Fortress Biotech(FBIO) - 2025 Q1 - Quarterly Results

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].