Forte Biosciences Reports $22.1 Million Net Loss in Q1 2026, Completes $172.5 Million Public Offering

Forte Biosciences, Inc. reported a net loss of $22.1 million for the first quarter of 2026, an increase from a net loss of $15.7 million in the same period of 2025. The company's total operating expenses rose to $22.4 million, up from $16.1 million year-over-year, primarily driven by increased research and development costs associated with its lead product candidate, FB102. Research and development expenses surged to $20.5 million, reflecting a $7.8 million increase attributed to clinical trial activities for celiac disease and other autoimmune conditions. General and administrative expenses decreased to $2.0 million from $3.4 million, largely due to a one-time legal settlement payment.

As of March 31, 2026, Forte's cash and cash equivalents stood at approximately $58.2 million, down from $77.0 million at the end of 2025. The company experienced a net cash outflow of $18.8 million from operating activities during the quarter, compared to $10.4 million in the prior year. The increase in cash used in operations was primarily due to the higher net loss and adjustments for non-cash expenses. The company also reported a total accumulated deficit of $245.5 million as of the end of the quarter.

In terms of strategic developments, Forte completed a public offering on April 8, 2026, raising $172.5 million in gross proceeds by selling 5,709,936 shares of common stock at $26.27 per share. This offering included an underwriter's option that was exercised, resulting in net proceeds of $162.1 million after deducting underwriting discounts and commissions. The company anticipates that these funds will support its operations for at least the next twelve months, as it continues to advance FB102 through various clinical trials.

Forte is actively engaged in clinical development, with FB102 currently in a Phase 2 trial for celiac disease and Phase 1b trials for non-segmental vitiligo and alopecia areata. The company reported positive results from its Phase 1b celiac disease study, which demonstrated significant improvements in key clinical endpoints. The topline data from the ongoing trials is expected to be released in 2026, as Forte aims to expand its product pipeline and address unmet medical needs in autoimmune diseases.

Looking ahead, Forte's management expects to continue incurring losses as it invests in the development of FB102 and other potential product candidates. The company remains focused on securing additional funding to support its research and development activities, while also navigating the challenges posed by the current economic environment and market conditions.