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Forte Biosciences

FBRX Acquired Lead: Phase 2 5 Biotech Distilled articles ↓ 25 filings & releases ↓ Cash $49.6M (Jun 30, 2026) ↓ 5 verdicts ↓ 1 timing quote ↓
DermatologyGI/Hepatology Protein

Most recent annual filing: 2026-03-15

Pipeline (3 active programs)

Capital (as filed)

Cash
$49.6M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$149M Jun 30, 2026
Operating cash flow
−$22.7M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$220M cash per the update of Jul 9, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Forte Biosciences, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-04-03 Speculative buy speculative Forte Biosciences (FBRX) - Scientific Deep Dive for FB102 and Pipeline Products FB102's elegant CD122-blocking mechanism has pristine scientific rationale and impressive Phase 1b histological data in celiac disease, but the near-zero cash runway margin creates a binary dilution risk that warrants a speculative rather than core position.
  2. 2026-04-27 Buy core UPDATE: Forte Biosciences (FBRX) - The Dilution Gap Just Closed (And argenx Showed Up) The $150M+ raise at a premium closed the dilution gap through 2028, and argenx's named strategic equity investment signals credible M&A optionality, removing the primary bear-case risk that justified the speculative qualifier.
  3. 2026-05-12 Buy core UPDATE: Forte Biosciences (FBRX) - Fast Track in Celiac, Vitiligo Readout "Shortly" FDA Fast Track designation in celiac disease is the third independent external validator in six weeks alongside the oversubscribed raise and argenx's strategic investment, while the imminent vitiligo proxy readout is the next near-term catalyst.
  4. 2026-07-09 Buy core UPDATE: Forte Biosciences (FBRX) - The Canary Sang The Phase 1b vitiligo proxy trial delivered a statistically significant, placebo-controlled hit with efficacy competitive with oral JAKs and zero Grade 3+ AEs, validating the platform in a second indication and setting up the imminent Phase 2 celiac Crown Jewel readout.
  5. 2026-07-28 Exit UPDATE: Forte Biosciences (FBRX) - argenx Paid $77 a Share argenx acquired Forte for $77.00/share cash (~$2.2B), completing the M&A endgame the thesis was built around; with the stock at $76.50 the remaining upside is ~0.65% and holders should tender or sell in the open market.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (25)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Apr 8, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

60 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)