Fortress Biotech, Inc.

For the period ended Dec 31, 2024. Filed Mar 31, 2025.

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.

FY2024 · Filed Mar 31, 2025

FBIO$1.91-4.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

($ in thousands)


· · Year Ended December 31,
· 2024 · 2023
Cash Flows from Operating Activities: · ·
Net loss	$(120,855)	$(154,154)
Reconciliation of net loss to net cash used in operating activities:
Depreciation expense	1,040	2,230
Loss on disposal of property and equipment	29	(1,466)
Bad debt expense	516	435
Amortization of debt discount	2,054	3,032
Accretion of partner company convertible preferred shares	(737)	757
Non-cash interest	—	353
Loss on extinguishment of debt	2,457	2,796
Amortization of acquired intangible assets	3,424	3,767
Reduction in the carrying amount of operating lease right-of-use assets	2,846	2,078
Stock-based compensation expense	32,619	17,029
Issuance of partner company’s common shares for research and development expenses	—	1,240
Common shares issued for dividend on partner company's convertible preferred shares	114	266
Change in fair value of partner companies' warrant liabilities	487	(4,424)
Research and development - licenses acquired, expense	250	3,085
Loss from deconsolidation/dissolution of subsidiaries	—	4,127
Asset impairment loss	3,692	3,143
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:
Accounts receivable	4,475	12,551
Inventory	(4,225)	3,953
Other receivables - related party	(4)	(29)
Prepaid expenses and other current assets	(624)	(848)
Other assets	968	(808)
Accounts payable and accrued expenses	(6,390)	(24,382)
Income taxes payable	89	121
Lease liabilities	(3,620)	(2,291)
Other long-term liabilities	1,204	(786)
Net cash used in operating activities	(80,191)	(128,225)

Cash Flows from Investing Activities:
Acquired intangible assets	(15,000)	(5,000)
Purchase of property and equipment	—	(63)
Proceeds from sale of property and equipment	—	6,000
Other	—	(5)
Purchase of research and development licenses	—	(3,035)
Net cash used in investing activities	(15,000)	(2,103)

Consolidated Statements of Cash Flows

($ in thousands)


· · Year Ended December 31,
· · 2024 · · 2023
Cash Flows from Financing Activities: · ·
Payment of Series A perpetual preferred stock dividends	$(4,016)	$(8,032)
Proceeds from issuance of common stock for equity offerings, net	17,404	22,078
Proceeds from issuance of common stock for at-the-market offering, net	3,734	2,041
Proceeds from issuance of common stock under ESPP	101	—
Exercise of warrants for cash	181	382
Proceeds from partner companies' ESPP	257	178
Partner company’s dividends declared and paid	(694)	(736)
Partner company’s redemption of preferred shares	—	(400)
Proceeds from partner companies' equity offerings and warrant exercises, net	49,669	51,637
Proceeds from partner companies' at-the-market offering, net	12,037	4,620
Proceeds from exercise of partner company's options, net	207	121
Repayment of Oaktree Note and debt issuance costs	(51,000)	—
Repayment of partner company installment payments - licenses	(1,250)	(1,000)
Proceeds from partner company convertible preferred shares	—	854
Stock and warrants issued for exchange of partner company preferred shares	341	—
Payment of debt issuance costs associated with partner company convertible preferred shares	—	(210)
Proceeds from long-term debt, net	33,720	—
Proceeds from partner company's long-term debt, net	9,950	14,529
Repayment of partner companies' long-term debt	—	(50,375)
Proceeds from partner company's line of credit	—	28,000
Repayment of partner company's line of credit	—	(30,948)
Net cash (used in) provided by financing activities	70,641	32,739
Net increase (decrease) in cash and cash equivalents and restricted cash	(24,550)	(97,589)
Cash and cash equivalents and restricted cash at beginning of period	83,365	180,954
Cash and cash equivalents and restricted cash at end of period	$58,815	$83,365

Supplemental disclosure of cash flow information:
Cash paid for interest	$7,159	$7,945
Cash paid (refunded) for income taxes	$120	$(55)

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)	—
Unpaid partner company’s offering cost	$—	$263
Partner company derivative warrant liability associated with partner company convertible preferred shares	$—	$33
Warrants issued in conjunction with debt	$1,104	$—
Unpaid debt offering cost	$118	$—
Unpaid research and development licenses acquired	$250	$50
Lease Liabilities arising from obtaining right-of-use assets	$188	$923

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.