Forte Biosciences

Q2 FY2026 EarningsQ2 FY26 results for FBRX missed consensus on bottom-line metrics despite in-line zero revenue. Net loss reached $23.3M compared to an expected $22.7M, and GAAP EPS of -$0.97 missed the -$1.00 mean expectation by $0.03. The deviation was driven by R&D expenses swelling to $22.3M (+158% YoY) to support Phase 2 clinical trials. However, a significant upside was confirmed via the July 2026 merger agreement with argenx at $77.00 per share, representing a substantial premium over current trading levels.