Fortress Biotech, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
FBIO$1.91-4.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
($ in thousands)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Year Ended December 31, | ||||||
| · · 2025 · · 2024 | ||||||
| Cash Flows from Operating Activities: · · · · | ||||||
| Net income (loss) | | $(32,915) | | $(120,855) | ||
| Reconciliation of net loss to net cash used in operating activities: | | | | | ||
| Depreciation expense | | 403 | | 1,040 | ||
| Loss on disposal of property and equipment | | | — | | | 29 |
| Bad debt (recovery) expense | | | (211) | | 516 | |
| Amortization of debt discount | | 1,404 | | 2,054 | ||
| Accretion of partner company convertible preferred shares | | — | | (737) | ||
| Gain on termination of partner company lease | | | (394) | | | — |
| Loss on extinguishment of debt | | — | | 2,457 | ||
| Amortization of acquired intangible assets | | 4,258 | | 3,424 | ||
| Settlement of partner company payables | | | (2,104) | | | — |
| Reduction in the carrying amount of operating lease right-of-use assets | | 1,943 | | 2,846 | ||
| Stock-based compensation expense | | 28,739 | | 32,619 | ||
| Change in fair value of investment | | (15,075) | | — | ||
| Common shares issued for dividend on partner company's convertible preferred shares | | | — | | | 114 |
| Change in fair value of partner companies' warrant liabilities | | | 398 | | | 487 |
| Research and development - licenses acquired, expense | | — | | 250 | ||
| Gain from deconsolidation of subsidiary | | | (27,127) | | | — |
| Asset impairment loss | | | — | | | 3,692 |
| Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities: | | | | | ||
| Accounts receivable | | (19,341) | | 4,475 | ||
| Inventory | | 4,807 | | (4,225) | ||
| Other receivables - related party | | 13 | | (4) | ||
| Prepaid expenses and other current assets | | 1,546 | | (624) | ||
| Other assets | | 330 | | 968 | ||
| Accounts payable and accrued expenses | | (7,971) | | (6,390) | ||
| Income taxes payable | | | (576) | | | 89 |
| Lease liabilities | | (2,226) | | (3,620) | ||
| Other liabilities | | (1,678) | | 1,204 | ||
| Net cash used in operating activities | | (65,777) | | (80,191) | ||
| | | | | | | |
| Cash Flows from Investing Activities: | | | | | | |
| Acquired intangible assets | | — | | (15,000) | ||
| Proceeds from sale of property and equipment | | | 1,165 | | | — |
| Net cash increase upon deconsolidation of subsidiary | | | 8,956 | | | — |
| Net cash provided by (used in) investing activities | | 10,121 | | (15,000) | ||
Consolidated Statements of Cash Flows
($ in thousands)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Year Ended December 31, | ||||||
| · · 2025 · · 2024 | ||||||
| Cash Flows from Financing Activities: · · · · | ||||||
| Payment of Series A perpetual preferred stock dividends | $— | $(4,016) | ||||
| Proceeds from issuance of common stock for public offering, net | | | — | | | 17,404 |
| Proceeds from issuance of common stock for at-the-market offering, net | | | 1,008 | | | 3,734 |
| Proceeds from issuance of common stock under ESPP | | | 87 | | | 101 |
| Exercise of warrants for cash | | | 2,647 | | | 181 |
| Proceeds from partner companies' ESPP | | | 217 | | 257 | |
| Partner company’s dividends declared and paid | | | (664) | | (694) | |
| Partner company’s redemption of preferred shares | | | (265) | | | — |
| Proceeds from partner companies' equity offerings and warrant exercises, net | | | 61,621 | | | 49,669 |
| Proceeds from partner companies' at-the-market offering, net | | 19,052 | | 12,037 | ||
| Proceeds from exercise of partner company's options, net | | | — | | | 207 |
| Repayment of Oaktree Note and debt issuance costs | | | (5,561) | | | (51,000) |
| Repayment of partner company installment payments - licenses | | | (625) | | | (1,250) |
| Stock and warrants issued for exchange of partner company preferred shares | | | — | | | 341 |
| Proceeds from long-term debt, net | | | (75) | | | 33,720 |
| Proceeds from partner company's long-term debt, net | | | — | | | 9,950 |
| Net cash provided by financing activities | | 77,442 | | 70,641 | ||
| Net increase (decrease) in cash and cash equivalents and restricted cash | | 21,786 | | (24,550) | ||
| Cash and cash equivalents and restricted cash at beginning of period | | 58,815 | | 83,365 | ||
| Cash and cash equivalents and restricted cash at end of period | | $80,601 | | $58,815 | ||
| | | | | | | |
| Supplemental disclosure of cash flow information: | | | | | ||
| Cash paid for interest | | $7,386 | | $7,159 | ||
| Cash paid for income taxes | | $49 | | $120 | ||
| | | | | | | |
| Supplemental disclosure of non-cash financing and investing activities: | | | | | ||
| Exchange of partner company convertible preferred shares for common shares | | $— | | $3,408 | ||
| Fair value of assets received by partner company in repurchase transaction | | $— | | $2,209 | ||
| Fair value of supplies received by partner company expensed to research and development | | $— | | $2,509 | ||
| Partner company accounts receivable write-off related to repurchase transaction | | $— | | $(6,967) | ||
| Partner company accounts payable write-off related to repurchase transaction | | $— | | $3,644 | ||
| Partner company's deferred purchase consideration | | $— | | $(1,295) | ||
| Warrants issued in conjunction with debt | | $1,314 | | $1,104 | ||
| Unpaid debt offering cost | | $— | | $118 | ||
| Unpaid research and development licenses acquired | | $— | | $250 | ||
| Lease Liabilities arising from obtaining right-of-use assets | | $457 | | $188 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.