Forte Biosciences, Inc. (FBRX): Business Model Canvas [Dec-2025 Updated]

You're looking at Forte Biosciences, Inc., and honestly, the business model right now isn't about sales-it's a pure-play clinical development story hinging entirely on one asset, FB102. As an analyst who's seen this movie before, I can tell you the engine room is defined by its $93.4 million cash runway as of Q3 2025, funding high-stakes Phase 2 trials for celiac disease while managing significant R&D costs. To really grasp the near-term risk and the massive upside potential in treating autoimmune conditions like vitiligo and alopecia areata, you need to see how their key partnerships and pre-revenue structure are set up. Dive into the full canvas below to see the precise mechanics of this pre-commercial biotech.

Forte Biosciences, Inc. (FBRX) - Canvas Business Model: Key Partnerships

When you look at a clinical-stage company like Forte Biosciences, Inc., the Key Partnerships block of the Business Model Canvas is where you see the outsourced expertise and the financial backbone that keeps the lights on and the trials running. It's not just about the science; it's about the network supporting the science.

Academic and Clinical Collaborators

Forte Biosciences, Inc. relies heavily on external academic expertise to drive its clinical programs, especially for its lead candidate, FB102. You can't run global trials without top-tier principal investigators. For instance, Prof. Jason Tye-Din, who is the Head of Celiac Research at the Walter and Eliza Hall Institute at the Royal Melbourne Hospital, served as the principal investigator in the FB102 phase 1b trial. He was scheduled to present the phase 1b data at the Tampere Celiac Disease Symposium in Finland between September 10-12, 2025. The Phase 2 celiac disease (CeD) trial, which initiated in the second half of 2025, is also expanding to US sites, which suggests a growing network of clinical sites and investigators.

The management of these complex, multi-site global clinical trials requires specialized external support, though Forte Biosciences, Inc. has not publicly named its specific Contract Research Organizations (CROs) as of late 2025. What we do see in the financials is the impact of this work: Research and development expenses for the nine months ended September 30, 2025, totaled $36.5 million, a significant increase from $16.0 million for the same period in 2024, largely driven by clinical and manufacturing expenses for the Phase 2 CeD trial and Phase 1b trials in vitiligo and alopecia areata.

Manufacturing and Production

Similarly, the production of the FB102 drug substance is managed through Contract Manufacturing Organizations (CMOs), which are not explicitly named in recent public filings. However, the financial data confirms the scale-up: manufacturing expenses contributed significantly to the R&D cost increase, jumping from the prior year period. This outsourced manufacturing capability is critical for supplying the drug for the ongoing Phase 1b vitiligo trial and the Phase 2 CeD trial, with topline results expected in 2026 for both.

Capital Providers: Institutional Investors and Investment Banks

For a clinical-stage company, partnerships with capital providers are arguably the most vital non-scientific relationship. As of late 2025, Forte Biosciences, Inc. had 76 institutional owners filing 13D/G or 13F forms, holding a total of 11,680,994 shares. Overall, institutional investors owned 77.63% of the stock.

Key institutional investors holding significant stakes as of September 30, 2025, include:

• Fred Alger Management, Llc: Held 1,636,030 shares, representing 1.074%.
• Federated Hermes, Inc.: Held 1,635,380 shares.
• Janus Henderson Group Plc: Held 1,403,842 shares.
• Orbimed Advisors Llc: Held 1,196,955 shares.

BVF Partners LP was noted as a participant in a transformative $53 million oversubscribed private placement in November 2024.

Investment banks structure these capital raises. For instance, in the June 2025 underwritten public offering, Forte Biosciences, Inc. engaged several major players:

The company's cash position as of the Q3 2025 filing was $93.4 million. That cash runway, which was estimated to last about five quarters based on Q3 2025 operating expenses of approximately $18.4 million, is directly enabled by these financing partnerships.

Forte Biosciences, Inc. (FBRX) - Canvas Business Model: Key Activities

You're looking at the core engine driving Forte Biosciences, Inc. right now-it's all about pushing FB102 through the clinic. The financial commitment to this effort is clear in the latest filings.

Research and Development (R&D) for the FB102 anti-CD122 antibody

Research and development expenses for the three months ended September 30, 2025, totaled $15.2 million. For the nine months ended September 30, 2025, R&D expenses reached $36.5 million. This spending reflects the ramp-up in activity for the lead candidate, FB102.

The increase in Q3 R&D expenses was primarily driven by clinical and manufacturing costs. Specifically, there was an increase of $9.7 million in clinical and manufacturing expenses related to the ongoing Phase 2 celiac disease trial and the Phase 1b trials for vitiligo and alopecia areata for the quarter. Over the nine-month period, the increase in R&D was largely due to an increase of $21.6 million in manufacturing and clinical expenses for these same trials. That's where the cash is going to generate the next set of data points.

Executing the Phase 2 celiac disease clinical trial in the US and AUS/NZ

The Phase 2 celiac disease (CeD) clinical trial was Initiated in 2H25. Enrollment in this Phase 2 CeD trial has expanded to US sites following the opening of the US IND. Topline results for this Phase 2 trial are expected in 2026.

To give you context on the data supporting this push, look at the Phase 1b trial results, which informed the Phase 2 design. The initial FB102-101 Phase 1b celiac disease study enrolled 32 subjects, randomized 3:1 (24 on FB102 and 8 on placebo). Subjects received 4 doses of FB102 (10 mg/kg) and underwent a 16 day gluten challenge.

The impact on symptoms was notable:

• Gluten challenge induced GI symptoms showed a 42% benefit for FB102 treated subjects.
• FB102 treated subjects reported 4.0 events per subject compared to 6.9 events per subject on placebo.

Histological endpoints also showed significant differentiation:

The change in the Vh:Cd ratio from baseline was -0.046 (0.09) for FB102 treated subjects compared to -0.173 (0.21) for placebo, representing a 73% improvement for FB102. Also, Natural killer cells dropped 95% after FB102 dosing.

Advancing Phase 1b trials for vitiligo and alopecia areata

Forte Biosciences is running parallel Phase 1b studies in other autoimmune indications. The FB102 Phase 1b vitiligo clinical study is ongoing. This trial was Initiated in 1H25. You can expect topline data from the vitiligo study in the first half of 2026 (1H26).

For alopecia areata, the company has begun enrolling patients in the Phase 1b trial. This trial was initiated in 2H25. Data from the alopecia areata study is also expected in 2026.

Overall, Forte Biosciences anticipates 3 key clinical trial readouts for FB102 in 2026 across celiac disease, vitiligo, and alopecia areata.

Manufacturing and supply chain management for the proprietary drug candidate

Manufacturing activities are directly tied to the clinical execution, as seen in the R&D expense breakdown. The Q3 2025 increase of $9.7 million in clinical and manufacturing expenses reflects the costs associated with advancing these trials. Similarly, the nine-month R&D spend included $21.6 million allocated to manufacturing and clinical expenses for the Phase 2 and Phase 1b trials. The company is managing the supply chain to support these multi-indication trials.

Securing regulatory approvals, including the US Investigational New Drug (IND) application

A major operational milestone achieved was the regulatory clearance to start the US portion of the Phase 2 trial. The US IND is now open for the FB102 Phase 2 celiac disease clinical trial. This opening allowed for the expansion of enrollment to US sites.

The company ended the third quarter of 2025 with $93.4 million in cash and cash equivalents. As of September 30, 2025, there were approximately 12.5 million shares of common stock and 5.3 million prefunded warrants outstanding.

Finance: draft 13-week cash view by Friday.

Forte Biosciences, Inc. (FBRX) - Canvas Business Model: Key Resources

You're looking at the core assets backing Forte Biosciences, Inc. as of late 2025. For a clinical-stage biotech, the Key Resources are almost entirely tied to the science and the capital required to prove it works. It's a high-stakes, focused operation, defintely.

The primary tangible resource is the proprietary anti-CD122 monoclonal antibody therapeutic candidate, FB102. This is the company, frankly. As of Q3 2025, this asset is actively being tested across three distinct autoimmune indications. The Phase 2 clinical trial for celiac disease (CeD) has expanded to US sites, with topline results anticipated in 2026. Also in the pipeline are Phase 1b trials for vitiligo and alopecia areata, both also slated for data readouts in 2026.

The second critical resource is the Intellectual Property (IP) protecting the FB102 molecule and its intended uses. This patent estate is what creates the potential for future revenue streams, as it legally fences off the mechanism of action for these specific autoimmune indications. Without this IP moat, the cash on hand is just a ticking clock.

To fund this focused clinical execution, Forte Biosciences, Inc. held significant liquidity at the end of the third quarter of 2025. Here's a quick look at the balance sheet snapshot relevant to operations as of September 30, 2025:

This cash position of $93.4 million is intended to carry the company through the critical 2026 data readouts. What this estimate hides is the burn rate acceleration needed to run these concurrent trials.

The human capital is lean, reflecting a strategy to keep overhead low and dedicate nearly all resources to the drug development. The team is a small, specialized group of 14 employees focused squarely on clinical development and corporate oversight. This structure is common for a single-asset biotech at this stage.

The core operational structure can be summarized by these key resource components:

• Proprietary anti-CD122 monoclonal antibody, FB102.
• IP protecting FB102 molecule and indications.
• Cash reserves of $93.4 million (Q3 2025).
• Specialized team of 14 employees.
• Active clinical trials in Celiac Disease, Vitiligo, and Alopecia Areata.

Finance: draft 13-week cash view by Friday.

Forte Biosciences, Inc. (FBRX) - Canvas Business Model: Value Propositions

The core value proposition for Forte Biosciences, Inc. centers on delivering a novel therapeutic approach, FB102, for autoimmune diseases where current standards of care leave significant gaps. FB102 is a proprietary anti-CD122 monoclonal antibody designed to modulate the activation and proliferation of natural killer (NK) cells and CD8+ T cells, which are implicated in autoimmune pathology. This mechanism offers specificity that could potentially reduce off-target effects compared to broader checkpoint inhibitors.

The potential value is amplified by the 'pipeline-in-a-product' strategy, aiming to address multiple high unmet need indications with a single asset, FB102. These indications include celiac disease (CeD), vitiligo, and alopecia areata, all representing multi-billion dollar potential market opportunities.

The positive data from the FB102 celiac disease Phase 1b trial, reported in June 2025, provides the initial clinical validation for this approach. You're looking at a drug candidate that showed statistically significant separation from placebo on a key histological measure.

Here are the concrete numbers from that Phase 1b study, which enrolled 32 subjects at 9 sites (AUS/NZ), randomized 3:1 (24 on FB102, 8 on placebo), with subjects receiving 4 doses of 10 mg/kg FB102:

The clinical efficacy suggested by these results supports the potential for FB102 to be a disease-modifying agent in chronic autoimmune conditions. The company is now advancing this into a Phase 2 celiac disease trial, with topline results expected in 2026. The investment required to push this forward is evident in the R&D spend: Research and development expenses for the nine months ended September 30, 2025, reached $36.5 million, a significant increase from $16.0 million for the same period in 2024, largely due to advancing these clinical programs.

The value proposition is further supported by the ongoing expansion into other indications:

• Vitiligo: Phase 1b study ongoing; topline data expected in 1H26.
• Alopecia Areata: Phase 1b trial initiated in 2H25; data expected in 2026.
• Type 1 Diabetes: Phase 1b in development.

Financially, the company secured capital to support this development, closing a public offering in June 2025 that sold 5,630,450 shares at $12.00 per share. As of September 30, 2025, Forte Biosciences ended the quarter with $93.4 million in cash and cash equivalents to fund these value-creating clinical milestones.

Forte Biosciences, Inc. (FBRX) - Canvas Business Model: Customer Relationships

You're managing relationships in a clinical-stage biotech, so every interaction-from the investigator running the trial to the institutional investor funding the next milestone-is critical. For Forte Biosciences, Inc., these relationships are the lifeblood supporting the development of FB102.

High-touch engagement with clinical trial investigators and sites

The core of this relationship is built around advancing the FB102 program across multiple indications. Engagement is high-touch because the data quality directly impacts future financing and regulatory success. Forte Biosciences CEO Paul Wagner, PhD, noted that enrollment in the FB102 phase 2 celiac disease (CeD) clinical trial has expanded to US sites after the US IND (Investigational New Drug application) opened. The company is also actively enrolling patients in the phase 1b trial in alopecia areata.

The commitment to investigators is evidenced by the detailed data sharing, such as the presentation at the Tampere Celiac Disease Symposium 2025. This level of scientific engagement is necessary to keep the clinical sites motivated and compliant. Here's a look at the key clinical relationship milestones and data points supporting these interactions:

The relationship management involves translating complex trial results into clear, actionable insights for the investigators involved in the ongoing studies.

Direct communication with institutional investors via quarterly updates and filings

Direct communication keeps institutional investors aligned with the long-term vision, especially when clinical expenses are rising. For the nine months ended September 30, 2025, Research and Development expenses were $36.5 million, a significant increase from $16.0 million for the same period in 2024, driven by the Phase 2 CeD trial and Phase 1b trials for vitiligo and alopecia areata. This spending requires clear justification to the holders of the 12.5 million shares of common stock outstanding as of September 30, 2025.

The quarterly updates serve to manage expectations around burn rate and runway. For instance, the Q3 2025 net loss per share was $(0.99). You need to show them the path to sustainability, which, as of Q3 2025, was supported by cash and cash equivalents of $93.4 million.

Regulatory relationship management with the FDA and international bodies

Managing the relationship with the FDA is paramount, as demonstrated by the progression of FB102. The opening of the US IND for the Phase 2 CeD trial is a direct success of this regulatory management. Furthermore, Forte Biosciences actively engages with the scientific community, which indirectly supports the regulatory dialogue. An example of this engagement was the reporting of 'Additional data' on September 15, 2025, following an oral presentation at the Tampere Celiac Disease Symposium 2025 on September 12, 2025.

The data shared highlights the mechanism of action, which is key for regulatory understanding:

• FB102 reduced TCR γδ cell density by 1.5 from baseline versus a 3.9 increase with placebo (p=0.0007).
• Ki67-positive intraepithelial T cells rose by only 2.5 on FB102 compared to 8.6 with placebo (p=0.0006).
• Natural killer cells dropped 95% after FB102 dosing, reflecting IL-15 pathway inhibition.

This precise data helps build a strong, fact-based relationship with the FDA as the company plans for later-stage trials.

Investor Relations (IR) to maintain confidence and access to capital markets

Maintaining confidence is directly tied to the ability to access capital when needed. Forte Biosciences executed a significant capital raise in mid-2025 to ensure operational stability. The June 2025 public offering generated expected gross proceeds of approximately $75 million, priced at $12.00 per share for 5,630,450 shares, plus pre-funded warrants. The estimated net proceeds of approximately $70.0 million were intended to fund operations into 2027.

This financing activity is a direct measure of investor confidence, especially following the Q1 2025 loss of $1.37 per share. The IR function also involves managing equity compensation to attract and retain talent, which is a relationship with future employees. For example, in October 2025, inducement awards included options to purchase a total of 125,000 shares of common stock, and another grant in November 2025 involved options for 15,000 shares. The previous year, in November 2024, an over-subscribed private placement raised $53.0 million in gross proceeds. These transactions define the current capital structure and the ongoing dialogue with the market.

Finance: draft 13-week cash view by Friday.

Forte Biosciences, Inc. (FBRX) - Canvas Business Model: Channels

You're looking at how Forte Biosciences, Inc. gets its clinical data and corporate story out to the world, which is key for a clinical-stage biotech. This isn't about selling a product yet; it's about executing trials and communicating progress to regulators and investors.

Global network of clinical trial sites and hospitals for patient enrollment

The primary channel for generating clinical evidence for FB102 involves a network of clinical trial sites. As of late 2025, the company is actively running multiple trials, which requires coordination across various investigative sites. The expansion of the Phase 2 Celiac Disease (CeD) trial into the US market is a significant channel development.

Forte Biosciences, Inc. is advancing FB102 across three indications, with enrollment and data readouts being the critical milestones channeled through these sites. The company has 3 key clinical trial readouts for FB102 expected in 2026.

The Phase 1b CeD trial data, reported positively in June 2025, showed clear differentiation. For example, FB102 reduced TCR γδ cell density by 1.5 from baseline versus a 3.9 increase with placebo (p=0.0007). Also, Ki67-positive intraepithelial T cells rose by only 2.5 on FB102 compared to 8.6 with placebo (p=0.0006).

Regulatory submissions (IND, NDA) to the U.S. FDA and other health authorities

The U.S. Food and Drug Administration (FDA) is a primary gatekeeper, and the Investigational New Drug (IND) application is the channel to initiate human trials. The US IND for FB102 is now open. Forte Biosciences has not received any FDA approvals for its therapy in the last two years. The most recent FDA-related event reported was on September 15, 2025, categorized as 'Additional data' concerning the Phase 1b trial presentation. You must remember that the ability of the FDA to timely review submissions is a noted risk for the company.

Scientific publications and conference presentations (e.g., Tampere Celiac Disease Symposium)

Disseminating data through peer-reviewed channels and scientific forums is how Forte Biosciences validates its science to the medical community and potential partners. The company actively uses conferences as a primary channel for this.

The Tampere Celiac Disease Symposium 2025 was a key event, featuring an oral presentation on FB102 on Friday September 12, 2025. The data presented there further supported FB102's differentiation.

Looking ahead to late 2025, Forte Biosciences has a schedule of investor and scientific presentations:

• Guggenheim 2nd Annual Healthcare Innovation Conference: November 10, 2025, 3:30 PM to 3:55 PM ET.
• TD Cowen Immunology and Inflammation Summit: November 12, 2025, 2:00 PM to 2:20 PM ET (Virtual).
• 8th Annual Evercore Healthcare Conference: December 4, 2025, 11:15 AM to 11:35 AM ET.

Investor relations website and SEC filings for public communication

The official website, www.fortebiorx.com, serves as the central hub for investor communications, alongside mandatory SEC filings. The company reported its Third Quarter 2025 Results and provided an update on November 14, 2025.

Key SEC filings around that time include the Form 10-Q and Form 8-K on November 14, 2025. For context on the financial health supporting these channels, Forte ended Q3 2025 with $93.4 million in cash and cash equivalents.

Here are some specific financial metrics channeled through the Q3 2025 reporting:

• Net losses per share for the three months ended September 30, 2025: $(0.99).
• General and administrative expenses for the three months ended September 30, 2025: $3.2 million.
• Shares of common stock outstanding as of September 30, 2025: Approximately 12.5 million.
• Prefunded warrants outstanding as of September 30, 2025: 5.3 million.

Finance: draft 13-week cash view by Friday.

Forte Biosciences, Inc. (FBRX) - Canvas Business Model: Customer Segments

Patients suffering from Celiac Disease who require a non-dietary treatment.

The estimated prevalence for celiac disease in the US is 1:133, representing 2.5 million people. Within this group, 0.3% to 0.5% of patients are non-responsive to gluten-free diets. There are currently no approved treatment options for celiac disease. It's estimated that up to 80% of people in the U.S. with celiac disease are undiagnosed. Forte Biosciences, Inc. is advancing FB102 through a Phase 2 clinical trial for this indication, with topline results expected in 2026. The prior Phase 1b trial enrolled 32 subjects.

Patients with Vitiligo and Alopecia Areata seeking novel systemic therapies.

Vitiligo is estimated to affect 2 million people in the U.S.. The global vitiligo treatment market size was estimated at $1.6-1.8 billion in 20124-2025. For Alopecia Areata (AA), the global treatment market was valued around $3-3.5 billion in 2024. The company is pursuing both indications with FB102, which represent multi-billion dollar potential market opportunities. The Phase 1b vitiligo study is ongoing, with topline data anticipated in 1H26. The Phase 1b trial in alopecia areata has begun enrolling patients, with data expected in 2026.

Clinical trial investigators and academic research centers.

These centers are crucial for advancing FB102 through its clinical stages. The company is currently running a Phase 2 trial for Celiac Disease and Phase 1b trials for Vitiligo and Alopecia Areata. Research and development expenses for the three months ended September 30, 2025, were $15.2 million, primarily due to clinical and manufacturing expenses for these trials. Prof. Jason Tye-Din, Head of Celiac Research at the Walter and Eliza Hall Institute, is a principal investigator in the FB102 phase 1b trial.

Institutional biotechnology investors focused on clinical-stage assets.

Institutional interest is high, with investors and hedge funds owning approximately 77.63% of Forte Biosciences, Inc. stock as of late November 2025. There are 76 institutional owners filing 13D/G or 13F forms, holding a total of 11,680,994 shares. The company's market capitalization was about $239M as of November 28, 2025. The consensus analyst rating is 'Moderate Buy' with a price target of $67.00.

The total value of holdings reported by major institutions was $198 million.

• Celiac Disease Phase 2 Trial Enrollment expanded to US sites as of November 14, 2025.
• Vitiligo Phase 1b topline data expected in 1H26.
• Alopecia Areata Phase 1b data expected in 2026.
• Research and development expenses for the nine months ended September 30, 2025, totaled $36.5 million.

Forte Biosciences, Inc. (FBRX) - Canvas Business Model: Cost Structure

You're hiring before product-market fit, so your cost structure is almost entirely focused on advancing your lead candidate, FB102, through critical clinical milestones. For Forte Biosciences, Inc., this means the cost of running multiple trials is the dominant factor in their operating expenses.

The Research and Development (R&D) expenses are the primary cost driver. For the three months ended September 30, 2025, R&D expenses totaled $15.2 million. This was a significant jump from the $5.9 million reported in the same period in 2024.

This R&D escalation is directly tied to the advancement of FB102 across three indications. The increase in R&D was primarily driven by a combined $9.7 million increase in clinical and manufacturing expenses for the ongoing trials.

You can see the cost allocation focusing heavily on the pipeline progression:

The Clinical trial costs are embedded within the R&D spend, specifically within the $9.7 million combined increase for clinical and manufacturing activities. This covers everything from patient enrollment and monitoring to site fees across the Phase 2 Celiac Disease trial, the ongoing Phase 1b Vitiligo study, and the enrolling Phase 1b Alopecia Areata trial.

Similarly, Manufacturing and supply chain costs for clinical-grade FB102 are bundled into that same $9.7 million R&D increase. This cost reflects the production necessary to supply the drug substance for these three active clinical studies.

General and Administrative (G&A) expenses were $3.2 million for the third quarter of 2025, up from $2.8 million in Q3 2024.

• Personnel-related expenses, including non-cash stock-based compensation of $0.5 million, drove an increase of $0.6 million in G&A.
• This increase was partially offset by a decrease in professional and legal expenses.

Regarding Intellectual property maintenance and legal fees, these fall under the professional and legal expenses within G&A. For Q3 2025, there was a decrease of $0.3 million in these professional and legal expenses compared to the prior year period. Looking at the nine-month trend, professional and legal expenses, including litigation and settlement expenses, decreased by $6.0 million for the nine months ended September 30, 2025, compared to the same period in 2024.

Total operating expenses for the quarter were $18.4 million. Finance: draft 13-week cash view by Friday.

Forte Biosciences, Inc. (FBRX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Forte Biosciences, Inc. (FBRX) as of late 2025, and honestly, it's what you'd expect for a clinical-stage biopharma company. The current reality is zero product sales, which means the entire financial model hinges on capital markets and future milestones.

Zero Current Revenue

Forte Biosciences, Inc. is firmly in the pre-revenue stage. For the trailing twelve months ending September 30, 2025, the reported revenue was $0.00. Similarly, the revenue for the third quarter of 2025, ending September 30, 2025, was $0.0. This is standard because the focus is entirely on advancing the lead candidate, FB102, through clinical development, not on commercialization.

The operational burn rate, sustained by this capital, is significant. Research and development expenses for the three months ended September 30, 2025, reached $15.2 million. Over the nine months ending September 30, 2025, R&D expenses totaled $36.5 million. The company ended Q3 2025 with a cash balance of $93.4 million, which is what keeps the lights on while they pursue data readouts.

Primary Funding via Equity Financing

The lifeblood for Forte Biosciences, Inc. right now comes from equity financing. You can see this clearly by looking at the recent capital raises that bolster their cash position to fund those rising R&D costs. They are not generating revenue to fund operations; they are issuing securities.

Here's a quick look at the most recent equity infusions:

• Completed a $53 million private equity financing in November 2024.
• Priced a public offering in June 2025, generating gross proceeds of approximately $75 million.
• Expected net proceeds from the June 2025 offering were approximately $70.0 million.

This reliance on issuing stock and warrants means dilution is a constant factor you need to watch. The June 2025 offering involved issuing 5,630,450 shares of common stock at $12.00 per share, plus pre-funded warrants.

Future Revenue Potential: Milestone Payments and Commercial Sales

The entire revenue stream architecture for the future is built around the success of FB102, their proprietary anti-CD122 monoclonal antibody. This potential is typically realized through two main avenues in the biotech world, assuming clinical success.

The first is through potential licensing or collaboration deals. While specific deal terms aren't public, any future partnership would involve upfront payments and, critically, milestone payments tied to clinical or regulatory achievements. The second, and largest, stream is the eventual commercial sale of FB102, assuming it gains approval in one or more indications.

The near-term catalysts driving this future value are clinical data releases:

Management has highlighted that these indications represent multi-billion dollar potential market opportunities, which is the long-term revenue target that justifies the current cash burn.