Fortress Biotech(FBIO) - 2025 Q4 - Annual Results

Financial Performance - Fortress Biotech reported consolidated net revenue of $63.3 million for the full year ended December 31, 2025, compared to $57.7 million for 2024, representing an increase of approximately 9.2%[16] - Journey Medical reported net product revenues of $61.2 million for the full year 2025, an increase from $55.1 million in 2024, reflecting a growth of approximately 11%[7] - Consolidated net revenue for the year ended December 31, 2025, was $63.3 million, an increase of 9% from $57.7 million in 2024[26] - The consolidated net loss attributable to common stockholders improved to $(1.9) million, or $(0.07) per share, for 2025, compared to a net loss of $(55.9) million, or $(2.69) per share, for 2024[21] - The company reported a loss from operations of $(70.2) million for 2025, an improvement from a loss of $(110.4) million in 2024[26] Cash and Assets - Fortress' consolidated cash and cash equivalents totaled $79.4 million as of December 31, 2025, a decrease of $6.8 million from the previous quarter but an increase of $22.1 million year-over-year[16] - Total current assets increased to $123.8 million as of December 31, 2025, compared to $90.4 million in 2024, marking a growth of approximately 37%[25] - Cash and cash equivalents increased to $79.4 million in 2025, up from $57.3 million in 2024, representing a growth of approximately 38%[25] Expenses - Consolidated research and development expenses, including license acquisitions, decreased to $11.9 million in 2025 from $56.9 million in 2024, representing a reduction of approximately 79%[21] - Consolidated selling, general and administrative costs increased to $96.4 million in 2025, up from $87.7 million in 2024, reflecting an increase of about 10%[21] Liabilities - Total liabilities decreased to $123.4 million in 2025 from $145.9 million in 2024, a reduction of about 15%[25] Acquisitions and Partnerships - The FDA approved ZYCUBO® for the treatment of Menkes disease in pediatric patients, with a subsequent sale of the Rare Pediatric Disease Priority Review Voucher (PRV) for gross proceeds of $205 million[3] - Checkpoint Therapeutics was acquired by Sun Pharma for an aggregate upfront payment of approximately $355 million, with Fortress eligible for an additional $4.8 million under a contingent value right (CVR) and a 2.5% royalty on future net sales of UNLOXCYT™[9] - Crystalys Therapeutics raised $205 million in Series A financing to support Phase 3 clinical studies for dotinurad, with Fortress eligible for a 3% royalty on future net sales[9] - ZYCUBO® is also eligible for up to approximately $128 million in aggregate sales milestones from Sentynl Therapeutics[5] - The acquisition of Checkpoint Therapeutics established a long-term royalty stream for Fortress, highlighting the strength of its business model[2] Shareholder Information - The weighted average common shares outstanding increased to 27,901,889 in 2025 from 20,784,334 in 2024, indicating a rise of about 34%[26] Product Launches - Emrosi™ was commercially launched by Journey Medical, contributing significantly to Fortress' dermatology product revenues[7]