Forte Biosciences reported a net loss per share of $0.99 for the nine‑month period ended September 30 2025, beating the consensus estimate of $–1.04 by $0.05. The loss narrowed sharply from $–4.54 per share in Q3 2024 and $–6.57 in Q3 2023, and the nine‑month loss per share fell from $–15.35 in 2024 to $–3.26 in 2025. Cash and cash equivalents stood at $93.4 million, giving the company a runway of roughly twelve months under current operating assumptions.
Research and development spending rose to $36.5 million for the nine‑month period, up from $16.0 million in the same period in 2024, and the quarterly R&D expense for Q3 2025 was $15.2 million versus $5.9 million in Q3 2024. The increase reflects the accelerated development of FB102, the company’s lead monoclonal‑antibody candidate, while operating expenses remained flat, allowing the EPS beat despite higher R&D outlays.
Revenue for the quarter was $0, in line with the consensus estimate of $0, consistent with Forte’s status as a purely clinical‑stage company with no commercial product sales yet.
The company confirmed that the U.S. Investigational New Drug application for FB102 is now open and that enrollment for the phase 2 celiac disease trial has expanded to U.S. sites. Topline data from that trial are expected in 2026, and phase 1b studies in vitiligo and alopecia areata are ongoing with readouts also slated for 2026. CEO Paul Wagner said the company expects 2026 to be an “eventful year” with three key readouts for FB102, underscoring the potential market opportunity in autoimmune diseases.
Forte did not issue new guidance for the next quarter or fiscal year, but management emphasized continued focus on clinical milestones and maintaining a cash runway of at least twelve months. Analysts had previously raised price targets and maintained moderate buy ratings, but no new commentary followed the release.
The market reaction to the earnings announcement was not reported in the fact‑check sources, so no specific post‑earnings market response is included.
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