Forte Biosciences, Inc. priced a public offering of 5,709,936 shares of common stock at $26.27 per share, generating $150 million in gross proceeds. Underwriters received a 30‑day option to purchase an additional 856,490 shares at the same price, which would raise net proceeds of roughly $162 million if exercised.
The company will use the proceeds to fund the ongoing clinical development of its lead candidate, FB102, an anti‑CD122 monoclonal antibody for celiac disease, vitiligo, and alopecia areata, as well as to support working capital and general corporate purposes. The capital infusion is intended to extend Forte’s cash runway as it approaches pivotal Phase 2 and Phase 1b readouts in 2026.
Prior to the offering, Forte reported a 2025 net loss of $69.4 million on R&D expenses of $58.2 million, compared with a $35.5 million loss and $21.2 million in R&D in 2024. Cash and cash equivalents stood at $77.0 million as of December 31 2025, underscoring the need for additional funding to sustain the company’s single‑asset pipeline.
CEO Paul Wagner said the clinical development for FB102 “continues to progress well with important readouts in 2026.” He added that the phase 2 celiac disease data are expected in 2026 and that the phase 1b vitiligo and alopecia areata data will also be released in 2026, highlighting the company’s focus on advancing the candidate through key milestones.
Argenx BV’s strategic stake in Forte, taken as part of the offering, signals external confidence in the pipeline and may position Forte for future partnership or acquisition discussions. While the new shares will dilute existing shareholders, the extended runway and progress on FB102 provide a clear path toward potential commercial success.
The offering represents a significant milestone for Forte, balancing the dilution risk against the strategic benefit of securing capital to reach critical clinical milestones and maintain momentum in a competitive immunology landscape.
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