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 Statements of Operations


· · Year Ended December 31,
· · 2025 · · 2024
Revenue · · · ·
Product revenue, net	$61,239	$55,134
Collaboration revenue	—	1,500
Revenue - related party	—	41
Other revenue	2,023	1,000
Net revenue	63,262	57,675

Operating expenses
Cost of goods - (excluding amortization of acquired intangible assets)	20,924	20,879
Amortization of acquired intangible assets	4,258	3,424
Research and development	11,901	56,629
Research and development - licenses acquired	—	252
Selling, general and administrative	96,400	87,731
Loss recovery	—	(4,553)
Asset impairment	—	3,692
Total operating expenses	133,483	168,054
Loss from operations	(70,221)	(110,379)

Other income (expense)
Interest income	2,485	2,683
Interest expense and financing fee	(10,106)	(13,527)
Loss on common stock warrant liabilities	(398)	(638)
Gain from deconsolidation of subsidiary	27,127	—
Other income	17,578	1,318
Total other income (expense)	36,686	(10,164)
Loss before income tax expense	(33,535)	(120,543)

Income tax expense (benefit)	(620)	312
Net loss	(32,915)	(120,855)

Attributable to non-controlling interests	39,730	74,858
Net income (loss) attributable to Fortress	$6,815	$(45,997)

Preferred A dividends declared and paid and/or cumulated, and Fortress' share of subsidiary deemed dividends	(8,697)	(9,893)
Net loss attributable to common stockholders	$(1,882)	$(55,890)

Net loss per common share attributable to common stockholders - basic & diluted	$(0.07)	$(2.69)

Weighted average common shares outstanding - basic & diluted	27,901,889	20,784,334

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.