Fortress Biotech(FBIO) - 2024 Q4 - Annual Results

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].