Corrects headline and first bullet of "overview" section to say Q1 net loss "widened", not "narrowed"

Overview

• US biopharma firm's Q1 net loss widened yr/yr as R&D expenses rose for FB102 trials

• General and administrative expenses fell, mainly due to a prior legal settlement payment

• FB102 received FDA Fast Track Designation for celiac disease; phase 2 data expected in 2026

Outlook

• Company expects topline results from phase 2 celiac disease study in 2026

• Forte Biosciences expects phase 1b vitiligo study results shortly

• Company expects alopecia areata phase 1b data readout in 2026

Result Drivers

• CLINICAL TRIAL SPENDING - Higher R&D expenses driven by increased clinical expenses for FB102 phase 2 celiac disease and phase 1b vitiligo and alopecia areata trials

• PRECLINICAL AND PERSONNEL COSTS - R&D expenses also rose due to $2.0 mln in higher preclinical expenses and $1.4 mln in personnel-related costs from increased headcount

• LEGAL SETTLEMENT IMPACT - General and administrative expenses fell mainly due to a $2.3 mln interim legal settlement payment

Company press release: ID:nBw6dlSZMa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$22.14 mln
Q1 Basic EPS		-$1.24
Q1 Income From Operations		-$22.44 mln
Q1 Operating Expenses		$22.44 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Forte Biosciences Inc is $65.00, about 170.6% above its May 8 closing price of $24.02

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