Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investors often face challenges in determining the right entry point, as stocks may lose momentum when their valuations exceed future growth potential [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: Fortress Biotech (FBIO) Analysis - Fortress Biotech (FBIO) has shown a four-week price change of 3.4%, indicating growing investor interest [4] - Over the past 12 weeks, FBIO's stock gained 5.8%, with a beta of 1.76, suggesting it moves 76% more than the market [5] - FBIO has a Momentum Score of B, indicating a favorable time to invest based on momentum [6] Group 3: Earnings Estimates and Valuation - FBIO has received a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [7] - The stock is trading at a Price-to-Sales ratio of 0.94, suggesting it is undervalued at 94 cents for each dollar of sales [7] Group 4: Additional Investment Opportunities - Besides FBIO, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - Zacks offers over 45 Premium Screens tailored to different investing styles, aiding in the identification of potential winning stocks [9]

Core Insights - Fortress Biotech's subsidiary Checkpoint Therapeutics has been acquired by Sun Pharmaceutical Industries for $4.10 per share in cash, with additional contingent value rights and royalties tied to future sales of UNLOXCYT™ [1][2] Financial Details - Fortress will receive approximately $28 million shortly after the closing of the transaction and is eligible for an additional contingent value right (CVR) of up to $4.8 million, plus a 2.5% royalty on future net sales of UNLOXCYT™ [1][2] - The acquisition deal was approved by Checkpoint's stockholders on May 28, 2025, and closed on May 30, 2025 [1][2] Product Information - UNLOXCYT™ (cosibelimab-ipdl) is the first and only FDA-approved PD-L1 blocking antibody for advanced cutaneous squamous cell carcinoma, receiving FDA approval in December 2024 [3] Company Strategy - Fortress Biotech focuses on acquiring and advancing biopharmaceutical assets to enhance long-term shareholder value through product revenue, equity holdings, and dividend and royalty revenue [4] - The company aims to strengthen its balance sheet through opportunistic transactions and is actively evaluating business development opportunities [2][4]

Financial Performance - Fortress Biotech reported a quarterly loss of $0.48 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.44, but an improvement from a loss of $1.03 per share a year ago [1] - The company posted revenues of $13.14 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 27.56%, compared to revenues of $13.03 million in the same quarter last year [2] - Over the last four quarters, Fortress Biotech has surpassed consensus EPS estimates two times and topped consensus revenue estimates once [2] Stock Performance and Outlook - Fortress Biotech shares have declined approximately 18% since the beginning of the year, while the S&P 500 has gained 0.2% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.43 on revenues of $14.4 million, and for the current fiscal year, it is -$1.51 on revenues of $101.55 million [7] - The estimate revisions trend for Fortress Biotech is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Fortress Biotech belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment and stock performance [5]

Financial Performance - For the three months ended March 31, 2025, net revenue was $13.1 million, compared to $13.0 million for the same period in 2024, reflecting a slight increase in revenue [187]. - For Q1 2025, Mustang reported a net revenue of $13.1 million, a 1% increase from $13.0 million in Q1 2024, including $2.0 million from the U.S. launch of Emrosi [206][207]. - The net loss attributable to Fortress decreased by 31% to $10.6 million in Q1 2025 from $15.4 million in Q1 2024 [206]. - Total other income (expense) decreased by $0.1 million, or 3%, from an expense of $2.5 million for the quarter ended March 31, 2024, to an expense of $2.4 million for the quarter ended March 31, 2025 [219]. - Net cash used in operating activities decreased by $5.8 million from $25.4 million for the three months ended March 31, 2024, to $19.6 million for the same period in 2025 [238]. - Net cash provided by financing activities was $27.9 million for the three months ended March 31, 2024, compared to $52.1 million for the same period in 2025, an increase of $24.3 million [241]. Research and Development - CAEL-101 is currently undergoing two global Phase 3 pivotal studies for AL amyloidosis, with topline data expected in the second half of 2025 [195]. - The FDA accepted the NDA for CUTX-101 (copper histidinate for Menkes disease) for priority review, with a target action date of September 30, 2025 [195]. - Triplex, a cytomegalovirus vaccine, is currently in a Phase 2 clinical trial with topline data anticipated in the third quarter of 2025 [190]. - The company is exploring a trial for MB-109 to treat patients with IL13Rα2+ recurrent GBM, potentially starting in Q1 2026 [195]. - Mustang is planning a proof-of-concept Phase 1 clinical trial for MB-106 in autoimmune diseases, potentially starting in Q1 2026 [203]. - Research and development expenses dropped by 84% to $3.9 million in Q1 2025, down from $24.8 million in Q1 2024, largely due to workforce reductions and the closure of the MB-106 clinical trial [212]. Expenses and Cost Management - Operating expenses decreased by 29% to $35.5 million in Q1 2025 from $49.6 million in Q1 2024, primarily due to an 84% reduction in research and development expenses [206]. - Selling, general and administrative expenses increased by 43% to $25.7 million in Q1 2025, driven by a $4.9 million increase at Checkpoint and a $2.1 million increase at Journey [215]. - Cost of goods sold decreased by 20% to $4.8 million in Q1 2025 from $6.0 million in Q1 2024, attributed to a change in product sales mix [208]. - Amortization of acquired intangible assets rose by 31% to $1.1 million in Q1 2025, influenced by the addition of the Emrosi asset [209]. Corporate Actions and Agreements - Checkpoint Therapeutics, Inc. entered into an agreement to be acquired by Sun Pharmaceutical Industries, Inc. for $4.10 per share in cash, with a contingent value right of up to $0.70 per share upon achieving EU approval [190]. - Fortress has established partnerships with leading institutions and companies, including AstraZeneca and Dr. Reddy's Laboratories, to enhance product development [183]. - Mustang executed a 1-for-50 reverse stock split in January 2025 to comply with Nasdaq listing requirements [203]. - Mustang exited its manufacturing facility lease in Worcester, Massachusetts, selling assets to AbbVie for $1.0 million in February 2025 [203]. Cash and Securities - As of March 31, 2025, the company had cash and cash equivalents of $91.3 million, with $19.5 million related to Fortress and private subsidiaries, $33.0 million to Checkpoint, $14.2 million to Mustang, $21.1 million to Journey, and $3.5 million to Avenue [222]. - The company reported an accumulated deficit of $751.5 million as of March 31, 2025, primarily due to R&D expenses and administrative costs [221]. - Net cash provided by investing activities increased by $1.2 million, attributed to Mustang's proceeds from the sale of held-for-sale assets [240]. - The company issued and sold approximately 0.5 million shares at an average price of $1.94 per share for gross proceeds of approximately $1.0 million under its at-the-market offering program during the three months ended March 31, 2025 [226]. - Journey issued and sold approximately 0.8 million shares of common stock for gross proceeds of $4.1 million under its at-the-market offering agreement during the same period [229]. - As of March 31, 2025, approximately $65.7 million of securities remain available for sale through Checkpoint's registration statement [230]. - Mustang closed on an equity offering in February 2025, raising approximately $6.8 million in net proceeds after deducting fees and expenses [234]. Regulatory and Compliance - Fortress is classified as a "smaller reporting company," with market value criteria affecting its reporting obligations [202]. - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures [244]. - There were no material changes in contractual obligations and commitments during the three months ended March 31, 2025 [243].

Financial Performance - Fortress Biotech reported consolidated net product revenue of $13.1 million for Q1 2025, compared to $13.0 million in Q1 2024, reflecting a slight increase[15]. - Journey Medical's net product revenues for Q1 2025 were $13.1 million, slightly up from $13.0 million in Q1 2024[9]. - Product revenue for the three months ended March 31, 2025, was $13,139,000, a slight increase from $13,030,000 in the same period of 2024, reflecting a growth of 0.8%[21]. - Fortress reported a consolidated net loss attributable to common stockholders of $(12.7) million, or $(0.48) per share, for Q1 2025, an improvement from a net loss of $(17.9) million, or $(1.04) per share, in Q1 2024[15]. - Net loss for the three months ended March 31, 2025, was $24,691,000, compared to a net loss of $39,023,000 in Q1 2024, indicating an improvement of 36.7%[21]. - Net loss attributable to common stockholders decreased to $12,715,000 in Q1 2025 from $17,860,000 in Q1 2024, a reduction of 29.1%[21]. Cash and Assets - Fortress' consolidated cash and cash equivalents increased by $34.0 million to $91.3 million as of March 31, 2025, compared to $57.3 million at the end of 2024[15]. - Cash and cash equivalents increased to $91,339,000 as of March 31, 2025, up from $57,263,000 at December 31, 2024, representing a growth of 59.5%[20]. - Total assets increased to $178,071,000 as of March 31, 2025, up from $144,223,000 at December 31, 2024, representing a growth of 23.5%[20]. - Total liabilities remained relatively stable at $145,585,000 as of March 31, 2025, compared to $145,867,000 at December 31, 2024, showing a slight decrease of 0.2%[20]. - The accumulated deficit increased to $(751,451,000) as of March 31, 2025, from $(740,867,000) at December 31, 2024, reflecting a change of 1.6%[20]. Expenses - Fortress' consolidated research and development expenses decreased to $3.9 million in Q1 2025 from $24.8 million in Q1 2024[15]. - Total operating expenses decreased to $35,456,000 in Q1 2025 from $49,596,000 in Q1 2024, a reduction of 28.5%[21]. - Research and development expenses significantly decreased to $3,938,000 in Q1 2025 from $24,839,000 in Q1 2024, a decline of 84.2%[21]. - Consolidated selling, general and administrative costs rose to $25.7 million in Q1 2025, compared to $17.9 million in Q1 2024[15]. Strategic Developments - The FDA accepted the New Drug Application for CUTX-101 with a PDUFA goal date of September 30, 2025, which may also result in a Priority Review Voucher[2]. - The commercial launch of Emrosi™ for treating inflammatory lesions of rosacea began in March 2025, with initial prescriptions filled[9]. - Fortress entered into a strategic collaboration with Partex NV to evaluate biopharmaceutical compounds using artificial intelligence for potential acquisition or licensing[15]. - The company expects to receive approximately $28 million at closing from the acquisition of Checkpoint Therapeutics by Sun Pharma, along with future potential royalties and a contingent value right payment[2]. Shareholder Information - The weighted average common shares outstanding increased to 26,450,218 in Q1 2025 from 17,151,945 in Q1 2024, an increase of 54.3%[21].

Core Insights - Fortress Biotech, Inc. has initiated the commercial launch of Emrosi™ for treating inflammatory lesions of rosacea in adults, following FDA approval in November 2024 [4] - The company reported a net loss of $(12.7) million, or $(0.48) per share, for Q1 2025, an improvement from a net loss of $(17.9) million, or $(1.04) per share, in Q1 2024 [12][18] - Fortress' subsidiary Checkpoint Therapeutics is set to be acquired by Sun Pharma, with expected upfront cash payment of approximately $28 million and potential future royalties [3][2] Financial Results - Fortress' consolidated cash and cash equivalents increased to $91.3 million as of March 31, 2025, up from $57.3 million at the end of 2024, marking a $34 million increase [12][14] - Consolidated net product revenue for Q1 2025 was $13.1 million, slightly up from $13.0 million in Q1 2024 [9][18] - Research and development expenses for Q1 2025 totaled $3.9 million, a significant decrease from $24.8 million in Q1 2024 [12][18] Regulatory Updates - The FDA accepted the New Drug Application for CUTX-101 for Menkes disease, with a PDUFA goal date of September 30, 2025 [2][8] - UNLOXCYT, an anti-PD-L1 antibody developed by Checkpoint, was approved by the FDA in December 2024 for treating patients with metastatic or locally advanced cutaneous squamous cell carcinoma [8] Commercial Product Updates - Emrosi was launched by Journey Medical Corporation, with initial prescriptions filled at the end of March 2025 [4][18] - Full results from two Phase 3 clinical trials evaluating Emrosi were published, demonstrating its efficacy and safety for treating moderate-to-severe papulopustular rosacea [18] Corporate Highlights - Fortress has a robust pipeline with multiple late-stage programs and newly approved products, positioning the company for continued revenue growth [2] - The acquisition of Checkpoint by Sun Pharma is expected to enhance patient access to Checkpoint's products and create significant monetization opportunities for Fortress [3][2]

Core Viewpoint - Fortress Biotech, Inc. is actively participating in the H.C. Wainwright Annual Royalty Company Virtual Conference, highlighting its commitment to enhancing shareholder value through innovative biopharmaceutical strategies [1]. Company Overview - Fortress Biotech is focused on acquiring and advancing biopharmaceutical assets to enhance long-term shareholder value through product revenue, equity holdings, and dividend and royalty revenue [2]. - The company has eight marketed prescription pharmaceutical products and over 20 programs in development across various therapeutic areas, including oncology, dermatology, and rare diseases [2]. - Fortress has established partnerships with leading academic research institutions and biopharmaceutical companies, such as AstraZeneca and Fred Hutchinson Cancer Center, to maximize the potential of its product opportunities [2]. Conference Participation - Lindsay A. Rosenwald, M.D., the Chairman, President, and CEO of Fortress, will participate in a fireside chat and a panel presentation at the conference, indicating the company's engagement with industry discussions [1][3]. - The conference sessions include a fireside chat scheduled from 2:00 p.m. to 2:30 p.m. ET and a panel presentation from 5:00 p.m. to 6:00 p.m. ET [3].

Company Performance - Fortress Biotech reported a quarterly loss of $0.26 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.79, and an improvement from a loss of $0.53 per share a year ago, resulting in an earnings surprise of 67.09% [1] - The company posted revenues of $15.12 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 12.58%, and down from $19.95 million in the same quarter last year [2] - Fortress Biotech has surpassed consensus EPS estimates three times over the last four quarters but has not beaten consensus revenue estimates during the same period [2] Stock Performance - Fortress Biotech shares have declined approximately 20.5% since the beginning of the year, compared to a decline of 5.1% for the S&P 500 [3] - The current Zacks Rank for Fortress Biotech is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.47 on revenues of $11.84 million, while for the current fiscal year, the estimate is -$1.13 on revenues of $155.67 million [7] - The estimate revisions trend for Fortress Biotech is mixed, and changes in these estimates could occur following the recent earnings report [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Fortress Biotech belongs, is currently ranked in the top 27% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Performance - Total net revenue for the years ended December 31, 2024 and 2023 was $57.7 million and $84.5 million, respectively, with net product revenue from Journey's commercial portfolio at $55.1 million and $59.7 million[394]. - For the year ended December 31, 2024, the company generated net revenue of $57.7 million, a decrease of $26.8 million or 32% from $84.5 million in 2023[428]. - Product revenue decreased by $4.5 million or 8% to $55.1 million, primarily due to higher managed care rebate costs and lower unit volumes from legacy products[429]. - The company reported a net loss of $120.9 million for 2024, a reduction of $33.3 million or 22% compared to a net loss of $154.2 million in 2023[425]. - Total operating expenses decreased by $58.8 million or 26% to $168.1 million in 2024 from $226.9 million in 2023[425]. - The cost of goods sold decreased by $2.0 million or 9% to $20.9 million in 2024, attributed to lower royalties and a decrease in sales[430]. - Collaboration revenue fell by $3.7 million or 71% to $1.5 million in 2024, compared to $5.2 million in 2023[426]. - The total cash decrease for the year ended December 31, 2024, was $24.6 million, compared to a decrease of $97.6 million in 2023, reflecting a significant improvement of $73.0 million[486]. Research and Development - Research and development expenses were approximately $56.6 million in 2024, down $45.1 million or 44% from $101.7 million in 2023[434]. - The company expects research and development costs to decrease in 2025[439]. - Research and development expenses for licenses acquired dropped by $4.1 million or 94% to $252,000 in 2024, due to the absence of comparable transactions[440]. - Stock-based compensation expense included in R&D increased by $3.9 million or 120% to $7.1 million in 2024, primarily due to performance-based vesting at Checkpoint[437]. Equity and Financing Activities - Fortress raised total net proceeds of approximately $21.1 million through equity offerings throughout 2024[412]. - Checkpoint raised total net proceeds of approximately $32.8 million through equity offerings and warrant exercises throughout 2024[412]. - Mustang raised total net proceeds of approximately $11.2 million through equity offerings and warrant exercises throughout 2024[412]. - Avenue raised total net proceeds of approximately $9.8 million through equity offerings and warrant exercises throughout 2024[412]. - Fortress entered into a new $50 million term loan with Oaktree Capital Management, borrowing $35 million initially and having the option to draw an additional $15 million[406]. - Fortress entered into a $50.0 million senior secured credit agreement in July 2024, borrowing $35.0 million initially, with a maturity date of July 25, 2027[481]. - Journey entered into a Credit Agreement with SWK Funding LLC for a term loan facility of up to $25 million, with $15 million drawn on December 27, 2023, and the remaining $10 million drawn upon FDA approval of Emrosi[485]. Regulatory Approvals and Product Developments - Checkpoint received FDA approval for UNLOXCYT (cosibelimab-ipdl) for the treatment of metastatic or locally advanced cutaneous squamous cell carcinoma on December 13, 2024[394]. - Emrosi (Minocycline Hydrochloride Extended-Release Capsules) was approved by the FDA in November 2024 for the treatment of inflammatory lesions of rosacea, with a launch planned for March 2025[394]. - Cyprium announced that the FDA accepted the NDA for CUTX-101 for priority review, with a target action date of September 30, 2025[398]. - Mustang's MB-101 CAR T-cell therapy showed a 50% stable disease or better rate in high-grade glioma patients, with two complete responses lasting over 66 months[402]. - Updated data for MB-106 indicated a 90% overall response rate in patients with Waldenstrom macroglobulinemia, including three complete responses[402]. Cash Flow and Liquidity - Net cash used in operating activities decreased by $48.0 million from 2023 to 2024, primarily due to a decrease in net loss of $33.3 million and a one-time recovery payment of $4.6 million[487]. - Net cash used by investing activities increased from $2.1 million in 2023 to $15.0 million in 2024, due to a $15 million milestone payment triggered by FDA approval of Emrosi[488]. - Net cash provided by financing activities increased by $37.9 million from 2023 to 2024, driven by proceeds from long-term debt of $33.7 million and common stock issuance of $17.4 million[490]. - The company reported a net cash outflow from operating activities of $80.2 million for the year ended December 31, 2024, compared to $128.2 million in 2023[491]. Stock and Shareholder Actions - Fortress announced a pause in dividend payments on its 9.375% Series A Preferred Stock, deferring approximately $0.7 million in cash dividends each month[406]. - Mustang executed a 1-for-50 reverse stock split to comply with Nasdaq listing requirements[406]. - Avenue's common stock began trading under the symbol "ATXI" on the OTC Markets system after receiving a notice of suspension from Nasdaq[406]. - Journey issued approximately 1.6 million shares of common stock at an average price of $5.19 per share for net proceeds of $7.9 million in 2024[461]. - Checkpoint received approximately $9.2 million from the exercise of Series B warrants to purchase 3,256,269 shares of common stock in November 2024[463]. - Checkpoint closed a registered direct offering in July 2024, issuing 1,230,000 shares at $2.05 per share, raising approximately $11.0 million in net proceeds[464]. - Mustang sold approximately $4.4 million of securities under its 2021 S-3 registration statement in 2024, prior to its expiration[466]. - Avenue raised approximately $4.5 million from the exercise of existing warrants in January 2024, after deducting fees[477]. Other Significant Events - Journey received a $19.0 million upfront payment for the exclusive license of certain rights relating to Qbrexza in Asia, included in total net revenue for 2023[394]. - Urica entered into a transaction with Crystalys Therapeutics, transferring rights to dotinurad and receiving 35% equity in Crystalys along with a 3% royalty on future net sales[402]. - Fortress's Board of Directors approved a workforce reduction of approximately 81% to reduce costs and preserve capital[412]. - Mustang recorded an asset impairment of $3.7 million in 2024, a 17% increase from the $3.1 million impairment in 2023[449]. - Journey recorded a loss recovery benefit of $4.6 million related to a cybersecurity incident, received in cash in December 2024[448]. - Total other expense decreased by $1.1 million, or 10%, from $11.3 million in 2023 to $10.2 million in 2024[452]. - As of December 31, 2024, the company had cash and cash equivalents of $57.3 million, with $20.9 million related to Fortress and private subsidiaries[454].

Financial Performance - Fortress Biotech reported consolidated net revenue of $57.7 million for the full year ended December 31, 2024, down from $84.5 million in 2023, with dermatology product revenue decreasing from $59.7 million to $55.1 million[14]. - Fortress Biotech reported a net revenue of $57.675 million for the year ended December 31, 2024, a decrease of 31.7% compared to $84.513 million in 2023[19]. - Product revenue, net, was $55.134 million in 2024, down from $59.662 million in 2023, reflecting a decline of 7.5%[19]. - The net loss attributable to common stockholders was $(55.9) million, or $(2.69) per share, for 2024, an improvement from a net loss of $(68.7) million, or $(8.47) per share, in 2023[14]. - The net loss attributable to common stockholders for 2024 was $55.890 million, compared to a net loss of $68.669 million in 2023, showing an improvement of 18.5%[19]. - Fortress Biotech's net loss per common share attributable to common stockholders was $(2.69) in 2024, compared to $(8.47) in 2023, indicating a significant reduction in loss per share[19]. Expenses - Consolidated research and development expenses totaled $56.9 million for 2024, a significant decrease from $106.1 million in 2023[14]. - Research and development expenses were $56.629 million in 2024, down 44.4% from $101.747 million in 2023[19]. - Consolidated selling, general and administrative costs were $87.7 million for 2024, compared to $91.0 million in 2023[14]. - Total operating expenses decreased to $168.054 million in 2024 from $226.855 million in 2023, a reduction of 26%[19]. - The company reported a loss from operations of $110.379 million in 2024, an improvement from a loss of $142.342 million in 2023[19]. Cash and Assets - Fortress' cash and cash equivalents totaled $57.3 million as of December 31, 2024, down from $80.9 million at the end of 2023[14]. - Fortress Biotech's cash and cash equivalents decreased to $57.263 million as of December 31, 2024, from $80.927 million in 2023, a decline of 29%[18]. - Fortress Biotech's total assets decreased to $144.223 million in 2024 from $167.526 million in 2023, a decline of 13.9%[18]. - The company’s accumulated deficit increased to $(740.867) million in 2024 from $(694.870) million in 2023[18]. Strategic Developments - Fortress' subsidiary Checkpoint Therapeutics is set to be acquired by Sun Pharma, with Fortress expecting to receive approximately $28 million at closing and a 2.5% royalty on net sales of UNLOXCYT[2]. - The FDA accepted the New Drug Application for CUTX-101, with a PDUFA goal date of September 30, 2025[2]. - The commercial launch of Emrosi for treating inflammatory lesions of rosacea is underway, with initial prescriptions filled[2]. - Fortress raised total net proceeds of approximately $21.1 million through equity offerings in 2024[10]. - Fortress entered into a strategic collaboration with Partex NV to evaluate biopharmaceutical compounds using artificial intelligence for potential acquisition or licensing[10].