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Fortress Biotech Inc. (FBIO+5.48%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total net revenue of $57.7 million for 2024, a decrease from $84.5 million in 2023. The decrease is attributed to lower product revenue from Journey Medical Corporation and reduced collaboration revenue.
Research and development expenses decreased to $56.6 million in 2024 from $101.7 million in 2023. This reduction was primarily due to decreased expenses at Mustang Bio, Inc. and Checkpoint Therapeutics, Inc.
Selling, general, and administrative expenses were $87.7 million in 2024, down from $91.0 million in 2023. The decrease was driven by cost reductions at Fortress Biotech and its subsidiaries.
Fortress Biotech reported a net loss of $120.9 million for 2024, compared to a net loss of $154.2 million in 2023. The improvement was due to reduced operating expenses.
The company announced several product developments, including the FDA approval of Emrosi by Journey Medical Corporation and UNLOXCYT by Checkpoint Therapeutics.
In March 2025, Fortress announced that Checkpoint Therapeutics entered into an agreement to be acquired by Sun Pharmaceutical Industries for $4.10 per share in cash plus a contingent value right.
Fortress Biotech paused dividend payments on its Series A Preferred Stock in July 2024, deferring approximately $0.7 million in monthly cash dividend payments.
The company entered into a $50 million term loan with Oaktree Capital Management in July 2024, replacing a previous $50 million loan.
Throughout 2024, Fortress Biotech and its subsidiaries raised significant capital through equity offerings, totaling approximately $21.1 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fortress Biotech Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.