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Fortress Biotech (FBIO)

Market Price (12/23/2025): $3.62 | Market Cap: $98.6 Mil
Sector: Health Care | Industry: Biotechnology

Fortress Biotech (FBIO)

Market Price (12/23/2025): $3.62
Market Cap: $98.6 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18%	Weak multi-year price returns 2Y Excs Rtn is -0.3%, 3Y Excs Rtn is -136%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -93 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -149%
1	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.26, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%	Stock price has recently run up significantly 6M Rtn6 month market price return is 112%, 12M Rtn12 month market price return is 110%
2			Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.3%
3			Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 68%
4			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -106%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -106%
5			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 88%
6			Key risks FBIO key risks include [1] a substantial going concern risk due to insufficient cash to fund near-term operations, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18%
1	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -0.3%, 3Y Excs Rtn is -136%
3	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.26, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -93 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -149%
5	Stock price has recently run up significantly 6M Rtn6 month market price return is 112%, 12M Rtn12 month market price return is 110%
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.3%
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 68%
8	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -106%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -106%
9	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 88%
10	Key risks FBIO key risks include [1] a substantial going concern risk due to insufficient cash to fund near-term operations, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$3.62	$2.02	$3.01	$9.82	$375.00
Market Cap CYE ($ Mil)	98.6	52.7	32.4	72.4	2,090.8
Total Debt ($ Mil)	68.3	76.0	84.7	127.3	75.0
Total Cash ($ Mil)	86.2	57.3	80.9	178.3	305.7
Enterprise Value ($ Mil)	80.7	128.7	117.1	199.7	2,165.8
Valuation Ratios
P/S TTM	1.6	0.7	0.3	0.8	29.7
P/EBIT TTM	-2.4	-0.4	-0.2	-0.3	-13.4
P/E TTM	24.7	-0.9	-0.4	-0.7	-31.6
P/FCF TTM	-1.5	-0.4	-0.2	-0.3	-15.4
Sector Ratios
P/S TTM (Sector)	4.2	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/23/25	2024	2023
Share Price CYE	$3.62	$2.02	$3.01
Market Cap CYE ($ Mil)	98.6	52.7	32.4
Total Debt ($ Mil)	68.3	76.0	84.7
Total Cash ($ Mil)	86.2	57.3	80.9
Enterprise Value ($ Mil)	80.7	128.7	117.1
Valuation Ratios
P/S TTM	1.6	0.7	0.3
P/EBIT TTM	-2.4	-0.4	-0.2
P/E TTM	24.7	-0.9	-0.4
P/FCF TTM	-1.5	-0.4	-0.2
Sector Ratios
P/S TTM (Sector)	4.2	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	FBIO	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.1
Rev Chg Q	20.5%	7.3%
Rev Chg LTM	-0.3%	6.0%
Rev Chg 3Y Avg	-6.3%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	-149.2%	18.8%
CFO/Rev LTM	-106.2%	20.4%
Net Inc Mgn	6.4%	13.1%
VALUATION	MODERATE
P/S	1.6	3.2
P/CFO	-1.5	15.5
P/FCF	-1.5	20.7
P/E	24.7	23.5
STABILITY	GOOD
Debt/Equity	0.69	0.21
Cash/Assets	0.48	0.07

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Metric	Value	Date	Source
Number of Pipeline Programs	over 25	3192024	Link
Number of Marketed Products	7	3192024	Link
Total Patents Globally	130	12312023	Link
Number of Employees	101	12302024	Link
U.S. Payer Coverage for Emrosi™	65%	6302025	Link

Upcoming
3/30/2026	Earnings Release	Rev: - EPS: -

FBIO Stock

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining Fortress Biotech's (FBIO) stock movement from approximately August 31, 2025, to December 23, 2025:

1. Acquisition of Checkpoint Therapeutics by Sun Pharma. Fortress Biotech's subsidiary Checkpoint Therapeutics was acquired by Sun Pharma, providing approximately $28 million upfront at closing. This deal also included potential future contingent value right (CVR) payments of up to an additional $4.8 million and a 2.5% royalty on future net sales of UNLOXCYT™ (cosibelimab-ipdl).

2. Anticipation and Subsequent Resubmission of CUTX-101 NDA. Initial investor optimism surrounding the FDA's priority review of CUTX-101 for Menkes disease, with a PDUFA goal date of September 30, 2025, led to a pre-market stock surge of over 13% on September 5, 2025. However, the FDA later accepted a resubmission of the New Drug Application (NDA) for CUTX-101 on December 15, 2025, pushing the new PDUFA target action date to January 14, 2026, which may have impacted the stock.

Show more Here are five key points explaining Fortress Biotech's (FBIO) stock movement from approximately August 31, 2025, to December 23, 2025:

1. Acquisition of Checkpoint Therapeutics by Sun Pharma. Fortress Biotech's subsidiary Checkpoint Therapeutics was acquired by Sun Pharma, providing approximately $28 million upfront at closing. This deal also included potential future contingent value right (CVR) payments of up to an additional $4.8 million and a 2.5% royalty on future net sales of UNLOXCYT™ (cosibelimab-ipdl).

2. Anticipation and Subsequent Resubmission of CUTX-101 NDA. Initial investor optimism surrounding the FDA's priority review of CUTX-101 for Menkes disease, with a PDUFA goal date of September 30, 2025, led to a pre-market stock surge of over 13% on September 5, 2025. However, the FDA later accepted a resubmission of the New Drug Application (NDA) for CUTX-101 on December 15, 2025, pushing the new PDUFA target action date to January 14, 2026, which may have impacted the stock.

3. Commercial Launch and Expanded Payer Access for Emrosi™. The commercial launch of Emrosi™ for the treatment of inflammatory lesions of rosacea in adults gained traction, with expanded payer coverage reaching 65% of U.S. commercial lives by July 2025. Emrosi™ contributed $4.9 million to net revenue in the third quarter of 2025, marking a 75% increase compared to the second quarter.

4. Positive Financial Results in Q2 and Q3 2025. Fortress Biotech reported a strong cash position, with consolidated cash and cash equivalents totaling $74.4 million as of June 30, 2025, and further increasing to $86.2 million by September 30, 2025. The company also reported a 20.5% increase in total net revenue for the third quarter of 2025 compared to the same period in 2024.

5. FDA Letter Regarding Manufacturing Deficiencies. On October 1, 2025, Fortress Biotech's stock experienced a significant decline, falling by over 30% pre-market, following an FDA letter citing deficiencies at a manufacturing site. This negative news contributed to a substantial 26% softening of the share price over the 30 days leading up to October 5, 2025. Show less

Stock Movement Drivers

Fundamental Drivers

The -9.5% change in FBIO stock from 9/22/2025 to 12/22/2025 was primarily driven by a -12.7% change in the company's P/S Multiple.

	9222025	12222025	Change
Stock Price ($)	4.00	3.62	-9.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	59.30	62.30	5.06%
P/S Multiple	1.81	1.58	-12.69%
Shares Outstanding (Mil)	26.88	27.24	-1.36%
Cumulative Contribution			-9.52%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
FBIO	-9.5%
Market (SPY)	2.7%	14.8%
Sector (XLV)	13.7%	-19.6%

Fundamental Drivers

The 111.7% change in FBIO stock from 6/23/2025 to 12/22/2025 was primarily driven by a 102.2% change in the company's P/S Multiple.

	6232025	12222025	Change
Stock Price ($)	1.71	3.62	111.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	57.78	62.30	7.82%
P/S Multiple	0.78	1.58	102.24%
Shares Outstanding (Mil)	26.45	27.24	-3.00%
Cumulative Contribution			111.51%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
FBIO	111.7%
Market (SPY)	14.4%	5.6%
Sector (XLV)	18.0%	-5.7%

Fundamental Drivers

The 110.5% change in FBIO stock from 12/22/2024 to 12/22/2025 was primarily driven by a 192.0% change in the company's P/S Multiple.

	12222024	12222025	Change
Stock Price ($)	1.72	3.62	110.47%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	62.50	62.30	-0.32%
P/S Multiple	0.54	1.58	192.03%
Shares Outstanding (Mil)	19.70	27.24	-38.32%
Cumulative Contribution			79.57%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
FBIO	110.5%
Market (SPY)	16.9%	12.7%
Sector (XLV)	14.5%	5.6%

Fundamental Drivers

The -56.0% change in FBIO stock from 12/23/2022 to 12/22/2025 was primarily driven by a -102724.9% change in the company's Shares Outstanding (Mil).

	12232022	12222025	Change
Stock Price ($)	8.23	3.62	-56.01%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	77.61	62.30	-19.73%
P/S Multiple	0.00	1.58	56250.31%
Shares Outstanding (Mil)	0.03	27.24	-102724.86%
Cumulative Contribution			-46420853.31%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
FBIO	31.6%
Market (SPY)	47.7%	14.9%
Sector (XLV)	18.4%	10.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FBIO Return	23%	-21%	-97%	-69%	-33%	75%	-99%
Peers Return	7%	8%	19%	6%	-5%	20%	67%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
FBIO Win Rate	58%	42%	17%	50%	42%	50%
Peers Win Rate	48%	53%	57%	52%	53%	63%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
FBIO Max Drawdown	-56%	-24%	-98%	-87%	-54%	-30%
Peers Max Drawdown	-14%	-16%	-13%	-16%	-20%	-17%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: REGN, GILD, VRTX, BMRN, INCY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	FBIO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-99.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	62648.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-61.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	159.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	71 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-89.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	846.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	840 days	120 days

Compare to VRTX, AIXC, ALPS, BBOT, EVMN

In The Past

Fortress Biotech's stock fell -99.8% during the 2022 Inflation Shock from a high on 4/12/2021. A -99.8% loss requires a 62648.1% gain to breakeven.

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About Fortress Biotech (FBIO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Fortress Biotech, Inc., a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino capsules to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris; Targadox for severe acne; Exelderm cream for ringworm and jock itch symptoms; Ceracade for dry skin conditions; Luxamend for dressing and managing wounds; and Accutane capsules for severe recalcitrant nodular acne. It also develops late stage product candidates, such as intravenous Tramadol for the treatment of post-operative acute pain; CUTX-101, an injection for the treatment of Menkes disease; MB-107 and MB-207 for the treatment of X-linked severe combined immunodeficiency; Cosibelimab for metastatic cancers; CK-101 for the treatment of patients with EGFR mutation-positive NSCLC; CAEL-101 for the treatment of amyloid light chain amyloidosis; Triplex vaccine for cytomegalovirus; and CEVA101 for the treatment of severe traumatic brain injury in adults and children. The company's early stage product candidates include MB-102 for blastic plasmacytoid dendritic cell neoplasm; MB-101 for glioblastoma; MB-104 for multiple myeloma and light chain amyloidosis; MB-106 for B-cell non-hodgkin lymphoma; MB-103 for GBM & metastatic breast cancer to brain; MB-108; MB-105 for prostate and pancreatic cancers; and BAER-101. Its preclinical product candidates comprise AAV-ATP7A gene therapy; AVTS-001 gene therapy; CK-103 BET inhibitor; CEVA-D and CEVA-102; CK-302, an anti-GITR; CK-303, an anti-CAIX; ConVax; and ONCOlogues, and oligonucleotide platform. It has collaboration arrangements with universities, research institutes, and pharmaceutical companies. The company was formerly known as Coronado Biosciences, Inc. and changed its name to Fortress Biotech, Inc. in April 2015. Fortress Biotech, Inc. was incorporated in 2006 and is based in Bay Harbor Island, New York.

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Here are 1-2 brief analogies to describe Fortress Biotech (FBIO):

An "IAC (InterActiveCorp) for biotech ventures," managing a portfolio of diverse drug development programs.
A "Y Combinator for drug candidates," focused on incubating and actively developing multiple new treatments simultaneously.

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Cosibelimab: A PD-L1 antibody in development for the treatment of metastatic cutaneous squamous cell carcinoma.
Zilxi (Minocycline Topical Foam): A topical foam approved for the treatment of rosacea.
DFD-29 (Minocycline Modified Release Capsules): An oral medication approved for the treatment of rosacea.
MB-107: A lentiviral gene therapy in clinical development for X-linked severe combined immunodeficiency.

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Fortress Biotech (symbol: FBIO) primarily sells its pharmaceutical products to other companies, specifically major pharmaceutical wholesalers and distributors. These wholesalers then distribute the products to pharmacies, hospitals, and other healthcare providers.

The major customer companies for Fortress Biotech, through its subsidiary Journey Medical Corporation, are:

McKesson Corporation (Symbol: MCK)
AmerisourceBergen Corporation (Symbol: ABC)
Cardinal Health, Inc. (Symbol: CAH)

These three wholesalers collectively accounted for substantially all of Fortress Biotech's product revenues in recent fiscal years, as reported in their SEC filings.

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Lindsay A. Rosenwald, M.D., Chairman, President and Chief Executive Officer

Dr. Rosenwald has served as Chairman, President, and Chief Executive Officer of Fortress Biotech since December 2013, and as a member of its Board of Directors since October 2009. He is a biotechnology entrepreneur with over 25 years of experience, involved in the founding and recapitalization of numerous public and private biotechnology and life sciences companies. From 1991 to 2008, he served as Chairman of Paramount BioCapital, Inc. Dr. Rosenwald is also a co-founder of the healthcare private equity firm, Opus Point Partners. He has created and sold several biotechnology companies, and in 2013, he established Fortress Biotech. Notably, he once acquired a distressed biotech company during a bear market and subsequently sold it for a 500% profit within months.

David Jin, Chief Financial Officer and Head of Corporate Development

Mr. Jin has served as Chief Financial Officer of Fortress Biotech since August 2022 and as Head of Corporate Development since May 2020. He also holds the positions of Interim Chief Financial Officer and Chief Operating Officer of Avenue Therapeutics, which is a Fortress partner company. Prior to joining Fortress, Mr. Jin was part of the investment team in the Private Equity & Real Assets group at Barings, where he focused on control equity and royalty/debt investments in the pharma and biotech sectors, demonstrating experience with private equity-backed companies. He previously served as Director of Corporate Development at Sorrento Therapeutics, where he was involved in various asset/company acquisitions and partnership transactions, and as Vice President of Healthcare Investment Banking at FBR & Co., contributing to over $3.5 billion in biotech financings and transactions. Mr. Jin joined Fortress in 2020 and played a role in the exit of Caelum Biosciences to AstraZeneca.

Michael S. Weiss, Executive Vice Chairman, Strategic Development

Mr. Weiss has served as Executive Vice Chairman, Strategic Development of Fortress Biotech since February 2014. He is also the Executive Chairman of the Board of Directors of Mustang Bio, Inc. and Chairman of the Board of Directors of Checkpoint Therapeutics, Inc. Since December 2011, Mr. Weiss has been Executive Chairman, Chief Executive Officer, and President of TG Therapeutics, Inc. In 1999, he founded Access Oncology, which was acquired by Keryx Biopharmaceuticals in 2004, where he subsequently served as CEO until mid-2009.

George Avgerinos, Ph. D., Senior Vice President, Biologics Operations

Dr. Avgerinos has been Senior Vice President, Biologics Operations since June 2013. He previously worked at AbbVie, Inc., where he held the position of Vice President, HUMIRA® Manufacturing Sciences and External Partnerships. During his 22-year tenure at AbbVie, Inc. (and its predecessors, Abbott Laboratories and BASF Bioresearch Corporation), Dr. Avgerinos oversaw numerous aspects of biologics development and operations, including the HUMIRA® operations franchise, global biologics process and manufacturing sciences, biologics CMC, manufacturing operations, and third-party manufacturing.

Lucy Lu, M.D., Former Executive Vice President and Chief Financial Officer (Fortress Biotech), Former President and Chief Executive Officer (Avenue Therapeutics)

Dr. Lu served as Executive Vice President and Chief Financial Officer of Fortress Biotech from February 2012 to June 2017. Subsequently, she was President and Chief Executive Officer of Avenue Therapeutics, a Fortress subsidiary, from its inception until March 2022. At Avenue Therapeutics, she co-invented the foundational U.S. patents for intravenous tramadol, guided the company through its Nasdaq initial public offering, and directed the clinical development program, which included two successful Phase 3 studies. Before her roles in the biotech industry, Dr. Lu spent a decade in healthcare equity research and investment banking, including serving as a senior biotechnology equity analyst with Citigroup Investment Research from February 2007 through January 2012.

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Key Risks to Fortress Biotech (FBIO)

Fortress Biotech (FBIO) faces several significant risks that could impact its business operations and financial health. The most prominent challenges revolve around its financial stability, regulatory hurdles, and the inherent uncertainties of clinical development and commercialization in the biotechnology sector.

Financial Stability and Funding: Fortress Biotech has a history of operating losses and is projected to continue incurring losses. Critically, the company's current cash levels, combined with expected revenues, are not deemed sufficient to fund its operations for the next 12 months, leading to a "substantial going concern risk." This necessitates a reliance on additional external financing, which poses a significant risk of diluting existing shareholder equity. The company also carries significant debt, and has experienced declining revenue and squeezed profit margins in recent years.
Regulatory Approval and Manufacturing Compliance: A substantial risk for Fortress Biotech stems from its ability to successfully navigate the complex regulatory landscape, particularly with the U.S. Food and Drug Administration (FDA). The company recently received a Complete Response Letter (CRL) for CUTX-101, a treatment for Menkes disease, due to manufacturing facility deficiencies. This event, along with a previous CRL in 2020 for another product, highlights recurring issues with manufacturing compliance, especially in its outsourced models, which can cause significant delays, increase costs, and impede revenue generation.
Clinical Trial Success and Commercialization: As a biopharmaceutical company, Fortress Biotech's success is heavily dependent on the successful completion of clinical trials for its product candidates. These trials are expensive, time-consuming, and carry uncertain outcomes; negative results can severely harm the company's prospects. Furthermore, even if a product receives regulatory approval, there is no guarantee of commercial success, as market acceptance, competition, and overall market conditions can significantly impact sales and profitability. The biotechnology industry is intensely competitive, with larger, more established companies possessing greater resources, which could lead to competitors developing more effective or cheaper products.

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Fortress Biotech (FBIO) Addressable Market Sizes for Main Products

Fortress Biotech (FBIO) focuses on acquiring, developing, and commercializing pharmaceutical and biotechnology products across several therapeutic areas, including dermatology, oncology, and rare diseases. The addressable markets for their main products and services are outlined below: * Emrosi™ (Minocycline Hydrochloride Extended-Release Capsules) for Rosacea: The U.S. market for rosacea treatment was valued at approximately USD 580 million in 2024 and is projected to reach around USD 1.18 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 7.36% from 2025 to 2034. North America held the largest share of the rosacea treatment market in 2024. * UNLOXCYT™ (cosibelimab-ipdl) for Cutaneous Squamous Cell Carcinoma (cSCC): The global cutaneous squamous cell carcinoma treatment market is estimated at USD 13.69 billion in 2024, projected to grow to USD 14.68 billion in 2025, and is expected to reach approximately USD 27.54 billion by 2034, expanding at a CAGR of 7.24% between 2025 and 2034. In 2024, the market across the top 7 major markets (U.S., EU4, UK, and Japan) for cSCC treatment was valued at USD 8.0 billion, with expectations to reach USD 14.4 billion by 2035. The United States represents the largest market for cSCC treatment. * CUTX-101 (Copper Histidinate Injection) for Menkes Disease: null

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Fortress Biotech (FBIO) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

Commercialization and Market Adoption of Emrosi: The successful launch and growing market adoption of Emrosi, an oral treatment for rosacea, is a significant driver. Emrosi was launched in March 2025, contributing $2.8 million in Q2 2025 revenue, and has shown a strong initial prescription ramp and expanded payer coverage. Analysts project Emrosi could potentially double the company's dermatology segment revenue by 2025 and quadruple it by 2028. This product is expected to lead to significant revenue growth, improved operating leverage, and expanding net margins.
Advancement and Commercialization of Diversified Pipeline Products: Fortress Biotech maintains a diversified pipeline of over 20 product candidates across various development phases, focusing on large-market therapeutic areas such as oncology, rare diseases, and gene therapy. Beyond Emrosi, the company expects continued revenue growth from its significant pipeline of late clinical-stage candidates and recently approved products, offering future monetization opportunities. The strategic acquisition of Checkpoint Therapeutics, for instance, is expected to generate positive cash flow as regulatory approval milestones for cosibelimab are met.
Strategic Monetization of Subsidiaries and Regulatory Milestones: The company's business model includes monetizing its subsidiaries and securing regulatory milestones. This was exemplified by a $27.1 million gain in Q2 2025 from the deconsolidation of Checkpoint following its sale to Sun Pharma. Fortress Biotech also generates revenue through royalties on sales of licensed products, such as Amzeeq in China, which contributed a $1 million milestone payment in 2024. This multi-pronged approach helps to create value through private equity and dividend income, alongside product revenue.
Continued Growth of Existing Marketed Dermatology Products: Fortress Biotech currently has eight marketed prescription pharmaceutical products, with a focus on dermatology. While 2024 saw some impact from higher rebate costs and lower unit volumes, the Q2 2025 net revenue showed an increase primarily from Journey Medical's dermatology products. Management anticipates continued growth and operating leverage in the second half of 2025, supported by Emrosi's market traction and expanding payer access, which is also expected to benefit the existing dermatology portfolio.

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Share Repurchases

Fortress Biotech authorized a repurchase program of up to $5 million of its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock (FBIOP) on March 23, 2020. The program was set to conclude by May 31, 2020, or once the total repurchases reached $5 million.

Share Issuance

In August 2020, Fortress priced an underwritten public offering of 666,666 shares of its Series A Preferred Stock at $18.00 per share, generating approximately $12 million in gross proceeds.
Fortress announced a registered direct offering and concurrent private placements in September 2024, raising approximately $8 million in gross proceeds. This included the issuance of 3,939,394 shares of common stock (or pre-funded warrants) at $1.65 per share to institutional investors and the purchase of 763,359 shares at $1.84 per share by the company's Chairman, CEO, and President in a private placement.
In 2024, Fortress offered and sold 3,303,305 units consisting of common stock and warrants, resulting in approximately $11.0 million in gross proceeds for general corporate purposes.

Inbound Investments

In May 2025, Fortress received approximately $28 million at closing from Sun Pharma's acquisition of its subsidiary Checkpoint Therapeutics. Fortress is also eligible to receive up to an additional $4.8 million under a contingent value right and a 2.5% royalty on future net sales of UNLOXCYT™ (cosibelimab-ipdl).

Outbound Investments

In 2024, Fortress subsidiary Urica Therapeutics sold dotinurad to Crystalys Therapeutics and, as part of the transaction, maintains an equity stake in Crystalys.

Better Bets than Fortress Biotech (FBIO)

AMGN (6.8%)

Amgen

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for FBIO: -6.3% | 1.6x)

WMT (5.4% | 1.3x)

Walmart

XOM (-5.6% | 1.6x)

Exxon Mobil

COST (6.7% | 1.3x)

Costco Wholesale

CVX (-6.2% | 1.6x)

Chevron

T (1.1% | 1.4x)

AT&T

Higher Rev Chg LTM (Value for FBIO: -0.3%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for FBIO: -6.3%)

NVDA (91.6%)

NVIDIA

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for FBIO: -149.2%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for FBIO: -106.2%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for FBIO: -106.2%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for FBIO: 4.7%)

XOM (9.3%)

Exxon Mobil

BAC (7.1%)

Bank of America

JPM (6.5%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

V (5.2%)

Visa

		Best Bets In Health Care Sector
	FBIO	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	24.7	21.9	13.4	33.4	13.7	12.0	79.8	75.3	28.4	11.5	59.3
P/EBIT	-2.4	10.6	10.5	34.2	11.5	9.1	58.0	73.4	27.7	7.7	69.0
What You Get
Rev Chg Q	20.5%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	-0.3%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	-6.3%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	-150.5%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Fortress Biotech Earnings Notes
2	Would You Still Hold Fortress Biotech Stock If It Fell 30%?	Return

	Title
0	ARTICLES

Trade Ideas

Select ideas related to FBIO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.0%	21.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-8.8%	-8.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.5%	11.5%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.7%	2.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.8%	13.8%	-5.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Fortress Biotech

Peers to compare with:

Financials

	FBIO	REGN	GILD	VRTX	BMRN	INCY	Median
Name	Fortress.	Regenero.	Gilead S.	Vertex P.	BioMarin.	Incyte
Mkt Price	3.62	779.36	124.16	460.31	59.28	100.71	112.44
Mkt Cap	0.1	80.7	154.3	117.7	11.4	19.7	50.2
Rev LTM	62	14,248	29,086	11,723	3,094	4,813	8,268
Op Inc LTM	-93	3,807	11,151	-92	615	1,256	936
FCF LTM	-66	3,881	9,162	3,337	826	1,172	2,255
FCF 3Y Avg	-105	3,853	8,815	2,064	386	585	1,324
CFO LTM	-66	5,071	9,667	3,718	914	1,251	2,485
CFO 3Y Avg	-103	4,848	9,364	2,419	489	662	1,540

Growth & Margins

	FBIO	REGN	GILD	VRTX	BMRN	INCY	Median
Name	Fortress.	Regenero.	Gilead S.	Vertex P.	BioMarin.	Incyte
Rev Chg LTM	-0.3%	2.9%	2.8%	10.3%	12.4%	18.1%	6.6%
Rev Chg 3Y Avg	-6.3%	1.4%	2.3%	10.5%	15.5%	13.1%	6.4%
Rev Chg Q	20.5%	0.9%	3.0%	11.0%	4.1%	20.0%	7.5%
QoQ Delta Rev Chg LTM	5.1%	0.2%	0.8%	2.7%	1.0%	5.0%	1.8%
Op Mgn LTM	-149.2%	26.7%	38.3%	-0.8%	19.9%	26.1%	23.0%
Op Mgn 3Y Avg	-176.6%	30.0%	39.2%	26.2%	13.5%	13.8%	20.0%
QoQ Delta Op Mgn LTM	33.3%	-0.9%	0.9%	1.0%	-5.4%	4.4%	0.9%
CFO/Rev LTM	-106.2%	35.6%	33.2%	31.7%	29.5%	26.0%	30.6%
CFO/Rev 3Y Avg	-148.0%	35.4%	33.1%	23.1%	16.9%	15.3%	20.0%
FCF/Rev LTM	-106.2%	27.2%	31.5%	28.5%	26.7%	24.4%	27.0%
FCF/Rev 3Y Avg	-150.5%	28.2%	31.2%	19.8%	13.0%	13.5%	16.6%

Valuation

	FBIO	REGN	GILD	VRTX	BMRN	INCY	Median
Name	Fortress.	Regenero.	Gilead S.	Vertex P.	BioMarin.	Incyte
Mkt Cap	0.1	80.7	154.3	117.7	11.4	19.7	50.2
P/S	1.6	5.7	5.3	10.0	3.7	4.1	4.7
P/EBIT	-2.4	15.6	14.2	26.4	16.5	12.4	14.9
P/E	24.7	17.6	19.0	32.0	21.9	16.6	20.5
P/CFO	-1.5	15.9	16.0	31.6	12.5	15.7	15.8
Total Yield	4.7%	6.0%	7.8%	3.1%	4.6%	6.0%	5.4%
Dividend Yield	0.7%	0.3%	2.6%	0.0%	0.0%	0.0%	0.2%
FCF Yield 3Y Avg	-291.9%	4.9%	8.0%	2.3%	3.5%	3.9%	3.7%
D/E	0.7	0.0	0.2	0.0	0.1	0.0	0.0
Net D/E	-0.2	-0.1	0.1	-0.0	-0.1	-0.1	-0.1

Returns

	FBIO	REGN	GILD	VRTX	BMRN	INCY	Median
Name	Fortress.	Regenero.	Gilead S.	Vertex P.	BioMarin.	Incyte
1M Rtn	39.8%	3.1%	-1.3%	7.9%	8.4%	-1.3%	5.5%
3M Rtn	-9.5%	31.0%	11.1%	20.1%	9.9%	18.9%	15.0%
6M Rtn	111.7%	52.7%	18.5%	3.8%	9.6%	49.7%	34.1%
12M Rtn	110.5%	11.7%	37.9%	15.9%	-9.7%	46.3%	26.9%
3Y Rtn	-56.0%	7.8%	62.8%	58.9%	-43.2%	23.8%	15.8%
1M Excs Rtn	37.9%	0.6%	-5.2%	3.8%	7.8%	-6.2%	2.2%
3M Excs Rtn	-4.2%	34.1%	5.9%	17.9%	7.7%	15.8%	11.7%
6M Excs Rtn	89.3%	36.7%	4.5%	-10.7%	-4.5%	33.0%	18.8%
12M Excs Rtn	87.4%	-7.5%	23.6%	-14.3%	-25.5%	32.0%	8.1%
3Y Excs Rtn	-136.4%	-69.4%	-17.2%	-27.3%	-122.0%	-54.1%	-61.7%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/14/2025	3/31/2025	3/28/2024	3/31/2023	3/28/2022	3/31/2021	3/16/2020
Key Financials
Total Revenue	62	58	85	76	69	46	37
EBITDA	-36	-104	-136	-194	-146	-88	-88
Operating Income	-93	-111	-139	-204	-179	-94	-111
Net Income	4	-46	-61	-87	-65	-47	-40
EPS	-0.11	-2.69	-8.47	-15.97	-11.85	-9.75	-10.95
Growth Rates
Total Revenue Growth	-0.3%	-31.8%	11.6%	10.1%	50.9%	24.5%	36.3%
EBITDA Growth	68.0%	23.0%	29.9%	-32.5%	-66.4%	0.7%	25.3%
Operating Income Growth	10.1%	20.1%	31.6%	-13.7%	-89.9%	14.9%	7.6%
Net Income Growth	108.2%	24.1%	30.0%	-33.8%	-39.1%	-16.4%	52.5%
Margins
EBITDA Margin	-57.7%	-181.2%	-160.6%	-255.7%	-212.5%	-192.6%	-241.6%
Operating Income Margin	-149.2%	-192.9%	-164.7%	-268.8%	-260.2%	-206.7%	-302.5%
Net Income Margin	6.4%	-79.8%	-71.7%	-114.3%	-94.1%	-102.0%	-109.1%
Cash & Debt
Total Cash	86	57	81	178	306	233	137
Total Debt	68	76	85	127	75	89	115
Net Debt / (Cash)	-18	19	4	-51	-231	-144	-22
Cash Flows
Net Cash from Operations	-66	-80	-128	-179	-117	-84	-95
Free Cash from Operations	-66	-95	-136	-182	-133	-91	-104
Returns to Shareholders
Dividends	1	5	9	9	9	7	3
Share Repurchases	0	-0	0	1	0	0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/14/2025	8/14/2025	5/15/2025	3/31/2025	11/14/2024	8/13/2024	5/15/2024	3/28/2024	11/14/2023	8/14/2023	5/15/2023	3/31/2023
Key Financials Quarterly
Total Revenue	18	16	13	15	15	15	13	20	35	17	12	16
Ebitda	12	-8	-21	-19	-23	-26	-36	-27	-6	-52	-50	-51
Operating Income	-7	-36	-22	-27	-22	-25	-37	-20	-14	-47	-59	-55
Net Income	6	15	-11	-7	-13	-11	-15	-9	-5	-25	-22	-27
EPS	0.13	0.50	-0.48	-0.26	-0.76	-0.73	-1.04	-0.53	-0.94	-3.65	-3.47	-3.93
Key Financials TTM
Total Revenue TTM	62	59	58	58	63	83	85	85	81	63	64	76
Ebitda TTM	-36	-72	-90	-104	-113	-95	-121	-135	-160	-201	-198	-194
Operating Income TTM	-93	-108	-97	-111	-103	-95	-117	-139	-174	-211	-215	-204
Net Income TTM	4	-15	-41	-46	-49	-41	-55	-61	-78	-96	-92	-87
Growth Rates Quarterly
Total Revenue Growth	20.5%	10.2%	0.8%	-24.2%	-57.9%	-14.3%	4.8%	21.6%	110.3%	-7.9%	-48.1%	-10.2%
EBITDA Growth	153.0%	67.8%	41.4%	29.9%	-293.6%	50.1%	28.2%	47.3%	87.3%	-4.8%	-10.1%	18.1%
Operating Income Growth	69.2%	-45.1%	39.0%	-39.4%	-60.6%	46.5%	37.9%	64.1%	72.9%	7.8%	-24.5%	11.9%
Net Income Growth	145.5%	241.5%	31.3%	27.1%	-155.0%	55.8%	28.4%	65.6%	77.6%	-16.0%	-36.7%	14.6%
Margins Quarterly
EBITDA Margin	70.5%	-51.3%	-159.8%	-125.6%	-160.2%	-175.5%	-275.0%	-135.8%	-17.1%	-301.4%	-401.6%	-313.2%
Operating Income Margin	-38.6%	-222.2%	-169.9%	-180.9%	-151.0%	-168.8%	-280.6%	-98.3%	-39.6%	-270.1%	-473.6%	-333.1%
Net Income Margin	33.2%	94.4%	-80.6%	-44.7%	-88.0%	-73.5%	-118.3%	-46.5%	-14.5%	-142.5%	-173.3%	-164.3%
Cash & Debt
Total Cash	86	74	91	57	59	76	84	81	72	78	152	178
Total Debt	68	69	74	76	72	88	85	85	70	81	123	127
Net Debt / (Cash)	-18	-5	-17	19	13	12	1	4	-2	3	-30	-51
Cash Flows Quarterly
FCF from Operations	-6	-28	-20	-13	-20	-22	-25	-35	-17	-33	-43	-48
Cash Flows TTM
FCF from Operations TTM	-66	-80	-74	-80	-102	-99	-110	-128	-141	-168	-176	-179
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	0	0	-0	-0	-0	-0	-0	-0	-0	-0	1
Return on Invested Capital (ROIC) Quarterly
ROIC	-3.5%	-18.8%	-11.8%	-14.0%	-11.5%	-13.4%	-19.9%	-10.9%	-7.9%	-26.8%	-35.5%	-35.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-12.1%	-14.0%	-12.8%	-14.2%	-13.5%	-12.7%	-15.9%	-19.3%	-24.9%	-30.1%	-32.4%	-32.6%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Pharmaceutical and Biotechnology Product Development	91	189	299	283	199
Dermatology Products Sales	77	105	97	50	27
Total	168	294	397	333	226

Price Behavior

Price Behavior

Market Price	$3.62
Market Cap ($ Bil)	0.1
First Trading Date	11/17/2011
Distance from 52W High	-9.5%
	50 Days	200 Days
DMA Price	$2.76	$2.28
DMA Trend	up	down
Distance from DMA	31.3%	58.6%
	3M	1YR
Volatility	90.7%	76.9%
Downside Capture	83.50	24.24
Upside Capture	24.04	93.92
Correlation (SPY)	15.5%	12.6%

FBIO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.75	0.93	0.29	0.40	0.48	1.17
Up Beta	0.52	1.48	0.79	0.74	0.30	0.18
Down Beta	5.69	0.78	1.89	1.56	0.62	1.05
Up Capture	70%	-50%	-24%	35%	57%	168%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	18	29	63	112	336
Down Capture	-29%	152%	-91%	-105%	60%	112%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	23	33	59	126	384

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of FBIO With Other Asset Classes (Last 1Y)
	FBIO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	98.9%	13.6%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	76.4%	17.3%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	1.23	0.57	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		5.9%	13.1%	1.5%	0.3%	15.1%	1.4%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of FBIO With Other Asset Classes (Last 5Y)
	FBIO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-61.0%	8.7%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	97.3%	14.5%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	-0.30	0.42	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		16.8%	22.0%	2.8%	4.8%	19.4%	11.8%

Based On 10-Year Data

		Comparison of FBIO With Other Asset Classes (Last 10Y)
	FBIO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-36.8%	10.0%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	89.5%	16.7%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.02	0.50	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		23.3%	25.8%	3.2%	8.5%	21.3%	8.5%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	3,706,394
Short Interest: % Change Since 11152025	-6.8%
Average Daily Volume	302,267
Days-to-Cover Short Interest	12.26
Basic Shares Quantity	27,244,474
Short % of Basic Shares	13.6%

Returns Analyses

	Title
0	Would You Still Hold Fortress Biotech Stock If It Fell 30%?

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/14/2025	5.2%	1.6%
8/14/2025	8.2%	14.3%	81.1%
3/31/2025	-1.3%	-5.8%	13.5%
11/14/2024	-8.9%	0.0%	17.8%
8/13/2024	-1.1%	6.6%	0.0%
3/28/2024	-0.5%	-6.5%	-14.0%
11/14/2023	4.5%	66.7%	150.8%
8/14/2023	-4.5%	-15.7%	-31.1%
...
SUMMARY STATS
# Positive	10	10	11
# Negative	8	8	7
Median Positive	7.1%	12.5%	17.4%
Median Negative	-2.1%	-7.5%	-22.8%
Max Positive	21.1%	66.7%	150.8%
Max Negative	-9.6%	-15.7%	-92.7%

	Forward Returns
11/14/2025	5.2%	1.6%
8/14/2025	8.2%	14.3%	81.1%
3/31/2025	-1.3%	-5.8%	13.5%
11/14/2024	-8.9%	0.0%	17.8%
8/13/2024	-1.1%	6.6%	0.0%
3/28/2024	-0.5%	-6.5%	-14.0%
11/14/2023	4.5%	66.7%	150.8%
8/14/2023	-4.5%	-15.7%	-31.1%
3/30/2023	10.2%	-2.6%	5.2%
11/14/2022	2.7%	-9.8%	-92.7%
8/11/2022	-1.6%	-8.5%	-11.6%
3/28/2022	6.0%	4.5%	-23.9%
11/15/2021	-2.7%	-11.9%	-21.7%
8/16/2021	8.2%	14.5%	17.4%
3/31/2021	9.1%	38.2%	22.4%
11/9/2020	0.4%	13.7%	3.8%
8/10/2020	-9.6%	-4.5%	16.9%
3/16/2020	21.1%	11.4%	93.0%
SUMMARY STATS
# Positive	10	10	11
# Negative	8	8	7
Median Positive	7.1%	12.5%	17.4%
Median Negative	-2.1%	-7.5%	-22.8%
Max Positive	21.1%	66.7%	150.8%
Max Negative	-9.6%	-15.7%	-92.7%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11142025	10-Q 9/30/2025
6302025	8142025	10-Q 6/30/2025
3312025	5152025	10-Q 3/31/2025
12312024	3312025	10-K 12/31/2024
9302024	11142024	10-Q 9/30/2024
6302024	8132024	10-Q 6/30/2024
3312024	5152024	10-Q 3/31/2024
12312023	3282024	10-K 12/31/2023
9302023	11142023	10-Q 9/30/2023
6302023	8142023	10-Q 6/30/2023
3312023	5152023	10-Q 3/31/2023
12312022	3312023	10-K 12/31/2022
9302022	11142022	10-Q 9/30/2022
6302022	8112022	10-Q 6/30/2022
3312022	5122022	10-Q 3/31/2022
12312021	3282022	10-K 12/31/2021

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Fortress Biotech (FBIO)

Market Price (12/23/2025): $3.62 | Market Cap: $98.6 MilSector: Health Care | Industry: Biotechnology

Fortress Biotech (FBIO)

Market Price (12/23/2025): $3.62Market Cap: $98.6 MilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Better Bets than Fortress Biotech (FBIO)

INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for FBIO: -6.3% | 1.6x)

Higher Rev Chg LTM (Value for FBIO: -0.3%)

Higher Rev Chg 3Y Avg (Value for FBIO: -6.3%)

Higher Op Mgn LTM (Value for FBIO: -149.2%)

Higher CFO/Rev LTM (Value for FBIO: -106.2%)

Higher FCF/Rev LTM (Value for FBIO: -106.2%)

Higher Total Yield (Value for FBIO: 4.7%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for FBIO: -6.3% | 1.6x)

Higher Rev Chg LTM (Value for FBIO: -0.3%)

Higher Rev Chg 3Y Avg (Value for FBIO: -6.3%)

Higher Op Mgn LTM (Value for FBIO: -149.2%)

Higher CFO/Rev LTM (Value for FBIO: -106.2%)

Higher FCF/Rev LTM (Value for FBIO: -106.2%)

Higher Total Yield (Value for FBIO: 4.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for FBIO: -6.3% | 1.6x)

Higher Rev Chg LTM (Value for FBIO: -0.3%)

Higher Rev Chg 3Y Avg (Value for FBIO: -6.3%)

Higher Op Mgn LTM (Value for FBIO: -149.2%)

Higher CFO/Rev LTM (Value for FBIO: -106.2%)

Higher FCF/Rev LTM (Value for FBIO: -106.2%)

Higher Total Yield (Value for FBIO: 4.7%)

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Market Price (12/23/2025): $3.62 | Market Cap: $98.6 Mil
Sector: Health Care | Industry: Biotechnology

Market Price (12/23/2025): $3.62
Market Cap: $98.6 Mil
Sector: Health Care
Industry: Biotechnology