Forte Biosciences is a clinical-stage biopharmaceutical company developing FB102, an anti-CD122 monoclonal antibody, as a treatment for autoimmune diseases. FB102 works by blocking CD122, a receptor subunit for IL-2 and IL-15, which drives the proliferation of NK cells and certain T cells that cause autoimmune damage. Notably, FB102 aims to spare regulatory T cells, which help keep the immune system in check — a mechanistic distinction from broader immunosuppressants. Forte is advancing FB102 across several indications, with celiac disease as the primary focus. Celiac has no approved pharmacological treatments beyond a gluten-free diet, making it an open field with no existing drug to displace. Forte completed a Phase 1b celiac study in 2025 with positive results and has initiated a Phase 2 study with topline data expected in 2026. Forte is also running Phase 1b trials in vitiligo and alopecia areata, both expected to read out in 2026, with type 1 diabetes as a longer-term target. The company has no revenue and funds operations through equity issuances, with roughly $77M in cash as of December 2025. Forte outsources manufacturing to CMOs and clinical operations to CROs, and has 19 full-time employees. The path to monetization runs through Phase 2 and Phase 3 trial success, FDA approval, and either independent commercialization or a partnership with a larger pharma company.