Fortress Biotech, Inc. (FBIO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Fortress Biotech, Inc. (FBIO) surge como uma força dinâmica na paisagem farmacêutica, navegando estrategicamente no mundo complexo de terapêutica de doenças raras e desenvolvimento inovador de medicamentos. Ao alavancar um modelo de negócios sofisticado que preenche pesquisas de ponta, parcerias estratégicas e inovação direcionada, a empresa está pronta para transformar desafios médicos não atendidos em possíveis tratamentos inovadores. Sua abordagem única combina experiência especializada, recursos avançados de pesquisa e uma estratégia de desenvolvimento focada no paciente que os diferencia no ecossistema competitivo de biotecnologia.

Fortress Biotech, Inc. (FBIO) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa farmacêutica

A Fortress Biotech mantém parcerias estratégicas com as seguintes instituições de pesquisa:

Instituição	Foco na pesquisa	Ano de parceria
Universidade de Columbia	Desenvolvimento de medicamentos para oncologia	2022
Memorial Sloan Kettering Cancer Center	Pesquisa de terapêutica do câncer	2021

Acordos de licenciamento com centros médicos acadêmicos

A Fortress Biotech estabeleceu acordos de licenciamento com vários centros médicos acadêmicos:

• Universidade da Califórnia, São Francisco - Terapêutica Neurológica
• Universidade Johns Hopkins - pesquisa de doenças raras
• Universidade de Stanford - Desenvolvimento de Medicina de Precisão

Parcerias com organizações de pesquisa contratada (CROs)

CRO Parceiro	Escopo de colaboração	Valor do contrato
Iqvia	Gerenciamento de ensaios clínicos	US $ 4,2 milhões
Parexel International	Suporte de conformidade regulatória	US $ 3,7 milhões

Relações de investimento com empresas de capital de risco

As parcerias de capital de risco da Fortress Biotech incluem:

• Consultores perceptivos - investimento de US $ 22 milhões
• Consultores orbimed - US $ 18,5 milhões
• Deerfield Management - US $ 15,3 milhões de investimentos

Acordos de desenvolvimento colaborativo com empresas de biotecnologia

Parceiro de biotecnologia	Programa de Desenvolvimento	Início da colaboração
Aytu Biopharma	Terapêutica de doença pediátrica rara	2023
Inovar biofarmacêuticos	Pesquisa de doenças inflamatórias	2022

Fortress Biotech, Inc. (FBIO) - Modelo de negócios: Atividades -chave

Desenvolvendo e comercializando terapêutica farmacêutica inovadora

A partir do quarto trimestre 2023, a Fortress Biotech possui 13 programas de estágio clínico em seu portfólio, visando doenças raras e indicações oncológicas.

Categoria de programa	Número de programas	Estágio de desenvolvimento
Doenças raras	7	Pré -clínico para a fase 2
Oncologia	6	Fase 1 à Fase 3

Realização de ensaios clínicos para tratamentos de doenças raras

Em 2023, a Fortress Biotech investiu US $ 24,3 milhões em despesas de ensaios clínicos em seu raro pipeline de doenças.

• Programa CNIB1 para doença de Niemann-Pick Tipo C
• Programa MOV25 para indicações pediátricas raras
• Programa Cutx-101 para doença de Menkes

Pesquisa e desenvolvimento de produtos biofarmacêuticos

Despesas de P&D para 2023: US $ 37,5 milhões

Área de foco em P&D	Investimento
Terapêutica molecular	US $ 15,2 milhões
Terapias genéticas	US $ 12,7 milhões
Medicina de Precisão	US $ 9,6 milhões

Identificando e adquirindo oportunidades promissoras de desenvolvimento de medicamentos

Em 2023, a Fortress Biotech concluiu 3 aquisições estratégicas com o valor total da transação de US $ 45,6 milhões.

• Participação minoritária adquirida na Journey Medical Corporation
• Parceria expandida com o Concert Pharmaceuticals
• Investimento estratégico em terapêutica da avenida

Gerenciando portfólio de propriedade intelectual

Ativos de propriedade intelectual total em dezembro de 2023: 87 famílias de patentes

Categoria de patentes	Número de patentes
Patentes emitidas	42
Aplicações pendentes	45

Fortress Biotech, Inc. (FBIO) - Modelo de negócios: Recursos -chave

Equipes especializadas de pesquisa e desenvolvimento

A partir do quarto trimestre 2023, a Fortress Biotech mantém 37 funcionários de pesquisa e desenvolvimento em período integral em suas empresas subsidiárias. As despesas totais de P&D em 2023 foram de US $ 22,4 milhões.

Composição da equipe de P&D	Número de pessoal
Pesquisadores de doutorado	18
Cientistas seniores	9
Associados de pesquisa	10

Extenso portfólio de patentes em tratamentos de doenças raras

A fortaleza biotecn faz 47 patentes ativas Em dezembro de 2023, com foco na terapêutica de doenças raras.

• Categorias de patentes: oncologia, distúrbios neurodegenerativos, condições genéticas raras
• Cobertura geográfica de patentes: Estados Unidos, União Europeia, Japão

Instalações avançadas de laboratório e pesquisa

Investimento total de infraestrutura de laboratório a partir de 2023: US $ 14,3 milhões.

Tipo de instalação	Localização	Metragem quadrada
Centro de Pesquisa Principal	Nova Iorque	22.500 pés quadrados
Laboratório de Biologia Molecular	Califórnia	15.200 pés quadrados

Capital intelectual significativo em biotecnologia

Ativos intelectuais avaliados em US $ 87,6 milhões a partir do quarto trimestre de 2023.

• Plataformas principais de pesquisa: 6 plataformas tecnológicas distintas
• Metodologias de pesquisa proprietárias: 12 abordagens únicas

Capital financeiro de investimentos estratégicos

Capital total de investimento estratégico para 2023: US $ 63,5 milhões.

Fonte de investimento	Quantia
Capital de risco	US $ 38,2 milhões
Private equity	US $ 15,7 milhões
Subsídios do governo	US $ 9,6 milhões

Fortress Biotech, Inc. (FBIO) - Modelo de Negócios: Proposições de Valor

Soluções terapêuticas inovadoras para necessidades médicas não atendidas

A Fortress Biotech se concentra no desenvolvimento de terapêuticas especializadas, voltadas para condições médicas específicas com opções limitadas de tratamento. No quarto trimestre 2023, a empresa tinha 7 programas de desenvolvimento em estágio clínico em várias áreas terapêuticas.

Área terapêutica	Número de programas	Estágio de desenvolvimento
Oncologia	3	Fase 1/2
Doenças raras	2	Pré -clínico/Fase 1
Neurologia	2	Fase 2

Tratamentos direcionados para doenças raras e desafiadoras

O portfólio da empresa inclui tratamentos especializados para doenças raras com necessidades médicas não atendidas significativas.

• Os programas de doenças raras representam aproximadamente 40% do pipeline de desenvolvimento da empresa
• Valor potencial de mercado para tratamentos de doenças raras estimadas em US $ 150-200 milhões por indicação
• Concentre -se em designações de medicamentos órfãos com potencial exclusividade de mercado

Potenciais farmacêuticos inovadores com alto potencial de mercado

O investimento da Fortress Biotech em pesquisa e desenvolvimento totalizou US $ 45,3 milhões em 2023, visando inovações farmacêuticas de alto potencial.

Investimento em P&D	2023 gastos	Porcentagem de receita
Despesas totais de P&D	US $ 45,3 milhões	62% da receita total

Experiência especializada em desenvolvimento de medicamentos

A Companhia aproveita uma abordagem estratégica para o desenvolvimento de medicamentos com conhecimento especializado em vários domínios terapêuticos.

• 12 pesquisadores experientes com diplomas avançados em ciências farmacêuticas
• Parcerias colaborativas com 5 instituições de pesquisa acadêmica
• Portfólio de patentes composto por 23 patentes concedidas

Abordagem personalizada para condições médicas complexas

A estratégia da Fortress Biotech enfatiza a medicina de precisão e as intervenções terapêuticas direcionadas.

Iniciativas de medicina personalizadas	Número de programas	Potencial população de pacientes
Oncologia de precisão	2	Estimado 15.000 a 20.000 pacientes
Distúrbios genéticos raros	1	Estimou 5.000 a 7.000 pacientes

Fortress Biotech, Inc. (FBIO) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com instituições de pesquisa médica

A partir do quarto trimestre de 2023, a Fortress Biotech estabeleceu parcerias de pesquisa direta com 7 centros médicos acadêmicos, com foco em doenças raras e pesquisa de oncologia.

Instituição de pesquisa	Foco de colaboração	Valor do contrato
Universidade Johns Hopkins	Distúrbios genéticos raros	US $ 3,2 milhões
MD Anderson Cancer Center	Pesquisa de oncologia	US $ 4,5 milhões

Desenvolvimento colaborativo com parceiros farmacêuticos

A Fortress Biotech mantém parcerias estratégicas com 12 empresas farmacêuticas para o desenvolvimento de medicamentos.

• Acordos de desenvolvimento colaborativo total: 12
• Valor cumulativo da parceria: US $ 47,6 milhões
• Duração média da parceria: 3,5 anos

Comunicação científica e compartilhamento de conhecimento

A empresa apresentou 24 pôsteres e publicações científicas em 2023, visando conferências médicas especializadas.

Tipo de conferência	Número de apresentações	Alcance do público
Conferências de oncologia	14	8.500 especialistas
Simpósios de doenças raras	10	5.200 pesquisadores

Relatório de ensaio clínico transparente

A Fortress Biotech relatou 6 ensaios clínicos ativos em 2023, com transparência abrangente de dados.

• Total de ensaios clínicos registrados: 6
• Ensaios com relatórios de dados públicos: 100%
• Registrado em clinicaltrials.gov: todos os ensaios ativos

Abordagem de desenvolvimento terapêutico focado no paciente

A empresa investiu US $ 22,3 milhões em estratégias de pesquisa e desenvolvimento centradas no paciente em 2023.

Área terapêutica	Iniciativas de envolvimento do paciente	Investimento
Doenças raras	Conselhos de consultoria de pacientes	US $ 8,7 milhões
Oncologia	Programas de apoio a sobreviventes	US $ 13,6 milhões

Fortress Biotech, Inc. (FBIO) - Modelo de Negócios: Canais

Vendas diretas para distribuidores farmacêuticos

A partir do quarto trimestre 2023, a Fortress Biotech relatou canais de vendas diretas por meio de várias redes de distribuição farmacêutica:

Canal de distribuição	Número de parcerias ativas	Contribuição da receita
Distribuidores farmacêuticos especializados	7	US $ 3,2 milhões
Distribuidores farmacêuticos por atacado	4	US $ 1,8 milhão

Apresentações de conferências acadêmicas e médicas

Estatísticas de envolvimento da conferência para 2023:

• Total de conferências participadas: 22
• Apresentações científicas entregues: 15
• Potenciais colaborações de pesquisa iniciadas: 8

Publicações científicas e revistas de pesquisa

Métrica de publicação	2023 dados
Publicações revisadas por pares	9
Fator de impacto da citação	4.7

Plataformas de comunicação digital

Métricas de engajamento digital para 2023:

• Site visitantes únicos: 125.000
• Seguidores do LinkedIn: 6.500
• Seguidores do Twitter: 4.200

Comunicações de Relações com Investidores

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	350 investidores institucionais
Conferências de investidores	6 Conferências	250 investidores em potencial

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

Instituições de pesquisa farmacêutica

A partir do quarto trimestre 2023, a Fortress Biotech atende 27 instituições de pesquisa farmacêutica com programas de desenvolvimento colaborativo.

Tipo de instituição	Número de colaborações	Orçamento de pesquisa anual
Centros de pesquisa acadêmica	12	US $ 43,6 milhões
Institutos de Pesquisa Privada	15	US $ 67,2 milhões

Hospitais e centros de tratamento médico

Em 2023, a Fortress Biotech se envolveu com 42 hospitais para ensaios clínicos e protocolos de tratamento.

• Centros de oncologia especializados: 18
• Centros de tratamento de doenças raras: 24

Pacientes com condições raras de doenças

População alvo de pacientes para terapias de doenças raras da Fortress Biotech: 87.500 pacientes em várias áreas terapêuticas.

Categoria de doença	População de pacientes	Mercado de tratamento potencial
Distúrbios genéticos raros	42,300	US $ 675 milhões
Condições neurológicas raras	45,200	US $ 892 milhões

Comunidade de investimento em biotecnologia

Métricas de engajamento de investidores para 2023:

• Investidores institucionais: 124
• Valor total do investimento: US $ 287,5 milhões
• Investimento médio por instituição: US $ 2,32 milhões

Profissionais de saúde especializados em doenças raras

Engajamento profissional de rede em 2023:

Categoria especializada	Número de profissionais	Frequência de interação anual
Geneticistas	276	4.7 Interações/ano
Neurologistas	412	5.3 Interações/ano

Fortress Biotech, Inc. (FBIO) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

De acordo com o relatório anual de 2022 da Fortress Biotech, as despesas de P&D totalizaram US $ 47,3 milhões para o ano fiscal.

Categoria de P&D	Quantidade de despesa
Pesquisa de Diagnóstico Molecular	US $ 18,2 milhões
Pesquisa de oncologia	US $ 15,7 milhões
Pesquisa de doenças raras	US $ 13,4 milhões

Custos de implementação de ensaios clínicos

As despesas de ensaios clínicos para a fortaleza biotecnologia em 2022 foram de aproximadamente US $ 22,6 milhões.

• Ensaios clínicos de fase I: US $ 8,3 milhões
• Ensaios Clínicos de Fase II: US $ 10,5 milhões
• Fase III ensaios clínicos: US $ 3,8 milhões

Manutenção da propriedade intelectual

Fortaleza Biotecnou US $ 3,9 milhões em proteção de propriedade intelectual e manutenção de patentes em 2022.

Categoria IP	Custo
Registro de patentes	US $ 1,7 milhão
Renovação de patentes	US $ 1,4 milhão
Serviços de IP legal	US $ 0,8 milhão

Investimentos de conformidade regulatória

Os custos de conformidade regulatória para a fortaleza biotecnologia foram de US $ 6,2 milhões em 2022.

• Preparativos de envio da FDA: US $ 2,5 milhões
• Documentação de conformidade: US $ 1,8 milhão
• Consultoria regulatória: US $ 1,9 milhão

Overhead administrativo e operacional

As despesas administrativas e operacionais totais de 2022 atingiram US $ 37,5 milhões.

Categoria de sobrecarga	Quantidade de despesa
Salários de pessoal	US $ 22,3 milhões
Instalações de escritório	US $ 5,6 milhões
Infraestrutura de tecnologia	US $ 4,2 milhões
Viagens e reuniões	US $ 3,4 milhões

Fortress Biotech, Inc. (FBIO) - Modelo de negócios: fluxos de receita

Acordos de licenciamento para candidatos a drogas

A partir do quarto trimestre 2023, a Fortress Biotech relatou acordos de licenciamento para vários candidatos a medicamentos em seu portfólio:

Candidato a drogas	Parceiro de licenciamento	Receita potencial
CNDO-109	CSL Behring	Pagamento antecipado de US $ 15 milhões
MOV10	Parceiro de pesquisa farmacêutica	Até US $ 50 milhões em possíveis pagamentos marcantes

Potenciais pagamentos marcantes de parcerias farmacêuticas

Estrutura de pagamento marcante para os principais programas de desenvolvimento de medicamentos:

• Pagamentos em potencial variando de US $ 5 milhões a US $ 25 milhões por candidato a drogas
• O potencial acumulado em potencial superior a US $ 100 milhões em todo o portfólio
• Pagamentos marcantes dependentes do desenvolvimento clínico e realizações regulatórias

Vendas futuras de produtos farmacêuticos

Fluxos de receita de produtos farmacêuticos projetados:

Produto	Potencial estimado de receita anual	Segmento de mercado
Rayaldee	US $ 10-15 milhões	Doença renal crônica
Caelum-101	US $ 20 a 30 milhões	Oncologia

Bolsas de pesquisa e financiamento do governo

Pesquise fontes de financiamento para 2023-2024:

• Subsídios dos Institutos Nacionais de Saúde (NIH): US $ 3,2 milhões
• Financiamento da pesquisa do Departamento de Defesa: US $ 1,8 milhão
• Financiamento total da pesquisa do governo: US $ 5 milhões

Retornos estratégicos de investimento

Desempenho do portfólio de investimentos:

Categoria de investimento	Valor total de investimento	Retorno anual
Subsidiárias de biotecnologia	US $ 85 milhões	12.5%
Investimentos estratégicos de capital	US $ 45 milhões	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