Forte Biosciences Inc. (NASDAQ: FBRX) announced it has commenced an underwritten public offering of common stock shares. The clinical-stage biopharmaceutical company plans to grant underwriters a 30-day option to purchase up to an additional 15% of the shares offered.

The company intends to use net proceeds for working capital and general corporate purposes, including funding clinical development of its product candidate and research activities. Forte develops FB102, an anti-CD122 monoclonal antibody therapeutic candidate for autoimmune and autoimmune-related diseases.

Guggenheim Securities serves as book-running manager for the offering. The offering operates under a Registration Statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission.

The company stated the proposed offering remains subject to market and other conditions, with no assurance regarding completion, timing, or final terms. All shares in the offering come from Forte Biosciences directly.