AI-extracted from the 10-Q filed 2026-08-13 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Net revenue rose 14% YoY to $18.7M on Emrosi's ramp, while the quarter's bottom line was lifted by a $10.7M non-cash gain on Urica's Crystalys equity stake following Cyprium's $205M PRV sale earlier in the year.
Biggest Revenue Drivers
Product revenue, net (Journey)$17.8M+19% YoY
Driven by Emrosi sales of $8.1M vs $2.8M a year ago, partly offset by lower Qbrexza and legacy product sales
Other revenue$879K-37% YoY
Includes $0.7M from Journey's Amzeeq supply/royalties to Cutia and $0.2M in Cyprium ZYCUBO royalties; prior-year quarter included Avenue's AJ201 termination payment
Biggest Revenue Drivers
Total revenue: $18.7M+14% YoY
Product revenue, net (Journey)$17.8M+19% YoY
Driven by Emrosi sales of $8.1M vs $2.8M a year ago, partly offset by lower Qbrexza and legacy product sales
Within Product revenue, net (Journey)
Emrosi$8.1Mvs $2.8M PY
Rosacea product launched March 2025; ~85% of US commercial lives now have access
Qbrexza$5.1M-26% YoY
Decrease attributed to coverage mix
Accutane$3.4M
Roughly flat YoY; faces generic competition
Other revenue$879K-37% YoY
Includes $0.7M from Journey's Amzeeq supply/royalties to Cutia and $0.2M in Cyprium ZYCUBO royalties; prior-year quarter included Avenue's AJ201 termination payment
Largest Expense Items
Selling, general and administrative$20.8M-46% YoY
Decline driven by deconsolidation of Checkpoint ($19.9M reduction), partly offset by higher Cyprium personnel/professional fees at Fortress
Cost of goods sold$6.1M+24% YoY
Increase driven by Amzeeq supply to Cutia and higher royalty expense on Emrosi net revenue growth
Research and development$805K-90% YoY
Prior year included $7.0M of Checkpoint R&D, which was deconsolidated in May 2025
Amortization of acquired intangible assets$969K-9% YoY
Eurax amortization began in Q1 2026, offset by completion of Accutane intangible amortization
Margins: The filing does not discuss gross or operating margin trends directly, but operating loss narrowed to $10.0M from $36.5M YoY, primarily due to the Checkpoint deconsolidation removing $26.9M of Checkpoint operating expenses from the comparison.
Watch Items from the Filing
Journey filed suit against Lupin in February 2026 after Lupin sought FDA approval for a generic Emrosi via ANDA, alleging Journey's patents (expiring January 2039) are invalid; the filing triggers a stay of Lupin's ANDA approval for up to 30 months.
Company had total undeclared Series A Preferred dividends of ~$16.0 million as of June 30, 2026, and remains ineligible to use Form S-3 shelf registrations until dividends are paid current.
Five of Journey's nine marketed products (Accutane, Targadox, Exelderm, Eurax, Luxamend) lack patent protection and face generic competition; Qbrexza revenue already declined 26% YoY partly on coverage mix.
Cyprium declared a ~$118.6M dividend in July 2026 (subsequent event), of which ~$95.4M is payable to Fortress, following the $205M PRV sale that closed in March 2026 — a major one-time cash infusion.
Mustang's net assets fell below $20 million in June 2026, triggering its election to delay a deferred payment obligation to uBriGene, signaling liquidity strain at that subsidiary.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Weiss Michael SExecutive Vice ChairmanGrant or award · Mar 18, 2026
Rosenwald Lindsay A MDPRESIDENT, CEO & CHAIRMANGrant or award · Mar 18, 2026
Fortress Biotech, Inc.Reporting ownerGrant or award · Jan 2, 2026
Lobell J JayReporting ownerGrant or award · Jan 1, 2026
Hoenlein MalcolmReporting ownerGrant or award · Jan 1, 2026
Lorenz KevinReporting ownerGrant or award · Jan 1, 2026
Harvey JimmieReporting ownerGrant or award · Jan 1, 2026
Klein DovReporting ownerGrant or award · Jan 1, 2026
About Fortress Biotech, Inc. (FBIO): stock profile, AI score and financials
Fortress Biotech, Inc. (FBIO) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores FBIO at 59.0/100 on a composite quality score built from its SEC filings, placing it at rank #967 of 2,925 stocks — the top half of the AI-ranked universe. FBIO scores in the top quartile across profitability (99.5), free cash flow (99.5), balance sheet strength (99.3). Areas of concern include revenue growth (9.4) and revenue scale (11.7), which score below median versus the broader universe. Shareholder dilution risk is elevated at 4.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Fortress Biotech, Inc. reports quarterly revenue of $18.7M, net income of $-468.0K, an operating margin of -53.5%. Top institutional holders of FBIO by reported 13-F value include VANGUARD CAPITAL MANAGEMENT, Opaleye Management, MACKENZIE FINANCIAL, based on the most recent SEC filings. FBIO trades on the Nasdaq exchange and files with the SEC under CIK 1429260. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FBIO daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Fortress Biotech, Inc. directly from SEC EDGAR.