Fortress Biotech, Inc. (FBIO): Business Model Canvas [Jan-2025 Mis à jour]

Fortress Biotech, Inc. (FBIO) apparaît comme une force dynamique dans le paysage pharmaceutique, naviguant stratégiquement dans le monde complexe de la thérapeutique des maladies rares et du développement innovant de médicaments. En tirant parti d'un modèle commercial sophistiqué qui prie la recherche de pointe, les partenariats stratégiques et l'innovation ciblée, l'entreprise est prête à transformer les défis médicaux non satisfaits en traitements percés potentiels. Leur approche unique combine une expertise spécialisée, des capacités de recherche avancées et une stratégie de développement axée sur les patients qui les distingue dans l'écosystème de biotechnologie compétitif.

Fortress Biotech, Inc. (FBIO) - Modèle commercial: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

Fortress Biotech entretient des partenariats stratégiques avec les institutions de recherche suivantes:

Institution	Focus de recherche	Année de partenariat
Université Columbia	Développement de médicaments en oncologie	2022
Memorial Sloan Kettering Cancer Center	Recherche thérapeutique contre le cancer	2021

Accords de licence avec des centres médicaux académiques

Fortress Biotech a établi des accords de licence avec plusieurs centres médicaux universitaires:

• Université de Californie, San Francisco - Neurological Therapeutics
• Université Johns Hopkins - Recherche de maladies rares
• Université de Stanford - Développement de médecine de précision

Partenariats avec les organisations de recherche sous contrat (CROS)

Partenaire CRO	Portée de collaboration	Valeur du contrat
Iqvia	Gestion des essais cliniques	4,2 millions de dollars
Parexel International	Support de conformité réglementaire	3,7 millions de dollars

Relations d'investissement avec les sociétés de capital-risque

Les partenariats de capital-risque de Fortress Biotech comprennent:

• Conseillers perspicaces - 22 millions de dollars d'investissement
• Advisors orbimés - 18,5 millions de dollars d'investissement
• Gestion de Deerfield - Investissement de 15,3 millions de dollars

Accords de développement collaboratif avec des entreprises de biotechnologie

Partenaire de biotechnologie	Programme de développement	Démarrage de la collaboration
Biopharma Aytu	Thérapeutiques de maladies pédiatriques rares	2023
Innover les biopharmaceutiques	Recherche sur les maladies inflammatoires	2022

Fortress Biotech, Inc. (FBIO) - Modèle d'entreprise: Activités clés

Développer et commercialiser des thérapies pharmaceutiques innovantes

Depuis le quatrième trimestre 2023, Fortress Biotech a 13 programmes de stade clinique à travers son portefeuille, ciblant les maladies rares et les indications d'oncologie.

Catégorie de programme	Nombre de programmes	Étape de développement
Maladies rares	7	Préclinique à la phase 2
Oncologie	6	Phase 1 à la phase 3

Effectuer des essais cliniques pour des traitements de maladies rares

En 2023, Fortress Biotech a investi 24,3 millions de dollars dans les dépenses d'essais cliniques à travers son pipeline de maladies rares.

• Programme CNIB1 pour la maladie Niemann-Pick de type C
• Programme MOV25 pour les indications pédiatriques rares
• Programme Cutx-101 pour la maladie de Menkes

Recherche et développement de produits biopharmaceutiques

Dépenses de R&D pour 2023: 37,5 millions de dollars

Zone de focus R&D	Investissement
Thérapeutique moléculaire	15,2 millions de dollars
Thérapies génétiques	12,7 millions de dollars
Médecine de précision	9,6 millions de dollars

Identifier et acquérir des opportunités de développement de médicaments prometteurs

En 2023, Fortress Biotech a achevé 3 acquisitions stratégiques avec une valeur de transaction totale de 45,6 millions de dollars.

• Position minoritaire acquise dans Journey Medical Corporation
• Partenariat élargi avec Concert Pharmaceuticals
• Investissement stratégique dans la thérapeutique des avenues

Gestion du portefeuille de propriété intellectuelle

Actifs totaux de propriété intellectuelle en décembre 2023: 87 familles brevetées

Catégorie de brevet	Nombre de brevets
Brevets délivrés	42
Applications en attente	45

Fortress Biotech, Inc. (FBIO) - Modèle commercial: Ressources clés

Équipes de recherche et développement spécialisées

Depuis le quatrième trimestre 2023, Fortress Biotech entretient 37 membres du personnel de recherche et développement à temps plein dans ses filiales. Les dépenses totales de R&D pour 2023 étaient de 22,4 millions de dollars.

Composition de l'équipe R&D	Nombre de personnel
Chercheurs de doctorat	18
Scientifiques supérieurs	9
Associés de recherche	10

Portefeuille de brevets étendu dans les traitements de maladies rares

Fortress Biotech détient 47 brevets actifs En décembre 2023, en mettant l'accent sur les thérapies par maladies rares.

• Catégories de brevets: oncologie, troubles neurodégénératifs, conditions génétiques rares
• Couverture géographique des brevets: États-Unis, Union européenne, Japon

Installations avancées de laboratoire et de recherche

Investissement total d'infrastructures en laboratoire en 2023: 14,3 millions de dollars.

Type d'installation	Emplacement	En pieds carrés
Centre de recherche principal	New York	22 500 pieds carrés
Laboratoire de biologie moléculaire	Californie	15 200 pieds carrés

Capital intellectuel important en biotechnologie

Actifs intellectuels d'une valeur de 87,6 millions de dollars au T2 2023.

• Plateformes de recherche de base: 6 plateformes technologiques distinctes
• Méthodologies de recherche propriétaires: 12 approches uniques

Capital financier des investissements stratégiques

Capital d'investissement stratégique total pour 2023: 63,5 millions de dollars.

Source d'investissement	Montant
Capital-risque	38,2 millions de dollars
Capital-investissement	15,7 millions de dollars
Subventions gouvernementales	9,6 millions de dollars

Fortress Biotech, Inc. (FBIO) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes pour les besoins médicaux non satisfaits

Fortress Biotech se concentre sur le développement de thérapies spécialisées ciblant des conditions médicales spécifiques avec des options de traitement limitées. Depuis le quatrième trimestre 2023, la société avait 7 programmes de développement de stades cliniques dans plusieurs domaines thérapeutiques.

Zone thérapeutique	Nombre de programmes	Étape de développement
Oncologie	3	Phase 1/2
Maladies rares	2	Préclinique / phase 1
Neurologie	2	Phase 2

Traitements ciblés pour les maladies rares et difficiles

Le portefeuille de l'entreprise comprend des traitements spécialisés pour des maladies rares avec des besoins médicaux non satisfaits importants.

• Les programmes de maladies rares représentent environ 40% du pipeline de développement de l'entreprise
• Valeur marchande potentielle pour les traitements de maladies rares estimées à 150 à 200 millions de dollars par indication
• Concentrez-vous sur les désignations de médicaments orphelins avec une exclusivité du marché potentielle

Pharmaceutique révolutionnaire potentielle avec un potentiel de marché élevé

L'investissement de Fortress Biotech dans la recherche et le développement a totalisé 45,3 millions de dollars en 2023, ciblant les innovations pharmaceutiques à haut potentiel.

Investissement en R&D	2023 dépenses	Pourcentage de revenus
Dépenses totales de R&D	45,3 millions de dollars	62% des revenus totaux

Expertise spécialisée sur le développement de médicaments

L'entreprise tire parti d'une approche stratégique du développement de médicaments avec une expertise spécialisée dans plusieurs domaines thérapeutiques.

• 12 chercheurs expérimentés ayant des diplômes avancés en sciences pharmaceutiques
• Partenariats collaboratifs avec 5 établissements de recherche universitaire
• Portefeuille de brevets comprenant 23 brevets accordés

Approche personnalisée des conditions médicales complexes

La stratégie de Fortress Biotech met l'accent sur la médecine de précision et les interventions thérapeutiques ciblées.

Initiatives de médecine personnalisées	Nombre de programmes	Population potentielle de patients
Oncologie de précision	2	Estimé 15 000 à 20 000 patients
Troubles génétiques rares	1	Estimé 5 000 à 7 000 patients

Fortress Biotech, Inc. (FBIO) - Modèle d'entreprise: relations clients

Engagement direct avec les institutions de recherche médicale

Depuis le quatrième trimestre 2023, Fortress Biotech a établi des partenariats de recherche directs avec 7 centres médicaux universitaires, en se concentrant sur la recherche sur les maladies rares et les recherches en oncologie.

Institution de recherche	Focus de la collaboration	Valeur du contrat
Université Johns Hopkins	Troubles génétiques rares	3,2 millions de dollars
MD Anderson Cancer Center	Recherche en oncologie	4,5 millions de dollars

Développement collaboratif avec des partenaires pharmaceutiques

Fortress Biotech entretient des partenariats stratégiques avec 12 sociétés pharmaceutiques pour le développement de médicaments.

• Accords totaux de développement collaboratif: 12
• Valeur de partenariat cumulatif: 47,6 millions de dollars
• Durée du partenariat moyen: 3,5 ans

Partage de communication scientifique et de connaissances

La société a présenté 24 affiches et publications scientifiques en 2023, ciblant des conférences médicales spécialisées.

Type de conférence	Nombre de présentations	Poutenir
Conférences en oncologie	14	8 500 spécialistes
Symposiums de maladies rares	10	5 200 chercheurs

Rapports d'essais cliniques transparents

Fortress Biotech a signalé 6 essais cliniques actifs en 2023, avec une transparence complète des données.

• Total des essais cliniques enregistrés: 6
• Essais avec rapports de données publiques: 100%
• Enregistré sur ClinicalTrials.gov: Tous les essais actifs

Approche de développement thérapeutique axé sur les patients

La société a investi 22,3 millions de dollars dans des stratégies de recherche et de développement centrées sur le patient en 2023.

Zone thérapeutique	Initiatives d'engagement des patients	Investissement
Maladies rares	Boards consultatifs des patients	8,7 millions de dollars
Oncologie	Programmes de soutien aux survivants	13,6 millions de dollars

Fortress Biotech, Inc. (FBIO) - Modèle d'entreprise: canaux

Ventes directes aux distributeurs pharmaceutiques

Au quatrième trimestre 2023, Fortress Biotech a signalé des canaux de vente directs via plusieurs réseaux de distribution pharmaceutique:

Canal de distribution	Nombre de partenariats actifs	Contribution des revenus
Distributeurs pharmaceutiques spécialisés	7	3,2 millions de dollars
Distributeurs pharmaceutiques en gros	4	1,8 million de dollars

Présentations des conférences académiques et médicales

Statistiques d'engagement de la conférence pour 2023:

• Conférences totales présentes: 22
• Présentations scientifiques livrées: 15
• Collaborations de recherche potentielles initiées: 8

Publications scientifiques et revues de recherche

Métrique de publication	2023 données
Publications évaluées par des pairs	9
Facteur d'impact de la citation	4.7

Plateformes de communication numérique

Métriques d'engagement numérique pour 2023:

• Site Web Visiteurs uniques: 125 000
• LinkedIn adepte: 6 500
• Twitter abonnés: 4 200

Communications des relations avec les investisseurs

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	350 investisseurs institutionnels
Conférences d'investisseurs	6 conférences	250 investisseurs potentiels

Fortress Biotech, Inc. (FBIO) - Modèle d'entreprise: segments de clientèle

Institutions de recherche pharmaceutique

Depuis le quatrième trimestre 2023, Fortress Biotech sert 27 établissements de recherche pharmaceutique avec des programmes de développement collaboratif.

Type d'institution	Nombre de collaborations	Budget de recherche annuel
Centres de recherche universitaires	12	43,6 millions de dollars
Instituts de recherche privés	15	67,2 millions de dollars

Hôpitaux et centres de traitement médical

En 2023, Fortress Biotech s'est engagé dans 42 hôpitaux pour les essais cliniques et les protocoles de traitement.

• Centres d'oncologie spécialisés: 18
• Centres de traitement des maladies rares: 24

Patients atteints de maladies rares

Target Population de patients pour les thérapies par la maladie de forteresse Biotech: 87 500 patients dans plusieurs zones thérapeutiques.

Catégorie de maladie	Population de patients	Marché du traitement potentiel
Troubles génétiques rares	42,300	675 millions de dollars
Conditions neurologiques rares	45,200	892 millions de dollars

Communauté d'investissement en biotechnologie

Mesures d'engagement des investisseurs pour 2023:

• Investisseurs institutionnels: 124
• Valeur d'investissement totale: 287,5 millions de dollars
• Investissement moyen par institution: 2,32 millions de dollars

Professionnels de la santé spécialisés dans les maladies rares

Engagement professionnel du réseau en 2023:

Catégorie spécialisée	Nombre de professionnels	Fréquence d'interaction annuelle
Généticiens	276	4.7 Interactions / an
Neurologues	412	5.3 Interactions / an

Fortress Biotech, Inc. (FBIO) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Selon le rapport annuel de Fortress Biotech 2022, les dépenses de la R&D ont totalisé 47,3 millions de dollars pour l'exercice.

Catégorie de R&D	Montant des dépenses
Diagnostic moléculaire R&D	18,2 millions de dollars
Recherche en oncologie	15,7 millions de dollars
Recherche de maladies rares	13,4 millions de dollars

Coûts de mise en œuvre des essais cliniques

Les dépenses des essais cliniques pour la biotechnologie de la forteresse en 2022 étaient d'environ 22,6 millions de dollars.

• Essais cliniques de phase I: 8,3 millions de dollars
• Essais cliniques de phase II: 10,5 millions de dollars
• Essais cliniques de phase III: 3,8 millions de dollars

Maintenance de la propriété intellectuelle

Fortress Biotech a passé 3,9 millions de dollars sur la protection de la propriété intellectuelle et l'entretien des brevets en 2022.

Catégorie IP	Coût
Dépôt de brevet	1,7 million de dollars
Renouvellement des brevets	1,4 million de dollars
Services de propriété intellectuelle légale	0,8 million de dollars

Investissements de conformité réglementaire

Les coûts de conformité réglementaire pour la biotechnologie de la forteresse se sont élevés à 6,2 millions de dollars en 2022.

• Préparations de soumission de la FDA: 2,5 millions de dollars
• Documentation de la conformité: 1,8 million de dollars
• Conseil réglementaire: 1,9 million de dollars

Surfaçon administratives et opérationnelles

Les dépenses administratives et opérationnelles totales pour 2022 ont atteint 37,5 millions de dollars.

Catégorie aérienne	Montant des dépenses
Salaires du personnel	22,3 millions de dollars
Installations de bureau	5,6 millions de dollars
Infrastructure technologique	4,2 millions de dollars
Voyages et réunions	3,4 millions de dollars

Fortress Biotech, Inc. (FBIO) - Modèle d'entreprise: Strots de revenus

Accords de licence pour les candidats à la drogue

Depuis le quatrième trimestre 2023, la forteresse Biotech a signalé des accords de licence pour plusieurs candidats en médicaments à travers son portefeuille:

Drogue	Partenaire de licence	Revenus potentiels
CNDO-109	CSL Behring	Paiement initial de 15 millions de dollars
MOV10	Partenaire de recherche pharmaceutique	Jusqu'à 50 millions de dollars en paiements de jalons potentiels

Paiements de jalons potentiels provenant de partenariats pharmaceutiques

Structure de paiement d'étape pour les principaux programmes de développement de médicaments:

• Paiements de jalons potentiels allant de 5 millions de dollars à 25 millions de dollars par drogue
• Potentiel de jalon cumulatif dépassant 100 millions de dollars dans tout le portefeuille
• Paiements de jalons contingents sur le développement clinique et les réalisations réglementaires

Ventes de produits pharmaceutiques futures

Structures de revenus de produits pharmaceutiques projetés:

Produit	Potentiel des revenus annuels estimés	Segment de marché
Rayaldee	10-15 millions de dollars	Maladie rénale chronique
Caelum-101	20 à 30 millions de dollars	Oncologie

Subventions de recherche et financement gouvernemental

Sources de financement de la recherche pour 2023-2024:

• Concessions des National Institutes of Health (NIH): 3,2 millions de dollars
• Financement de la recherche du ministère de la Défense: 1,8 million de dollars
• Financement total de la recherche gouvernementale: 5 millions de dollars

Rendements d'investissement stratégiques

Performance du portefeuille d'investissement:

Catégorie d'investissement	Valeur d'investissement totale	Retour annuel
Filiales de biotechnologie	85 millions de dollars	12.5%
Investissements en actions stratégiques	45 millions de dollars	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