What are the investment strengths of Fortress Biotech Inc (FBIO)?

Gross margin 67.6% TTM above industry median 54.7% shows product economics work if pipeline succeeds EV 98.3M vs revenue 62.3M yields 1.6x EV/Sales - cheap if any pipeline asset advances

What are the investment risks for Fortress Biotech Inc (FBIO)?

Operating margin -149% TTM with -92.8M loss on 62.3M revenue - core business deeply unprofitable Dilution risk: 33.1M shares outstanding with high probability of equity raise given 13-month runway

Fortress Biotech Inc

FBIO

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Fortress Biotech Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-16

Snapshot

Cash burn of -81.1M FCF TTM vs 86.2M cash on hand = ~13 months runway without additional financing[Free Cash Flow TTM]
Net income 4.0M positive despite -92.8M operating loss TTM - driven by non-operating items, not core business[Net Income TTM]
Debt/equity 1.22x with 68.3M total debt against 55.9M equity - leverage elevated for cash-burning biotech[Debt to Equity]

Watch Triggers

Cash and Equivalents: Falls below 50M — Would signal <8 months runway, forcing dilutive raise at distressed terms
Total Revenue TTM: Exceeds 80M — Would indicate commercial traction narrowing path to breakeven
Operating Income TTM: Loss narrows to -50M — Would extend runway and reduce dilution pressure materially

Bull Case

Gross margin 67.6% TTM above industry median 54.7% shows product economics work if pipeline succeeds

Gross Margin TTMTotal Revenue TTM

EV 98.3M vs revenue 62.3M yields 1.6x EV/Sales - cheap if any pipeline asset advances

Enterprise ValueP/S Ratio

Bear Case

Operating margin -149% TTM with -92.8M loss on 62.3M revenue - core business deeply unprofitable

Operating Margin TTMOperating Income TTM

Dilution risk: 33.1M shares outstanding with high probability of equity raise given 13-month runway

Shares OutstandingCash and EquivalentsFree Cash Flow TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

Capital raise likely within 12 months given burn rate vs cash position

3-12mhigh

FCF burn -81M TTM exceeds cash 86M
R&D spend 22.2M ongoing
Recent equity issuance 14.1M signals pattern

Cash 86.2M vs FCF -81.1M TTMIssuance of Capital Stock 14.1MOperating loss -92.8M TTM

Valuation Context

Caveats

FBIO Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	Industry Percentile
Market Cap	$120.57M	—
Enterprise Value	$-81.65M	—
P/E Ratio	0.00	—
Total Revenue - TTM	$0	—
Earnings Per Share (diluted) - TTM	$0.00	—
Operating Margin - TTM	0%	—
Net Margin - TTM	0%	—
Free Cash Flow - TTM	$0	—
Return on Common Equity - TTM	0%	—
Beta 5Y (Monthly)	unknown	—

FBIO Dividend History

No dividends

FBIO Stock Splits

1 stock split

10/10/2315:1 split

FBIO SEC Filings

Filing Date	Report Date	Report Type	Filing Link
05/14/26	03/31/26	10-Q	0001104659-26-061233
03/31/26	12/31/25	10-K	0001104659-26-037874
11/14/25	09/30/25	10-Q	0001104659-25-111989
08/14/25	06/30/25	10-Q	0001558370-25-011570
05/15/25	03/31/25	10-Q	0001558370-25-007898
03/31/25	12/31/24	Unknown	0001558370-25-004160
11/14/24	09/30/24	10-Q	0001558370-24-015740
08/13/24	06/30/24	10-Q	0001558370-24-012063
05/15/24	03/31/24	10-Q	0001558370-24-008299
03/28/24	12/31/23	10-K	0001558370-24-004272
11/14/23	09/30/23	10-Q	0001558370-23-019050
08/14/23	06/30/23	10-Q	0001558370-23-014854
05/15/23	03/31/23	10-Q	0001558370-23-009855
03/31/23	12/31/22	10-K	0001558370-23-005282
11/14/22	09/30/22	10-Q	0001558370-22-017763
08/11/22	06/30/22	10-Q	0001558370-22-013275
05/12/22	03/31/22	10-Q	0001558370-22-008557
03/28/22	12/31/21	10-K	0001558370-22-004487
11/15/21	09/30/21	10-Q	0001558370-21-015968
08/16/21	06/30/21	10-Q	0001558370-21-011812
05/17/21	03/31/21	10-Q	0001558370-21-007395
03/31/21	12/31/20	10-K	0001558370-21-003815
11/09/20	09/30/20	10-Q	0001558370-20-013349
08/10/20	06/30/20	10-Q	0001104659-20-092702
05/11/20	03/31/20	10-Q	0001104659-20-059592
03/16/20	12/31/19	10-K	0001104659-20-034133
11/12/19	09/30/19	10-Q	0001104659-19-062059
08/09/19	06/30/19	10-Q	0001144204-19-038876
05/10/19	03/31/19	10-Q	0001144204-19-025261
03/18/19	12/31/18	10-K	0001144204-19-014617
11/09/18	09/30/18	10-Q	0001144204-18-058518
08/09/18	06/30/18	10-Q	0001144204-18-043295
05/10/18	03/31/18	10-Q	0001144204-18-027157
03/16/18	12/31/17	10-K	0001144204-18-015301
11/09/17	09/30/17	10-Q	0001144204-17-057789
08/09/17	06/30/17	10-Q	0001144204-17-041727
05/10/17	03/31/17	10-Q	0001144204-17-026058
03/16/17	12/31/16	10-K	0001144204-17-015137
11/09/16	09/30/16	10-Q	0001144204-16-132800
08/09/16	06/30/16	10-Q	0001144204-16-117796
05/10/16	03/31/16	10-Q	0001144204-16-100536
03/15/16	12/31/15	10-K	0001144204-16-088262
11/09/15	09/30/15	10-Q	0001144204-15-063720
08/10/15	06/30/15	10-Q	0001144204-15-047739
05/11/15	03/31/15	10-Q	0001144204-15-029340
03/16/15	12/31/14	10-K	0001144204-15-016397
11/06/14	09/30/14	10-Q	0001144204-14-065473
08/11/14	06/30/14	10-Q	0001144204-14-048232
05/12/14	03/31/14	10-Q	0001144204-14-029312
03/14/14	12/31/13	10-K	0001144204-14-015803
11/01/13	09/30/13	10-Q	0001193125-13-423193
08/05/13	06/30/13	10-Q	0001193125-13-319381
05/09/13	03/31/13	10-Q	0001193125-13-209246
03/18/13	12/31/12	10-K	0001193125-13-112518
11/14/12	09/30/12	10-Q	0001193125-12-469160
08/08/12	06/30/12	10-Q	0001193125-12-343988
05/15/12	03/31/12	10-Q	0001193125-12-234502
03/29/12	12/31/11	10-K	0001193125-12-138757
11/14/11	09/30/11	10-Q	0001193125-11-310641
08/08/12	06/30/11	10-Q	0001193125-12-343988
05/15/12	03/31/11	10-Q	0001193125-12-234502
03/18/13	12/31/10	10-K	0001193125-13-112518
11/14/11	09/30/10	10-Q	0001193125-11-310641