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FBIO

Fortress Biotech, Inc.

FBIO

Fortress Biotech, Inc. • NASDAQ
$2.82 ▲ 2.17% (+0.06)
Market Cap $87.52 M
52w High $4.20
52w Low $1.33
Dividend Yield 0%
P/E -23.5
Volume 168.15K
Outstanding Shares 31.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.631M ▲ $18.687M ▼ $5.85M ▼ 33.18% ▼ $0.13 ▼ $12.425M ▲
Q2-2025 $16.413M ▲ $47.947M ▲ $15.486M ▲ 94.352% ▲ $0.5 ▲ $-8.424M ▲
Q1-2025 $13.139M ▼ $30.666M ▼ $-10.584M ▼ -80.554% ▼ $-0.48 ▼ $-20.99M ▲
Q4-2024 $15.12M ▲ $36.66M ▲ $-6.765M ▲ -44.742% ▲ $-0.37 ▲ $-21.78M ▼
Q3-2024 $14.629M $31.439M $-12.867M -87.955% $-0.76 $-21.066M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $86.218M ▲ $181.407M ▲ $116.222M ▼ $55.862M ▲
Q2-2025 $74.386M ▼ $159.895M ▼ $122.512M ▼ $43.924M ▲
Q1-2025 $91.339M ▲ $178.071M ▲ $145.585M ▼ $22.25M ▼
Q4-2024 $57.263M ▼ $144.223M ▲ $145.867M ▲ $22.737M ▲
Q3-2024 $58.853M $127.085M $139.823M $21.158M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.827M ▲ $-6.11M ▲ $2.87M ▼ $15.072M ▲ $11.832M ▲ $-6.11M ▲
Q2-2025 $-11.654M ▲ $-27.56M ▼ $6.086M ▲ $4.521M ▼ $-16.953M ▼ $-27.56M ▼
Q1-2025 $-24.691M ▲ $-19.563M ▼ $1.165M ▲ $52.142M ▲ $33.744M ▲ $-19.563M ▼
Q4-2024 $-26.315M ▲ $-12.907M ▲ $-15M ▼ $25.806M ▲ $-2.101M ▲ $-12.907M ▲
Q3-2024 $-26.694M $-20.059M $0 $2.711M $-17.348M $-20.059M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Accutane
Accutane
 $10.00M ▲$0 ▼$10.00M ▲$0 ▼
Amzeeq
Amzeeq
 $0 ▲$0 ▲$0 ▲$0 ▲
Qbrexza
Qbrexza
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Zilxi
Zilxi
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Fortress Biotech is still very much a development-stage company financially. Revenue is small and has grown only modestly over the past few years. The core picture is one of ongoing operating losses: research, development, and overhead clearly outweigh the income the business generates. Gross profit is positive but small, and operating and EBITDA losses are sizable compared with the revenue base. Net losses have been persistent, although they do not appear to be sharply worsening recently. The very large reported loss per share partly reflects the reverse stock split, which magnifies per‑share figures without changing the underlying economics. Overall, the income statement shows a company investing heavily in its pipeline, with profitability still a distant goal and highly dependent on future product success or milestone payments.

Balance Sheet

Balance Sheet The balance sheet shows a lean company with a relatively small asset base and a shrinking cash cushion over time. Cash once represented a large share of total assets, but both cash and overall assets have trended downward, which is typical for a biotech funding ongoing development without large, steady revenues. Debt is present and meaningful in relation to the company’s size, and shareholder equity is quite thin, indicating a limited buffer to absorb future losses. This structure suggests reliance on continued external funding—through debt, equity raises, or asset monetizations—to support operations and the pipeline.

Cash Flow

Cash Flow Cash flow is consistently negative, driven mainly by operating activities such as research and development, clinical work, and overhead. Free cash flow is also negative year after year, with capital spending relatively modest but still adding to cash outflows. The pattern is what you would expect from an early- to mid-stage biotech: the business consumes cash rather than generates it. This means the company must periodically tap funding sources such as partnerships, licensing deals, subsidiary transactions, or capital markets to replenish cash. The sustainability of the model depends on continued access to such financing and on turning pipeline assets into cash-generating products or milestone streams.

Competitive Edge

Competitive Edge Fortress Biotech’s competitive strength rests more on its structure and deal-making than on a single flagship product. Its hub‑and‑spoke model—owning and nurturing a network of subsidiaries and programs—spreads scientific and commercial risk across multiple assets and therapeutic areas. This diversified approach, focus on rare and underserved diseases, and ability to bring in de‑risked clinical assets give it a different profile than many single‑asset small biotechs. At the same time, it operates in intensely competitive fields, often going up against much larger drug companies with deeper pockets, stronger brands, and broader commercial capabilities. Fortress’s dependence on partners and acquirers for key programs (such as those now within big pharma or spun‑out entities) is both a strength and a vulnerability: it can monetize assets without shouldering all costs, but it also has less direct control over timing and ultimate market position.

Innovation and R&D

Innovation and R&D Innovation is the core of Fortress Biotech’s story. The company’s pipeline touches advanced areas such as monoclonal antibodies, gene therapy, vaccines, and treatments for rare genetic and immune disorders. Programs like CAEL‑101 for amyloidosis, Triplex for CMV, MB‑107 for severe immune deficiency, and Dotinurad for gout illustrate a strategy centered on meaningful unmet needs rather than crowded, me‑too markets. Fortress often brings in assets that already have human proof‑of‑concept, aiming to reduce early scientific risk. It also looks to create value through regulatory designations, potential priority review vouchers, and partnership structures that can generate milestones and royalties. The flip side is high execution risk: clinical, regulatory, and manufacturing setbacks—such as the Menkes disease program’s manufacturing issues—can delay or reduce expected value, and the company needs multiple successes to justify its ongoing R&D spend.

Summary

Taken together, Fortress Biotech is a highly innovative but financially stretched platform company. The financial statements show a classic development‑stage biotech profile: modest and uneven revenue, consistent operating losses, a slim equity base, and regular cash burn that requires outside funding. Strategically, its diversified hub‑and‑spoke model, focus on rare diseases, and proven ability to structure partnerships and spin‑outs distinguish it from many peers and create multiple potential value drivers, from product launches to milestone and royalty streams. However, the company’s small scale, dependence on partners, thin balance sheet, and concentrated exposure to clinical and regulatory outcomes make it a high‑uncertainty situation. Future performance will largely hinge on the success and timing of key late‑stage programs and monetization events, as well as continued access to capital to bridge the gap until any sustainable cash generation is achieved.

NEWS

November 14, 2025 · 8:30 AM UTC

Fortress Biotech Reports Third Quarter 2025 Financial Results and Recent Corporate Highlights

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November 12, 2025 · 4:01 PM UTC

Journey Medical Corporation Reports Third Quarter 2025 Financial Results and Recent Corporate Highlights

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November 6, 2025 · 7:00 AM UTC

Avenue Therapeutics Announces Acquisition of Subsidiary Baergic Bio by Axsome Therapeutics

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November 5, 2025 · 8:30 AM UTC

Journey Medical Corporation to Announce Third Quarter 2025 Financial Results on November 12, 2025

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October 28, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Fortress Biotech Inc. - FBIO

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