Fortress Biotech, Inc. Files 2023 Annual Report on Form 10-K
Ticker: FBIOP · Form: 10-K · Filed: Mar 28, 2024 · CIK: 1429260
Sentiment: neutral
Topics: Fortress Biotech, 10-K, Annual Report, Pharmaceuticals, SEC Filing
TL;DR
<b>Fortress Biotech, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>
AI Summary
Fortress Biotech, Inc. (FBIOP) filed a Annual Report (10-K) with the SEC on March 28, 2024. Fortress Biotech, Inc. filed its 2023 Form 10-K on March 28, 2024. The company's fiscal year ends on December 31st. Fortress Biotech was formerly known as Coronado Biosciences Inc. The company's business address is 1111 Kane Concourse, Suite 301, Bay Harbor Islands, FL 33154. The filing includes data related to various subsidiaries and warrants, such as Avenue Therapeutics Inc. and Checkpoint.
Why It Matters
For investors and stakeholders tracking Fortress Biotech, Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance, operational activities, and risk factors for the past fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks and opportunities.
Risk Assessment
Risk Level: medium — Fortress Biotech, Inc. shows moderate risk based on this filing. The company operates in the pharmaceutical preparations industry, which is subject to significant regulatory oversight, clinical trial risks, and market competition, as indicated by the nature of its business and the inclusion of various subsidiary and warrant-related data.
Analyst Insight
Review the detailed financial statements and risk factors in the 10-K to understand Fortress Biotech's current financial position and future outlook.
Key Numbers
- 20231231 — Fiscal Year End (Conformed period of report)
- 20240328 — Filing Date (Filed as of date)
- 0001558370-24-004272 — Accession Number (Unique identifier for the filing)
- 0001429260 — Central Index Key (Company's unique identifier with the SEC)
- 2834 — SIC Code (Standard Industrial Classification for Pharmaceutical Preparations)
Key Players & Entities
- Fortress Biotech, Inc. (company) — Filer name
- 20231231 (date) — Fiscal year end
- 20240328 (date) — Filing date
- Coronado Biosciences Inc (company) — Former company name
- 1111 Kane Concourse, Suite 301, Bay Harbor Islands, FL 33154 (address) — Business address
- Avenue Therapeutics Inc. (company) — Subsidiary/related entity
- Checkpoint (company) — Subsidiary/related entity
- UR1 Therapeutics Inc. (company) — Subsidiary/related entity
FAQ
When did Fortress Biotech, Inc. file this 10-K?
Fortress Biotech, Inc. filed this Annual Report (10-K) with the SEC on March 28, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Fortress Biotech, Inc. (FBIOP).
Where can I read the original 10-K filing from Fortress Biotech, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Fortress Biotech, Inc..
What are the key takeaways from Fortress Biotech, Inc.'s 10-K?
Fortress Biotech, Inc. filed this 10-K on March 28, 2024. Key takeaways: Fortress Biotech, Inc. filed its 2023 Form 10-K on March 28, 2024.. The company's fiscal year ends on December 31st.. Fortress Biotech was formerly known as Coronado Biosciences Inc..
Is Fortress Biotech, Inc. a risky investment based on this filing?
Based on this 10-K, Fortress Biotech, Inc. presents a moderate-risk profile. The company operates in the pharmaceutical preparations industry, which is subject to significant regulatory oversight, clinical trial risks, and market competition, as indicated by the nature of its business and the inclusion of various subsidiary and warrant-related data.
What should investors do after reading Fortress Biotech, Inc.'s 10-K?
Review the detailed financial statements and risk factors in the 10-K to understand Fortress Biotech's current financial position and future outlook. The overall sentiment from this filing is neutral.
Risk Factors
- Regulatory Risks [high — regulatory]: The company is subject to extensive regulation by government authorities, which can impact product development, approval, and marketing.
- Financing Risks [medium — financial]: The company may require additional financing to fund its operations and development activities, and there is no assurance that such financing will be available on favorable terms.
- Dependence on Key Personnel [medium — operational]: The success of the company depends on the continued service of its key management and scientific personnel.
- Market Acceptance [medium — market]: The commercial success of the company's products depends on market acceptance and demand.
- Intellectual Property Risks [medium — financial]: The company's ability to protect its intellectual property and avoid infringing on the intellectual property rights of others is critical.
Filing Stats: 4,368 words · 17 min read · ~15 pages · Grade level 15 · Accepted 2024-03-28 16:49:36
Key Financial Figures
- $0.001 — es as of March 27, 2024 Common Stock, $0.001 par value 19,234,526 9.375% Series A
- $4.0 million — for DFD-29 on January 4, 2024, paying a $4.0 million filing fee, and announced on March 18,
Filing Documents
- fbio-20231231x10k.htm (10-K) — 3991KB
- fbio-20231231xex4d4.htm (EX-4.4) — 69KB
- fbio-20231231xex21d1.htm (EX-21.1) — 8KB
- fbio-20231231xex23d1.htm (EX-23.1) — 3KB
- fbio-20231231xex31d1.htm (EX-31.1) — 15KB
- fbio-20231231xex31d2.htm (EX-31.2) — 15KB
- fbio-20231231xex32d1.htm (EX-32.1) — 7KB
- fbio-20231231xex32d2.htm (EX-32.2) — 7KB
- fbio-20231231xex97d1.htm (EX-97.1) — 37KB
- fbio-20231231x10k002.jpg (GRAPHIC) — 4KB
- fbio-20231231xex23d1001.jpg (GRAPHIC) — 4KB
- 0001558370-24-004272.txt ( ) — 17596KB
- fbio-20231231.xsd (EX-101.SCH) — 134KB
- fbio-20231231_cal.xml (EX-101.CAL) — 116KB
- fbio-20231231_def.xml (EX-101.DEF) — 575KB
- fbio-20231231_lab.xml (EX-101.LAB) — 994KB
- fbio-20231231_pre.xml (EX-101.PRE) — 871KB
- fbio-20231231x10k_htm.xml (XML) — 3036KB
Risk Factors
Risk Factors 28 Item 1B. Unresolved Staff Comments 64 Item 1C . Cybersecurity 65 Item 2.
Properties
Properties 66 Item 3.
Legal Proceedings
Legal Proceedings 66 Item 4. Mine Safety Disclosures 66 PART II 67 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 67 Item 6. Reserved 67 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations. 68 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk. 86 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data. 86 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 86 Item 9A.
Controls and Procedures
Controls and Procedures. 86 Item 9B. Other Information 87 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III 87 Item 10. Directors, Executive Officers and Corporate Governance 87 Item 11.
Executive Compensation
Executive Compensation 87 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions, and Director Independence 87 Item 14. Principal Accounting Fees and Services 87 PART IV 88 Item 15. Exhibits and Financial Statement Schedules. 88 Item 16. Form 10-K Summary. 92 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS our growth strategy; financing and strategic agreements and relationships; our need for substantial additional funds and uncertainties relating to financings; our ability to identify, acquire, close and integrate product candidates successfully and on a timely basis; our ability to attract, integrate and retain key personnel; the early stage of products under development; the results of research and development activities; uncertainties relating to preclinical and clinical testing; our ability to obtain regulatory approval for products under development; our ability to successfu
Business
Item 1. Business. Overview Fortress Biotech, Inc. ("Fortress" or the "Company") is a biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holding and dividend and royalty revenue streams. Fortress works in concert with our extensive network of key opinion leaders to identify and evaluate promising products and product candidates for potential acquisition. We have executed arrangements in partnership with some of the world's foremost universities, research institutes and pharmaceutical companies, including City of Hope National Medical Center ("COH" or "City of Hope"), Fred Hutchinson Cancer Center, St. Jude Children's Research Hospital ("St. Jude"), Dana-Farber Cancer Institute, Nationwide Children's Hospital, Cincinnati Children's Hospital Medical Center, Columbia University, the University of Pennsylvania, Mayo Foundation for Medical Education and Research ("Mayo Clinic"), AstraZeneca plc, and Dr. Reddy's Laboratories, Ltd. Following the exclusive license or other acquisition of the intellectual property underpinning a product or product candidate, Fortress leverages its business, scientific, regulatory, legal and financial expertise to help the partners achieve their goals. Partner and subsidiary companies then assess a broad range of strategic arrangements to accelerate and provide additional funding to support research and development, including joint ventures, partnerships, out-licensings, sales transactions, and public and private financings. To date, four partner companies are publicly-traded, and two have consummated strategic partnerships with industry leaders AstraZeneca plc as successor-in-interest to Alexion Pharmaceuticals, Inc. ("AstraZeneca") and Sentynl Therapeutics, Inc. ("Sentynl"), respectively. Our subsidiary and partner companies that are pursuing development and/or commercialization of biopharmaceutical products and product candidates are Avenue The