One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Forte Biosciences Inc
FBRX · NCM · Healthcare · Biotechnology
Current price
$76.99
52-week range
$10.11 - $77.20
Market cap
$1.63B
Balance sheet
Healthy
-26.02x Concerning
Net cash $198.46M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
1 Risk
0 rewards · 1 risks
View details ↓What this company does
Forte Biosciences Inc
Forte Biosciences develops medicines for autoimmune diseases like celiac disease, vitiligo, and hair loss. Their main money maker right now isn't actual sales, but rather the promise of their experimental drug, FB102, which is in clinical trials. This matters because investors are betting on the drug's future success to bring in revenue if it gets approved by regulators.
How the company got here
Forte Biosciences was founded in 2007 and initially focused on developing microbiome-based therapies for inflammatory skin conditions, with its lead product candidate being FB-401. This product, a topical live biotherapeutic made from a naturally occurring bacterium, was developed in partnership with the National Institutes of Health. Over time, the company strategically shifted its focus to autoimmune and autoimmune-related diseases, prioritizing its FB-102 program. This evolution was driven by emerging scientific insights and the potential for FB-102 to address a broader range of immune-mediated conditions. In July 2026, Forte Biosciences was acquired by argenx, a global immunology innovation company, for approximately $2.2 billion.
What it actually does
Forte Biosciences is a clinical-stage biopharmaceutical company. This means it is in the process of testing new medicines to see if they are safe and effective for people, rather than selling already approved drugs. The company's main goal is to develop treatments for autoimmune diseases, which are conditions where the body's immune system mistakenly attacks its own healthy tissues. Forte's primary focus has been on a drug candidate called FB-102.
FB-102
FB-102 is the main product candidate that Forte Biosciences has been developing. It is a proprietary molecule, meaning it's a unique compound that the company has developed and patented. FB-102 is being investigated for its potential to treat a variety of autoimmune diseases. These include conditions like celiac disease, vitiligo (a condition causing loss of skin pigment), and alopecia areata (a condition causing hair loss). The company has reported positive data from early-stage clinical trials for FB-102 in vitiligo and celiac disease, and has initiated further studies to evaluate its effectiveness.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value — vs current price $76.99
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $198.5M - more cash than debt. Interest coverage -26.0x.
Net debt
$-198.46M
Interest coverage
-26.02x
Forte Biosciences Inc is healthier than 0 of 1 peers on balance-sheet leverage.
Healthy
Worse cushion
Baseline
Better cushion
FBRX
BASELINE
Forte Biosciences Inc
Total debt $0.00 Interest coverage -26.02x This is the baseline the peer rows are being compared against.
What you should know
The case for and against FBRX
0 Rewards
1 Risk
Rewards
Risks
-
Return on equity was -62.3% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-18.89x
P/B
10.24x
P/S
—
EV/EBITDA
-18.38x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
-62.3%
ROA
-37.8%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
10.01x
Quick ratio
9.82x
Total debt
$0.00
Total cash
$198.46M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
—
EPS TTM
-4.57
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-50.88M
Free CF TTM
$-51.00M
FCF margin
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Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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