BML Investment Partners reported an 8.94% stake in Forte Biosciences, which represents 1.32M shares. The filing with the SEC allows for activism. On May 24, 2022, BML's Braden Leonard sent an email to Forte Biosciences Chairman and CEO Paul Wagner indicating that BML believes that the company should liquidate and return cash to shareholders. The email reads in part, "After spending some time reflecting on the outcome of the strategic review, it has become clear to me that shareholders would be far better off if the Board had decided to liquidate the company and return cash to shareholders rather than pushing forward with its current plan. FB-102 was not even mentioned until the 10-K filed on 3/31/22, giving the strong impression that the company's new "lead drug" was nothing more than an afterthought until recently...It seems to me that the Board didn't seriously consider liquidation and that the company is being run for the benefit of the few remaining employees rather than shareholders. Had the Board taken decisive action to liquidate, the company could have returned $2.50 to $2.60 per share to shareholders, which is approximately 130-140% above the current quote. This is likely a far better outcome for shareholders than what's to come under the current plan...We strongly recommend that the Board take decisive action to immediately liquidate the company and return cash to shareholders before additional shareholder capital is wasted."