FORTE BIOSCIENCES, INC., DEF 14A filed on 4/29/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
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
v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
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(1) (2)
     
Compensation
Actually Paid
to PEO(1) (3)
     
Average
Summary
Compensation
Table Total
for
Non-CEO

NEOs(1) (2)
     
Average
Compensation
Actually Paid
to
Non-CEO

NEOs(1) (3)
     
Value of
Initial Fixed
$100
Investment
Based On:
         
  
Total
Shareholder
Return(4)
     
Net Loss(5)
  
2025
    $ 7,358,587      $ 17,779,124      $ 2,722,440      $ 6,389,949      $ 109.08      ($ 69,375,000 ) 
2024
    $ 1,674,458      $ 1,861,210      $ 543,606      $ 500,008      $ 90.84      ($ 35,478,000 ) 
2023
    $ 1,450,175      $ 1,360,608      $ 648,290      $ 612,371      $ 82.17      ($ 31,476,000 ) 
 
1
NEOs included in these columns reflect the following:
 
Year
   
PEO
   
Non-PEO
NEOs
2025    Dr. Paul Wagner    Mr. Antony Riley
2024    Dr. Paul Wagner    Mr. Antony Riley and Dr. Hubert Chen
2023    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
     
2024
     
2023
  
Summary Compensation Table Total for CEO
    $ 7,358,587      $ 1,674,458      $ 1,450,175  
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value
    $ (5,951,480 )     $ (643,610 )     $ (489,950 ) 
Add:
Year-End
Fair Value of Equity Awards Granted in the Year
    $ 14,217,772      $ 810,203      $ 333,816  
Add: Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year
    $ (256,286 )     $ (29,090 )     $ 867  
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
    $ 2,351,137      $ —       $ 84,750  
Add: Change in Fair Value of Outstanding and Unvested Equity Awards
    $ 59,393      $ (49,249 )     $ (19,050 ) 
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
   
$
17,779,124
 
   
$
1,861,210
 
   
$
1,360,608
 
 
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.
 
    
2025
     
2024
     
2023
  
Average of Summary Compensation Table Total for NEOs (other than CEO)
    $ 2,722,440      $ 543,606      $ 648,290  
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value
    $ (2,089,487 )     $ (102,393 )     $ (139,051 ) 
Add:
Year-End
Fair Value of Equity Awards Granted in the Year
    $ 4,991,683      $ 128,896      $ 90,130  
Add: Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year
    $ (78,570 )     $ (3,152 )     $ (1,154 ) 
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
    $ 825,450      $ —       $ 22,883  
Add: Change in Fair Value of Outstanding and Unvested Equity Awards
    $ 18,432      $ 6,764      $ (8,727 ) 
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
   
$
6,389,949
 
   
$
500,008
 
   
$
612,371
 
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 performance-vesting restricted stock unit awards and performance-vesting 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 30, 2022 and the reinvestment of all dividends since that date.
5
As reported in Forte’s Form
10-K
filed on March 31, 2026 with the Securities and Exchange Commission.
   
Named Executive Officers, Footnote
1
NEOs included in these columns reflect the following:
 
Year
   
PEO
   
Non-PEO
NEOs
2025    Dr. Paul Wagner    Mr. Antony Riley
2024    Dr. Paul Wagner    Mr. Antony Riley and Dr. Hubert Chen
2023    Dr. Paul Wagner    Mr. Antony Riley and Dr. Hubert Chen
    
PEO Total Compensation Amount $ 7,358,587 $ 1,674,458 $ 1,450,175
PEO Actually Paid Compensation Amount $ 17,779,124 1,861,210 1,360,608
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
     
2024
     
2023
  
Summary Compensation Table Total for CEO
    $ 7,358,587      $ 1,674,458      $ 1,450,175  
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value
    $ (5,951,480 )     $ (643,610 )     $ (489,950 ) 
Add:
Year-End
Fair Value of Equity Awards Granted in the Year
    $ 14,217,772      $ 810,203      $ 333,816  
Add: Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year
    $ (256,286 )     $ (29,090 )     $ 867  
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
    $ 2,351,137      $ —       $ 84,750  
Add: Change in Fair Value of Outstanding and Unvested Equity Awards
    $ 59,393      $ (49,249 )     $ (19,050 ) 
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
   
$
17,779,124
 
   
$
1,861,210
 
   
$
1,360,608
 
    
Non-PEO NEO Average Total Compensation Amount $ 2,722,440 543,606 648,290
Non-PEO NEO Average Compensation Actually Paid Amount $ 6,389,949 500,008 612,371
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.
 
    
2025
     
2024
     
2023
  
Average of Summary Compensation Table Total for NEOs (other than CEO)
    $ 2,722,440      $ 543,606      $ 648,290  
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value
    $ (2,089,487 )     $ (102,393 )     $ (139,051 ) 
Add:
Year-End
Fair Value of Equity Awards Granted in the Year
    $ 4,991,683      $ 128,896      $ 90,130  
Add: Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year
    $ (78,570 )     $ (3,152 )     $ (1,154 ) 
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
    $ 825,450      $ —       $ 22,883  
Add: Change in Fair Value of Outstanding and Unvested Equity Awards
    $ 18,432      $ 6,764      $ (8,727 ) 
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
   
$
6,389,949
 
   
$
500,008
 
   
$
612,371
 
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 performance-vesting restricted stock unit awards and performance-vesting 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 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
   
Total Shareholder Return Amount $ 109.08 90.84 82.17
Net Income (Loss) $ (69,375,000) (35,478,000) (31,476,000)
PEO Name Dr. Paul Wagner    
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 $ (5,951,480) (643,610) (489,950)
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 14,217,772 810,203 333,816
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 59,393 (49,249) (19,050)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 2,351,137 0 84,750
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 (256,286) (29,090) 867
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 (2,089,487) (102,393) (139,051)
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 4,991,683 128,896 90,130
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 18,432 6,764 (8,727)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 825,450 0 22,883
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 (78,570) (3,152) (1,154)
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 0 (73,713) 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
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
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. We typically make grants to our
non-employee
directors at the times specified in our
Non-Employee
Director Compensation Policy.
During 2025, 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 2025, 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. We typically make grants to our
non-employee
directors at the times specified in our
Non-Employee
Director Compensation Policy.
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true