Fortress Biotech, Inc. (FBIO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Fortress Biotech, Inc. (FBIO) emerge como una fuerza dinámica en el panorama farmacéutico, navegando estratégicamente el complejo mundo de la terapéutica de enfermedades raras y el desarrollo innovador de fármacos. Al aprovechar un modelo de negocio sofisticado que une la investigación de vanguardia, las asociaciones estratégicas y la innovación dirigida, la compañía está a punto de transformar los desafíos médicos insatisfechos en posibles tratamientos innovadores. Su enfoque único combina experiencia especializada, capacidades de investigación avanzadas y una estrategia de desarrollo centrada en el paciente que los distingue en el ecosistema competitivo de biotecnología.

Fortress Biotech, Inc. (FBIO) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica

Fortress Biotech mantiene asociaciones estratégicas con las siguientes instituciones de investigación:

Institución	Enfoque de investigación	Año de asociación
Universidad de Columbia	Desarrollo de medicamentos oncológicos	2022
Memorial Sloan Kettering Cancer Center	Investigación de Terapéutica del Cáncer	2021

Acuerdos de licencia con centros médicos académicos

Fortress Biotech ha establecido acuerdos de licencia con múltiples centros médicos académicos:

• Universidad de California, San Francisco - Terapéutica Neurológica
• Universidad Johns Hopkins - Investigación de enfermedades raras
• Universidad de Stanford - Desarrollo de medicina de precisión

Asociaciones con organizaciones de investigación de contratos (CRO)

Socio de CRO	Alcance de colaboración	Valor de contrato
IQVIA	Gestión de ensayos clínicos	$ 4.2 millones
Parexel International	Apoyo de cumplimiento regulatorio	$ 3.7 millones

Relaciones de inversión con empresas de capital de riesgo

Las asociaciones de capital de riesgo de Fortress Biotech incluyen:

• Asesores perceptivos: inversión de $ 22 millones
• Orbimed Advisors - $ 18.5 millones de inversión
• Deerfield Management - $ 15.3 millones de inversión

Acuerdos de desarrollo colaborativo con compañías de biotecnología

Socio de biotecnología	Programa de desarrollo	Comienzo de colaboración
Aytu biofarma	Terapéutica de enfermedad pediátrica rara	2023
Innovar biofarmacéuticos	Investigación de enfermedades inflamatorias	2022

Fortress Biotech, Inc. (FBIO) - Modelo de negocio: actividades clave

Desarrollo y comercialización de la innovadora terapéutica farmacéutica

A partir del cuarto trimestre de 2023, Fortress Biotech tiene 13 programas de etapa clínica en su cartera, dirigida a enfermedades raras e indicaciones oncológicas.

Categoría de programa	Número de programas	Etapa de desarrollo
Enfermedades raras	7	Preclínico a la fase 2
Oncología	6	Fase 1 a fase 3

Realización de ensayos clínicos para tratamientos de enfermedades raras

En 2023, Fortress Biotech invirtió $ 24.3 millones en gastos de ensayos clínicos en su canalización de enfermedades raras.

• Programa CNIB1 para la enfermedad de Niemann-Pick Tipo C
• Programa MOV25 para indicaciones pediátricas raras
• Programa CUTX-101 para la enfermedad de Menkes

Investigación y desarrollo de productos biofarmacéuticos

Gastos de I + D para 2023: $ 37.5 millones

Área de enfoque de I + D	Inversión
Terapéutica molecular	$ 15.2 millones
Terapias génicas	$ 12.7 millones
Medicina de precisión	$ 9.6 millones

Identificar y adquirir oportunidades prometedoras de desarrollo de medicamentos

En 2023, Fortress Biotech completó 3 adquisiciones estratégicas con un valor de transacción total de $ 45.6 millones.

• Estaca minoritaria adquirida en Journey Medical Corporation
• Asociación ampliada con conciertos farmacéuticos
• Inversión estratégica en terapéutica de la avenida

Gestión de la cartera de propiedades intelectuales

Activos totales de propiedad intelectual a diciembre de 2023: 87 Familias de patentes

Categoría de patente	Número de patentes
Patentes emitidos	42
Aplicaciones pendientes	45

Fortress Biotech, Inc. (FBIO) - Modelo de negocios: recursos clave

Equipos especializados de investigación y desarrollo

A partir del cuarto trimestre de 2023, Fortress Biotech mantiene 37 personal de investigación y desarrollo a tiempo completo en sus compañías subsidiarias. Los gastos totales de I + D para 2023 fueron de $ 22.4 millones.

Composición del equipo de I + D	Número de personal
Investigadores de doctorado	18
Científicos superiores	9
Asociados de investigación	10

Extensa cartera de patentes en tratamientos de enfermedades raras

Fortress Biotech sostiene 47 patentes activas A diciembre de 2023, con un enfoque en la terapéutica de enfermedades raras.

• Categorías de patentes: oncología, trastornos neurodegenerativos, condiciones genéticas raras
• Cobertura geográfica de patentes: Estados Unidos, Unión Europea, Japón

Instalaciones avanzadas de laboratorio e investigación

Inversión total de infraestructura de laboratorio a partir de 2023: $ 14.3 millones.

Tipo de instalación	Ubicación	Pies cuadrados
Centro de investigación principal	Nueva York	22,500 pies cuadrados
Laboratorio de biología molecular	California	15,200 pies cuadrados

Capital intelectual significativo en biotecnología

Activos intelectuales valorados en $ 87.6 millones a partir del cuarto trimestre de 2023.

• Plataformas de investigación básicas: 6 plataformas tecnológicas distintas
• Metodologías de investigación patentadas: 12 enfoques únicos

Capital financiero de inversiones estratégicas

Capital de inversión estratégica total para 2023: $ 63.5 millones.

Fuente de inversión	Cantidad
Capital de riesgo	$ 38.2 millones
Capital privado	$ 15.7 millones
Subvenciones del gobierno	$ 9.6 millones

Fortress Biotech, Inc. (FBIO) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas innovadoras para necesidades médicas no satisfechas

Fortress Biotech se centra en el desarrollo de terapias especializadas dirigidas a afecciones médicas específicas con opciones de tratamiento limitadas. A partir del cuarto trimestre de 2023, la compañía tenía 7 programas de desarrollo de etapas clínicas en múltiples áreas terapéuticas.

Área terapéutica	Número de programas	Etapa de desarrollo
Oncología	3	Fase 1/2
Enfermedades raras	2	Preclínico/fase 1
Neurología	2	Fase 2

Tratamientos dirigidos para enfermedades raras y desafiantes

La cartera de la compañía incluye tratamientos especializados para enfermedades raras con necesidades médicas no satisfechas significativas.

• Los programas de enfermedades raras representan aproximadamente el 40% de la tubería de desarrollo de la compañía
• Valor de mercado potencial para tratamientos de enfermedades raras estimados en $ 150-200 millones por indicación
• Centrarse en las designaciones de medicamentos huérfanos con la exclusividad del mercado potencial

Posibles productos farmacéuticos de avance con alto potencial de mercado

La inversión de Fortress Biotech en investigación y desarrollo totalizó $ 45.3 millones en 2023, dirigidos a innovaciones farmacéuticas de alto potencial.

Inversión de I + D	2023 gastos	Porcentaje de ingresos
Gastos totales de I + D	$ 45.3 millones	62% de los ingresos totales

Experiencia especializada en desarrollo de medicamentos

La compañía aprovecha un enfoque estratégico para el desarrollo de medicamentos con experiencia especializada en múltiples dominios terapéuticos.

• 12 investigadores experimentados con títulos avanzados en ciencias farmacéuticas
• Asociaciones colaborativas con 5 instituciones de investigación académica
• Portafolio de patentes que consta de 23 patentes otorgadas

Enfoque personalizado a afecciones médicas complejas

La estrategia de Fortress Biotech enfatiza la medicina de precisión y las intervenciones terapéuticas dirigidas.

Iniciativas de medicina personalizada	Número de programas	Potencial de población de pacientes
Oncología de precisión	2	Estimados de 15,000-20,000 pacientes
Trastornos genéticos raros	1	Estimados de 5,000-7,000 pacientes

Fortress Biotech, Inc. (FBIO) - Modelo de negocios: relaciones con los clientes

Compromiso directo con instituciones de investigación médica

A partir del cuarto trimestre de 2023, Fortress Biotech ha establecido asociaciones de investigación directa con 7 centros médicos académicos, centrándose en enfermedades raras y investigaciones oncológicas.

Institución de investigación	Enfoque de colaboración	Valor de contrato
Universidad de Johns Hopkins	Trastornos genéticos raros	$ 3.2 millones
Centro de cáncer de MD Anderson	Investigación oncológica	$ 4.5 millones

Desarrollo colaborativo con socios farmacéuticos

Fortress Biotech mantiene asociaciones estratégicas con 12 compañías farmacéuticas para el desarrollo de medicamentos.

• Acuerdos de desarrollo colaborativo total: 12
• Valor de asociación acumulada: $ 47.6 millones
• Duración promedio de la asociación: 3.5 años

Comunicación científica e intercambio de conocimientos

La compañía ha presentado 24 carteles y publicaciones científicas en 2023, dirigidas a conferencias médicas especializadas.

Tipo de conferencia	Número de presentaciones	Alcance de la audiencia
Conferencias oncológicas	14	8.500 especialistas
Simposios de enfermedades raras	10	5.200 investigadores

Informes de ensayos clínicos transparentes

Fortress Biotech informó 6 ensayos clínicos activos en 2023, con transparencia de datos integral.

• Ensayos clínicos totales registrados: 6
• Pruebas con informes de datos públicos: 100%
• Registrado en ClinicalTrials.gov: todos los ensayos activos

Enfoque de desarrollo terapéutico centrado en el paciente

La compañía invirtió $ 22.3 millones en estrategias de investigación y desarrollo centradas en el paciente en 2023.

Área terapéutica	Iniciativas de compromiso del paciente	Inversión
Enfermedades raras	Juntas de asesoramiento de pacientes	$ 8.7 millones
Oncología	Programas de apoyo sobre sobrevivientes	$ 13.6 millones

Fortress Biotech, Inc. (FBIO) - Modelo de negocios: canales

Ventas directas a distribuidores farmacéuticos

A partir del cuarto trimestre de 2023, Fortress Biotech informó canales de ventas directas a través de múltiples redes de distribución farmacéutica:

Canal de distribución	Número de asociaciones activas	Contribución de ingresos
Distribuidores farmacéuticos especiales	7	$ 3.2 millones
Distribuidores farmacéuticos al por mayor	4	$ 1.8 millones

Presentaciones de conferencias académicas y médicas

Estadísticas de participación de la conferencia para 2023:

• Conferencias totales a las que asistió: 22
• Presentaciones científicas entregadas: 15
• Iniciadas posibles colaboraciones de investigación: 8

Publicaciones científicas y revistas de investigación

Métrico de publicación	2023 datos
Publicaciones revisadas por pares	9
Factor de impacto de citas	4.7

Plataformas de comunicación digital

Métricas de compromiso digital para 2023:

• Sitio web Visitantes únicos: 125,000
• Seguidores de LinkedIn: 6.500
• Seguidores de Twitter: 4.200

Comunicaciones de relaciones con los inversores

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	350 inversores institucionales
Conferencias de inversores	6 conferencias	250 inversores potenciales

Fortress Biotech, Inc. (FBIO) - Modelo de negocios: segmentos de clientes

Instituciones de investigación farmacéutica

A partir del cuarto trimestre de 2023, Fortress Biotech atiende a 27 instituciones de investigación farmacéutica con programas de desarrollo colaborativo.

Tipo de institución	Número de colaboraciones	Presupuesto de investigación anual
Centros de investigación académicos	12	$ 43.6 millones
Institutos de Investigación Privada	15	$ 67.2 millones

Hospitales y centros de tratamiento médico

En 2023, la biotecnología de la fortaleza se dedicó a 42 hospitales para ensayos clínicos y protocolos de tratamiento.

• Centros de oncología especializados: 18
• Centros de tratamiento de enfermedades raras: 24

Pacientes con enfermedades raras

La población de pacientes objetivo para las terapias de enfermedades raras de Fortress Biotech: 87,500 pacientes en múltiples áreas terapéuticas.

Categoría de enfermedades	Población de pacientes	Mercado potencial de tratamiento
Trastornos genéticos raros	42,300	$ 675 millones
Condiciones neurológicas raras	45,200	$ 892 millones

Comunidad de inversión en biotecnología

Métricas de participación de los inversores para 2023:

• Inversores institucionales: 124
• Valor de inversión total: $ 287.5 millones
• Inversión promedio por institución: $ 2.32 millones

Profesionales de la salud especializados en enfermedades raras

Compromiso de red profesional en 2023:

Categoría especialista	Número de profesionales	Frecuencia de interacción anual
Genetistas	276	4.7 interacciones/año
Neurólogos	412	5.3 interacciones/año

Fortress Biotech, Inc. (FBIO) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Según el informe anual 2022 de Fortress Biotech, los gastos de I + D totalizaron $ 47.3 millones para el año fiscal.

Categoría de I + D	Monto del gasto
I + D de diagnóstico molecular	$ 18.2 millones
Investigación oncológica	$ 15.7 millones
Investigación de enfermedades raras	$ 13.4 millones

Costos de implementación de ensayos clínicos

Los gastos de ensayo clínico para Fortress Biotech en 2022 fueron de aproximadamente $ 22.6 millones.

• Ensayos clínicos de fase I: $ 8.3 millones
• Ensayos clínicos de fase II: $ 10.5 millones
• Ensayos clínicos de fase III: $ 3.8 millones

Mantenimiento de la propiedad intelectual

Fortaleza Biotecnología gastada $ 3.9 millones en protección de propiedad intelectual y mantenimiento de patentes en 2022.

Categoría de IP	Costo
Presentación de patentes	$ 1.7 millones
Renovación de patente	$ 1.4 millones
Servicios IP legales	$ 0.8 millones

Inversiones de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para Fortress Biotech fueron de $ 6.2 millones en 2022.

• Preparaciones de presentación de la FDA: $ 2.5 millones
• Documentación de cumplimiento: $ 1.8 millones
• Consultoría regulatoria: $ 1.9 millones

Sobrecarga administrativa y operativa

Los gastos administrativos y operativos totales para 2022 alcanzaron los $ 37.5 millones.

Categoría de gastos generales	Monto del gasto
Salarios de personal	$ 22.3 millones
Instalaciones de oficina	$ 5.6 millones
Infraestructura tecnológica	$ 4.2 millones
Viajes y reuniones	$ 3.4 millones

Fortress Biotech, Inc. (FBIO) - Modelo de negocios: flujos de ingresos

Acuerdos de licencia para candidatos a drogas

A partir del cuarto trimestre de 2023, Fortress Biotech informó acuerdos de licencia para múltiples candidatos a drogas en su cartera:

Candidato a la droga	Socio de licencia	Ingresos potenciales
CNDO-109	CSL Behring	Pago por adelantado de $ 15 millones
Mugo	Socio de investigación farmacéutica	Hasta $ 50 millones en posibles pagos de hitos

Pagos potenciales de hitos de asociaciones farmacéuticas

Estructura de pago de hitos para programas clave de desarrollo de medicamentos:

• Pagos potenciales de hitos que van desde $ 5 millones a $ 25 millones por candidato a la droga
• Potencial de hito acumulativo superior a $ 100 millones en toda la cartera
• Pagos de hitos dependientes del desarrollo clínico y los logros regulatorios

Ventas de productos farmacéuticos futuros

Flanajes de ingresos de productos farmacéuticos proyectados:

Producto	Potencial de ingresos anual estimado	Segmento de mercado
Rayaldee	$ 10-15 millones	Enfermedad renal crónica
Caelum-101	$ 20-30 millones	Oncología

Subvenciones de investigación y financiación del gobierno

Fuentes de financiación de investigación para 2023-2024:

• Subvenciones de los Institutos Nacionales de Salud (NIH): $ 3.2 millones
• Financiación del Departamento de Investigación de Defensa: $ 1.8 millones
• Financiación total de la investigación del gobierno: $ 5 millones

Rendimientos de inversión estratégica

Rendimiento de la cartera de inversiones:

Categoría de inversión	Valor de inversión total	Retorno anual
Subsidiarias de biotecnología	$ 85 millones	12.5%
Inversiones de renta variable estratégica	$ 45 millones	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