Fortress Biotech (NASDAQ: FBIO) Issues Corporate Update and Reports Financial Results for Q3 2024

Fortress Biotech, Inc., an innovative biopharmaceutical company, recently released a corporate update and disclosed its financial results for the quarter ended September 30, 2024. The company’s financial performance and recent corporate developments were outlined in an 8-K report filed with the Securities and Exchange Commission.

One of the significant highlights included Fortress Biotech receiving approval from the U.S. Food and Drug Administration (FDA) for Emrosi™ on November 4, 2024. Emrosi™, a potential treatment for inflammatory lesions of rosacea in adults developed in conjunction with its partner company, Journey Medical Corporation, represents a vital milestone for the company. Additionally, the company announced the PDUFA goal date of December 28, 2024, for cosibelimab, an anti-PD-L1 antibody intended for the treatment of metastatic or locally advanced cutaneous squamous cell carcinoma.

Fortress Biotech’s late-stage pipeline shows promise with upcoming value creation opportunities, with a focus on building shareholder value while addressing unmet medical needs through innovative treatments. The company reported various regulatory, clinical, and commercial developments, underscoring its commitment to advancing healthcare solutions.

Financially, Fortress Biotech detailed its consolidated cash position, stating $58.9 million as of September 30, 2024, compared to $76.2 million as of June 30, 2024. The company’s net revenue for the third quarter of 2024 was $14.6 million, primarily generated from its dermatology products. However, the total operating expenses amounted to $36.7 million for the same period, resulting in a net loss attributable to common stockholders of $(15.0) million for the quarter.

Fortress Biotech’s filing also highlighted key strategic moves, including debt reduction and financing activities to strengthen its financial position. The company remains focused on its goal of enhancing shareholder value through product revenue, equity holdings, and dividend and royalty revenue.

The full details and financial statements can be found in the filings submitted by Fortress Biotech to the Securities and Exchange Commission.

For further information and updates on Fortress Biotech’s development and financial performance, investors and stakeholders are encouraged to refer to the official SEC filings and corporate announcements by the company.

This information has been extracted from the Form 8-K filing dated November 14, 2024, and the accompanying Exhibit 99.1.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Fortress Biotech’s 8K filing here.

About Fortress Biotech

Fortress Biotech, Inc, a biopharmaceutical company, develops dermatology, pharmaceutical, and biotechnology products in the United States. The company markets dermatology products, such as Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane capsules for severe recalcitrant nodular acne; Amzeeq for severe acne vulgaris; Zilxi, a topical foam; Exelderm cream and solution for topical use; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Luxamend; sulconazole nitrate cream and solution for tinea cruris and tinea corporis; and doxycycline hyclate tablet.