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Fortress Biotech

FBIO Rare disease Lead: Approved ★ Read the deep dive → 8 Biotech Distilled articles ↓ 24 filings & releases ↓ Cash $197M (Jun 30, 2026) ↓ 8 verdicts ↓
DermatologyHematologyInfectious DiseaseMetabolicOncology CellProteinSmall Molecule

Market cap $61.7M 33.4M shares (vendor count, Nov 7, 2026) × $1.85 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-31

Catalyst timeline

5 trackedQuarter catalyst calendar →
  1. ATX-04 clenbuterol trial start2026ATX-04 clenbuterol trial start, 2026, routine
  2. Dotinurad Ph3 toplineLate 2026Dotinurad Ph3 topline, Late 2026, material
  3. Triplex Ph2 readoutEnd of 2026Triplex Ph2 readout, End of 2026, notable
  4. MB-109 Ph1 start4Q 2026MB-109 Ph1 start, 4Q 2026, routine
  5. Oaktree debt corporate updateJun 2028Oaktree debt corporate update, Jun 2028, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (12 active programs)

Emrosi

minocycline hydrochloride extended-release capsules · Minocycline Hydrochloride Modified Release Capsules · DFD-29
Small Molecule

Capital (as filed)

Cash
$197M cash and cash equivalents · Jun 30, 2026 (10-Q)
Operating cash flow
−$59.3M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$154M cash per the update of Oct 1, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (8)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (8 calls)

Every verdict Biotech Distilled has published on Fortress Biotech, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-02-24 Watch Fortress Biotech (FBIO): Scientific Deep Dive for Lead and Pipeline Products PRV monetization provides near-term survival but structural dilution and governance complexity make the stock hazardous for uninitiated investors.
  2. 2026-04-27 Watch speculative UPDATE: Fortress Biotech (FBIO) - The PRV Cash Lands, The Covenants Vanish, The Stock Bleeds Anyway Corporate de-risking has materialized — PRV closed, Oaktree covenants disarmed, Emrosi ramping — creating a sum-of-the-parts opportunity at a 29% discount, contingent on management clearing preferred dividend arrears.
  3. 2026-05-14 Speculative buy speculative UPDATE: Fortress Biotech (FBIO) - Journey Hits Positive EBITDA, Emrosi Triples YoY Journey Medical's first positive Adjusted EBITDA and Emrosi's 3x YoY ramp validate the commercial leg of the thesis, but preferred dividend arrears remain the unaddressed bear catalyst.
  4. 2026-05-15 Speculative buy speculative UPDATE: Fortress Biotech (FBIO) - The Parent Balance Sheet Finally Prints Parent cash of $209.9M against a ~$76M market cap (47% of book) widens the arbitrage gap, but management's continued failure to clear $14M preferred arrears keeps the S-3 locked and institutional buyers away.
  5. 2026-07-28 Speculative buy speculative UPDATE: Fortress Biotech (FBIO) - The Free Option Just Got Funded Crystalys closing an oversubscribed $130M Series B validates the dotinurad free option and compounds the sum-of-the-parts case, though preferred arrears remain unaddressed and the entry is 42% worse than May.
  6. 2026-08-13 Speculative buy speculative UPDATE: Fortress Biotech (FBIO) - The Spoke Keeps Printing, The Hub Keeps Discounting Journey's two consecutive quarters of positive Adjusted EBITDA and 23% YoY revenue growth de-risk the commercial leg, but the 15.9% pullback from the Crystalys pop and continued preferred arrears inaction keep the discount open.
  7. 2026-08-14 Speculative buy speculative UPDATE: Fortress Biotech (FBIO) - The Three Lines I Was Watching All Printed Q2 10-Q confirms Crystalys marked up to $26.9M and $95.4M Cyprium dividend in transit to parent, but preferred arrears grew to $16.0M for the fifth consecutive quarter with management holding nine figures of cash.
  8. 2026-10-01 Watch UPDATE: Fortress Biotech (FBIO) - The Lender Got Paid. The Deadline Passed. Downgrading because the self-imposed Q3 deadline for preferred dividend action expired unmet; Oaktree was repaid but arrears remain unaddressed, confirming management prioritizes creditors over common shareholders.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (24)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 6, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

3 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)