Total net revenue increased 14% to $18.7 million for second quarter of 2026 compared to second quarter of 2025

Partnered programs continue to advance with Crystalys Therapeutics announcing its $130 million Series B financing to support the late-stage global development and commercialization preparation for dotinurad, and royalties generated from the launches of ZYCUBO ® and UNLOXCYT ™

MIAMI, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”), an innovative biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty income, today announced financial results and recent corporate highlights for the second quarter ended June 30, 2026.

Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer, said, “The second quarter of 2026 reflected continued momentum across our portfolio and further progress in unlocking long-term shareholder value. Our subsidiary Urica Therapeutics, Inc.’s (“Urica”) equity position in Crystalys Therapeutics, Inc. (“Crystalys”) was strengthened by Crystalys' $130 million Series B financing, which will support the late-stage global development and commercialization preparation for dotinurad, a next-generation oral URAT1 inhibitor for gout, on which Urica is entitled to a 3% royalty on future net sales. Journey Medical also continues to scale Emrosi®, securing a third major GPO contract that expanded payer access to over 150 million commercial lives. Coming off the momentum of ZYCUBO®'s approval and the $205 million PRV sale in the first quarter, we enter the second half of 2026 with a favorable cash balance that positions us to continue executing on our pipeline and business development priorities.”

Dr. Rosenwald added, “We continued to see encouraging clinical progress this quarter on our partnered programs. AstraZeneca reported additional prespecified subgroup analyses for anselamimab (formerly CAEL-101) showing a 62% improvement in survival and a 71% reduction in cardiovascular hospitalizations among kappa predominant light chain isotype patients in the CARES program, and indicated that it plans to submit these findings to regulatory authorities. Crystalys also continues to advance dotinurad's two global Phase 3 trials while initiating a new Phase 2 study in difficult-to-treat gout, broadening the program's potential patient population. With a diversified portfolio spanning commercial, late-stage, and development-stage programs, including royalties, milestones and equity, and a strengthened balance sheet following the ZYCUBO® PRV monetization, we believe Fortress is well positioned to advance strategic initiatives and drive long-term value for our shareholders.”

Recent Corporate Highlights 1 :

Commercial Portfolio Updates


Clinical Updates


Financial Results:


About Fortress Biotech 
Fortress Biotech, Inc. (“Fortress”) is an innovative biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty income. The company has a portfolio of multiple marketed prescription pharmaceutical products and programs in development at Fortress, at its majority-owned and majority-controlled partners and subsidiaries and at partners and subsidiaries it founded and in which it holds significant minority ownership positions. Fortress’ portfolio is being commercialized and developed for various therapeutic areas including oncology, dermatology, and rare diseases. Fortress’ model is focused on leveraging its significant biopharmaceutical industry expertise and network to further expand and advance the company’s portfolio of product opportunities. Fortress has established partnerships with some of the world’s leading academic research institutions and biopharmaceutical companies to maximize each opportunity to its full potential, including AstraZeneca, City of Hope, Nationwide Children’s Hospital, Columbia University, Dana-Farber Cancer Center and Sentynl Therapeutics. For more information, visit www.fortressbiotech.com.

Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include risks relating to: our growth strategy, financing and strategic agreements and relationships; our need for substantial additional funds and uncertainties relating to financings; uncertainty related to the timing and amounts expected to be realized from future milestone, contingent value right, royalty or similar future revenue streams, if at all; our ability to identify, acquire, close and integrate product candidates successfully and on a timely basis; our ability to attract, integrate and retain key personnel; the early stage of product candidates under development; the results of research and development activities; uncertainties relating to preclinical and clinical testing; our ability to obtain regulatory approval for products under development; our ability to successfully commercialize products for which we receive regulatory approval or receive royalties or other distributions from third parties; our ability to secure and maintain third-party manufacturing, marketing and distribution of our and our partner companies’ products and product candidates; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.

Company Contact:
Jaclyn Jaffe
Fortress Biotech, Inc.
(781) 652-4500
ir@fortressbiotech.com

Media Relations Contact:
Tony Plohoros
6 Degrees
(908) 591-2839
tplohoros@6degreespr.com

 
FORTRESS BIOTECH, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
($ in thousands except for share and per share amounts)
         
    June 30,   December 31,
    2026
  2025
ASSETS            
Current assets            
Cash and cash equivalents   $ 196,576     $ 79,381  
Accounts receivable, net     36,246       29,783  
Inventory     8,156       9,624  
Other receivables - related party     506       158  
Prepaid expenses and other current assets     4,022       4,895  
Total current assets     245,506       123,841  
             
Property and equipment, net     2,412       2,519  
Operating lease right-of-use asset, net     11,357       12,302  
Restricted cash     1,220       1,220  
Equity investments, at fair value     29,451       17,660  
Intangible assets, net     25,510       27,605  
Other assets     1,259       401  
Total assets   $ 316,715     $ 185,548  
             
LIABILITIES AND STOCKHOLDERS’ EQUITY            
Current liabilities            
Accounts payable and accrued expenses   $ 49,325     $ 47,125  
Income taxes payable     5,179       356  
Common stock warrant liabilities     —       1  
Operating lease liabilities, short-term     2,246       2,127  
Partner company notes payable, short-term     5,000       —  
Other current liabilities     268       135  
Total current liabilities     62,018       49,744  
             
Notes payable, long-term, net     34,602       52,417  
Operating lease liabilities, long-term     11,468       12,672  
Partner company redeemable perpetual preferred liability     —       7,085  
Other long-term liabilities     2,541       1,447  
Total liabilities     110,629       123,365  
             
Commitments and contingencies            
             
Stockholders’ equity            
Cumulative redeemable perpetual preferred stock, $0.001 par value, 15,000,000 authorized, 5,000,000 designated Series A shares, 3,427,138 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively, liquidation value of $25.00 per share     3       3  
Common stock, $0.001 par value, 200,000,000 shares authorized, 33,311,012 and 31,364,094 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively     33       31  
Additional paid-in-capital     788,251       783,891  
Accumulated deficit     (624,147 )     (734,052 )
Total stockholders' equity attributed to the Company     164,140       49,873  
             
Non-controlling interests     41,946       12,310  
Total stockholders' equity     206,086       62,183  
Total liabilities and stockholders' equity   $ 316,715     $ 185,548  
                 


 
FORTRESS BIOTECH, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
($ in thousands except for share and per share amounts)
                         
    Three Months Ended June 30,   Six Months Ended June 30,
    2026
  2025
  2026
  2025
Revenue                        
Product revenue, net   $ 17,839     $ 15,009     $ 33,760     $ 28,148  
Other revenue     879       1,404       996       1,404  
Net revenue     18,718       16,413       34,756       29,552  
                         
Operating expenses                        
Cost of goods - (excluding amortization of acquired intangible assets)     6,143       4,939       12,361       9,729  
Amortization of acquired intangible assets     969       1,064       2,095       2,129  
Research and development     805       8,126       1,345       12,060  
Selling, general and administrative     20,807       38,757       36,699       64,424  
Total operating expenses     28,724       52,886       52,500       88,342  
Loss from operations     (10,006 )     (36,473 )     (17,744 )     (58,790 )
                         
Other income (expense)                        
Interest income     1,581       622       2,151       1,112  
Interest expense and financing fee     (1,476 )     (2,518 )     (4,845 )     (5,324 )
Gain on sale of priority review voucher, net of expenses     —       —       158,873       —  
Change in fair value of partner company derivative liability     —       —       (7,085 )     —  
Gain (loss) on common stock warrant liabilities     —       (350 )     1       (397 )
Gain from deconsolidation of subsidiary     82       27,127       82       27,127  
Other income (expense)     10,741       (62 )     11,783       (73 )
Total other income     10,928       24,819       160,960       22,445  
Income (loss) before income tax expense     922       (11,654 )     143,216       (36,345 )
                         
Income tax expense     320       —       5,452       —  
Net income (loss)     602       (11,654 )     137,764       (36,345 )
                         
Attributable to non-controlling interests     (1,070 )     27,140       (27,859 )     41,247  
Net income (loss) attributable to Fortress   $ (468 )   $ 15,486     $ 109,905     $ 4,902  
                         
Preferred A dividends cumulated, and Fortress' share of subsidiary deemed dividends     (2,008 )     (2,131 )     (4,016 )     (4,261 )
Net income (loss) attributable to common stockholders   $ (2,476 )   $ 13,355     $ 105,889     $ 640  
                         
Net income (loss) per common share attributable to common stockholders - basic   $ (0.08 )   $ 0.50     $ 3.34     $ 0.02  
Net income (loss) per common share attributable to common stockholders - diluted   $ (0.08 )   $ 0.45     $ 2.86     $ 0.02  
                         
Weighted average common shares outstanding - basic     31,791,173       26,879,380       31,666,585       26,679,106  
Weighted average common shares outstanding - diluted     31,791,173       29,824,182       37,011,700       29,182,033  
                                 

___________________________
1 This press release references products being developed or commercialized by Fortress, by Fortress’ private or public subsidiaries (referred to herein as “subsidiaries” or “partner companies”) and by entities with whom one of the foregoing parties has a significant business relationship, such as an exclusive license or an ongoing product-related payment obligation (such entities referred to herein as “partners”). The words “we”, “us” and “our” may refer to Fortress individually, to one or more of our subsidiaries and/or partner companies, or to all such entities as a group, as dictated by context.


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