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• FB-401: An investigational live biotherapeutic product (LBP) previously in development for the treatment of atopic dermatitis; the company ceased operations after it failed Phase 2 clinical trials.

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Forte Biosciences (FBRX) is a clinical-stage biopharmaceutical company primarily focused on the development of therapies for inflammatory skin diseases. As a clinical-stage company, its primary activities involve research and development, including preclinical studies and clinical trials for its product candidates, such as FB-401.

Therefore, Forte Biosciences does not currently have major customers in the traditional sense of selling commercial products or services to other companies or directly to individuals. The company has not generated any revenue from product sales to date, as its drug candidates are still undergoing development and have not received regulatory approval for commercialization.

The company's operations are primarily funded through equity financing from investors. If and when a product candidate successfully completes clinical trials and receives regulatory approval, Forte Biosciences would then pursue commercialization. At that future stage, potential customers could include:

• Pharmaceutical distributors and wholesalers: These companies purchase approved pharmaceutical products in bulk and distribute them to pharmacies, hospitals, and other healthcare providers.
• Larger pharmaceutical companies: Forte Biosciences might enter into licensing agreements or partnerships with larger pharmaceutical companies that have existing sales and marketing infrastructure to commercialize its products.

However, these represent future potential commercial relationships and are not current major customers of Forte Biosciences.

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Paul A. Wagner, Ph.D. Chief Executive Officer and Chairperson of the Board

Dr. Wagner founded Forte Biosciences and has served as its Chief Executive Officer since 2018, also holding a position on the board of directors since 2017. In 2017, he was the Head of Corporate Strategy and Development at CANBridge Life Sciences. From 2014 to 2017, Dr. Wagner served as the Chief Financial Officer of Pfenex Inc., a biotechnology company. Earlier in his career, from 2006 to 2014, he was a Director and Portfolio Manager/Sr. Equity Analyst with Allianz Global Investors, where he managed biotechnology and pharmaceutical investments. He also held roles as Head of Development Licensing at PDL BioPharma from 2005 to 2006 and Vice President at Lehman Brothers from 1999 to 2005. Dr. Wagner was also Chairman, President & Chief Executive Officer at Tocagen, Inc., and Chief Financial Officer at Pelican, Inc.

Antony A. Riley Chief Financial Officer

Mr. Riley has served as Forte's Chief Financial Officer since March 2020. Prior to joining Forte, he was the Chief Financial Officer at Krystal Biotech, Inc. from September 2017 to February 2020. Mr. Riley is a founding partner, established in 2002, of the CFO Network LLC, a consulting firm. His previous experience includes serving as Acting Chief Financial Officer at Avanex Corporation and Corporate Controller at Kosan Biosciences, as well as holding various positions at Troy Chemical Corporation from 1997 to 2000.

Christopher Roenfeldt Chief Operating Officer

Mr. Roenfeldt joined Forte Biosciences in October 2020 as Chief Operating Officer. He brings over 20 years of experience in clinical drug development, including expertise in process development, engineering, capital construction, and alliance and program management. Before his time at Forte, he was an Alliance and Program Manager at Halozyme and held positions of increasing responsibility at other biopharmaceutical companies such as Pfenex, Genentech, and Amgen.

Barbara Finck, M.D. Senior Medical Clinician

Dr. Finck currently serves as Forte's Senior Medical Clinician. She has a background as an executive for various biopharmaceutical companies, including serving as Senior Vice President of Research and Development and Chief Medical Officer at Osprey Pharmaceuticals U.S.A., Inc. Dr. Finck has also been a member of the board of directors of Reform Biologics, a private biomedical technology company, since March 2021.

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The key risks to Forte Biosciences (FBRX) are primarily centered around the inherent uncertainties of clinical-stage biopharmaceutical development and financial sustainability.

1. Clinical Trial Outcomes: The most significant risk to Forte Biosciences is the outcome of its ongoing clinical trials for its lead drug candidate, FB102. As a clinical-stage company, its future success heavily relies on positive results from these trials. Negative or disappointing data from trials, particularly the anticipated Phase 2 results for celiac disease in 2026, could significantly impact the company's stock value and future prospects, as such events are often described as "binary" for biotech firms. The company previously discontinued development of another candidate, FB-401, following a Phase 2 trial failure in atopic dermatitis.
2. Need for Additional Capital and Dilution Risk: Forte Biosciences is an early-stage company that does not generate revenue and incurs significant research and development expenses as it advances its drug candidates through clinical trials. While the company has extended its financial runway through recent public offerings, there is an ongoing risk that it will require substantial additional capital to fund its operations and clinical development programs. The inability to obtain sufficient additional capital when needed, or raising capital through the issuance of new shares, could lead to significant dilution for existing shareholders.
3. Market Volatility: As a biotechnology company, Forte Biosciences' stock is subject to significant market volatility. The biotech sector is highly sensitive to macroeconomic conditions, investor sentiment, and funding trends, which can lead to substantial fluctuations in stock price regardless of the company's internal progress.

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Forte Biosciences (NASDAQ: FBRX) is a clinical-stage biopharmaceutical company primarily focused on advancing its lead product candidate, FB102, a proprietary anti-CD122 monoclonal antibody therapeutic candidate. FB102 is being developed for various autoimmune and autoimmune-related indications, including celiac disease, vitiligo, alopecia areata, and graft-versus-host disease (GvHD).

The addressable markets for Forte Biosciences' main product candidate FB102 in its target indications are as follows:

• Celiac Disease: The global celiac disease therapeutics market size was valued at approximately USD 248.54 million in 2022 and is projected to reach USD 532.74 million by 2030, with a compound annual growth rate (CAGR) of 10.0%.
• Vitiligo: The global vitiligo treatment market size was valued at USD 1.3 billion in 2022 and is expected to reach USD 3.6 billion by 2030, growing at a CAGR of 13.9%.
• Alopecia Areata: The global alopecia areata market size was estimated at USD 2.8 billion in 2022 and is projected to reach USD 7.4 billion by 2032, growing at a CAGR of 10.2%. The U.S. alopecia areata market size was valued at USD 1.2 billion in 2022.
• Graft-versus-Host Disease (GvHD): The global graft-versus-host disease market size was valued at USD 786.1 million in 2022 and is expected to reach USD 1.9 billion by 2032, growing at a CAGR of 9.2%. The U.S. GvHD market size was estimated at USD 338.4 million in 2022.

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Forte Biosciences (NASDAQ: FBRX) is a clinical-stage biopharmaceutical company focused on developing its lead product candidate, FB102, for autoimmune and autoimmune-related diseases. Over the next 2-3 years, the company's future revenue growth will primarily be driven by key advancements in its clinical development programs and potential strategic partnerships.

Here are 3-5 expected drivers of future revenue growth for Forte Biosciences:

1. Advancement and Potential Commercialization of FB102 in Celiac Disease: Forte Biosciences is actively progressing FB102 for celiac disease, with positive Phase 1b results announced in June 2025 and a Phase 2 study initiated in July 2025. Topline data from the Phase 2 celiac disease trial is anticipated in 2026. Successful progression through clinical trials and eventual regulatory approval for celiac disease would be a significant driver for future product revenue.
2. Expansion of FB102 into Vitiligo and Alopecia Areata: The company is also developing FB102 for vitiligo, with an ongoing Phase 1b study expecting data in the first half of 2026, and is launching a Phase 1b trial in alopecia areata, with readouts also expected in 2026. Positive outcomes and subsequent advancements in these indications would broaden FB102's market potential and contribute to future revenue streams.
3. Strategic Partnerships and Licensing Agreements for FB102: As a clinical-stage company, positive clinical data for FB102 in its various indications could attract strategic partners or lead to licensing agreements. Such collaborations typically involve upfront payments, milestone payments upon achieving specific development or regulatory goals, and future royalties on sales, providing significant non-dilutive funding and potential revenue.
4. Pipeline Expansion of FB102 into Additional Autoimmune Indications: FB102 is described as having broad potential across several autoimmune and autoimmune-related indications, including graft-versus-host disease (GvHD) and type 1 diabetes (T1D). Initiating and advancing clinical development for FB102 in these or other new indications would expand the addressable market and create further opportunities for revenue generation in the longer term.

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Share Issuance

• Forte Biosciences successfully secured $53 million in equity financing from new and existing institutional investors, including OrbiMed, Janus Henderson Investors, and Tybourne Capital Management, to support the clinical development of their therapeutic candidate, FB102, as of November 2024.
• The number of shares outstanding for Forte Biosciences increased by 340.93% in one year, with 17.83 million shares outstanding as of November 2025.
• A 1-for-25 reverse stock split was executed on August 28, 2024, and an amended and restated equity incentive plan was approved, reserving 8,500,000 shares for future issuance.

Inbound Investments

• Forte Biosciences secured $53 million in equity financing from institutional investors, including OrbiMed, Janus Henderson Investors, and Tybourne Capital Management, to fund clinical development.
• As of October 2025, 65 institutional owners and shareholders, such as Fred Alger Management, Llc, Janus Henderson Group Plc, Orbimed Advisors Llc, Federated Hermes, Inc., and Tybourne Capital Management (hk) Ltd, held a total of 11,271,427 shares.
• In November 2024, the CFO, Riley Antony A, acquired 22,514 shares through a private placement for approximately $124,997.

Capital Expenditures

• Capital expenditures for Forte Biosciences were reported as -$92,000 in the last 12 months leading up to November 2025.
• Annual cash flow statements show minimal capital expenditures over the last few years, with reported values of (0.1) million in 2022 and 2024, and (0.0) million in 2023, indicating a focus on R&D rather than significant physical asset investments.