Financial Performance - Fortress Biotech reported consolidated net revenue of 57.7millionforthefullyearendedDecember31,2024,downfrom84.5 million in 2023, with dermatology product revenue decreasing from 59.7millionto55.1 million[14]. - Fortress Biotech reported a net revenue of 57.675millionfortheyearendedDecember31,2024,adecreaseof31.784.513 million in 2023[19]. - Product revenue, net, was 55.134millionin2024,downfrom59.662 million in 2023, reflecting a decline of 7.5%[19]. - The net loss attributable to common stockholders was (55.9)million,or(2.69) per share, for 2024, an improvement from a net loss of (68.7)million,or(8.47) per share, in 2023[14]. - The net loss attributable to common stockholders for 2024 was 55.890million,comparedtoanetlossof68.669 million in 2023, showing an improvement of 18.5%[19]. - Fortress Biotech's net loss per common share attributable to common stockholders was (2.69)in2024,comparedto(8.47) in 2023, indicating a significant reduction in loss per share[19]. Expenses - Consolidated research and development expenses totaled 56.9millionfor2024,asignificantdecreasefrom106.1 million in 2023[14]. - Research and development expenses were 56.629millionin2024,down44.4101.747 million in 2023[19]. - Consolidated selling, general and administrative costs were 87.7millionfor2024,comparedto91.0 million in 2023[14]. - Total operating expenses decreased to 168.054millionin2024from226.855 million in 2023, a reduction of 26%[19]. - The company reported a loss from operations of 110.379millionin2024,animprovementfromalossof142.342 million in 2023[19]. Cash and Assets - Fortress' cash and cash equivalents totaled 57.3millionasofDecember31,2024,downfrom80.9 million at the end of 2023[14]. - Fortress Biotech's cash and cash equivalents decreased to 57.263millionasofDecember31,2024,from80.927 million in 2023, a decline of 29%[18]. - Fortress Biotech's total assets decreased to 144.223millionin2024from167.526 million in 2023, a decline of 13.9%[18]. - The company’s accumulated deficit increased to (740.867)millionin2024from(694.870) million in 2023[18]. Strategic Developments - Fortress' subsidiary Checkpoint Therapeutics is set to be acquired by Sun Pharma, with Fortress expecting to receive approximately 28millionatclosinganda2.521.1 million through equity offerings in 2024[10]. - Fortress entered into a strategic collaboration with Partex NV to evaluate biopharmaceutical compounds using artificial intelligence for potential acquisition or licensing[10].
Fortress Biotech(FBIO)2025-03-31 20:10