Fortress Biotech, Inc. announced its financial results for the third quarter ended September 30, 2026, and provided an update on its corporate portfolio. The company reported that total net revenue increased approximately 9% to $19.2 million for the quarter, compared to $17.6 million in the same period of the prior year. Of this total, $18.9 million was generated from marketed dermatology products.
Fortress reported a consolidated net loss attributable to common stockholders of $7.9 million, or $(0.23) per share, for the third quarter of 2026. This compares to net income of $3.7 million, or $0.13 per share, in the third quarter of 2025. Research and development expenses for the recent quarter totaled $1.7 million, while selling, general, and administrative costs were $17.8 million.
Cash and cash equivalents as of September 30, 2026, totaled $152.2 million, representing an increase of $72.8 million compared to December 31, 2025. The company also highlighted several corporate and clinical developments:
- Debt Repayment: In September 2026, Fortress repaid the remaining $15.0 million principal under its senior secured credit agreement with Oaktree Fund Administration, LLC. Following this repayment, the company has no outstanding debt at the parent level.
- Product Licensing: A subsidiary of Fortress entered into an exclusive licensing agreement with Cedars-Sinai to develop FB-607. This novel combination therapy is currently being evaluated in a randomized, double-blind, placebo-controlled Phase 2 study for irritable bowel syndrome with diarrhea.
- Commercial Performance: Journey Medical, a partner company, reported approximately 40,000 prescriptions for its Emrosi product in the third quarter of 2026. Additionally, the company recognized $0.2 million in royalty revenue on net sales of ZYCUBO and $0.1 million in royalty income on net sales of UNLOXCYT.
- Corporate Financing: Crystalys Therapeutics, in which Fortress holds a significant equity stake, closed a $130 million Series B financing in July 2026.
- Regulatory Approval: In September 2026, anselamimab (formerly CAEL-101) was approved in Japan for the treatment of systemic kappa light chain amyloidosis.
