Forte's Value Destruction Analysis

Investors Growing Frustrated with Management and the Board Tellingly, between May 24, 2022 and August 9, 2022, four new Schedule 13Ds were filed by the Company's stockholders, each of which disclosed dissatisfaction with leadership and began pushing for change: BML It has become clear to me that shareholders would be far better off if the Board had decided to liquidate the company and return cash to shareholders rather than pushing forward with its current plan. FB- 102 was not even mentioned until the 10-K filed on 3/31/22, giving the strong impression that the company's new "lead drug" was nothing more than an afterthought until recently. BML Capital Management 13D Filing May 24, 2022 "" CAMAC PARTNERS NEW YORK, NY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A (Amendment No. 2) Under the Securities Exchange Act of 1934 Forte Biosciences Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 34962G109 (CUSIP Number) ERIC SHAHINIAN CAMAC PARTNERS. LLC 350 PARK AVENUE, 13TH FLOOR NEW YORK, NY 10022 914-629-8496 (Name. Address and Telephone Number of Person Authorized to Receive Notices and Communications) 8/17/22 (Date of Event Which Requires Filing of this Statement) Camac Partners 13D/A Filing - August 1, 2022 -ATG- CAPITAL MANAGEMENT LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. )* Forte Biosciences, Inc. (Name of Issuer) Common Stock, par value $0.001 per share (Title of Class of Securities) 34962G109 (CUSIP Number) Gabriel Gliksberg ATG Capital Management, LLC 805 N. Milwaukee Avenue, Suite 301 Chicago, IL 60642 (786) 519-0995 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 25, 2022 (Date of Event which Requires Filing of this Statement) ATG Capital Management 13D Filing - August 4, 2022 M Mr. Ma-Weaver requested that the Company publicly disclose additional information about its lead development candidate, including the anticipated cost of preclinical activities, so that shareholders can make their own informed assessment of its prospects. Mr. Ma-Weaver observed current depressed trading levels of the Shares, noted the possibility that the company could meaningfully advance its development program with less than all of its capital, and expressed a preference for the return of capital to shareholders. "" CABLE CAR CAPITAL Cable Car Capital's Letter to Forte Biosciences August 24, 2022 The Company responded with nearly zero communication with investors, followed by adopting a poison pill and conducting two major dilutive transactions. Prior to the two dilutive capital raises, these four investors represented ~40% of Forte's ownership Concerned Stockholders of Forte Biosciences

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