FORTE GROUP HOLDINGS INC.

BVF Partners exited its full position in Forte Biosciences (VNTXF), removing a historically conviction-weighted biotech specialist from the cap table. Despite the exit, three specialist funds — OrbiMed, Perceptive, and formerly BVF — have held this name, suggesting residual institutional interest in the pipeline, likely centered on FB-401 (live biotherapeutic for atopic dermatitis). BVF's departure warrants scrutiny on cash runway and near-term catalyst visibility, as a concentrated-value fund exiting entirely often signals reassessment of risk/reward ahead of a key data readout or financing event.

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