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Fortress Biotech(FBIO) - 2025 Q1 - Quarterly Results
FBIOFortress Biotech(FBIO)2025-05-15 20:10

Financial Performance - Fortress Biotech reported consolidated net product revenue of 13.1millionforQ12025,comparedto13.1 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 13.1million,slightlyupfrom13.1 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,aslightincreasefrom13,139,000, 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(12.7) million, or (0.48) per share, for Q1 2025, an improvement from a net loss of (17.9)million,or(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,comparedtoanetlossof24,691,000, 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 12,715,000inQ12025from12,715,000 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 34.0millionto34.0 million to 91.3 million as of March 31, 2025, compared to 57.3millionattheendof2024[15].−Cashandcashequivalentsincreasedto57.3 million at the end of 2024[15]. - Cash and cash equivalents increased to 91,339,000 as of March 31, 2025, up from 57,263,000atDecember31,2024,representingagrowthof59.557,263,000 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 144,223,000atDecember31,2024,representingagrowthof23.5144,223,000 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 145,867,000atDecember31,2024,showingaslightdecreaseof0.2145,867,000 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)atDecember31,2024,reflectingachangeof1.6(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 24.8millioninQ12024[15].−Totaloperatingexpensesdecreasedto24.8 million in Q1 2024[15]. - Total operating expenses decreased to 35,456,000 in Q1 2025 from 49,596,000inQ12024,areductionof28.549,596,000 in Q1 2024, a reduction of 28.5%[21]. - Research and development expenses significantly decreased to 3,938,000 in Q1 2025 from 24,839,000inQ12024,adeclineof84.224,839,000 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 17.9millioninQ12024[15].StrategicDevelopments−TheFDAacceptedtheNewDrugApplicationforCUTX−101withaPDUFAgoaldateofSeptember30,2025,whichmayalsoresultinaPriorityReviewVoucher[2].−ThecommerciallaunchofEmrosi™fortreatinginflammatorylesionsofrosaceabeganinMarch2025,withinitialprescriptionsfilled[9].−FortressenteredintoastrategiccollaborationwithPartexNVtoevaluatebiopharmaceuticalcompoundsusingartificialintelligenceforpotentialacquisitionorlicensing[15].−Thecompanyexpectstoreceiveapproximately17.9 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].