Announcement • Jul 09
Forte Biosciences Announces Positive Results From FB102 Double-Blind Placebo-Controlled Phase 1b Study In Vitiligo Forte Biosciences, Inc. announced positive results from the FB102 double-blind placebo-controlled phase 1b study in vitiligo. FB102 achieved 29.6% mean FVASI improvement from baseline at week 24 (p-value = 0.020). Response to FB102 was observed early, with statistically significant improvements observed by the day 64 visit (p=0.023), continuing through week 24, after completion of the 12-week treatment period. FB102 achieved 43.2% mean FVASI improvement from baseline at week 24 (p-value = 0.006) in subjects with greater disease involvement having baseline FVASI =0.75 (approximately one-quarter of face depigmented), including: FVASI50 = 58.8%, FVASI75 = 23.5%. Responder endpoints in overall population achieved FVASI50 in 34.4% of FB102 treated subjects at week 24 with FVASI 75 achieved in 12.5% of FB102 treated subjects at week 24; this endpoint was impacted by one placebo FVASI75 responder, reinforcing the importance of randomized controlled studies and baseline severity when interpreting vitiligo responder endpoints. The majority of FB102 treated subjects continued to improve through week 24 after completion of the 12-week treatment period with an additional 8 percentage point FVASI improvement between week 12 and 24. Among FB102-treated subjects with baseline FVASI =0.75 the mean FVASI improvement increased an additional 14 percentage points between week 12 and 24. 84% (27/32) of FB102 treated subjects improved from baseline to week 24 following the 12-week treatment period and 0% (0/32) worsened. 27% (3/11) of placebo subjects worsened during the 24 week period. FB102 continues to demonstrate a strong safety profile and compared favorably to placebo with only mild to moderate AEs. These independent centrally-reviewed, placebo-controlled data demonstrate statistically significant FB102 mean FVASI improvements from baseline, with progressive improvement and a strong responder profile through week 24 after completion of the 12-week treatment period. The FB102 double-blind placebo-controlled phase 1b vitiligo study enrolled 43 subjects 3:1 randomized with 11 on placebo and 32 on FB102. Forte enrolled 2 FB102 treatment cohorts in the trial including the 3 mg/kg maintenance cohort previously disclosed. There were 15 on FB102 in Cohort A and 17 in Cohort B. The primary endpoint of the study was mean percent FVASI improvement from baseline assessed by central-review. The mean percent FVASI improvement from baseline in the ITT population was 29.6% for FB102 (n=32) compared to a mean deterioration of 16.2% for placebo (n=11), for a placebo-adjusted FB102 benefit of 45.8% (p=0.005). The group of 11 placebo subjects in the ITT population had one subject that was not part of the protocol-defined efficacy-evaluable population due to facial hair and that subject also experienced vitiligo progression during the study. The protocol defined efficacy-evaluable population excluded this one placebo subject (n=10) which also provides a more conservative assessment of the FB102 activity. In the protocol-defined efficacy evaluable population (FB102: 32, PBO:10), FB102 achieved 29.6% mean FVASI improvement from baseline at week 24 vs 7.9% on placebo for a placebo-adjusted FB102 benefit of 21.7% (p-value = 0.020). Response to FB102 was observed early, with statistically significant improvement observed by the day 64 visit (p=0.023), continuing through week 24, after completion of the 12-week treatment period. In Cohort A, FB102 achieved a 28.8% mean FVASI improvement from baseline at week 24 compared to 7.9% for placebo for a placebo-adjusted FB102 benefit of 20.9% (p-value = 0.04) while in Cohort B, FB102 achieved a 30.4% mean FVASI improvement from baseline at week 24 compared to 7.9% for placebo for a placebo-adjusted FB102 benefit of 22.5% (p-value = 0.027). In subjects with greater disease involvement having baseline FVASI =0.75 (approximately one-quarter of face depigmented), FB102 achieved 43.2% mean FVASI improvement from baseline at week 24 compared to 0.5% for placebo treated subjects for a placebo-adjusted FB102 benefit of 42.7% (p-value = 0.006) with 10 of 17 FB102 treated subjects achieving an FVASI50 (58.8%) and 4 of 17 achieving an FVASI75 (23.5%) compared to 0 of 4 achieving FVASI50 and FVASI 75 for placebo subjects (0%). In the protocol-defined efficacy evaluable population 11 of 32 FB102 treated subjects achieved FVASI50 (34.4%) with 4 of 32 FB102 treated subjects achieving an FVASI 75 (12.5%) compared to 1 of 10 placebo subjects achieving FVASI50/75; the placebo FVASI75 responder reinforces the importance of randomized controlled studies and baseline severity when interpreting vitiligo responder endpoints. FB102 treated subjects continued to improve through week 24 after completion of the 12-week treatment period with an additional 8 percentage point FVASI improvement between week 12 and 24. Among FB102-treated subjects with baseline FVASI =0.75 the mean FVASI improvement increased an additional 14 percentage points between week 12 and 24. 84% (27/32) FB102 treated subjects improved from baseline to week 24 following the 12-week treatment period and 0% (0/32) worsened. 27% (3/11) of placebo subject worsened during the 24 week period. All AEs were mild/moderate with FB102 comparing favorably to placebo, and taken together with the phase1b celiac study, FB102 continues to demonstrate a strong safety profile. Announcement • May 02
Forte Biosciences, Inc., Annual General Meeting, May 29, 2026 Forte Biosciences, Inc., Annual General Meeting, May 29, 2026. Announcement • Apr 10
Forte Biosciences, Inc. has completed a Follow-on Equity Offering in the amount of $150.000019 million. Forte Biosciences, Inc. has completed a Follow-on Equity Offering in the amount of $150.000019 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 5,709,936
Price\Range: $26.27
Discount Per Security: $1.5762 Announcement • Apr 09
Forte Biosciences, Inc. has filed a Follow-on Equity Offering. Forte Biosciences, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock Announcement • Sep 16
Forte Biosciences, Inc. Announces Presentation of Fb102 Celiac Disease Trial At Tampere Celiac Disease Symposium Forte Biosciences, Inc. announced additional details from the oral presentation "FB102 prevents histological damage and mitigates gluten challenge-induced symptoms in a celiac disease phase 1b study - Jason Tye-Din, Walter and Eliza Hall Institute; Royal Melbourne Hospital" at the Tampere Celiac Disease Symposium 2025 (Tampere, Finland) on September 12, 2025, further supporting the significant differentiation of FB102 in celiac disease. Highlights of the oral presentation include: FB102 demonstrated a decline in the TCR gd density from baseline of 1.5 compared to an increase of 3.9 for placebo (p=0.0007); TCR gd cells produce pro-inflammatory cytokines including IFN-g and TNF-a and upregulate activating receptors on epithelial cells triggering cytotoxic responses that directly kill the epithelial cells. Ki67-positive intraepithelial cell density increased from baseline by 8.6 on placebo compared to 2.5 on FB102 (p=0.0006); Ki67 is a marker of T cell proliferation (inflammation) on gluten exposure in celiac disease; NK cells declined by 95% following FB102 dosing; IL-15 upregulates activating receptors and confers resistance to activation-induced cell death and enhances T cell epithelial cytotoxicity in celiac disease; No statistically significant difference in Tregs between FB102 and placebo at any timepoint; Regulatory T cells (Tregs) help to modulate the immune response in autoimmune diseases like celiac disease. The phase 2 FB102 celiac disease trial is underway with topline data coming in 2026. The FB102 impact on the additional IEL subtypes in the phase 1b trial is extremely encouraging with respect to the additional therapeutic indications Forte is pursuing, including vitiligo and alopecia areata with data from both of these trials expected next year. In some cases, you can identify forward-looking statements by terms such as " may, "will," "should," "plan," "anticipate," "intend," target, project,contemplates," "bel believes,estimates," "predicts," "pot potential" or "continue" or the negatives of these terms or other similar statements are based on the Company's current beliefs and expectations. Forward-looking statements include statements regarding the Company's beliefs, goals, intentions and expectations regarding its product candidate, FB102 and the therapeutic and commercial market potential of FB102, expectations for patient enrollment and timing of clinical data readouts. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation: risks related to Forte's ability to obtain sufficient additional capital to continue to advance Forte's product candidate, FB102; uncertainties associated with the clinical development and regulatory approval of Forte's product candidate,FB102, including potential delays in the commencement, enrollment and completion of clinical trials, including the timing of the completion of the Company's patient-based trials; the risk that results from preclinical and any interim result of ongoing clinical trials may not be predictive of future results from clinical trials may not be predictive the failure to realize any value from FB102 in light of inherent risks, expense and difficulties involved in successfully bringing product candidates to market; and additional risks, uncertainties, and other information affecting Forte's business and operating results is contained in Forte's quarterly Report on Forms 10-QQQQQQQ. Announcement • Jun 24
Forte Biosciences, Inc. Announces Positive Data in Ff102 Celiac Disease Phase 1B Study Forte Biosciences, Inc. announced positive data from a Phase 1b trial in celiac disease for lead program FB102 (FB102-101). Treatment emergent adverse events (TEAE) were primarily mild (grade 1) with no grade 3 or higher SAEs reported in the FB102 arm. Celiac disease is debilitating for many patients with even trace exposure to gluten. FB102 has taken a big step forward towards addressing this very large unmet need with the results from this study. The Phase 2 celiac disease study is initiating with a topline readout expected in 2026. These results are also very encouraging given the biology of the additional FB102 indications including vitiligo, alopecia areata and type 1 diabetes. The company also look forward to reading out the topline results of the FB102 vitiligo study in the first half of 2026. Announcement • Apr 21
Forte Biosciences, Inc., Annual General Meeting, May 29, 2025 Forte Biosciences, Inc., Annual General Meeting, May 29, 2025. Announcement • Nov 21
Forte Biosciences, Inc. announced that it expects to receive $53 million in funding from OrbiMed Advisors LLC, Janus Henderson Group plc, Tybourne Capital Management Limited, Ikarian Capital, LLC, BVF Partners L.P., Fred Alger Management, LLC Forte Biosciences, Inc. announced an private placement of common shares for gross proceeds of $53,000,000 on November 19, 2024. The transaction included participation from new and existing investors including OrbiMed Advisors LLC, Janus Henderson Group plc, Tybourne Capital Management Limited, Ikarian Capital, LLC, BVF Partners L.P., Red Hook Fund LP, Fred Alger Management, LLC. The Private Placement is expected to close on November 21, 2024. New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings have declined by 2.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$31m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 2.4% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€10.3m market cap, or US$11.3m). Announcement • Jul 22
Forte Biosciences, Inc., Annual General Meeting, Aug 20, 2024 Forte Biosciences, Inc., Annual General Meeting, Aug 20, 2024. New Risk • May 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$30m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$30m free cash flow). Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (€22.9m market cap, or US$24.7m). New Risk • Nov 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$23m free cash flow). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Earnings have declined by 4.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€14.3m market cap, or US$15.6m). New Risk • Nov 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$16m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Earnings have declined by 4.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (€13.0m market cap, or US$14.2m). New Risk • Oct 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (€21.1m market cap, or US$22.3m). Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Mike Hacke was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 22
Forte Biosciences Receives Non-Compliance Letter from Nasdaq On September 14, 2023, Forte Biosciences, Inc. (the Company") received a written notice (the Notice") from the Nasdaq Listing Qualifications staff of The Nasdaq Stock Market LLC (Nasdaq") indicating that, for the last 30 consecutive business days, the minimum bid price of the Company's common stock had been below the $1.00 per share minimum requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the Minimum Bid Price Requirement"). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until March 12, 2024, to regain compliance with the Minimum Bid Price Requirement. The Notice states that the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5550(a)(2) if, at any time before March 12, 2024, the closing bid price of the Company's common stock is $1.00 per share or more for a minimum of ten consecutive business days. The Notice has no immediate effect on the listing or trading of the Company's common stock. In the event the Company does not regain compliance with the Minimum Bid Price Requirement by March 12, 2024, the Company may be eligible for additional time to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, the Company will be granted an additional 180 calendar days to regain compliance. If the Company does not qualify for or fails to regain compliance during the second compliance period, then the Nasdaq staff will provide written notification to the Company that its common stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. The Company intends to actively monitor the closing bid price of its common stock and consider its available options to regain compliance with the Minimum Bid Price Requirement. There can be no assurance that the Company will regain compliance with the Minimum Bid Price Requirement during the 180-day compliance period ending March 12, 2024, secure an extension of the compliance period beyond March 12, 2024 or maintain compliance with any other Nasdaq listing requirements. Announcement • Sep 21
Forte Biosciences, Inc. Announces Directorate Appointments Forte Biosciences, Inc. at its AGM held on September 19, 2023, approved appointment of Chris McIntyre and Michael G. Hacke as directors. Announcement • Sep 07
Camac Partners Shares Key Facts that Reinforce the Need for Urgent Change in Forte Biosciences’s Boardroom On September 6, 2023, Camac Partners, LLC and ATG Capital Management, LLC, the Group and its independent director candidates – Michael Hacke and Chris McIntyre – responded to misrepresentations and distortions included in Forte Biosciences, Inc’s recent presentation. Camac Partners stated that Hacke and McIntyre have been nominated by the Group for election to the Company’s Board of Directors at the upcoming Annual Meeting of Stockholders currently scheduled for September 19, 2023. Camac Partners stated that as a reminder, the Group recently filed its own presentation that details why it believes the Company is in urgent need of boardroom change following years of poor performance and worst-in-class governance under Chairman and CEO Paul Wagner. In addition, the Group encourages stockholders to consider the facts before deciding which individuals to support at the upcoming Annual Meeting. Announcement • Aug 26
Forte Biosciences, Inc., Annual General Meeting, Sep 19, 2023 Forte Biosciences, Inc., Annual General Meeting, Sep 19, 2023. New Risk • Aug 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 78% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€27.8m market cap, or US$30.2m). Announcement • Jan 13
Forte Biosciences, Inc appoints David Gryska to the Board of Directors Forte Biosciences, Inc. announced that Mr. David Gryska has been appointed to the Forte Biosciences Board of Directors. Mr. Gryska was previously the Chief Financial Officer and Executive Vice President at Incyte. Prior to joining Incyte, Mr. Gryska held the position of Chief Financial Officer and Senior Vice President at Celgene prior to its acquisition by Bristol-Myers Squibb. Mr. Gryska has spent over 30 years as a senior executive at life science and biotechnology companies with extensive experience relating to strategic transactions, acquisitions, financings and global expansion. Recent Insider Transactions • Dec 20
CEO & Chairman recently bought €99k worth of stock On the 16th of December, Paul A. Wagner bought around 100k shares on-market at roughly €0.99 per share. This transaction amounted to 7.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Paul A.'s only on-market trade for the last 12 months. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. CEO & Chairman Paul A. Wagner is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Nov 15
Forte Biosciences, Inc. Announces Dr. Scott Brun to Its Board of Directors Forte Biosciences, Inc. announced that Dr. Scott Brun, M.D. has been appointed to the Forte Biosciences Board of Directors. Dr. Brun is currently a Venture Partner at Abingworth and in addition to his consulting practice, he is also a Senior Advisor for Horizon Therapeutics, and a Senior Medical Advisor at Launch Therapeutics. Dr. Brun previously served in numerous executive capacities at AbbVie, most recently as Head of AbbVie Ventures. In Dr. Brun’s previous role as Head of Product Development at Abbvie, he led the global organization responsible for the development of AbbVie’s portfolio of early and late-stage clinical preregistration pipeline compounds as well as marketed compounds across a range of therapeutic areas. Dr. Brun received his M.D. at The Johns Hopkins University School of Medicine. Announcement • Sep 24
Cable Car Capital Expects Response of Forte Biosciences for its Concerns On September 22, 2022, Cable Car Capital LLC announced that the Forte Biosciences, Inc. has yet to respond to any of the concerns raised in the Cable Car Capital LLC August 24, 2022 letter to the Company’s Board, allowing 4 weeks to pass without so much as an acknowledgment. Announcement • Aug 26
Cable Car Capital Sends Letter to the Board of Forte Biosciences On August 24, 2022, Cable Car Capital LLC sent a letter to Forte Biosciences, Inc.’s Board of Directors. In the letter, Cable Car Capital expressed its concern with the Board’s failure to address the legitimate concerns previously raised by stockholders and its decision to embark on a value-destructive, scorched-earth path with a dilutive and unnecessary capital raise, without so much as an explanation for its actions. In the letter, Cable Car Capital urges the Board to immediately establish a special committee comprised solely of independent directors to: (i) thoroughly investigate recent actions taken in response to stockholder feedback, (ii) rectify the recent dilutive capital raise by formulating a plan to return capital to stockholders, (iii) consider and recommend a separation of the Chairman and CEO roles at the Company, and (iv) exercise the Board’s authority under the Company’s bylaws to call a special meeting of stockholders to allow the owners of the Company to determine its future direction. Announcement • Aug 19
Camac Partners, LLC Urges the Board to Reverse Course and Return Capital to Shareholders On August 17, 2022,Camac Partners, LLC expressed that Forte Biosciences, Inc sizable trading price discount relative to its cash on hand and the Board of Directors decision to conduct a highly dilutive equity capital raise following the emergence of four separate Schedule 13D filers. The Board on notice that Camac Partners, LLC is prepared to take all actions to protect its investment, which could include initiating litigation against the directors and garnering support from fellow shareholders to remove all directors of the Company's bylaws. It seems the Board is more focused on entrenchment than honoring its fiduciary duties and if that is not the case, the Board should promptly announce a plan to return capital to shareholders. Announcement • Aug 18
Braden Leonard Sends a Follow Up Email to Forte Biosciences Chairman On August 16, 2022, BML Investment Partners, L.P. announced that, On August 15, 2022, Braden Leonard sent a follow up email to Forte Biosciences Chairman & CEO, Paul Wagner, indicating that BML Investment Partners believes that the company is destroying shareholder value by issuing shares at the current price. In addition, BML Investment Partners believe shareholders would be far better off if the Board had decided to liquidate rather than rolling the dice on a molecule that hadn’t even been mentioned in any company filings prior to 3/31/22 and Company have already started the shareholder value destruction process by issuing shares at less than half of cash. Announcement • Jun 09
Forte Biosciences, Inc. Announces the Appointment of Dr. Hubert Chen, MD as Chief Scientific Officer and President Forte Biosciences, Inc. announced that Dr. Hubert Chen, MD has joined the company as chief scientific officer and president, effective June 7, 2022. Prior to joining the company, Dr. Chen was the Chief Medical Officer of Metacrine, a clinical-stage company focused on the treatment of liver and gastrointestinal diseases. Prior, he was the Chief Scientific and Medical Officer of Pfenex, where he successfully designed and executed the clinical, nonclinical, and regulatory approval strategy for PF708, a teriparatide injectable for the treatment of high-risk osteoporosis, leading to NDA approval in 2019 and MAA approval in 2020. Additional experiences include serving as vice president of clinical development at Aileron Therapeutics, vice president of translational medicine at Regulus Therapeutics, and senior director of clinical research at Amylin Pharmaceuticals. Dr. Chen received his medical training at UCSF and Massachusetts General Hospital, M.D. from Columbia University, and B.A.S. in political science and biology from Stanford University. In connection with the appointment of Dr. Chen, the title of President of the Company transitioned from Paul A. Wagner, Ph.D. to Dr. Chen, provided that Dr. Wagner will continue to serve as the Company’s Chief Executive Officer and a member of the Board. Announcement • May 26
BML Capital Management Sends an Email to Chairman & CEO of Forte Biosciences On May 24, 2022, Braden Leonard sent an email to Forte Biosciences, Inc. Chairman & CEO, Paul Wagner, indicating that BML Capital Management, LLC believes that the Company should liquidate and return cash to shareholders rather than pushing forward with its current plan. Braden Leonard stated that the Board didn’t seriously consider liquidation and that the Company is being run for the benefit of the few remaining employees rather than shareholders. Announcement • May 18
Forte Biosciences, Inc. Appoints Stephen K. Doberstein to its Board Forte Biosciences, Inc. on May 12, 2022, the Board of Directors of the company, upon recommendation of the Nominating and Governance Committee of the Board, appointed Stephen K. Doberstein, Ph.D. to the Board, effective May 12, 2022. Doberstein will serve as a Class I director, with a term expiring at the annual meeting of stockholders to be held in 2024. Doberstein is a principal of Kahiliholo Consulting, LLC, since February 2020. Dr. Doberstein previously served as Senior Vice President and Chief Scientific Fellow of Nektar Therapeutics, Inc., from October 2019 to March 2020. Announcement • May 02
Forte Biosciences, Inc., Annual General Meeting, Jun 01, 2022 Forte Biosciences, Inc., Annual General Meeting, Jun 01, 2022, at 10:00 Pacific Standard Time. Agenda: To elect two (2) Class II directors to hold office until its 2025 annual meeting of stockholders and until respective successors are elected and qualified; to ratify the appointment of Mayer Hoffman McCann P.C. as its independent registered public accounting firm for its fiscal year ending December 31, 2022; to approve an increase to the 2021 Equity Incentive Plan; and to transact other business that may properly come before the Annual Meeting or any adjournments or postponements thereof. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. President, CEO & Chairman Paul A. Wagner is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. President, CEO & Chairman Paul A. Wagner is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Dec 06
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. President, CEO & Chairman Paul A. Wagner is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 09
President recently sold €3.7m worth of stock On the 7th of September, Paul A. Wagner sold around 1m shares on-market at roughly €3.67 per share. This was the largest sale by an insider in the last 3 months. This was Paul A.'s only on-market trade for the last 12 months. Executive Departure • Jun 04
Director Thomas Darcy has left the company On the 28th of May, Thomas Darcy's tenure as Director ended after 13.8 years in the role. As of March 2021, Thomas still personally held 25.14k shares (€679k worth at the time). Thomas is the only executive to leave the company over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Breakeven Date Change • May 23
Forecast to breakeven in 2025 The 5 analysts covering Forte Biosciences expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$49.1m in 2025. Average annual earnings growth of 44% is required to achieve expected profit on schedule. Announcement • May 11
Forte Biosciences, Inc. Expects to Report the Topline Results from That Trial in the Third Quarter of 2021 Forte Biosciences, Inc. expected to report the topline results from that trial in the third quarter of 2021. There is a significant unmet need for safe effective therapies, particularly for children suffering from atopic dermatitis. Announcement • Mar 18
Forte Biosciences, Inc. to Report Q4, 2020 Results on Mar 24, 2021 Forte Biosciences, Inc. announced that they will report Q4, 2020 results on Mar 24, 2021 Is New 90 Day High Low • Feb 20
New 90-day low: €25.00 The company is down 24% from its price of €32.80 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 10.0% over the same period. Announcement • Jan 28
Forte Biosciences, Inc.(NasdaqCM:FBRX) dropped from Russell 2000 Dynamic Index Forte Biosciences, Inc.(NasdaqCM:FBRX) dropped from Russell 2000 Dynamic Index Announcement • Nov 05
Forte Biosciences, Inc. to Report Q3, 2020 Results on Nov 09, 2020 Forte Biosciences, Inc. announced that they will report Q3, 2020 results on Nov 09, 2020 Announcement • Oct 27
Forte Biosciences, Inc. Announces the FDA Has Granted Fast Track Designation to FB-401 for the Treatment of Atopic Dermatitis Forte Biosciences, Inc. announced that the U.S. Food and Drug Administration has granted Fast Track Designation to FB-401 for the treatment of atopic dermatitis. FB-401 is a topically applied live biotherapeutic consisting of specifically selected strains of commensal Roseomonas mucosa and has demonstrated excellent tolerability and significant improvement in atopic dermatitis disease activity in both adults and children in a Phase 1/2a trial which was recently published in Science Translational Medicine. Forte is currently enrolling a trial of FB-401 in atopic dermatitis. Announcement • Sep 30
Forte Biosciences, Inc. Announces First Patient Dosed in the Clinical Trial of FB-401 for the Treatment of Children and Adults with Atopic Dermatitis Forte Biosciences, Inc. announced that the first patient has been dosed in the clinical trial of FB-401 for the treatment of atopic dermatitis. The multi-center, placebo controlled clinical trial of FB-401 is expected to enroll approximately 124 pediatric, adolescent and adult subjects aged 2 years of age and older with atopic dermatitis (AD). The primary endpoint of the trial is EASI-50, which is a measure of the proportion of patients that achieve at least a 50% improvement in the atopic dermatitis disease burden as measured by the Eczema Area and Severity Index (EASI). FB-401 is a topically applied live biotherapeutic consisting of specifically selected strains of commensal Roseomonas mucosa and has demonstrated excellent tolerability and significant improvement in atopic dermatitis disease activity in both adults and children in a Phase 1/2a trial which was recently published in Science Translational Medicine. In the previously completed Phase 1/2a trial, the pediatric cohort enrolled AD patients with mild, moderate and severe disease, ranging in age from 3 to 16 years. Those patients were treated topically with FB-401 for 16 weeks (twice weekly for 12 weeks and every other day for the final 4 weeks). EASI-50 was achieved by 90% of the pediatric patients and 100% of the subset of moderate-to-severe pediatric patients. The mean improvement in the EASI score was 77%, with improvements observed on all actively treated body regions. The activity was durable through the follow-up period of up to 8 months after the end of treatment. Pruritus (itch) also improved by an average of 4 points (mean improvement of 58%). FB-401 has been shown to drive tissue repair and anti-inflammation while controlling potentially harmful bacteria like Staphylococcus aureus. Announcement • Aug 06
Forte Biosciences, Inc. to Report Q2, 2020 Results on Aug 10, 2020 Forte Biosciences, Inc. announced that they will report Q2, 2020 results on Aug 10, 2020 Announcement • Jul 03
Forte Biosciences, Inc.(NasdaqCM:FBRX) dropped from Russell 3000 Index Forte Biosciences, Inc.(NasdaqCM:FBRX) dropped from Russell 3000 Index Announcement • Jul 02
Forte Biosciences, Inc.(NasdaqCM:FBRX) dropped from Russell 2500 Growth Index Forte Biosciences, Inc.(NasdaqCM:FBRX) dropped from Russell 2500 Growth Index