Fortress Biotech, Inc.

For the period ended Dec 31, 2025. Filed Mar 31, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 31, 2026

FBIO$1.99+7.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Cover page Table of Contents

PART I

Item 1. Business Item 1A. Risk Factors Item 1B. Unresolved Staff Comments Item 1C. Cybersecurity Item 2. Properties Item 3. Legal Proceedings

Item 4. Mine Safety Disclosures (no text here)

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Item 6. Reserved Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 7A. Quantitative and Qualitative Disclosures About Market Risk (no text here)

Item 8. Financial Statements and Supplementary Data Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Item 9A. Controls and Procedures Item 9B. Other Information

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections (no text here)

PART III

Item 10. Directors, Executive Officers and Corporate Governance (no text here)

Item 11. Executive Compensation (no text here)

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (no text here)

Item 13. Certain Relationships and Related Transactions, and Director Independence (no text here)

Item 14. Principal Accounting Fees and Services (no text here)

PART IV

Item 15. Exhibits and Financial Statement Schedules Management contract or compensatory plan.Item 16. Form 10-K Summary Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Changes in Stockholders’ Equity Item 8. Consolidated Statements of Cash Flows Notes to the Consolidated Financial Statements

Consolidated Balance Sheets


· · December 31, · · December 31,
· · 2025 · · 2024
ASSETS · · · ·
Current assets · · · ·
Cash and cash equivalents	$79,381	$57,263
Accounts receivable, net	29,783	10,231
Inventory	9,624	14,431
Other receivables - related party	158	171
Prepaid expenses and other current assets	4,895	7,110
Assets held for sale	—	1,165
Total current assets	123,841	90,371

Property, plant and equipment, net	2,519	3,260
Operating lease right-of-use asset, net	12,302	13,861
Restricted cash	1,220	1,552
Equity investments, at fair value	17,660	2,585
Intangible assets, net	27,605	31,863
Other assets	401	731
Total assets	$185,548	$144,223

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued expenses	$47,125	$65,501
Income taxes payable	356	932
Common stock warrant liabilities	1	214
Operating lease liabilities, short-term	2,127	2,623
Partner company installment payments - licenses, short-term	—	625
Other current liabilities	135	1,504
Total current liabilities	49,744	71,399

Notes payable, long-term, net	52,417	57,962
Operating lease liabilities, long-term	12,672	14,750
Partner company redeemable perpetual preferred liability	7,085	—
Other long-term liabilities	1,447	1,756
Total liabilities	123,365	145,867

Commitments and contingencies (Note 14)

Stockholders’ equity (deficit)
Cumulative redeemable perpetual preferred stock, $0.001 par value, 15,000,000 authorized, 5,000,000 designated Series A shares, 3,427,138 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively, liquidation value of $25.00 per share	3	3
Common stock, $0.001 par value, 200,000,000 shares authorized, 31,364,094 and 27,908,839 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	31	28
Additional paid-in-capital	783,891	763,573
Accumulated deficit	(734,052)	(740,867)
Total stockholders' equity attributed to the Company	49,873	22,737

Non-controlling interests	12,310	(24,381)
Total stockholders' equity (deficit)	62,183	(1,644)
Total liabilities and stockholders' equity (deficit)	$185,548	$144,223

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.