SCHEDULE: Biotechnology Value Fund Discloses Forte Biosciences Stake

Biotechnology Value Fund and its affiliates reported beneficial ownership of 0.5% of Forte Biosciences, Inc. common stock as of September 30, 2025.

Summary

• Biotechnology Value Fund L.P. (BVF) and its affiliated entities, including BVF I GP LLC, Biotechnology Value Fund II, L.P. (BVF2), BVF II GP LLC, Biotechnology Value Trading Fund OS LP, BVF Partners OS Ltd., BVF GP Holdings LLC, BVF Partners L.P., BVF Inc., and Mark N. Lampert, collectively reported beneficial ownership in Forte Biosciences, Inc.
• As of September 30, 2025, the aggregate beneficial ownership by BVF Partners L.P., BVF Inc., and Mark N. Lampert was 65,350 shares of Forte Biosciences, Inc. common stock.
• This represents 0.5% of Forte Biosciences, Inc.'s outstanding shares, based on 12,432,854 shares outstanding as of August 11, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q.
• The reporting persons certified that the securities were not acquired or held for the purpose of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely related to a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: The filing is a routine beneficial ownership disclosure (Schedule 13G) and does not contain information that would typically evoke strong positive or negative sentiment. It is a factual report of ownership below the 5% threshold for active control intent.

Positives

• NA

Negatives

• NA

Risks

• The reporting persons disclaim beneficial ownership of shares owned by other reporting persons, which could lead to ambiguity in total ownership if not carefully aggregated.
• While the filing states the securities were not acquired for control, the exception for 'activities solely in connection with a nomination under Rule 14a-11' indicates a potential for future shareholder activism related to board nominations.

Future Outlook

NA

Management Comments

• To the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

NA

Stakeholder Impact

• Shareholders: Provides transparency regarding institutional ownership, showing that Biotechnology Value Fund and its affiliates hold a minor stake (0.5%) in Forte Biosciences, Inc.

Key Dates

Keywords

Forte Biosciences, Biotechnology Value Fund, Schedule 13G, Beneficial Ownership, Common Stock, SEC Filing, Institutional Investor, Shareholder Disclosure, Biotech