Fortress Biotech posts $7.85M Q3 common-stockholder loss
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Fortress Biotech, Inc. reported third-quarter 2026 net revenue of $19.159 million, up approximately 9% from $17.631 million a year earlier. Net loss attributable to common stockholders was $7.853 million, versus net income of $3.675 million in the third quarter of 2025. For the nine months ended September 30, 2026, net income attributable to common stockholders was $98.036 million; that period included a $158.873 million gain on sale of a priority review voucher, net of expenses. Cash and cash equivalents were $152.186 million as of September 30, 2026, compared with $79.381 million as of December 31, 2025.
Fortress repaid its credit facility with Oaktree in full in September 2026. A subsidiary entered into a license agreement for FB-607, which is in a Phase 2 study for irritable bowel syndrome with diarrhea; top-line data are expected in the second half of 2027. Anselamimab (formerly CAEL-101) was approved in Japan in September for systemic kappa light chain amyloidosis. Emrosi had approximately 40,000 total prescriptions in the quarter, while Crystalys Therapeutics closed a $130 million Series B financing; royalties were generated from ZYCUBO and UNLOXCYT.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net revenue increased approximately 9% year over year.
Negative
- Moderate pointCommon-stockholder results shifted from income to a $7.853 million loss.
Filing Explained
The balance sheet reports common shares outstanding increased from 31,364,094 at
8-K Event Classification
Key Figures
Key Terms
priority review voucher regulatory
Phase 2 study medical
irritable bowel syndrome with diarrhea medical
systemic kappa light chain amyloidosis medical
non-controlling interests financial
cumulative redeemable perpetual preferred stock financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were FBIO's third-quarter 2026 revenue and common-stockholder results?
When does FBIO expect top-line data for FB-607?
What was approved in Japan for systemic kappa light chain amyloidosis?
How many Emrosi prescriptions did FBIO report for the third quarter?
Did FBIO repay its credit facility with Oaktree?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
| |
| |
|
(Address of Principal Executive Offices)
(
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 13, 2026, Fortress Biotech, Inc. issued a press release to provide a corporate update and to announce its financial results for the quarter ended September 30, 2026. A copy of such press release is being furnished as Exhibit 99.1 to this report.
The information, including Exhibit 99.1, in this Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Form 8-K shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall otherwise be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is furnished herewith:
Exhibit | | Description |
99.1 |
| Press Release, dated November 13, 2026 |
104 |
| Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Fortress Biotech, Inc. | ||
(Registrant) | ||
Date: November 13, 2026 | ||
| By: | /s/ David Jin |
|
| David Jin |
|
| Chief Financial Officer |
Exhibit 99.1
Fortress Biotech Reports Third Quarter 2026 Financial Results and Recent Corporate Highlights
Total net revenue increased approximately 9% to $19.2 million for the third quarter of 2026 compared to the third quarter of 2025
Fortress repaid its credit facility in full in September 2026
A subsidiary of Fortress entered into a license agreement for FB-607, which is currently being evaluated in a randomized, double-blind, placebo-controlled Phase 2 study to assess the safety and efficacy in patients with irritable bowel syndrome with diarrhea
Partnered programs continue to advance, with Crystalys Therapeutics closing a $130 million Series B financing, and royalties generated from ZYCUBO® and UNLOXCYT™
Miami, FL – November 13, 2026 – Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”), an innovative biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty income, today announced financial results and recent corporate highlights for the third quarter ended September 30, 2026.
Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer, said, “The third quarter of 2026 reflected continued execution across our diversified portfolio. In September, we repaid in full our credit facility with Oaktree and we also recently announced the in-licensing of FB-607, a novel combination therapy to treat the symptoms of irritable bowel syndrome with diarrhea (“IBS-D”). FB-607 is currently being studied in a randomized, placebo-controlled, Phase 2 trial for IBS-D and we expect to release top-line data in the second half of 2027. Journey Medical continues to build momentum with Emrosi®, with approximately 40,000 in total prescriptions for the third quarter of 2026, supported by continued improvement in the mix of prescriptions reimbursed by health plans. Additionally, in September, anselamimab (formerly CAEL-101) was approved in Japan for the treatment of systemic kappa light chain amyloidosis. With our growing royalty income from ZYCUBO® and UNLOXCYT™, and multiple potential catalysts across our partnered programs, we believe Fortress is well positioned to continue driving long-term value for our shareholders.”
Recent Corporate Highlights1:
Corporate Updates
| ● | Fortress Repays Oaktree Credit Facility in Full. In September 2026, Fortress repaid in full the remaining $15.0 million in outstanding principal under its senior secured credit agreement with Oaktree Fund Administration, LLC (the “Oaktree Agreement”). Upon repayment, all indebtedness under the Oaktree Agreement was satisfied and |
1 This press release references products being developed or commercialized by Fortress, by Fortress’ private or public subsidiaries (referred to herein as “subsidiaries” or “partner companies”) and by entities with whom one of the foregoing parties has a significant business relationship, such as an exclusive license or an ongoing product-related payment obligation (such entities referred to herein as “partners”). The words “we”, “us” and “our” may refer to Fortress individually, to one or more of our subsidiaries and/or partner companies, or to all such entities as a group, as dictated by context.
| paid in full, all liens and other security interests in Fortress’ property securing the facility were released and terminated, and the Oaktree Agreement terminated in accordance with its terms. Fortress originally entered into the $50.0 million credit facility in July 2024. Following the repayment, Fortress has no outstanding debt at the parent level. |
| ● | Fortress Subsidiary Licenses FB-607 for IBS-D. In the third quarter of 2026, a majority-owned and controlled private subsidiary of Fortress entered into an exclusive licensing agreement with Cedars-Sinai to develop FB-607, a novel drug with the potential to improve care for patients with IBS-D. FB-607 is currently being evaluated in a multi-center, randomized, double-blind, placebo-controlled Phase 2 study to assess the safety and efficacy in patients with IBS-D. |
Commercial Portfolio Updates
| ● | Journey Medical Continues to Grow Emrosi®. At the end of March 2025, our partner company Journey Medical Corporation (“Journey Medical”) commercially launched Emrosi® (40mg Minocycline Hydrochloride Modified-Release Capsules, consisting of 10mg immediate release and 30mg extended release pellets), also known as DFD-29, for inflammatory lesions of rosacea. Emrosi® was approved by the FDA in November 2024 and is available by prescription at specialty pharmacy chains. Journey Medical reported that Emrosi® had generated approximately 40,000 prescriptions in the third quarter of 2026. Journey Medical reported net product revenues of $18.9 million for the third quarter of 2026, compared to net product revenues of $17.0 million for the third quarter ended September 30, 2025. |
| ● | Royalties. In the third quarter of 2026, Cyprium Therapeutics, Inc. (“Cyprium”) recognized $0.2 million in royalty revenue on net sales of ZYCUBO®, and Fortress recognized $0.1 million in royalty income (contingent consideration) on net sales of UNLOXCYT™. |
Clinical Updates
| ● | Crystalys Raises $130M Series B. In July 2026, Crystalys Therapeutics (“Crystalys”) announced a $130 million Series B financing to support the late-stage global clinical development and commercialization preparation for dotinurad. Patients continue to be enrolled in Crystalys’ two randomized, double-blind, multicenter global Phase 3 trials, RUBY and TOPAZ, evaluating dotinurad, a next-generation, once daily oral URAT1 inhibitor with potential for best-in-class safety and efficacy for the treatment of gout, as well as its Phase 2 AMETHYST study in difficult-to-treat gout. Our controlled subsidiary Urica is an equity holder of Crystalys and eligible to receive a 3% royalty on future net sales of dotinurad. |
| ● | Anselamimab Receives Approval in Japan. In September 2026, anselamimab (formerly known as CAEL-101) was approved in Japan for the treatment of systemic kappa light chain amyloidosis. Through the sale of Caelum Biosciences, Fortress is eligible to receive commercial milestone payments based on sales and a regulatory milestone payment upon approval by the FDA. |
| ● | Other Portfolio Programs Continue to Advance with Potential Upcoming Data and Trial Initiations. Triplex is currently in multiple ongoing clinical trials for cytomegalovirus (CMV) treatment and prevention in solid organ and stem cell transplants, combination trials with CAR T cell therapies for hematologic malignancies. We are exploring the possibility of initiating a clinical trial evaluating MB-109, a combination CAR T cell therapy and oncolytic virus, in the first quarter of 2027 for patients with IL13Rα2-positive recurrent glioblastoma and high-grade astrocytoma. |
Financial Results:
| ● | As of September 30, 2026, Fortress’ consolidated cash and cash equivalents totaled $152.2 million, compared to $79.4 million as of December 31, 2025, an increase of $72.8 million year-to-date. |
| ● | Fortress’ consolidated cash and cash equivalents totaling $152.2 million as of September 30, 2026 includes $114.1 million attributable to Fortress and the private subsidiaries, $1.5 million attributable to Avenue Therapeutics, $14.3 million attributable to Mustang Bio and $22.3 million attributable to Journey Medical. |
| o | Fortress’ consolidated cash and cash equivalents totaled $79.4 million as of December 31, 2025, and includes $35.2 million attributable to Fortress and private subsidiaries, $2.9 million attributable to Avenue Therapeutics, $17.3 million attributable to Mustang Bio and $24.1 million attributable to Journey Medical. |
| ● | Fortress’ consolidated net revenue totaled $19.2 million for the third quarter ended September 30, 2026, $18.9 million of which was generated from our marketed dermatology products. This compares to consolidated net |
| revenue totaling $17.6 million for the third quarter of 2025, $17.0 million of which was generated from our marketed dermatology products. |
| ● | Consolidated research and development expenses totaled $1.7 million for the third quarter ended September 30, 2026, compared to $0.2 million for the third quarter ended September 30, 2025. |
| ● | Consolidated selling, general and administrative costs were $17.8 million for the third quarter ended September 30, 2026, compared to $17.4 million for the third quarter ended September 30, 2025. |
| ● | Consolidated net loss attributable to common stockholders was $(7.9) million, or $(0.23) per share basic and diluted, for the third quarter ended September 30, 2026, compared to net income attributable to common stockholders of $3.7 million, or $0.13 per share basic, and $0.11 per share diluted, for the third quarter ended September 30, 2025. |
About Fortress Biotech
Fortress Biotech, Inc. (“Fortress”) is an innovative biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty income. The company has a portfolio of multiple marketed prescription pharmaceutical products and programs in development at Fortress, at its majority-owned and majority-controlled partners and subsidiaries and at partners and subsidiaries it founded and in which it holds significant minority ownership positions. Fortress’ portfolio is being commercialized and developed for various therapeutic areas including oncology, dermatology, and rare diseases. Fortress’ model is focused on leveraging its significant biopharmaceutical industry expertise and network to further expand and advance the company’s portfolio of product opportunities. Fortress has established partnerships with some of the world’s leading academic research institutions and biopharmaceutical companies to maximize each opportunity to its full potential, including AstraZeneca, City of Hope, Nationwide Children’s Hospital, Columbia University, Dana-Farber Cancer Institute and Sentynl Therapeutics. For more information, visit www.fortressbiotech.com.
Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include risks relating to: our growth strategy, financing and strategic agreements and relationships; our need for substantial additional funds and uncertainties relating to financings; uncertainty related to the timing and amounts expected to be realized from future milestone, contingent value right, royalty or similar future revenue streams, if at all; our ability to identify, acquire, close and integrate product candidates successfully and on a timely basis; our ability to attract, integrate and retain key personnel; the early stage of product candidates under development; the results of research and development activities; uncertainties relating to preclinical and clinical testing; our ability to obtain regulatory approval for products under development; our ability to successfully commercialize products for which we receive regulatory approval or receive royalties or other distributions from third parties; our ability to secure and maintain third-party manufacturing, marketing and distribution of our and our partner companies’ products and product candidates; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.
Company Contact:
Jaclyn Jaffe
Fortress Biotech, Inc.
(781) 652-4500
ir@fortressbiotech.com
Media Relations Contact:
Tony Plohoros
6 Degrees
(908) 591-2839
tplohoros@6degreespr.com
FORTRESS BIOTECH, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
($ in thousands except for share and per share amounts)
| | September 30, | | December 31, | ||
| | 2026 | | 2025 | ||
ASSETS |
| | |
| | |
Current assets |
| | |
| | |
Cash and cash equivalents | | $ | 152,186 | | $ | 79,381 |
Accounts receivable, net | |
| 47,387 | |
| 29,783 |
Inventory | |
| 7,772 | |
| 9,624 |
Other receivables - related party | |
| 54 | |
| 158 |
Prepaid expenses and other current assets | |
| 2,964 | |
| 4,895 |
Total current assets | |
| 210,363 | |
| 123,841 |
| | | | | | |
Property and equipment, net | |
| 2,320 | |
| 2,519 |
Operating lease right-of-use asset, net | |
| 11,028 | |
| 12,302 |
Restricted cash | |
| 1,220 | |
| 1,220 |
Equity investments, at fair value | |
| 29,452 | |
| 17,660 |
Intangible assets, net | |
| 24,541 | |
| 27,605 |
Other assets | |
| 1,291 | |
| 401 |
Total assets | | $ | 280,215 | | $ | 185,548 |
| | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | |
| |
Current liabilities | |
| | |
| |
Accounts payable and accrued expenses | | $ | 56,628 | | $ | 47,125 |
Income taxes payable | | | 5,119 | | | 356 |
Common stock warrant liabilities | | | — | | | 1 |
Operating lease liabilities, short-term | |
| 2,513 | |
| 2,127 |
Partner company notes payable, short-term | | | 7,500 | | | — |
Other current liabilities | | | — | | | 135 |
Total current liabilities | |
| 71,760 | |
| 49,744 |
| | | | | | |
Notes payable, long-term, net | |
| 18,077 | |
| 52,417 |
Operating lease liabilities, long-term | |
| 10,861 | |
| 12,672 |
Partner company redeemable perpetual preferred liability | | | — | | | 7,085 |
Other long-term liabilities | |
| 2,496 | |
| 1,447 |
Total liabilities | | | 103,194 | | | 123,365 |
| |
| | |
| |
Commitments and contingencies |
| | |
| | |
| | | | | | |
Stockholders’ equity |
| | |
| | |
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 September 30, 2026 and December 31, 2025, respectively, liquidation value of $25.00 per share |
| | 3 |
| | 3 |
Common stock, $0.001 par value, 200,000,000 shares authorized, 33,490,362 and 31,364,094 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively |
| | 33 |
| | 31 |
Additional paid-in-capital |
| | 789,953 |
| | 783,891 |
Accumulated deficit |
| | (629,992) |
| | (734,052) |
Total stockholders' equity attributed to the Company |
| | 159,997 |
| | 49,873 |
| | | | | | |
Non-controlling interests |
| | 17,024 |
| | 12,310 |
Total stockholders' equity |
| | 177,021 |
| | 62,183 |
Total liabilities and stockholders' equity | | $ | 280,215 | | $ | 185,548 |
FORTRESS BIOTECH, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
($ in thousands except for share and per share amounts)
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Revenue |
| | |
| | |
| | |
| | |
Product revenue, net | | $ | 18,925 | | $ | 17,025 | | $ | 52,685 | | $ | 45,173 |
Other revenue | | | 234 | | | 606 | | | 1,229 | | | 2,010 |
Net revenue | |
| 19,159 | |
| 17,631 | |
| 53,914 | |
| 47,183 |
| | | | | | | | | | | | |
Operating expenses | |
| | |
| | |
| | |
| |
Cost of goods - (excluding amortization of acquired intangible assets) | |
| 5,884 | |
| 5,755 | |
| 18,245 | |
| 15,484 |
Amortization of acquired intangible assets | | | 969 | | | 1,064 | | | 3,064 | |
| 3,193 |
Research and development | |
| 1,678 | |
| 208 | |
| 3,023 | |
| 12,268 |
Selling, general and administrative | |
| 17,821 | |
| 17,415 | |
| 54,519 | |
| 81,670 |
Total operating expenses | |
| 26,352 | |
| 24,442 | |
| 78,851 | |
| 112,615 |
Loss from operations | |
| (7,193) | |
| (6,811) | |
| (24,937) | |
| (65,432) |
| | | | | | | | | | | | |
Other income (expense) | |
| | |
| | |
| | |
| |
Interest income | |
| 1,295 | |
| 736 | |
| 3,446 | |
| 1,848 |
Interest expense and financing fee | |
| (2,498) | |
| (2,742) | |
| (7,342) | |
| (8,065) |
Gain on sale of priority review voucher, net of expenses | | | — | | | — | | | 158,873 | | | — |
Change in fair value of partner company derivative liability | | | — | | | — | | | (7,085) | | | — |
Loss on common stock warrant liabilities | |
| — | |
| (2) | |
| 1 | |
| (399) |
Gain from deconsolidation of subsidiary | | | 104 | | | — | | | 186 | | | 27,127 |
Other income (expense) | | | (18) | | | 17,672 | | | 11,764 | | | 17,599 |
Total other income (expense) | |
| (1,117) | |
| 15,664 | |
| 159,843 | |
| 38,110 |
Income (loss) before income tax expense | | | (8,310) | | | 8,853 | | | 134,906 | | | (27,322) |
| | | | | | | | | | | | |
Income tax (benefit) expense | | | (56) | |
| 26 | |
| 5,395 | |
| 196 |
Net income (loss) | |
| (8,254) | |
| 8,827 | |
| 129,511 | |
| (27,518) |
| | | | | | | | | | | | |
Attributable to non-controlling interests | |
| 2,409 | |
| (2,977) | |
| (25,451) | |
| 38,270 |
Net income (loss) attributable to Fortress | | $ | (5,845) | | $ | 5,850 | | $ | 104,060 | | $ | 10,752 |
| | | | | | | | | | | | |
Preferred A dividends cumulated, and Fortress' share of subsidiary deemed dividends | | | (2,008) | | | (2,174) | | | (6,024) | | | (6,436) |
Net income (loss) attributable to common stockholders | | $ | (7,853) | | $ | 3,675 | | $ | 98,036 | | $ | 4,316 |
| | | | | | | | | | | | |
Net income (loss) per common share attributable to common stockholders - basic | | $ | (0.23) | | $ | 0.13 | | $ | 2.94 | | $ | 0.16 |
Net income (loss) per common share attributable to common stockholders - diluted | | $ | (0.23) | | $ | 0.11 | | $ | 2.51 | | $ | 0.14 |
| | | | | | | | | | | | |
Weighted average common shares outstanding - basic | |
| 33,746,832 | |
| 27,244,474 | |
| 33,394,537 | |
| 27,075,216 |
Weighted average common shares outstanding - diluted | | | 33,746,832 | | | 33,100,961 | | | 38,997,513 | | | 30,695,996 |