Forte's Value Destruction Analysis
About Forte Biosciences
We believe that Forte is a biotechnology company that had a singular asset, FB-401
Forte's singular asset for atopic dermatitis failed in its phase 2 clinical
trial in September 2021
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The Company made what appears to be a highly speculative pivot to
the development of FB-102 for autoimmune diseases
Despite Forte peddling FB-102 as demonstrating potentially "best in
class activity," the reality is that the compound is still in preclinical
indication
The Company has only six employees - yet has an eight-member Board
of Directors (the "Board") - burned $7 million in the last fiscal quarter
and its CEO lives in Puerto Rico while the Company is based in Dallas
Concerningly, the Company's auditor, Mayer Hoffman McCann P.C.,
recently resigned stating that "the Company had ineffective controls to
sufficiently review the completeness and accuracy of the annual tax
provision"
$60
Source: Bloomberg; Company filings.
(1) Stock price shown since 2020 IPO to August 30, 2023; (2) As of August 30, 2023.
$50
$40
$30
$19.05
$20
$10
$50.06
FBRX Stock Price Since Initial Public
Offering ("IPO”") (1)
$0
6/15/20
6/15/21
6/15/22
The Company's current market capitalization is ~$30 million (2) and Forte's equity is down nearly 95%
over Drs. Wagner and Eichenfield's tenures
$0.83
6/15/23
Concerned Stockholders of Forte Biosciences
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