Fortress Biotech Inc.
FBIO evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for FBIO—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · FBIO
Fortress Biotech Inc. is a biopharmaceutical company focused on acquiring, developing, and commercializing therapies across multiple therapeutic areas through a network of subsidiary and partner companies.
Key risk: Need for additional financing
BioSniper Score
Based on 5 of 6 signals
Market Cap
$92.4M
Cash Runway
10.7 moLead Asset
mb-101 (Phase 1)
Next Catalyst
Patent_Expiry · Jan 12, 2031Financial data as of Jun 30, 2026.
Tracking 6 pipeline candidates · 2 catalysts for Fortress Biotech Inc..
Fortress Biotech Inc. is a biopharmaceutical company focused on acquiring, developing, and commercializing therapies across multiple therapeutic areas through a network of subsidiary and partner companies.
- Cash and equivalents of $197.8M as of 2026-06-30 [sec].
- Total revenue of $17.8M for the six months ended 2026-06-30 [sec].
- Net loss of $0.5M for the six months ended 2026-06-30 [sec].
- Shareholders' equity of $43.9M and total debt of $40.0M as of 2026-06-30 [sec].
- R&D expenses decreased 79% from $56.6M in 2024 to $11.9M in 2025 [sec_mda · as of 2026-03-31].
What works
- Fortress leverages a network of partnerships with major institutions and companies, including AstraZeneca, Dr. Reddy's, and Sun Pharma, to access and develop product candidates [sec_mda · as of 2025-08-14].
- The company has a diversified portfolio of approved products (e.g., ZYCUBO, EMROSI) with patent protection extending into the 2030s [catalyst_timeline].
- Cash position of $197.8M provides a substantial runway to fund operations and development activities [sec].
What to weigh
- The company has a history of net losses and requires substantial additional financing to fund operations and development [sec_mda · as of 2026-05-14].
- Risks include uncertainty around the timing and amount of future milestone, royalty, or contingent value right payments [sec_mda · as of 2026-08-13].
- The company faces risks related to regulatory approval, clinical trial outcomes, and successful commercialization of product candidates [sec · filed 2025-03-10].
From the filings
Quoted directly from source documents.
Fortress requires significant additional financing to fund operations and development.
“We may require significant additional financing to fully develop and prepare regulatory filings and obtain regulatory approvals for our existing and new product candidates, fund operating losses, and, if deemed appropriate, establish or secure through third parties manufacturing for our potential products, and sales and marketing capabilities.”
SEC MD&A · May 14, 2026
R&D expenses decreased significantly from 2024 to 2025.
“For the years ended December 31, 2025 and 2024, R&D expenses were approximately $11.9 million and $56.6 million, respectively, a decrease of $44.7 million or 79%.”
SEC MD&A · March 31, 2026
Fortress has partnerships with major institutions and companies.
“Fred Hutchinson Cancer Center, Dana-Farber Cancer Institute, Nationwide Children's Hospital, Columbia University, the University of Pennsylvania, AstraZeneca plc, Dr. Reddy's Laboratories, Ltd., and Sun Pharmaceutical Industries Limited ("Sun Pharma").”
SEC MD&A · August 14, 2025
Catalyst timeline
- 2031-01-12 · Patent_Expiry · ZYCUBO — Patent/Exclusivity Expiry: ZYCUBO — Patent expiry for ZYCUBO may open the product to generic competition.
- 2039-01-07 · Patent_Expiry · EMROSI — Patent/Exclusivity Expiry: EMROSI — Patent expiry for EMROSI may open the product to generic competition.
Risks & what to watch (4)›
Key risks
- Need for additional financing — The company requires substantial additional funds to develop candidates and fund operations [sec_mda · as of 2026-05-14].
- Regulatory and clinical uncertainty — Difficulty predicting timing or outcome of regulatory approvals and clinical trials [sec · filed 2025-07-16].
- Dependence on partnerships — Reliance on strategic agreements and relationships for growth and funding [sec_mda · as of 2026-08-13].
- Uncertain milestone revenue — Uncertainty related to timing and amounts from milestone, CVR, or royalty streams [sec_mda · as of 2026-08-13].
What to watch
- Progress of product candidates through clinical trials and regulatory filings [sec · filed 2025-03-10].
- Ability to secure additional financing through equity, debt, or partnership deals [sec_mda · as of 2026-05-14].
- Realization of milestone or royalty payments from partnered programs [sec_mda · as of 2026-08-13].
- Patent expiries for key products ZYCUBO (2031) and EMROSI (2039) [catalyst_timeline].
Sources: SEC filings · SEC MD&A · Generated August 27, 2026 · How we verify sources →
Run Fortress Biotech Inc. through your own thesis
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
10.7 months
D/E 0.67 · 0% dilution
Lead: Phase 2
6 candidates
2 upcoming, next in ~1596d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
51
Total value held
$14.1M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 1,932,060 | $5.4M |
| susquehanna international group, llp | 506,645 | $1.4M |
| geode capital management, llc | 290,255 | $810K |
| northern trust corp | 230,053 | $642K |
| citadel advisors llc | 209,389 | $584K |
| blackrock, inc. | 197,085 | $550K |
| two sigma investments, lp | 196,825 | $549K |
| bridgeway capital management, llc | 182,368 | $509K |
| vanguard fiduciary trust co | 142,535 | $398K |
| kestra advisory services, llc | 129,801 | $362K |
Showing top 10 of 51 institutional holders of Fortress Biotech Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 18.1%
- Days to cover
- 10.4
- Shares short
- 4,649,541
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
FBIO short interestGovernance
Frequently asked questions
What is the AI investment thesis for Fortress Biotech Inc.?
Fortress Biotech Inc. is a biopharmaceutical company focused on acquiring, developing, and commercializing therapies across multiple therapeutic areas through a network of subsidiary and partner companies.
What is Fortress Biotech Inc.'s lead drug candidate?
Fortress Biotech Inc.'s most advanced tracked candidate is mb-101 (Phase 1) for malignant brain tumors, including glioblastoma (GBM).
What is Fortress Biotech Inc.'s next catalyst?
Fortress Biotech Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent/Exclusivity Expiry: ZYCUBO" — expected January 12, 2031.
Who is the CEO of Fortress Biotech Inc.?
Dr. Lindsay Allan Rosenwald M.D. is the chief executive officer of Fortress Biotech Inc. (FBIO).
Where is Fortress Biotech Inc. headquartered?
Fortress Biotech Inc. (FBIO) is headquartered in Bay Harbor Islands, FL, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.