Forte Biosciences

What Forte Biosciences does

Forte Biosciences is a clinical-stage biopharmaceutical company headquartered in Dallas, Texas, and publicly traded on NASDAQ under ticker FBRX. Founded in 2017 by Paul Wagner and operating with 11–50 employees, the company became publicly listed via its 2020 merger with Tocagen. Forte is focused exclusively on developing FB102, a proprietary anti-CD122 monoclonal antibody therapeutic candidate positioned for autoimmune and autoimmune-related indications. As of 2026, FB102 is being studied across three clinical programs: a Phase 2 celiac disease trial (with topline data expected in 2026), a Phase 1b vitiligo trial (topline 1H 2026), and a Phase 1b alopecia areata trial (topline 2026). The company received FDA Fast Track Designation for FB102 in celiac disease, a condition with no approved pharmacological therapy. Prior to the FB102 pivot, Forte's earlier FB-401 program for atopic dermatitis failed a clinical trial in 2021.

The company generates no product revenue and operates a pre-revenue model, with revenue not expected until 2030 and profitability forecast beyond 2033 per disclosed guidance. Its cash position declined from $77.0 million at year-end 2025 to $58.2 million at the end of Q1 2026 after a quarterly net loss of approximately $22.1 million, and R&D expenses grew from $21.2 million in 2024 to $58.2 million in 2025 as clinical activity intensified. Forte has funded operations through multiple public and private offerings (including $46M in 2020, $25M in 2023, $53M in 2024, $75M in 2025, and a $150M public offering in April 2026 led by Guggenheim Securities and Barclays). Go-to-market will rely on traditional pharmaceutical commercialization pathways post-approval, targeted at autoimmune disease patients with no current therapeutic alternatives.

Name

Forte Biosciences

Legal name

Forte Biosciences, Inc.

Website

https://fortebiorx.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Forte Biosciences is a clinical-stage biopharmaceutical company developing FB102, a proprietary anti-CD122 monoclonal antibody, for autoimmune diseases including celiac disease (Phase 2), vitiligo (Phase 1b), and alopecia areata (Phase 1b).

Ownership category

akta.pro rank

Product category

Biopharmaceutical Therapeutics

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Endocrinology & Metabolic Specialty Pharmaceuticals (HLAIACAD)

Keywords

• Clinical-stage biopharmaceutical
• Monoclonal antibody therapeutics
• Autoimmune disease treatments
• Anti-CD122 antibody
• Biotechnology drug development

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations

Revenue model

1. Pharmaceutical Product Sales (Future): Pre-revenue clinical-stage biopharmaceutical company with no current product sales. Expected to generate revenue through commercialization of FB102 upon regulatory approval. No expected product sales until 2030 with profitability not forecast until 2033.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Forte Biosciences is a clinical-stage biopharmaceutical company developing FB102, a proprietary anti-CD122 monoclonal antibody therapeutic candidate. FB102 is being advanced through clinical trials for autoimmune diseases including celiac disease (Phase 2), vitiligo (Phase 1b), and alopecia areata (Phase 1b). The company has no approved or commercial products and is pre-revenue.

Product overview

Forte Biosciences is a clinical-stage biopharmaceutical company developing a single lead product candidate, FB102, which is a proprietary anti-CD122 monoclonal antibody. The company does not operate a platform-plus-modules architecture; it is focused exclusively on advancing FB102 through clinical trials across multiple autoimmune indications including celiac disease, vitiligo, and alopecia areata.

Differentiator

Problem solved

Functional benefit

Products and services

• FB102

Quantifiable outcome

• Statistically significant Phase 1b efficacy in celiac disease announced June 2025
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• AnaptysBio: Clinical-stage biotechnology company developing proprietary antibody therapeutics for inflammatory and autoimmune diseases. Directly comparable as a similarly-sized clinical-stage biotech advancing novel antibodies through Phase 1/2 trials in immunology indications.
• Arcutis Biotherapeutics: Dermatology-focused biopharmaceutical company developing treatments for immune-mediated skin diseases including vitiligo and alopecia areata. Directly comparable as a clinical/commercial-stage peer pursuing overlapping dermatology autoimmunity indications.
• Equillium: Clinical-stage biotechnology company developing therapeutics for severe autoimmune and inflammatory disorders. Comparable as a similarly-sized single-asset-to-few-asset biotech advancing novel immune-modulating therapies through early- and mid-stage trials.
• Krystal Biotech: Commercial-stage biotechnology company developing genetic medicines for dermatological diseases. Highly relevant peer given Forte's CFO Antony Riley was previously CFO at Krystal Biotech and the shared dermatology focus.

Broad incumbents

• Coherus BioSciences: Commercial-stage biopharmaceutical company with a portfolio of immunology and oncology biologics. Relevant peer given Forte's Senior Medical Clinician Barbara Finck previously served as CMO at Coherus, and the shared inflammation/autoimmune disease strategic focus.
• Incyte Corporation: Large biopharmaceutical company with an approved therapy (Opzelura) for vitiligo and a broader autoimmune/dermatology pipeline. Comparable as an established player pursuing overlapping indications Forte is targeting with FB102.
• AbbVie: Global biopharmaceutical company with leading autoimmune franchises (Humira, Skyrizi, Rinvoq) across dermatology and GI indications. Relevant broad incumbent establishing the standard of care landscape Forte must compete against.
• Sanofi: Global biopharmaceutical company with Dupixent (dupilumab) approved for multiple autoimmune dermatology indications including atopic dermatitis. Comparable as an established incumbent defining the autoimmune dermatology competitive landscape.
• Eli Lilly: Global pharmaceutical company with Olumiant (baricitinib) approved for alopecia areata and a broad autoimmune pipeline. Relevant incumbent competitor in alopecia areata and adjacent autoimmune indications Forte is pursuing.
• Bristol Myers Squibb: Global biopharmaceutical company with Zeposia (ozanimod) and Sotyktu (deucravacitinib) in autoimmune indications. Comparable large-cap incumbent with established autoimmune commercial infrastructure competing in overlapping indications.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/forte-biosciences-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds6 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forte Biosciences