Fortress Biotech, Inc.

Listed Company

FBIOCIK 0001429260NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$63.26M

Net Income

$6.82M

Total Assets

$185.55M

Equity

$49.87M

Shares Out

31.36M

Op. Cash Flow

$-65.78M

Business

Fortress Biotech, Inc. is a biopharmaceutical company that acquires, licenses and advances therapeutic assets and platform technologies to create value through product revenue, equity holdings, royalties and dividends. It offers marketed dermatology products and a pipeline of biologics, small molecules, cell and gene therapies and vaccines, including partnered commercial products (e.g., Emrosi, Qbrexza, Accutane, UNLOXCYT) and clinical candidates (e.g., CUTX-101, Triplex, MB-101/MB-109). Fortress operates through multiple subsidiaries and partner companies (including Checkpoint, Journey, Mustang, Avenue, Cyprium, Helocyte, Cellvation, Oncogenuity and Urica). Its activities focus on U.S. regulatory approvals and commercialization while pursuing international licenses and distribution arrangements across North America, Europe, the Middle East and North Africa.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product revenue, net	61	55	60	71	63
Collaboration revenue	—	2	5	2	5
Other revenue	2	1	20	3	0
Net revenue	63	58	85	76	69
Cost of goods - (excluding amortization of acquired intangible assets)	21	21	23	31	32
Amortization of acquired intangible assets	4	3	4	—	—
Research and development	12	57	102	134	113
Research and development - licenses acquired	—	252,000	4	700,000	16
Selling, general and administrative	96	88	91	114	87
Loss recovery	—	−5	—	—	—
Asset impairment	0	4	3	—	—
Total operating expenses	133	168	227	279	257
Loss from operations	−70	−110	−142	−204	−189
Interest income	2	3	3	1	649,000
Interest expense and financing fee	−10	−14	−15	−14	−15
Loss on common stock warrant liabilities	−398,000	−638,000	4	—	—
Gain from deconsolidation of subsidiary	27	0	—	—	—
Other income	18	1	−3	1	—
Total other income (expense)	37	−10	−11	−10	24
Loss before income tax expense	−34	−121	−154	−213	−164
Income tax expense (benefit)	−600,000	300,000	500,000	400,000	500,000
Net loss	−33	−121	−154	−214	−165
Attributable to non-controlling interests	40	75	94	127	100
Net income (loss) attributable to Fortress	7	−46	−61	−87	−65
Preferred A dividends declared and paid and/or cumulated, and Fortress' share of subsidiary deemed dividends	−9	−10	−8	−8	—
Net loss attributable to common stockholders	−2	−56	−69	−95	—
Net loss per common share attributable to common stockholders - basic	−0.07	−2.69	−8.47	−15.97	−0.79
Net loss per common share attributable to common stockholders - diluted	−0.07	−2.69	−8.47	−15.97	−0.79
Weighted average common shares outstanding - basic	28	21	8	6	82
Weighted average common shares outstanding - diluted	28	21	8	6	82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	79	57	81	178	306
Accounts receivable, net	30	10	15	28	23
Inventory	10	14	10	14	10
Prepaid expenses and other current assets	5	7	11	10	7
Assets held for sale	0	1	—	—	—
Total current assets	124	90	117	230	346
Property, plant and equipment, net	3	3	7	13	15
Operating lease right-of-use asset, net	12	14	17	20	19
Restricted cash	1	2	2	3	2
Equity investments, at fair value	18	3	—	—	—
Intangible assets, net	28	32	20	27	13
Other assets	401,000	731,000	4	973,000	1
Total assets	186	144	168	294	397
Accounts payable and accrued expenses	47	66	74	97	91
Income taxes payable	356,000	932,000	843,000	722,000	345,000
Common stock warrant liabilities	1,000	214,000	886,000	14	0
Operating lease liabilities, short-term	2	3	3	2	2
Partner company installment payments - licenses, short-term	0	625,000	3	7	5
Other current liabilities	135,000	2	163,000	996,000	0
Total current liabilities	50	71	85	128	101
Notes payable, long-term, net	52	58	61	92	43
Operating lease liabilities, long-term	13	15	18	22	21
Partner company redeemable perpetual preferred liability	7	0	—	—	—
Other long-term liabilities	1	2	2	2	2
Total liabilities	123	146	166	244	171
Commitments and contingencies (Note 14)	—	—	—	—	—
Cumulative redeemable perpetual preferred stock, $0.001 par value, 15,000,000 authorized, 5,000,000 designated Series A shares, 3,427,138 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively, liquidation value of $25.00 per share	3,000	3,000	3,000	3,000	3,000
Common stock, $0.001 par value, 200,000,000 shares authorized, 31,364,094 and 27,908,839 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	31,000	28,000	15,000	7,000	101,000
Additional paid-in-capital	784	764	717	676	656
Accumulated deficit	−734	−741	−695	−634	−547
Total stockholders' equity attributed to the Company	50	23	23	42	109
Non-controlling interests	12	−24	−21	8	117
Total stockholders' equity (deficit)	62	−2	2	50	226
Total liabilities and stockholders' equity (deficit)	186	144	168	294	397

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation expense	400,000	1	2	3	3
Loss on disposal of property and equipment	0	29,000	−1	255,000	0
Bad debt (recovery) expense	−211,000	516,000	435,000	284,000	48,000
Amortization of debt discount	1	2	3	2	4
Accretion of partner company convertible preferred shares	0	−737,000	757,000	0	3
Gain on termination of partner company lease	−394,000	0	—	—	—
Loss on extinguishment of debt	0	2	3	0	—
Settlement of partner company payables	−2	0	—	—	—
Reduction in the carrying amount of operating lease right-of-use assets	2	3	2	2	2
Stock-based compensation expense	29	33	17	23	19
Change in fair value of investment	−15	0	—	—	—
Common shares issued for dividend on partner company's convertible preferred shares	0	114,000	266,000	—	—
Change in fair value of partner companies' warrant liabilities	398,000	487,000	−4	−1	447,000
Research and development - licenses acquired, expense	0	250,000	3	642,000	16
Asset impairment loss	0	4	3	0	—
Accounts receivable	−19	4	13	−5	768,000
Inventory	5	−4	4	2	−8
Other receivables - related party	13,000	−4,000	−29,000	540,000	66,000
Prepaid expenses and other current assets	2	−624,000	−848,000	−3	−309,000
Other assets	330,000	968,000	−808,000	344,000	−185,000
Accounts payable and accrued expenses	−8	−6	−24	8	43
Income taxes payable	−576,000	89,000	121,000	377,000	345,000
Lease liabilities	−2	−4	−2	−2	−2
Other liabilities	−2	1	−786,000	−186,000	84,000
Net cash used in operating activities	−66	−80	−128	−179	−117
Acquired intangible assets	0	−15	−5	0	−400,000
Proceeds from sale of property and equipment	1	0	6	127,000	—
Net cash increase upon deconsolidation of subsidiary	9	0	—	—	—
Net cash provided by (used in) investing activities	10	−15	−2	−23	41
Payment of Series A perpetual preferred stock dividends	0	−4	−8	−8	−8
Proceeds from issuance of common stock for public offering, net	0	17	22	0	—
Proceeds from issuance of common stock for at-the-market offering, net	1	4	2	6	9
Proceeds from issuance of common stock under ESPP	87,000	101,000	0	174,000	—
Exercise of warrants for cash	3	181,000	382,000	0	—
Proceeds from partner companies' ESPP	217,000	257,000	178,000	206,000	309,000
Partner company's dividends declared and paid	−664,000	−694,000	−736,000	−749,000	−749,000
Partner company's redemption of preferred shares	−265,000	0	400,000	−85,000	0
Proceeds from partner companies' equity offerings and warrant exercises, net	62	50	52	18	35
Proceeds from partner companies' at-the-market offering, net	19	12	5	16	111
Proceeds from exercise of partner company's options, net	0	207,000	121,000	—	—
Repayment of Oaktree Note and debt issuance costs	−6	−51	0	—	—
Repayment of partner company installment payments - licenses	−625,000	−1	−1	−5	−5
Stock and warrants issued for exchange of partner company preferred shares	0	341,000	0	—	—
Proceeds from long-term debt, net	−75,000	34	0	—	—
Proceeds from partner company's long-term debt, net	0	10	15	47	—
Net cash provided by financing activities	77	71	33	75	149
Net increase (decrease) in cash and cash equivalents and restricted cash	22	−25	−98	−127	73
Cash paid for interest	7	7	8	9	7
Cash paid for income taxes	49,000	120,000	−55,000	858,000	993,000
Exchange of partner company convertible preferred shares for common shares	0	3	0	—	—
Fair value of assets received by partner company in repurchase transaction	0	2	0	—	—
Fair value of supplies received by partner company expensed to research and development	0	3	0	—	—
Partner company accounts receivable write-off related to repurchase transaction	0	−7	0	—	—
Partner company accounts payable write-off related to repurchase transaction	0	4	0	—	—
Partner company's deferred purchase consideration	0	1	0	—	—
Warrants issued in conjunction with debt	1	1	0	—	—
Unpaid research and development licenses acquired	0	250,000	50,000	325,000	250,000
Lease Liabilities arising from obtaining right-of-use assets	457,000	188,000	—	—	—

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