FORTE BIOSCIENCES, INC., DEF 14A filed on 4/30/2025
Proxy Statement (definitive)
v3.25.1
Cover
12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Forte Biosciences, Inc.
Entity Central Index Key 0001419041
v3.25.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following information about the relationship between executive compensation for our principal executive officers (“PEOs”) and
non-PEO
named executive officers (“NEOs”) as well as certain financial performance of the Company.
Pay vs. Performance Table
 
Year
  
Summary
Compensation
Table Total
for PEO
    
Compensation
Actually Paid
to PEO
    
Average
Summary
Compensation
Table Total
for
Non-CEO

NEOs
    
Average
Compensation
Actually Paid
to
Non-CEO

NEOs
    
Value of
Initial Fixed
$100
Investment
Based On:
        
  
Total
Shareholder
Return
    
Net Loss
 
2024
   $ 1,674,458      $ 1,861,210      $ 543,606      $ 500,008      $ 42.45      ($ 35,478,000
2023
   $ 1,450,175      $ 1,360,608      $ 648,290      $ 612,371      $ 38.4      ($ 31,476,000
2022
   $ 1,227,610      $ 1,030,807      $ 590,068      $ 521,156      $ 46.73      ($ 13,879,000
 
1
 
NEOs included in these columns reflect the following:
 
Year
  
PEO
  
Non-PEO
NEOs
2024    Dr. Paul Wagner    Mr. Antony Riley and Dr. Hubert Chen
2023    Dr. Paul Wagner    Mr. Antony Riley and Dr. Hubert Chen
2022    Dr. Paul Wagner    Mr. Antony Riley and Dr. Hubert Chen
 
2
 
Amounts reflect the total compensation for our NEOs, as reported in the Summary Compensation Table.
3
 
The following table details the adjustment to the Summary Compensation Table to determine “compensation actually paid” for the CEO, as computed in accordance with Item 402(v). Amounts do not reflect actual compensation earned by or paid to our CEO during the applicable year.
 
    
PEO
 
    
2024
    
2023
    
2022
 
Summary Compensation Table Total for CEO
   $ 1,674,458      $ 1,450,175      $ 1,227,610  
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value
   $ (643,610    $ (489,950    $ (313,110
Add:
Year-End
Fair Value of Equity Awards Granted in the Year
   $ 810,203      $ 333,816      $ 180,000  
Add: Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year
   $ (29,090    $ 867      $ (20,817
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
   $ —       $ 84,750      $ —   
Add: Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards
   $ 49,249      $ (19,050    $ (42,876
Add: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
   $ —       $ —       $ —   
Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
   $ —       $ —       $ —   
Compensation Actually Paid for CEO
  
$
1,861,210
 
  
$
1,360,608
 
  
$
1,030,807
 
 
The following table details the adjustment to the Summary Compensation Table to determine average “compensation actually paid” for NEOs (other than the CEO), as computed in accordance with Item 402(v). Amounts do not reflect actual compensation earned by or paid to our NEOs during the applicable year.
 
    
2024
    
2023
    
2022
 
Average of Summary Compensation Table Total for NEOs (other than CEO)
   $ 543,606      $ 648,290      $ 590,068  
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value
   $ (102,393    $ (139,051    $ (144,939
Add:
Year-End
Fair Value of Equity Awards Granted in the Year
   $ 128,896      $ 90,130      $ 97,500  
Add: Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year
   $ (3,152    $ (1,154    ($ 7,836
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
   $ —       $ 22,883      $ —   
Add: Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards
   $ 6,764      $ (8,727    ($ 13,636
Add: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
   $ (73,713    $ —       $ —   
Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
   $ —       $ —       $ —   
Average Compensation Actually Paid
  
$
500,008
 
  
$
612,371
 
  
$
521,156
 
In accordance with Item 402(v) requirements, the fair values of unvested and outstanding equity awards were remeasured as of the end of each fiscal year, and as of each vesting date, during the years displayed in the table above. For PSUs and Performance Options, fair values reflect the probable outcome of the performance vesting conditions as of each measurement date. For a discussion of the assumptions made in the valuation at grant, see Note 8 to the Consolidated Financial Statements included in our Form
10-K.
 
4
 
The amounts in this column assume the investment of $100 on December 31, 2021 on Forte’s common shares traded on the NYSE and the reinvestment of all dividends since that date.
5
 
As reported in Forte’s Form
10-K
filed on March 28, 2025 with the Securities and Exchange Commission.
   
Named Executive Officers, Footnote
1
 
NEOs included in these columns reflect the following:
 
Year
  
PEO
  
Non-PEO
NEOs
2024    Dr. Paul Wagner    Mr. Antony Riley and Dr. Hubert Chen
2023    Dr. Paul Wagner    Mr. Antony Riley and Dr. Hubert Chen
2022    Dr. Paul Wagner    Mr. Antony Riley and Dr. Hubert Chen
   
PEO Total Compensation Amount $ 1,674,458 $ 1,450,175 $ 1,227,610
PEO Actually Paid Compensation Amount $ 1,861,210 1,360,608 1,030,807
Adjustment To PEO Compensation, Footnote
3
 
The following table details the adjustment to the Summary Compensation Table to determine “compensation actually paid” for the CEO, as computed in accordance with Item 402(v). Amounts do not reflect actual compensation earned by or paid to our CEO during the applicable year.
 
    
PEO
 
    
2024
    
2023
    
2022
 
Summary Compensation Table Total for CEO
   $ 1,674,458      $ 1,450,175      $ 1,227,610  
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value
   $ (643,610    $ (489,950    $ (313,110
Add:
Year-End
Fair Value of Equity Awards Granted in the Year
   $ 810,203      $ 333,816      $ 180,000  
Add: Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year
   $ (29,090    $ 867      $ (20,817
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
   $ —       $ 84,750      $ —   
Add: Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards
   $ 49,249      $ (19,050    $ (42,876
Add: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
   $ —       $ —       $ —   
Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
   $ —       $ —       $ —   
Compensation Actually Paid for CEO
  
$
1,861,210
 
  
$
1,360,608
 
  
$
1,030,807
 
   
Non-PEO NEO Average Total Compensation Amount $ 543,606 648,290 590,068
Non-PEO NEO Average Compensation Actually Paid Amount $ 500,008 612,371 521,156
Adjustment to Non-PEO NEO Compensation Footnote
The following table details the adjustment to the Summary Compensation Table to determine average “compensation actually paid” for NEOs (other than the CEO), as computed in accordance with Item 402(v). Amounts do not reflect actual compensation earned by or paid to our NEOs during the applicable year.
 
    
2024
    
2023
    
2022
 
Average of Summary Compensation Table Total for NEOs (other than CEO)
   $ 543,606      $ 648,290      $ 590,068  
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value
   $ (102,393    $ (139,051    $ (144,939
Add:
Year-End
Fair Value of Equity Awards Granted in the Year
   $ 128,896      $ 90,130      $ 97,500  
Add: Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year
   $ (3,152    $ (1,154    ($ 7,836
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
   $ —       $ 22,883      $ —   
Add: Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards
   $ 6,764      $ (8,727    ($ 13,636
Add: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year
   $ (73,713    $ —       $ —   
Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
   $ —       $ —       $ —   
Average Compensation Actually Paid
  
$
500,008
 
  
$
612,371
 
  
$
521,156
 
In accordance with Item 402(v) requirements, the fair values of unvested and outstanding equity awards were remeasured as of the end of each fiscal year, and as of each vesting date, during the years displayed in the table above. For PSUs and Performance Options, fair values reflect the probable outcome of the performance vesting conditions as of each measurement date. For a discussion of the assumptions made in the valuation at grant, see Note 8 to the Consolidated Financial Statements included in our Form
10-K.
   
Compensation Actually Paid vs. Total Shareholder Return
The following chart shows the relationship between Compensation Actually Paid to our PEO(s) and Average Compensation Actually Paid to our other NEOs, and Forte’s FBRX’s TSR.
 
LOGO
   
Compensation Actually Paid vs. Net Income
The following chart shows the relationship between Compensation Actually Paid to our PEO(s) and Average Compensation Actually Paid to our other NEOs, and Forte’s Net Loss.
 
LOGO
   
Tabular List, Table
Most Important Company Performance Measures for Determining Executive Compensation
The most important financial performance measures used by FBRX to link executive compensation to company performance during fiscal year 2024 were:
 
 
 
Total Shareholder Return
 
 
 
ESG Metrics
 
 
 
ROIC
   
Total Shareholder Return Amount $ 42.45 38.4 46.73
Net Income (Loss) $ (35,478,000) (31,476,000) (13,879,000)
PEO Name Dr. Paul Wagner    
Measure:: 1      
Pay vs Performance Disclosure      
Name Total Shareholder Return    
Measure:: 2      
Pay vs Performance Disclosure      
Name ESG Metrics    
Measure:: 3      
Pay vs Performance Disclosure      
Name ROIC    
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (643,610) (489,950) (313,110)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 810,203 333,816 180,000
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 49,249 (19,050) (42,876)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 84,750 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (29,090) 867 (20,817)
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (102,393) (139,051) (144,939)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 128,896 90,130 97,500
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 6,764 (8,727) 13,636
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 22,883 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (3,152) (1,154) 7,836
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (73,713) 0 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 0 $ 0 $ 0
v3.25.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Policies and Procedures Related to the Grant of Certain Equity Awards
Our general practice is to not grant equity awards in anticipation of the release of material nonpublic information or time the release of material nonpublic information for the purpose of affecting the value of executive compensation. Although we do not have a formal policy with respect to the timing of our equity award grants, the Compensation Committee has historically granted, or recommended to the Board to grant, awards on a consistent annual schedule and may make off cycle awards from time to time on an
as-needed
basis.
During 2024, we did not grant stock options to our named executive officers during the four business days prior to or the one business day following the filing of our periodic reports or the filing or furnishing of a Form
8-K
that discloses material nonpublic information.
Award Timing Method During 2024, we did not grant stock options to our named executive officers during the four business days prior to or the one business day following the filing of our periodic reports or the filing or furnishing of a Form
8-K
that discloses material nonpublic information.
Award Timing Predetermined true
Award Timing, How MNPI Considered Our general practice is to not grant equity awards in anticipation of the release of material nonpublic information or time the release of material nonpublic information for the purpose of affecting the value of executive compensation. Although we do not have a formal policy with respect to the timing of our equity award grants, the Compensation Committee has historically granted, or recommended to the Board to grant, awards on a consistent annual schedule and may make off cycle awards from time to time on an
as-needed
basis.
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true