Forte Biosciences Inc (NASDAQ: FBRX) is a clinical-stage biopharmaceutical company developing biologics for autoimmune diseases. It generates no product revenue, funding operations entirely through equity issuances, including a $53.0 million private placement in November 2024 and a $71.6 million public offering in June 2025. The company's sole disclosed lead candidate is FB102, a biologic being evaluated across celiac disease, non-segmental vitiligo, and alopecia areata. As of the 10-K filed March 31, 2026, FB102 had completed a Phase 1b celiac study with 32 subjects and entered a Phase 2 celiac trial initiated in July 2025, with topline data expected in 2026. The FDA approved an IND for a U.S. arm of that Phase 2 study in November 2025. Forte is headquartered in Texas and relies on contract manufacturing organizations and contract research organizations to conduct drug manufacturing and clinical trial activities. Research and development expenses are the primary cost driver, and the company expects those expenses to increase as trials advance.

Revenue model

No product revenue as of the filing period. Operations are funded through equity capital raises, including private placements and public offerings. No partnerships, licensing agreements, or royalty streams are disclosed in the excerpts.

Products and services

FB102: a biologic candidate in clinical development for celiac disease (Phase 2 initiated July 2025), non-segmental vitiligo (Phase 1b, topline data expected first half of 2026), and alopecia areata (Phase 1b initiated, topline data expected 2026).

Customers and end markets

No commercial customers. End markets are patients with autoimmune conditions, specifically celiac disease (estimated 2.5 million people in the U.S. at 1:133 prevalence), vitiligo, and alopecia areata.

Value-chain role

Clinical-stage drug developer. Outsources manufacturing to contract manufacturing organizations and clinical trial execution to contract research organizations. Does not manufacture or commercialize products.

Geographic exposure

Operations headquartered in Texas. Clinical trials conducted with a U.S. arm following FDA IND approval in November 2025. International regulatory considerations noted as a risk but no specific ex-U.S. commercial presence disclosed.

Source: SEC 10-K, filed 2026-03-31

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