Fortress Biotech, Inc. Revenue Disclosure
19. Revenues from Contracts and Significant Customers
Disaggregation of Total Revenues
All of Journey’s product revenues are recorded in the U.S. The Company’s collaboration revenue for the year ended December 31, 2024 is from Cyprium’s agreement with Sentynl (see Note 3). The Company’s revenue - related party for the year ended December 31, 2024 was from Checkpoint’s collaborations with TGTX.
The table below summarizes the Company’s revenue for the years ended December 31, 2025 and 2024:
Year Ended December 31, | ||||||
($ in thousands) | | 2025 | | 2024 | ||
Emrosi | $ | 14,745 | $ | — | ||
Qbrexza | 25,014 | 25,114 | ||||
Accutane | 12,882 | 19,407 | ||||
Foam franchise products (Amzeeq & Zilxi) | 5,859 | 6,652 | ||||
Other / legacy product revenue | 2,739 | 3,961 | ||||
Collaboration revenue | — | 1,500 | ||||
Revenue – related party |
| — |
| 41 | ||
Other revenue | 2,023 |
| 1,000 | |||
Total net revenue | $ | 63,262 | $ | 57,675 | ||
Other revenue for the year ended December 31, 2025, consists of $0.6 million recognized by Journey related to the Cutia Agreement (see Note 7) and $1.4 million recognized by Avenue related to the AnnJi license termination and program transfer (see Note 7). Other revenue for the year ended December 31, 2024, reflects a $1.0 million milestone payment from Cutia triggered by the marketing approval Cutia received in the fourth quarter of 2024 for topical 4% minocycline foam in China (see Note 7).
Significant Customers
For the years ended December 31, 2025 and 2024, none of Journey’s Dermatology Products customers individually accounted for more than 10.0% of its total gross product revenue.
For the year ended December 31, 2025, none of Journey’s Dermatology Products customers accounted for more than 10% of its total accounts receivable balance. For the year ended December 31, 2024, one of Journey’s Dermatology Products customers accounted for more than 10% of its total accounts receivable balance at 10.3%.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 28, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 28, 2022 | |
| 2020 | Mar 31, 2021 | |
| 2019 | Mar 16, 2020 | |
| 2018 | Mar 18, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.