Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Forte Biosciences, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.05
0.04
18
0.04
Research and development
27.2
29.1
51.1
45.3
10
13.9
5.59
21.9
20.7
57.6
General and administrative
4.52
8.56
12.8
1.38
4.22
7.63
8.3
10.6
15.4
12.4
Operating expenses
31.7
37.7
63.9
4.06
46.3
21.5
13.9
32.5
36.6
70.7
Operating income
-31.7
-37.6
-45.9
-4.06
-46.3
-21.5
-13.9
-32.5
-36.6
-70.7
Interest expense
2.05
1.93
2.93
3.82
Interest income
0.22
0.6
1.53
1.56
Other non-operating income
-1.79
-1.3
-0.01
-0.21
-0.22
-0.15
-0.11
1.12
2.32
Pre-tax income
-33.5
-38.9
-47.3
-63.5
-31.5
-35.5
-68.3
Income tax
0
0
1.7
0
0
1.04
Net income
-33.5
-38.9
-49
-4.07
-46.5
-21.7
-13.9
-31.5
-35.5
-69.4
EBITDA
-31.4
-37.3
-45.2
-4.05
-46.2
-21.5
-32.5
-36.6
-70.6
EPS, basic
-272.13
-47.56
-43.63
-48.10
-157.49
-38.63
-19.94
-24.92
-12.17
-4.71
EPS, diluted
-272.13
-47.56
-43.63
-48.10
-157.49
-38.63
-19.94
-24.92
-12.17
-4.71
Shares, basic (weighted)
0.12
0.82
1.12
0.08
0.3
0.56
0.7
Shares, diluted (weighted)
0.12
0.82
1.12
0.08
0.3
0.56
0.7
Balance sheet
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
5.51
35.9
40.8
6.94
58.8
42
41.1
37.1
22.2
77
Short-term investments
25.7
52.8
55.3
12.8
0
36.1
0
Other current assets
1.22
1.9
1.66
0.57
1.13
0.48
0.41
1.2
2.98
3.63
Total current assets
32.5
90.6
97.7
7.51
59.9
42.5
41.5
38.3
61.3
80.6
Property, plant and equipment
0.74
1.22
3.97
0.15
0.1
0.11
0.08
0.13
Lease right-of-use assets
3.52
Other non-current assets
2.15
0.23
1.36
0
1.24
0.79
0.49
0.54
0.14
2.06
Total assets
35.4
92.1
103
7.66
61.2
43.3
42
39
61.6
82.8
Accounts payable
1.67
1.95
3.4
1.57
1.24
0.95
1.15
1.42
4.88
9.99
Accrued liabilities
5.44
8.12
13.1
0.34
1.02
0.81
2.03
2.24
4.2
10.8
Deferred revenue
0.05
0.04
0.04
Total current liabilities
14.4
17.3
16.5
1.91
2.26
1.76
3.18
3.67
9.08
20.8
Long-term debt
10.2
3.63
26.2
Lease liabilities
4.03
Other non-current liabilities
0.08
1.04
Total liabilities
28.4
21
44.9
17.3
2.26
1.76
3.18
3.67
9.08
21.8
Total debt
10.2
3.63
26.2
Paid-in capital
3.58
238
274
0.2
110
115
126
154
206
284
Retained earnings
-128
-167
-216
-4.97
-51.5
-73.2
-87
-119
-154
-223
Other comprehensive income
-0.03
-0.02
0.01
0
0.01
0
Shareholders' equity
-124
71.1
-0.74
-4.77
59
41.5
38.8
35.3
52.5
61
Total equity
-124
71.1
-0.74
-4.77
59
41.5
38.8
35.3
52.5
61
Total liabilities and equity
35.4
92.1
103
7.66
61.2
43.3
42
39
61.6
82.8
Shares outstanding
0.12
1.11
1.29
0.08
0.51
0.59
0.84
1.45
6.39
12.9
Cash flow statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-33.5
-38.9
-49
-4.07
-46.5
-21.7
-13.9
-31.5
-35.5
-69.4
Depreciation and amortization
0.26
0.29
0.63
0.01
0.05
0.04
0.01
0.04
0.06
Stock-based compensation
1.32
4.45
6.87
0.04
0.96
4.21
4.02
3.28
3.1
6.26
Deferred income tax
0
0
0
0
0
0
0
0
0
Change in payables
0.59
0.3
1.26
0.98
-0.37
-0.29
0.21
0.27
3.02
5.54
Cash from operations
-29.5
-31.1
-34.5
-2.77
-18.4
-16.7
-8.19
-28.7
-30.7
-50.9
Capital expenditures
-0.53
-0.66
-1.97
-0.16
-0.09
-0.04
-0.12
Purchases of investments
-23
-70.8
-70.7
-51.2
-9.97
-36
0
Sales and maturities of investments
48.1
43.7
68.5
93.5
Cash from investing
24.6
-27.7
-4.19
-0.16
3.58
0.05
-36
36.2
Stock issued
0.01
0.51
0.66
0.55
66.7
0.06
7.23
0
1.78
Cash from financing
2.33
89.3
43.5
4.86
66.7
-0.04
7.24
24.7
51.9
69.4
Net change in cash
-2.64
30.4
4.88
1.92
51.8
-16.7
-0.94
-3.98
-14.9
54.7
Free cash flow
-30.1
-31.8
-36.4
-2.93
-28.8
-30.8
-51
Interest paid
1.46
1.21
1.52
2.29
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $76.99 on August 26, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-47.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-42.7%
Net income / average total assets.
Return on invested capital (ROIC)
-53.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
16.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
16.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
0.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
34.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
25.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
6.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
10.0x
Current assets / current liabilities.
Quick ratio
9.78x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.78x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
P/B
8.89x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
8.89x
Market cap / tangible book value, when positive.
FCF yield
-4.4%
Free cash flow / market cap.
Earnings yield
-5.4%
Net income / market cap (the inverse of P/E).
Was Forte Biosciences, Inc. profitable in fiscal 2025?
No. It reported a net loss of $69.4M.
How much free cash flow did Forte Biosciences, Inc. generate in fiscal 2025?
Cash from operations of $50.9M minus capital expenditures of $116.0K left free cash flow of -$51.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.