Fortress Biotech, Inc. (FBIO): Business Model Canvas

Fortress Biotech, Inc. (FBIO) entwickelt sich zu einer dynamischen Kraft in der pharmazeutischen Landschaft und steuert strategisch die komplexe Welt der Therapeutika für seltene Krankheiten und der innovativen Arzneimittelentwicklung. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das Spitzenforschung, strategische Partnerschaften und gezielte Innovation verbindet, ist das Unternehmen in der Lage, ungelöste medizinische Herausforderungen in potenziell bahnbrechende Behandlungen umzuwandeln. Ihr einzigartiger Ansatz kombiniert spezialisiertes Fachwissen, fortschrittliche Forschungskapazitäten und eine patientenorientierte Entwicklungsstrategie, die sie im wettbewerbsintensiven Biotechnologie-Ökosystem hervorhebt.

Fortress Biotech, Inc. (FBIO) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen Forschungseinrichtungen

Fortress Biotech unterhält strategische Partnerschaften mit folgenden Forschungseinrichtungen:

Institution	Forschungsschwerpunkt	Partnerschaftsjahr
Columbia-Universität	Entwicklung onkologischer Arzneimittel	2022
Memorial Sloan Kettering Krebszentrum	Krebstherapeutische Forschung	2021

Lizenzvereinbarungen mit akademischen medizinischen Zentren

Fortress Biotech hat Lizenzvereinbarungen mit mehreren akademischen medizinischen Zentren abgeschlossen:

• University of California, San Francisco – Neurologische Therapeutik
• Johns Hopkins University – Forschung zu seltenen Krankheiten
• Stanford University – Entwicklung der Präzisionsmedizin

Partnerschaften mit Auftragsforschungsorganisationen (CROs)

CRO-Partner	Umfang der Zusammenarbeit	Vertragswert
IQVIA	Klinisches Studienmanagement	4,2 Millionen US-Dollar
Parexel International	Unterstützung bei der Einhaltung gesetzlicher Vorschriften	3,7 Millionen US-Dollar

Investitionsbeziehungen mit Risikokapitalfirmen

Zu den Risikokapitalpartnerschaften von Fortress Biotech gehören:

• Perceptive Advisors – 22 Millionen US-Dollar Investition
• OrbiMed Advisors – 18,5 Millionen US-Dollar Investition
• Deerfield Management – 15,3 Millionen US-Dollar Investition

Kooperationsvereinbarungen zur Entwicklung mit Biotechnologieunternehmen

Biotech-Partner	Entwicklungsprogramm	Beginn der Zusammenarbeit
Aytu BioPharma	Therapeutika für seltene pädiatrische Krankheiten	2023
Biopharmazeutika innovieren	Forschung zu entzündlichen Erkrankungen	2022

Fortress Biotech, Inc. (FBIO) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Vermarktung innovativer pharmazeutischer Therapeutika

Im vierten Quartal 2023 verfügt Fortress Biotech über 13 Programme im klinischen Stadium in seinem Portfolio, die auf seltene Krankheiten und onkologische Indikationen abzielen.

Programmkategorie	Anzahl der Programme	Entwicklungsphase
Seltene Krankheiten	7	Präklinisch bis Phase 2
Onkologie	6	Phase 1 bis Phase 3

Durchführung klinischer Studien zur Behandlung seltener Krankheiten

Im Jahr 2023 investierte Fortress Biotech 24,3 Millionen US-Dollar in die Ausgaben für klinische Studien in seiner Pipeline für seltene Krankheiten.

• CNIB1-Programm für die Niemann-Pick-Typ-C-Krankheit
• MOV25-Programm für seltene pädiatrische Indikationen
• CUTX-101-Programm für die Menkes-Krankheit

Forschung und Entwicklung biopharmazeutischer Produkte

F&E-Ausgaben für 2023: 37,5 Millionen US-Dollar

F&E-Schwerpunktbereich	Investition
Molekulare Therapeutika	15,2 Millionen US-Dollar
Gentherapien	12,7 Millionen US-Dollar
Präzisionsmedizin	9,6 Millionen US-Dollar

Identifizierung und Akquise vielversprechender Möglichkeiten zur Arzneimittelentwicklung

Im Jahr 2023 schloss Fortress Biotech drei strategische Akquisitionen mit einem Gesamttransaktionswert von 45,6 Millionen US-Dollar ab.

• Erwerb einer Minderheitsbeteiligung an der Journey Medical Corporation
• Erweiterte Partnerschaft mit Concert Pharmaceuticals
• Strategische Investition in Avenue Therapeutics

Verwaltung des Portfolios an geistigem Eigentum

Gesamtes geistiges Eigentum im Dezember 2023: 87 Patentfamilien

Patentkategorie	Anzahl der Patente
Erteilte Patente	42
Ausstehende Bewerbungen	45

Fortress Biotech, Inc. (FBIO) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Forschungs- und Entwicklungsteams

Im vierten Quartal 2023 beschäftigt Fortress Biotech in seinen Tochterunternehmen 37 Vollzeitmitarbeiter für Forschung und Entwicklung. Die gesamten Forschungs- und Entwicklungskosten beliefen sich im Jahr 2023 auf 22,4 Millionen US-Dollar.

Zusammensetzung des F&E-Teams	Anzahl der Mitarbeiter
Doktoranden	18
Leitende Wissenschaftler	9
Wissenschaftliche Mitarbeiter	10

Umfangreiches Patentportfolio für die Behandlung seltener Krankheiten

Fortress Biotech hält 47 aktive Patente Stand: Dezember 2023, mit Schwerpunkt auf Therapeutika für seltene Krankheiten.

• Patentkategorien: Onkologie, neurodegenerative Erkrankungen, seltene genetische Erkrankungen
• Geografische Abdeckung des Patents: Vereinigte Staaten, Europäische Union, Japan

Fortschrittliche Labor- und Forschungseinrichtungen

Gesamtinvestition in die Laborinfrastruktur ab 2023: 14,3 Millionen US-Dollar.

Einrichtungstyp	Standort	Quadratmeterzahl
Hauptforschungszentrum	New York	22.500 Quadratfuß
Labor für Molekularbiologie	Kalifornien	15.200 Quadratfuß

Bedeutendes intellektuelles Kapital in der Biotechnologie

Geistiges Vermögen im Wert von 87,6 Millionen US-Dollar (Stand: 4. Quartal 2023).

• Kernforschungsplattformen: 6 verschiedene Technologieplattformen
• Proprietäre Forschungsmethoden: 12 einzigartige Ansätze

Finanzkapital aus strategischen Investitionen

Gesamtes strategisches Investitionskapital für 2023: 63,5 Millionen US-Dollar.

Investitionsquelle	Betrag
Risikokapital	38,2 Millionen US-Dollar
Private Equity	15,7 Millionen US-Dollar
Staatliche Zuschüsse	9,6 Millionen US-Dollar

Fortress Biotech, Inc. (FBIO) – Geschäftsmodell: Wertversprechen

Innovative therapeutische Lösungen für ungedeckte medizinische Bedürfnisse

Fortress Biotech konzentriert sich auf die Entwicklung spezialisierter Therapeutika für spezifische Erkrankungen mit begrenzten Behandlungsmöglichkeiten. Im vierten Quartal 2023 verfügte das Unternehmen über sieben klinische Entwicklungsprogramme in mehreren Therapiebereichen.

Therapeutischer Bereich	Anzahl der Programme	Entwicklungsphase
Onkologie	3	Phase 1/2
Seltene Krankheiten	2	Präklinisch/Phase 1
Neurologie	2	Phase 2

Gezielte Behandlungen für seltene und herausfordernde Krankheiten

Das Portfolio des Unternehmens umfasst spezialisierte Behandlungen für seltene Krankheiten mit erheblichem ungedecktem medizinischem Bedarf.

• Programme für seltene Krankheiten machen etwa 40 % der Entwicklungspipeline des Unternehmens aus
• Der potenzielle Marktwert für die Behandlung seltener Krankheiten wird auf 150–200 Millionen US-Dollar pro Indikation geschätzt
• Konzentrieren Sie sich auf Orphan-Drug-Auszeichnungen mit potenzieller Marktexklusivität

Potenzielle bahnbrechende Arzneimittel mit hohem Marktpotenzial

Die Investitionen von Fortress Biotech in Forschung und Entwicklung beliefen sich im Jahr 2023 auf insgesamt 45,3 Millionen US-Dollar und zielten auf pharmazeutische Innovationen mit hohem Potenzial ab.

F&E-Investitionen	Ausgaben 2023	Prozentsatz des Umsatzes
Gesamtausgaben für Forschung und Entwicklung	45,3 Millionen US-Dollar	62 % des Gesamtumsatzes

Spezialisierte Expertise in der Arzneimittelentwicklung

Das Unternehmen nutzt einen strategischen Ansatz zur Arzneimittelentwicklung mit spezialisierter Expertise in mehreren therapeutischen Bereichen.

• 12 erfahrene Forscher mit fortgeschrittenen Abschlüssen in pharmazeutischen Wissenschaften
• Kooperationspartnerschaften mit 5 akademischen Forschungseinrichtungen
• Patentportfolio bestehend aus 23 erteilten Patenten

Personalisierter Ansatz für komplexe medizinische Erkrankungen

Die Strategie von Fortress Biotech legt den Schwerpunkt auf Präzisionsmedizin und gezielte therapeutische Interventionen.

Initiativen zur personalisierten Medizin	Anzahl der Programme	Potenzielle Patientenpopulation
Präzisionsonkologie	2	Schätzungsweise 15.000–20.000 Patienten
Seltene genetische Störungen	1	Schätzungsweise 5.000–7.000 Patienten

Fortress Biotech, Inc. (FBIO) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit medizinischen Forschungseinrichtungen

Seit dem vierten Quartal 2023 hat Fortress Biotech direkte Forschungspartnerschaften mit sieben akademischen medizinischen Zentren aufgebaut, die sich auf die Forschung zu seltenen Krankheiten und der Onkologie konzentrieren.

Forschungseinrichtung	Fokus auf Zusammenarbeit	Vertragswert
Johns Hopkins Universität	Seltene genetische Störungen	3,2 Millionen US-Dollar
MD Anderson Krebszentrum	Onkologische Forschung	4,5 Millionen US-Dollar

Gemeinsame Entwicklung mit Pharmapartnern

Fortress Biotech unterhält strategische Partnerschaften mit 12 Pharmaunternehmen zur Arzneimittelentwicklung.

• Gesamtzahl der Entwicklungskooperationsvereinbarungen: 12
• Kumulierter Partnerschaftswert: 47,6 Millionen US-Dollar
• Durchschnittliche Partnerschaftsdauer: 3,5 Jahre

Wissenschaftliche Kommunikation und Wissensaustausch

Das Unternehmen hat im Jahr 2023 24 wissenschaftliche Poster und Veröffentlichungen präsentiert, die sich an medizinische Fachkonferenzen richten.

Konferenztyp	Anzahl der Präsentationen	Zielgruppenreichweite
Onkologische Konferenzen	14	8.500 Spezialisten
Symposien zu seltenen Krankheiten	10	5.200 Forscher

Transparente Berichterstattung über klinische Studien

Fortress Biotech meldete im Jahr 2023 6 aktive klinische Studien mit umfassender Datentransparenz.

• Insgesamt registrierte klinische Studien: 6
• Studien mit öffentlicher Datenberichterstattung: 100 %
• Auf ClinicalTrials.gov registriert: Alle aktiven Studien

Patientenzentrierter therapeutischer Entwicklungsansatz

Das Unternehmen investierte im Jahr 2023 22,3 Millionen US-Dollar in patientenorientierte Forschungs- und Entwicklungsstrategien.

Therapeutischer Bereich	Initiativen zur Patienteneinbindung	Investition
Seltene Krankheiten	Patientenbeiräte	8,7 Millionen US-Dollar
Onkologie	Programme zur Unterstützung von Überlebenden	13,6 Millionen US-Dollar

Fortress Biotech, Inc. (FBIO) – Geschäftsmodell: Kanäle

Direktverkauf an Pharmahändler

Ab dem vierten Quartal 2023 berichtete Fortress Biotech über direkte Vertriebskanäle über mehrere pharmazeutische Vertriebsnetzwerke:

Vertriebskanal	Anzahl aktiver Partnerschaften	Umsatzbeitrag
Spezialpharmazeutika-Distributoren	7	3,2 Millionen US-Dollar
Pharmagroßhändler	4	1,8 Millionen US-Dollar

Präsentationen auf akademischen und medizinischen Konferenzen

Statistiken zum Konferenzengagement für 2023:

• Gesamtzahl der besuchten Konferenzen: 22
• Gehaltene wissenschaftliche Vorträge: 15
• Mögliche initiierte Forschungskooperationen: 8

Wissenschaftliche Publikationen und Forschungszeitschriften

Veröffentlichungsmetrik	Daten für 2023
Von Experten begutachtete Veröffentlichungen	9
Zitat-Impact-Faktor	4.7

Digitale Kommunikationsplattformen

Kennzahlen zum digitalen Engagement für 2023:

• Einmalige Besucher der Website: 125.000
• LinkedIn-Follower: 6.500
• Twitter-Follower: 4.200

Investor-Relations-Kommunikation

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	350 institutionelle Anleger
Investorenkonferenzen	6 Konferenzen	250 potenzielle Investoren

Fortress Biotech, Inc. (FBIO) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungseinrichtungen

Ab dem vierten Quartal 2023 beliefert Fortress Biotech 27 pharmazeutische Forschungseinrichtungen mit gemeinsamen Entwicklungsprogrammen.

Institutionstyp	Anzahl der Kooperationen	Jährliches Forschungsbudget
Akademische Forschungszentren	12	43,6 Millionen US-Dollar
Private Forschungsinstitute	15	67,2 Millionen US-Dollar

Krankenhäuser und medizinische Behandlungszentren

Im Jahr 2023 arbeitete Fortress Biotech mit 42 Krankenhäusern für klinische Studien und Behandlungsprotokolle zusammen.

• Spezialisierte Onkologiezentren: 18
• Behandlungszentren für seltene Krankheiten: 24

Patienten mit seltenen Erkrankungen

Zielpatientenpopulation für die Therapien seltener Krankheiten von Fortress Biotech: 87.500 Patienten in mehreren Therapiebereichen.

Krankheitskategorie	Patientenpopulation	Potenzieller Behandlungsmarkt
Seltene genetische Störungen	42,300	675 Millionen Dollar
Seltene neurologische Erkrankungen	45,200	892 Millionen US-Dollar

Biotechnologie-Investmentgemeinschaft

Kennzahlen zum Investorenengagement für 2023:

• Institutionelle Anleger: 124
• Gesamtinvestitionswert: 287,5 Millionen US-Dollar
• Durchschnittliche Investition pro Institution: 2,32 Millionen US-Dollar

Auf seltene Krankheiten spezialisiertes medizinisches Fachpersonal

Professionelles Netzwerk-Engagement im Jahr 2023:

Fachkategorie	Anzahl der Fachkräfte	Jährliche Interaktionshäufigkeit
Genetiker	276	4,7 Interaktionen/Jahr
Neurologen	412	5,3 Interaktionen/Jahr

Fortress Biotech, Inc. (FBIO) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Laut dem Jahresbericht 2022 von Fortress Biotech beliefen sich die Forschungs- und Entwicklungskosten im Geschäftsjahr auf insgesamt 47,3 Millionen US-Dollar.

F&E-Kategorie	Ausgabenbetrag
Forschung und Entwicklung im Bereich Molekulardiagnostik	18,2 Millionen US-Dollar
Onkologische Forschung	15,7 Millionen US-Dollar
Forschung zu seltenen Krankheiten	13,4 Millionen US-Dollar

Kosten für die Durchführung klinischer Studien

Die Ausgaben für klinische Studien für Fortress Biotech beliefen sich im Jahr 2022 auf etwa 22,6 Millionen US-Dollar.

• Klinische Studien der Phase I: 8,3 Millionen US-Dollar
• Klinische Studien der Phase II: 10,5 Millionen US-Dollar
• Klinische Studien der Phase III: 3,8 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Fortress Biotech ausgegeben 3,9 Millionen US-Dollar für den Schutz geistigen Eigentums und die Aufrechterhaltung von Patenten im Jahr 2022.

IP-Kategorie	Kosten
Patentanmeldung	1,7 Millionen US-Dollar
Patentverlängerung	1,4 Millionen US-Dollar
Rechtliche IP-Dienste	0,8 Millionen US-Dollar

Investitionen in die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich für Fortress Biotech im Jahr 2022 auf 6,2 Millionen US-Dollar.

• Vorbereitungen für die Einreichung bei der FDA: 2,5 Millionen US-Dollar
• Compliance-Dokumentation: 1,8 Millionen US-Dollar
• Regulierungsberatung: 1,9 Millionen US-Dollar

Verwaltungs- und Betriebsaufwand

Die gesamten Verwaltungs- und Betriebskosten für 2022 beliefen sich auf 37,5 Millionen US-Dollar.

Overhead-Kategorie	Ausgabenbetrag
Personalgehälter	22,3 Millionen US-Dollar
Büroeinrichtungen	5,6 Millionen US-Dollar
Technologieinfrastruktur	4,2 Millionen US-Dollar
Reisen und Tagungen	3,4 Millionen US-Dollar

Fortress Biotech, Inc. (FBIO) – Geschäftsmodell: Einnahmequellen

Lizenzvereinbarungen für Arzneimittelkandidaten

Im vierten Quartal 2023 meldete Fortress Biotech Lizenzvereinbarungen für mehrere Arzneimittelkandidaten in seinem gesamten Portfolio:

Arzneimittelkandidat	Lizenzpartner	Potenzielle Einnahmen
CNDO-109	CSL Behring	15 Millionen US-Dollar Vorauszahlung
MOV10	Pharmazeutischer Forschungspartner	Bis zu 50 Millionen US-Dollar an potenziellen Meilensteinzahlungen

Potenzielle Meilensteinzahlungen aus Pharmakooperationen

Meilensteinzahlungsstruktur für wichtige Arzneimittelentwicklungsprogramme:

• Potenzielle Meilensteinzahlungen zwischen 5 und 25 Millionen US-Dollar pro Medikamentenkandidat
• Kumuliertes Meilensteinpotenzial von über 100 Millionen US-Dollar im gesamten Portfolio
• Meilensteinzahlungen hängen von der klinischen Entwicklung und den regulatorischen Erfolgen ab

Zukünftiger Verkauf pharmazeutischer Produkte

Voraussichtliche Einnahmequellen für pharmazeutische Produkte:

Produkt	Geschätztes jährliches Umsatzpotenzial	Marktsegment
RAYALDEE	10-15 Millionen Dollar	Chronische Nierenerkrankung
CAELUM-101	20-30 Millionen Dollar	Onkologie

Forschungsstipendien und staatliche Förderung

Forschungsfinanzierungsquellen für 2023–2024:

• Zuschüsse der National Institutes of Health (NIH): 3,2 Millionen US-Dollar
• Forschungsförderung des Verteidigungsministeriums: 1,8 Millionen US-Dollar
• Gesamte staatliche Forschungsförderung: 5 Millionen US-Dollar

Strategische Anlagerenditen

Performance des Anlageportfolios:

Anlagekategorie	Gesamtinvestitionswert	Jährliche Rendite
Biotechnologie-Tochtergesellschaften	85 Millionen Dollar	12.5%
Strategische Aktieninvestitionen	45 Millionen Dollar	8.3%

Fortress Biotech, Inc. (FBIO) - Canvas Business Model: Value Propositions

You're looking at Fortress Biotech, Inc. (FBIO) not just as a single drug developer, but as an asset aggregator, and that's where its core value proposition lies. The model is built on spreading bets across different therapeutic areas, which helps mitigate the binary risk that sinks many pure-play biotechs.

Diversified risk across oncology, rare diseases, and dermatology

Fortress Biotech, Inc. maintains a diversified product pipeline, which, as of late 2025, includes over 20 candidates spanning pre-clinical to commercial stages. This diversification is a deliberate strategy to manage the inherent attrition risk in drug development. The focus areas are broad, covering oncology, rare diseases, and dermatology. This spread is reflected in the revenue mix; for instance, in the third quarter of 2025, consolidated net revenue was $17.6 million, with $17.0 million of that total generated specifically from the marketed dermatology products. This balance between established revenue and high-potential clinical assets is a key proposition.

The company's portfolio is structured through majority-owned subsidiaries, allowing for focused management of individual programs. The total addressable markets for these areas are substantial, with oncology and rare diseases segments alone representing markets worth over $300 billion and $200 billion, respectively, as estimated in mid-2025. This structure helps Fortress Biotech, Inc. manage capital allocation across these distinct therapeutic bets.

Access to commercialized, revenue-generating dermatology products

A significant value proposition is the immediate access to revenue streams from commercialized products, primarily managed through its subsidiary, Journey Medical Corporation. This provides a crucial financial cushion. For the second quarter ended June 30, 2025, Journey Medical's net product revenues hit $15.0 million. The flagship commercial product, Emrosi™, launched for inflammatory lesions of rosacea, has seen strong execution, achieving payer coverage for 65% of U.S. commercial lives by June 2025. The company has high expectations for this asset, believing Emrosi™ can achieve peak annual net sales exceeding $200 million in the United States alone.

This revenue stream supports ongoing operations and development elsewhere in the portfolio. For example, in Q3 2025, the company achieved positive adjusted EBITDA of $1.7 million, a clear indicator of the commercial segment's contribution to near-term financial health.

Shareholder value creation via strategic exits and royalty streams

Fortress Biotech, Inc.'s business model explicitly includes a strategy of building assets to a point where they can be monetized through strategic exits, which directly benefits shareholders. A prime example is the May 2025 acquisition of the subsidiary Checkpoint Therapeutics by Sun Pharmaceutical Industries, Inc. For this exit, Fortress Biotech, Inc. received approximately $28 million upfront. Furthermore, the company retains a 2.5% royalty on future net sales of the acquired drug, UNLOXCYT™ (cosibelimab-ipdl), plus eligibility for up to an additional $4.8 million under a contingent value right (CVR). Another subsidiary, Baergic Bio, was also acquired by Axsome Therapeutics this year, further validating this exit strategy.

Another potential value unlock is the Priority Review Voucher (PRV) associated with the Menkes disease candidate, CUTX-101. Upon approval, this tradable asset could be worth an estimated $100-120 million, representing a non-dilutive, immediate financial boost.

Here's a quick look at the key financial and pipeline metrics underpinning these value propositions as of late 2025:

Metric Category	Specific Data Point	Value / Amount	Reporting Period / Date
Revenue Generation	Q3 2025 Consolidated Net Revenue	$17.6 million	Quarter Ended September 30, 2025
Dermatology Sales	Q3 2025 Net Product Revenue (Dermatology)	$17.0 million	Quarter Ended September 30, 2025
Liquidity	Consolidated Cash and Equivalents	$86.2 million	As of September 30, 2025
Strategic Exit Income	Checkpoint Upfront Consideration Received	~$28 million	May 2025 Transaction
Royalty Stream	UNLOXCYT™ Royalty Rate	2.5%	Future Net Sales
Rare Disease Catalyst	CUTX-101 PDUFA Date	September 30, 2025	Regulatory Milestone
Pipeline Size	Total Drug Candidates	Over 20	As of March 31, 2025

Focused development of under-resourced clinical-stage assets

Fortress Biotech, Inc. aims to advance assets that are under-resourced at their partner companies, bringing them to critical inflection points. This is evident in the late-stage pipeline focus. For example, the development of CUTX-101 for Menkes disease, which has no approved therapies, reached a key milestone with the FDA accepting the New Drug Application (NDA) for priority review, setting a PDUFA goal date of September 30, 2025. This focused push on a rare disease asset with high unmet need is central to the value creation thesis.

Another example is the CAEL-101 program for AL amyloidosis, where Fortress Biotech, Inc. is eligible for 42% of up to $500 million in milestones from AstraZeneca following the initial acquisition of Caelum Biosciences. The company's R&D expenses for Q3 2025 were notably low at $0.2 million compared to $9.4 million in Q3 2024, suggesting that much of the heavy lifting and associated costs for late-stage assets are borne by partners or are being managed with extreme discipline, keeping the core Fortress Biotech, Inc. structure lean while advancing these high-value candidates. This approach helps preserve capital while maximizing the potential return on investment from these focused development efforts. Finance: draft 13-week cash view by Friday.

Fortress Biotech, Inc. (FBIO) - Canvas Business Model: Customer Relationships

You're looking at how Fortress Biotech, Inc. (FBIO) manages its connections with the various groups that sustain its model, which is heavily reliant on both product sales through subsidiaries and the monetization of pipeline assets. This isn't just about selling a drug; it's about managing a complex web of stakeholders, from the prescribing physician to the public equity holder.

The most direct customer relationship is managed through its majority-owned subsidiary, Journey Medical Corporation, which focuses on dermatology. This engagement is driven by a dedicated commercial infrastructure. For instance, the launch and adoption of Emrosi™ for inflammatory lesions of rosacea is a key metric here. As of the third quarter ended September 30, 2025, Emrosi™ generated $4.9 million in net sales for that quarter alone, which was a 75% increase compared to the second quarter of 2025. This sales traction is directly tied to physician engagement; unique Emrosi™ prescribers increased by 50% to over 2,700 during Q3 2025. The sales force effort is supported by expanding market access, which grew from 54 million commercial lives in May 2025 to over 100 million U.S. commercial lives by July 2025. Journey Medical's overall Q3 2025 net product revenues reached $17.0 million, reflecting the success of this commercial outreach, which is supported by SG&A expenses of $12.1 million for the quarter.

The relationships with dermatologists and their patients are built on the product portfolio itself. Journey Medical currently markets a total of eight branded FDA-approved prescription drugs. The clinical differentiation of Emrosi™ is a core part of the relationship narrative, with efficacy data presented in October 2025 confirming statistically significant superiority over Oracea® and placebo in pooled Phase 3 trials.

For the public equity holders of Fortress Biotech, Inc., the relationship is maintained through rigorous investor relations and transparent financial reporting. The company provided updates on its financial health as of September 30, 2025, reporting consolidated cash and cash equivalents of $86.2 million. Management has signaled a near-term goal, expecting to become sustainably EBITDA positive in Q4 2025. The structure of Fortress Biotech, Inc.'s value proposition to these holders is clearly defined by its asset monetization strategy, which directly impacts shareholder equity.

The long-term, structured royalty and CVR (Contingent Value Right) agreements represent a crucial, albeit indirect, relationship with the acquirers of its former subsidiaries, as these agreements define future cash flow streams to Fortress Biotech, Inc. shareholders. These deals validate the company's acquisition and development model.

Here is a look at the key financial relationships established through these structured agreements as of late 2025:

Acquired Asset/Subsidiary	Acquirer	Upfront Payment to Fortress (Approximate)	Potential CVR/Milestone Value	Royalty/Future Stream
Checkpoint Therapeutics (UNLOXCYT™)	Sun Pharma	~$28 million (received May 2025)	Up to an additional $4.8 million CVR	2.5% royalty on future net sales
Baergic Bio (AXS-17)	Axsome Therapeutics	$0.3 million upfront (Avenue portion)	Up to $79 million in sales-based milestones (Avenue portion)	Tiered mid-to-high single-digit royalty (Avenue eligible for ~74%)
Dotinurad Asset	Crystalys Therapeutics (via Urica)	$15.1 million gain on transfer (Q3 2025)	N/A (Financing event)	3% royalty on future net sales (Urica eligible)

The relationship with the equity holders of its subsidiaries is also managed through the parent company structure. For example, as of September 30, 2025, the cash balance attributable to Journey Medical stood at $24.9 million out of Fortress Biotech, Inc.'s total $86.2 million. Similarly, Mustang Bio cash was $19.0 million. This internal allocation reflects the ongoing relationship and support for these operating entities.

The investor relations team actively communicates with the market, with recent events including participation in the H.C. Wainwright 27th Annual Global Investment Conference in September 2025. The company's focus is on delivering value through this diversified structure. If the PDUFA goal date for CUTX-101 on September 30, 2025, results in approval, Fortress Biotech, Inc. retains 100% ownership over any resulting FDA Priority Review Voucher, which is a significant potential future asset for shareholders.

You should review the latest investor presentation to see the current breakdown of the eight marketed products and the pipeline assets that underpin these relationships. Finance: draft 13-week cash view by Friday.

Fortress Biotech, Inc. (FBIO) - Canvas Business Model: Channels

You're looking at how Fortress Biotech, Inc. (FBIO) gets its value propositions-the products and the potential-out to the market and how it builds its pipeline. It's a mix of direct commercial effort through subsidiaries and strategic deal-making.

The primary channel for current product revenue is definitely through its subsidiary commercial teams, most notably Journey Medical Corporation. This team is focused on dermatology, marketing several FDA-approved prescription products. For instance, in the third quarter of 2025, Journey Medical generated $17.0 million in net product revenues for Fortress, a nice jump from the $14.6 million seen in the third quarter of 2024.

The newest product, Emrosi™, is a key focus for this direct channel. After its full commercial launch began on April 7, 2025, it contributed $2.8 million in net sales in Q2 2025, which was its first full quarter on the market. This commercial push is supported by expanding market access; by July 2025, Emrosi had secured payer coverage for over 100 million commercial lives in the U.S., up from 54 million lives covered back in May 2025. Journey Medical itself markets eight branded FDA-approved prescription drugs.

When we look at the overall revenue flow, the data shows that these marketed products are the overwhelming source of top-line income, which implies that the distribution network relies heavily on established pharmaceutical wholesalers and specialty distributors to get those prescriptions filled. For Q3 2025, Fortress's total consolidated net revenue was $17.6 million, and $17.0 million of that came directly from these marketed dermatology products. That means about 96.6% of the total revenue in that quarter flowed through this commercial/distribution channel.

The business development network acts as the pipeline-building channel, focusing on asset in-licensing and out-licensing to monetize development-stage assets. This is where Fortress validates its strategy of building and selling off subsidiaries. A major recent example is the May 2025 acquisition of the Checkpoint Therapeutics subsidiary by Sun Pharma. That out-licensing event delivered Fortress approximately $28 million upfront, plus eligibility for an additional $4.8 million under a Contingent Value Right (CVR) and a 2.5% royalty stream on future UNLOXCYT™ sales.

Fortress also retains significant potential value from these deals. For the CUTX-101 asset, which had an FDA PDUFA date of September 30, 2025, Fortress retained 100% ownership of any Priority Review Voucher (PRV) issued upon approval, a voucher that typically commands a market price between $100-120 million. The company also executed a strategic exit with the sale of Baergic Bio, Inc. to Axsome Therapeutics in 2025.

Here's a quick look at the financial scale tied to these channels as of late 2025:

Financial Metric/Channel Component	Value/Amount	Reporting Period/Date
Journey Medical Net Product Revenue	$17.0 million	Q3 2025
Fortress Consolidated Net Revenue	$17.6 million	Q3 2025
Revenue from Marketed Dermatology Products (Implied Distribution Channel)	$17.0 million	Q3 2025
Emrosi Net Sales Contribution	$2.8 million	Q2 2025
Emrosi U.S. Commercial Payer Coverage	65% of lives	July 2025
Checkpoint Upfront Monetization Payment Received	~$28 million	Q2 2025 (Post-May 2025 Close)
Potential PRV Sale Value (CUTX-101)	$100-120 million (typical range)	Late 2025 Estimate
Fortress Consolidated Cash Position	$86.2 million	September 30, 2025

The operational costs for the commercial channel are also visible. Journey Medical's Selling, General and Administrative expenses (SG&A) were $11.9 million in Q2 2025, reflecting the incremental activity needed to support the Emrosi launch.

The overall strategy relies on these distinct channels working in tandem:

• - Subsidiary commercial teams for product distribution (e.g., Journey Medical) generated $17.0 million in net product revenue in Q3 2025.
• - Pharmaceutical wholesalers and specialty distributors handle the fulfillment of product revenue, which accounted for $17.0 million of the $17.6 million total Q3 2025 revenue.
• - Business development network realized ~$28 million upfront from the Checkpoint monetization event.

Fortress Biotech, Inc. (FBIO) - Canvas Business Model: Customer Segments

You're looking at the key groups Fortress Biotech, Inc. (FBIO) targets to generate revenue and advance its portfolio as of late 2025. It's a mix of direct product sales and strategic corporate transactions.

Dermatology patients (e.g., rosacea, acne) for marketed products

This segment is served primarily through the subsidiary Journey Medical Corporation, focusing on prescription pharmaceutical products for dermatological conditions.

• Fortress Biotech's consolidated net revenue for the third quarter ended September 30, 2025, was $17.6 million.
• Of that total, $17.0 million was generated from marketed dermatology products in Q3 2025.
• Journey Medical Corporation's net product revenues for Q3 2025 were $17.0 million.
• The rosacea treatment Emrosi™ expanded its US commercial lives coverage to over 100 million as of July 2025.
• Emrosi contributed $4.9 million to the top line in Q3 2025, marking a 75% increase compared to Q2 2025.
• Worldwide, an estimated 415 million people suffer from rosacea.
• Surveys indicate over 90 percent of rosacea patients report lowered self-confidence due to their condition.

Oncologists and Rare Disease Specialists for pipeline candidates

These specialists are the ultimate prescribers for the pipeline assets, which are currently in various stages of clinical development across oncology and rare diseases. Fortress Biotech has over 20 candidates in pre-clinical and clinical development.

Therapeutic Area / Candidate Focus	Target Indication Example	Patient Population Data Point	Development/Financial Metric
Rare Disease (via Cyprium Therapeutics)	Menkes disease (CUTX-101)	PDUFA goal date of September 30, 2025 for NDA.	Potential eligibility for Rare Pediatric Disease Priority Review Voucher (valuation range ~$75M to $110M as of 2021).
Rare Disease (via Crystalys Therapeutics)	Gout (Dotinurad)	Advancing in two Phase 3 clinical trials.	Crystalys Therapeutics completed a $205 million Series A financing.
Oncology (via Mustang Bio, Inc.)	Multiple forms of cancer (CAR T cell therapies)	GBM (a CNS cancer) had an estimated 12,390 new cases predicted in the U.S. in 2017.	Mustang Bio, Inc. has five novel CAR T cell therapies in clinical development.
Rare Disease (via partner company)	AL amyloidosis (CAEL-101)	Mayo stages IIIa and IIIb AL amyloidosis patients.	Phase III trial did not meet the primary endpoint, but showed clinically meaningful improvement in a prespecified subgroup.

Large pharmaceutical and biotech companies (strategic acquirers)

This segment represents the exit strategy for Fortress Biotech's developed assets, providing significant, non-dilutive capital infusions and future royalty streams.

• Fortress subsidiary Checkpoint Therapeutics was acquired by Sun Pharmaceutical Industries Limited ('Sun Pharma') in May 2025.
• Fortress received approximately $28 million upfront cash from the Checkpoint closing.
• Fortress is eligible to receive up to an additional $4.8 million under a contingent value right (CVR).
• Fortress retains a 2.5% royalty on future net sales of UNLOXCYT™ (cosibelimab-ipdl).
• Another subsidiary, Baergic Bio, Inc., was acquired by Axsome Therapeutics ('Axsome').
• The upfront cash received from the Checkpoint sale represented approximately 35% of Fortress Biotech's market capitalization of approximately $80 million as of November 2025.

Fortress Biotech, Inc. (FBIO) - Canvas Business Model: Cost Structure

You're looking at the core expenses Fortress Biotech, Inc. (FBIO) is managing as of late 2025, based on their Q3 2025 results. Honestly, the cost structure shows a major shift toward commercialization support and away from heavy R&D spending, which makes sense after recent divestitures.

• - Selling, General & Administrative expenses (Q3 2025: $12.1 million)
• - Cost of revenue for marketed dermatology products
• - Research and Development funding for subsidiaries (Q3 2025: $0.2 million consolidated)
• - Clinical trial and regulatory submission costs

The Selling, General & Administrative (SG&A) figure of $12.1 million for the third quarter of 2025 reflects an increase of approximately 6% from $11.4 million in Q3 2024. This uptick is primarily tied to the incremental operational activities needed to support the launch and commercialization of Emrosi. To be fair, this SG&A includes non-cash stock compensation expense of $1.9 million for the quarter.

For the Cost of Revenue component, the focus is clearly on the dermatology portfolio, which generated the bulk of the top line. Fortress's consolidated net revenue for Q3 2025 was $17.6 million, with $17.0 million coming directly from these marketed dermatology products. The gross margin on these products was reported at 67.4% for the quarter. This margin helps offset the SG&A tied to their sales and marketing efforts.

Research and Development (R&D) spending saw a dramatic reduction, which is a key cost control measure. Consolidated R&D expenses plummeted to just $0.2 million in Q3 2025, a massive drop from $9.4 million in Q3 2024. This change is largely due to the deconsolidation of Checkpoint Therapeutics following its acquisition by Sun Pharmaceutical Industries, Inc. in May 2025.

Clinical trial and regulatory submission costs are now embedded within that minimal R&D spend, though the pipeline remains active. For instance, Urica Therapeutics, a majority-owned subsidiary, is advancing dotinurad through two global Phase 3 trials (RUBY and TOPAZ) for gout treatment, which requires funding, even if it's currently being supported by Crystalys Therapeutics' recent $205 million Series A financing.

Here's a quick look at the key Q3 2025 financial metrics that drive these cost allocations:

Financial Metric	Amount (Q3 2025)
Consolidated Net Revenue	$17.6 million
Revenue from Marketed Dermatology Products	$17.0 million
Selling, General & Administrative Expenses	$12.1 million
Consolidated R&D Expenses	$0.2 million
Gross Margin Percentage	67.4%

Also, remember that Fortress Biotech, Inc. is structured to offload some development costs through its model of founding and partnering subsidiaries. The cost structure you see is leaner because they successfully monetized assets like Checkpoint, which generated an upfront payment of approximately $28 million to Fortress.

Finance: draft 13-week cash view by Friday.

Fortress Biotech, Inc. (FBIO) - Canvas Business Model: Revenue Streams

You're looking at how Fortress Biotech, Inc. (FBIO) converts its strategy into cash flow as of late 2025. The business model leans heavily on monetizing assets through strategic sales, ongoing royalties, and product commercialization from its subsidiaries. It's a diversified approach designed to fund the pipeline, so let's break down the actual numbers driving the top line.

Here's a quick look at the concrete financial components that make up the Revenue Streams block of the Canvas:

Revenue Source Type	Specific Asset/Product	Key Financial Metric	Confirmed Value/Rate
Net Product Sales (Dermatology)	Emrosi™ (via Journey Medical)	Q3 2025 Net Sales	$17.0 million
Royalty Income	UNLOXCYT™ (from Checkpoint sale)	Royalty Rate on Net Sales	2.5%
Royalty Income	dotinurad (from Urica/Crystalys)	Royalty Rate on Net Sales	3%
Asset Sale Proceeds (Upfront)	Checkpoint Therapeutics Sale to Sun Pharma	Upfront Cash Received	~$28 million
Contingent Value Right (CVR)	Checkpoint Therapeutics Sale	Potential Additional Payment	Up to $4.8 million

The most direct revenue comes from the marketed dermatology portfolio, primarily through its subsidiary Journey Medical Corporation. For the third quarter ended September 30, 2025, net product sales from these dermatology products hit $17.0 million. This shows tangible, near-term revenue generation from commercialized assets, which is a key differentiator for Fortress Biotech.

The long-term, lower-cost revenue component is built on royalties from previously monetized assets. You see this clearly with the Checkpoint Therapeutics transaction; Fortress is entitled to a 2.5% royalty on future worldwide net sales of UNLOXCYT™ (cosibelimab-ipdl). Also, following the sale of dotinurad to Crystalys Therapeutics, the subsidiary Urica is set to receive a 3% royalty on future net sales of that gout treatment.

Strategic monetization events provide significant, non-recurring cash infusions that bolster the balance sheet. The sale of the subsidiary Checkpoint Therapeutics to Sun Pharmaceutical Industries Limited in May 2025 delivered approximately $28 million in upfront cash proceeds to Fortress. This immediate cash was defintely a major boost.

Beyond direct sales and royalties, Fortress Biotech participates in the success of its portfolio companies through equity stakes, which can translate into dividends or further monetization events. The revenue streams are structured to capture value at multiple stages:

• - Net product sales from dermatology portfolio (Q3 2025: $17.0 million)
• - Royalty income (e.g., 2.5% on UNLOXCYT™, 3% on dotinurad)
• - Upfront payments from asset sales (e.g., Checkpoint sale generated ~$28 million)
• - Equity dividends from subsidiary and partner companies