FBRX Forte Biosciences, Inc.
Price Chart
Executive Summary
Forte Biosciences filed Amendment No. 1 to its S-3 shelf registration statement, registering up to $500M in securities (common, preferred, debt, warrants, etc.). The company is a clinical-stage biopharma with no revenue, burning ~$22M/quarter, and had $58.2M cash as of March 31, 2026. The shelf enables future capital raises, likely to fund Phase 2 celiac and other trials.
Key Financial Metrics
Actionable Insight
The shelf registration signals a high likelihood of near-term equity issuance to fund ongoing clinical trials. With only ~2.6 quarters of cash at current burn, a follow-on offering is probable within months. Traders should watch for a prospectus supplement detailing actual terms and size of any takedown.
Key Facts
- Shelf registration of up to $500,000,000 in securities (common, preferred, debt, warrants, units)
- Pre-revenue clinical-stage biopharma with net loss of $22.1M in Q1 2026 vs $15.7M in Q1 2025
- Cash and cash equivalents of $58.2M as of March 31, 2026, down from $77.0M at Dec 31, 2025
- Operating cash burn of ~$22.4M/quarter; at current burn rate, cash runway extends ~2.6 quarters
- Lead candidate FB102 in Phase 2 celiac study (topline expected 2026), Phase 1b vitiligo and alopecia areata
- Market cap of $338M; shelf size of $500M is ~148% of current market cap, representing massive potential dilution
Financial Impact
Shelf registration of up to $500M, representing ~148% of current $338M market cap. Q1 2026 net loss of $22.1M, cash burn of ~$22.4M/quarter.
Risk Factors
- Massive potential dilution: shelf size ($500M) is 148% of current market cap ($338M)
- Cash runway of only ~2.6 quarters at current burn rate ($22.4M/quarter)
- Pre-revenue clinical-stage company with no approved products and uncertain pipeline timelines
- Historical poor calibration: prior reports on FBRX show avg -10.5% T+20 return and 20% win rate
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3/A Filing (Primary) | 0001193125-26-260329 |
| Document: d117004dex231.htm | 0001193125-26-260329 |
| Document: 0001193125-26-260329-index-headers.html | 0001193125-26-260329 |
| Document: 0001193125-26-260329-index.html | 0001193125-26-260329 |
| Document: 0001193125-26-260329.txt | 0001193125-26-260329 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
2d ago
|
EFFECT
| $16.86 awaiting T+1 | awaiting T+1 | — | $17.56 (−4.15%) |
|
Jun 6, 2026
7d ago
|
S-3/A
| $16.37 awaiting T+1 | awaiting T+1 | — | $17.56 (−7.27%) |
|
Jun 2, 2026
10d ago
|
S-3
| $17.00 $16.69 | ▲ +1.82% | ▲ +2.22% | $17.56 (−3.29%) |
|
Jun 2, 2026
10d ago
|
8-K
| $17.00 $16.69 | ▼ −1.82% | ▼ −2.23% | $17.56 (+3.29%) |
|
May 14, 2026
29d ago
|
8-K
| $23.11 $20.97 | ▼ −9.26% | ▼ −9.20% | $17.56 (−24.02%) |
|
Apr 9, 2026
9w ago
|
8-K
| $33.90 $35.09 | ▲ +3.51% | ▲ +3.57% | $17.56 (−48.20%) |
|
Apr 8, 2026
9w ago
|
424B5
| $33.90 $35.09 | ▼ −3.51% | ▼ −3.57% | $17.56 (+48.20%) |
|
Apr 1, 2026
10w ago
|
8-K
| $24.86 $25.58 | ▼ −2.90% | ▼ −2.82% | $17.56 (+29.36%) |
US Market Status
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