Healthcare · Biotechnology
Price
$36.70
Market Cap
$509.6M
Employees
22
Beta
2.84
Avg Volume
359,229
CEO
Paul A. Wagner
Forte Biosciences, Inc. is a U.S.-based biopharmaceutical company currently in its clinical development phase. The firm's key initiative involves advancing the FB-102 program, which is designed to tackle a variety of autoimmune conditions, notably vitiligo and alopecia areata. Their main offices are situated in Dallas, Texas.
Runs with full report
Price Overview
Last updated: Jul 10, 2026 1:50am (just now)
Current data · timestamped when a report runs
$36.70
Change · Jul 10
+16.12 (+78.33%)
Day Range
$21.25 – $37.58
52-Week Range
$9.10 – $37.58
50-Day MA
$21.29
200-Day MA
$22.86
Volume
4,827,609.00
Analyst Price Targets
Low
$65.00
Consensus
$65.00
High
$65.00
(1 analysts)
Share Structure
Outstanding
13,885,700.00
Float
12,070,019.00
Free Float
86.9%
High free float
— 86.9% of shares trade freely, ~13.1% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-7.79
Stock Price: $36.70
EPS (Diluted): -4.71
EPS (Diluted): -4.71
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
65.81
Stock Price: $36.70
Total Equity: $60.99M
Shares: 147,177,340
Total Equity: $60.99M
Shares: 147,177,340
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-6.07
Market Cap: $509.61M
Total Debt: $0.00
Cash: $76.96M
EBITDA: -$68.27M
Total Debt: $0.00
Cash: $76.96M
EBITDA: -$68.27M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$3.9B
Market Cap: $509.61M
Total Debt: $0.00
Cash: $76.96M
Total Debt: $0.00
Cash: $76.96M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.00
Stock Price: $36.70
Revenue: $0.00
Shares: 147,177,340
Revenue: $0.00
Shares: 147,177,340
EV/Sales (Total value vs revenue — works when P/E can't)
API0.00
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
0.0%
Gross Profit: -$64,000
Revenue: $0.00
Revenue: $0.00
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
0.0%
Operating Income: -$70.66M
Revenue: $0.00
Revenue: $0.00
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
0.0%
Net Income: -$69.38M
Revenue: $0.00
Revenue: $0.00
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-106.2%
Net Income: -$69.38M
Total Equity: $60.99M
Total Equity: $60.99M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-176.6%
Operating Income: -$70.66M
Tax Rate: -1.5%
Equity: $60.99M
Total Debt: $0.00
Cash: $76.96M
Tax Rate: -1.5%
Equity: $60.99M
Total Debt: $0.00
Cash: $76.96M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
3.88
Current Assets: $80.59M
Current Liabilities: $20.75M
Current Liabilities: $20.75M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $60.99M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $60.99M
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
Revenue / Shares Outstanding
—
Revenue: $0.00
Shares: 147,177,340
Shares: 147,177,340
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$0.41
Total Equity: $60.99M
Shares: 147,177,340
Shares: 147,177,340
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.35
Operating CF: -$50.88M
CapEx: -$116,000
Shares: 147,177,340
CapEx: -$116,000
Shares: 147,177,340
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $36.70
Stock Price: $36.70
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$69.38M
Net Income: -$69.38M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares FBRX against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 10, 2026 1:50am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 |
| Cost of Revenue | $36,000 | $0 | $9,000 | $39,000 | $64,000 |
| Gross Profit | $-36,000 | $0 | $-9,000 | $-39,000 | $-64,000 |
| Operating Expenses | $21.5M | $13.9M | $32.5M | $36.6M | $70.7M |
| Operating Income | -$21.5M | -$13.9M | -$32.5M | -$36.6M | -$70.7M |
| Net Income | -$21.7M | -$13.9M | -$31.5M | -$35.5M | -$69.4M |
| EBITDA | -$21.7M | -$13.8M | -$31.5M | -$35.4M | -$68.3M |
| EPS | $-38.85 | $-19.96 | $-24.92 | $-12.17 | $-4.71 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 10, 2026 1:50am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $42.0M | $41.1M | $12.0M | $22.2M | $77.0M |
| Total Current Assets | $42.5M | $41.5M | $38.3M | $61.3M | $80.6M |
| Total Assets | $43.3M | $42.0M | $39.0M | $61.6M | $82.8M |
| Current Liabilities | $1.8M | $3.2M | $3.7M | $9.1M | $20.8M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.8M | $3.2M | $3.7M | $9.1M | $21.8M |
| Total Equity | $41.5M | $38.8M | $35.3M | $52.5M | $61.0M |
| Retained Earnings | -$73.2M | -$87.0M | -$118.5M | -$154.0M | -$223.4M |
Cash Flow (Annual)
Last updated: Jul 10, 2026 1:50am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$16.7M | -$8.2M | -$28.7M | -$30.7M | -$50.9M |
| Capital Expenditure | $0 | $0 | $-88,000 | $-37,000 | $-116,000 |
| Free Cash Flow | -$16.7M | -$8.2M | -$28.8M | -$30.8M | -$51.0M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $-1,000 | $0 |
| Net Change in Cash | -$16.7M | $-944,000 | -$4.0M | -$14.9M | $54.7M |
Analyst Estimates (Annual)
Last updated: Jul 10, 2026 1:50am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$22.5M $22.5M – $22.5M
|
$14.3M $14.3M – $14.3M
|
$32.4M $32.4M – $32.4M
|
$53.4M $53.4M – $53.4M
|
| EBITDA | $0 | $0 | $0 | $0 |
| Net Income |
-$625.8M -$840.6M – -$411.0M
|
-$585.2M -$804.1M – -$366.3M
|
-$873.3M -$873.3M – -$873.3M
|
-$853.1M -$853.1M – -$853.1M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 10, 2026 1:50am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | — | — | — |
| Gross Profit Growth | +100.0% | — | -333.3% | -64.1% |
| Operating Income Growth | +35.3% | -133.8% | -12.7% | -93.0% |
| Net Income Growth | +36.1% | -127.1% | -12.7% | -95.5% |
| EBITDA Growth | +36.1% | -127.3% | -12.6% | -92.7% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-01 | Riley Antony A | M-Exempt | 375.00 | $0.00 | $0 |
| 2026-07-01 | Riley Antony A | F-InKind | 134.00 | $21.32 | $2,857 |
| 2026-07-01 | Riley Antony A | M-Exempt | 375.00 | $0.00 | $0 |
| 2026-07-01 | Wagner Paul A. | M-Exempt | 1,250.00 | $0.00 | $0 |
| 2026-07-01 | Wagner Paul A. | F-InKind | 98.00 | $21.32 | $2,089 |
| 2026-07-01 | Wagner Paul A. | M-Exempt | 1,250.00 | $0.00 | $0 |
| 2026-06-16 | Riley Antony A | A-Award | 22,000.00 | $17.15 | $377,300 |
| 2026-06-16 | Wagner Paul A. | A-Award | 500,000.00 | $17.15 | $8.6M |
| 2026-05-29 | Doberstein Stephen K | A-Award | 18,353.00 | $0.00 | $0 |
| 2026-05-29 | Kapoor Shivpreet Singh | A-Award | 18,353.00 | $0.00 | $0 |
| 2026-05-29 | VINCENT RICHARD G | A-Award | 18,353.00 | $0.00 | $0 |
| 2026-05-29 | GRYSKA DAVID W | A-Award | 18,353.00 | $0.00 | $0 |
| 2026-05-29 | Brun Scott C. | A-Award | 18,353.00 | $0.00 | $0 |
| 2026-05-29 | Kornfeld Steven | A-Award | 18,353.00 | $0.00 | $0 |
| 2026-04-01 | Riley Antony A | M-Exempt | 375.00 | $0.00 | $0 |
| 2026-04-01 | Riley Antony A | F-InKind | 134.00 | $24.86 | $3,331 |
| 2026-04-01 | Riley Antony A | M-Exempt | 375.00 | $0.00 | $0 |
| 2026-04-01 | Wagner Paul A. | M-Exempt | 1,250.00 | $0.00 | $0 |
| 2026-04-01 | Wagner Paul A. | F-InKind | 98.00 | $24.86 | $2,436 |
| 2026-04-01 | Wagner Paul A. | M-Exempt | 1,250.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for FBRX — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.397 · fd27f02b · 2026-07-09 18:28:55