Fortress Biotech, the groundbreaking biopharmaceutical company, has reported robust financial results for the third quarter (Q3) ending September 30, 2023, propelling its stock to significant gains. The company’s innovative approach and strategic financial moves have positioned it as a notable player in the competitive biopharmaceutical sector.
At the time of this publication, Fortress Biotech Inc stock (FBIO) has witnessed a surge.
Fortress Biotech Inc
Current Price: $2.05
Change : +0.62
Change (%): (43.35%)
Volume: 8.1M
Source: Tomorrow Events Market Data
Fortress Biotech Q3 2023 Financial Results:
As of September 30, 2023, Fortress disclosed that its consolidated cash, cash equivalents, and restricted cash stood at $74.7 million, reflecting a $14.5 million decrease from the previous quarter’s $89.2 million as of June 30, 2023.
Breaking down the numbers, Fortress’ consolidated cash, cash equivalents, and restricted cash include $37.7 million attributable to Fortress and private subsidiaries, $0.2 million to Avenue, $1.8 million to Checkpoint, $10.3 million to Mustang Bio, and $24.7 million to Journey Medical.
Post the third quarter, in November 2023, Fortress successfully raised approximately $10.0 million in gross proceeds through a public offering, while Avenue secured approximately $5.0 million in gross proceeds in a separate public offering. Additionally, in October 2023, Checkpoint and Mustang Bio raised around $11.1 million and $4.4 million, respectively, through the exercise of warrants and a registered direct offering.
Fortress achieved a consolidated net revenue of $34.8 million for the third quarter of 2023, an impressive figure driven by $15.3 million in net product revenue from its marketed dermatology products. This marked a substantial increase from the third quarter of 2022, where consolidated net revenue totaled $16.5 million, including $16.0 million from the sale of marketed dermatology products.
The financial report also detailed Fortress’ prudent management of expenses. Consolidated research and development expenses, including license acquisitions, amounted to $20.3 million for the third quarter of 2023, a notable decrease from the $29.9 million reported in the same period of 2022. Similarly, consolidated selling, general, and administrative expenses were reported at $21.7 million for the third quarter of 2023, down from $30.1 million in the third quarter of 2022.
The company reported a consolidated net loss attributable to common stockholders of $7.1 million, or $0.94 per share, for the third quarter of 2023. This marks a significant improvement compared to the consolidated net loss of $24.5 million, or $4.11 per share, for the same quarter in 2022. The positive financial indicators showcase Fortress Biotech’s effective fiscal strategies and highlight its commitment to growth and innovation in the biopharmaceutical industry.
Investors and industry analysts are closely watching Fortress Biotech’s performance, considering its recent financial achievements and the promising trajectory it has set for itself in the competitive market. As the biopharmaceutical landscape continues to evolve, Fortress Biotech stands out as a dynamic and forward-thinking player, making waves with both its groundbreaking products and strategic financial moves.
