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Fortress Biotech Inc. (FBIO+1.23%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a net revenue of $14.6 million for the quarter, primarily driven by sales from Journey Medical Corporation's dermatology products. This represents a decrease from the same period in the previous year, attributed to the absence of a one-time $19 million payment received in 2023.
Operating expenses for the quarter totaled $36.7 million, with research and development costs at $9.4 million. The decrease in R&D expenses is largely due to reduced spending at Mustang Bio, Inc. and other subsidiaries.
Selling, general, and administrative expenses were $22.0 million, reflecting an increase in marketing expenses at Journey Medical Corporation in anticipation of the Emrosi launch.
The company reported a loss from operations of $22.1 million for the quarter, compared to a loss of $13.8 million in the previous year.
Interest expense and financing fees increased to $6.2 million, primarily due to a loss on extinguishment of debt related to the repayment of the previous Oaktree Note.
Net loss attributable to Fortress was $12.9 million, compared to $5.0 million in the previous year, with the increase in loss partially offset by a gain on common stock warrant liabilities.
Fortress maintains cash and cash equivalents of $58.9 million as of September 30, 2024, with current assets sufficient to fund operations for the next 12 months.
The filing outlines the company's ongoing development and commercialization efforts, including the FDA approval of Emrosi for the treatment of rosacea and the resubmission of the BLA for cosibelimab.
Fortress continues to focus on strategic partnerships and collaborations to advance its pipeline, with several product candidates in various stages of clinical development.
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. 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.