Core Insights - Fortress Biotech, Inc. has achieved significant milestones in 2025 and early 2026, including the FDA approval of ZYCUBO for Menkes disease and the sale of a Rare Pediatric Disease Priority Review Voucher for $205 million, demonstrating the company's ability to monetize its assets and advance its portfolio [2][5][12] Regulatory Updates - ZYCUBO (copper histidinate) received FDA approval in January 2026 for treating Menkes disease in pediatric patients [5] - The approval was followed by the sale of the Rare Pediatric Disease Priority Review Voucher by Cyprium Therapeutics for gross proceeds of $205 million [5] Monetization Updates - Checkpoint Therapeutics was acquired by Sun Pharma for approximately $355 million, with Fortress receiving about $28 million upfront and potential future payments including a 2.5% royalty on net sales of UNLOXCYT™ [4][6] - Fortress expects to receive at least $100 million from Cyprium through future dividends and intercompany agreements [5] Financial Performance - Fortress reported consolidated net revenue of $63.3 million for the full year ended December 31, 2025, an increase from $57.7 million in 2024 [12][20] - The company incurred a consolidated net loss attributable to common stockholders of $(1.9) million, or $(0.07) per share, for 2025, compared to a net loss of $(55.9) million, or $(2.69) per share, in 2024 [12][20] Clinical Updates - Crystalys Therapeutics announced a $205 million Series A financing to support Phase 3 clinical studies for dotinurad, with Fortress holding a 3% royalty on future net sales [9][10] - Emrosi™, developed by Journey Medical, reported net product revenues of $61.2 million for 2025, up from $55.1 million in 2024 [7][12]

Core Viewpoint - Fortress Biotech and its subsidiary Cyprium Therapeutics have entered into a definitive agreement to sell a Rare Pediatric Disease Priority Review Voucher for $205 million, which will be received upon closing of the transaction [1] Group 1: Transaction Details - Cyprium Therapeutics has sold its Rare Pediatric Disease Priority Review Voucher for gross proceeds of $205 million [1] - The PRV was issued following the FDA approval of ZYCUBO on January 12, 2026, and was transferred to Cyprium as part of the agreement with Sentynl Therapeutics [1] - The transaction is subject to customary closing conditions, including the expiration of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act [1] Group 2: Financial Implications - Cyprium is eligible to receive tiered royalties on net sales of ZYCUBO and up to $129 million in aggregate development and sales milestones from Sentynl [1] - Cyprium is obligated to pay 20% of the proceeds from the PRV sale to the Eunice Kennedy Shriver National Institute of Child Health and Human Development [1]