Fortress Biotech(US:FBIO)2025-11-14 13:35Financial Performance - Total net revenue increased 20.5% to $17.6 million for the third quarter of 2025 compared to the third quarter of 2024[1] - Journey Medical's net product revenues for the third quarter of 2025 were $17.0 million, up from $14.6 million in the same quarter of 2024[13] - Consolidated net income attributable to common stockholders was $3.7 million, or $0.13 per share basic, for the third quarter ended September 30, 2025, compared to a net loss of $(15.0) million for the same period in 2024[14] - Net revenue for the three months ended September 30, 2025, was $17,631,000, a 20.5% increase compared to $14,629,000 for the same period in 2024[19] - Product revenue, net, rose to $17,025,000 for the three months ended September 30, 2025, compared to $14,629,000 in the prior year, marking a 16.4% increase[19] - Net income attributable to common stockholders for the three months ended September 30, 2025, was $3,675,000, compared to a loss of $15,040,000 in the same period of 2024[19] - The company reported a loss from operations of $6,811,000 for the three months ended September 30, 2025, an improvement from a loss of $22,095,000 in the same period of 2024[19] Cash and Assets - Fortress' consolidated cash and cash equivalents totaled $86.2 million as of September 30, 2025, an increase of $28.9 million year-to-date[14] - Cash and cash equivalents increased to $86,218,000 as of September 30, 2025, up from $57,263,000 at December 31, 2024, reflecting a 50.7% increase[18] - Total assets increased to $181,407,000 as of September 30, 2025, up from $144,223,000 at December 31, 2024, representing a 25.9% growth[18] Expenses and Liabilities - Consolidated research and development expenses decreased to $0.2 million for the third quarter of 2025, down from $9.4 million in the same quarter of 2024[14] - Operating expenses decreased to $24,442,000 for the three months ended September 30, 2025, down from $36,724,000 in the same period of 2024, a reduction of 33.3%[19] - Research and development expenses significantly decreased to $208,000 for the three months ended September 30, 2025, compared to $9,446,000 in the same period of 2024, a reduction of 97.8%[19] - Total liabilities decreased to $116,222,000 as of September 30, 2025, down from $145,867,000 at December 31, 2024, a decline of 20.5%[18] Strategic Developments - Fortress received approximately $28 million from the acquisition of Checkpoint Therapeutics by Sun Pharma, with potential additional payments of up to $4.8 million and a 2.5% royalty on future net sales of UNLOXCYT™[2] - Dotinurad is advancing in two Phase 3 clinical trials, with a $205 million Series A financing announced by Crystalys Therapeutics underscoring market confidence in its potential[2][11] - Fortress anticipates the resubmission of the New Drug Application for CUTX-101, which may qualify for a Priority Review Voucher upon approval[2] - Journey Medical expanded payer access to over 100 million commercial lives in the U.S. for Emrosi, compared to 54 million in May 2025[13] Capital Management - Fortress remains focused on disciplined execution and optimizing capital allocation to drive sustainable growth and deliver innovative treatments[3]