.
Short-term observers might argue that the current cash burn is unsustainable without a clear path to a value-creating data readout. The reliance on periodic capital raises creates a structural risk where any delay in the FB-102 program could lead to significant equity dilution or liquidity constraints.
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.