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of Contents](#TOC)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-Q**\n\n​\n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarterly period ended****March 31, 2026**\n\n**OR**\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from       to**\n\n**Commission File Number****001-35366**\n\n**FORTRESS BIOTECH, INC.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Delaware**\n\n**20-5157386**\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n​\n\n**1111 Kane Concourse Suite 301**\n\n**Bay Harbor Islands****,****FL********33154**\n\n(Address including zip code of principal executive offices)\n\n**(****781****)****652-4500**\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n**Title of Class**\n\n​\n\n**Trading Symbol(s)**\n\n​\n\n**Exchange Name**\n\nCommon Stock\n\n​\n\nFBIO\n\n​\n\nNasdaq Capital Market\n\n9.375% Series A Cumulative Redeemable Perpetual Preferred Stock\n\n​\n\nFBIOP\n\n​\n\nNasdaq Capital Market\n\n​\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ⌧   No   ◻\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ⌧   No  ◻\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:\n\n​\n\nLarge accelerated filer\n\n◻\n\nAccelerated filer\n\n◻\n\nNon-accelerated filer\n\n⌧\n\nSmaller reporting company\n\n☒\n\n \n\n \n\nEmerging growth company\n\n☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻\n\nIndicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   No   ☒\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Class of Stock**\n\n**  ​ ​**\n\n**Outstanding Shares as of May 11, 2026**\n\nCommon Stock, $0.001 par value\n\n​\n\n33,219,072\n\n9.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value\n\n​\n\n3,427,138\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**FORTRESS BIOTECH, INC. AND SUBSIDIARIES**\n\n**Quarterly Report on Form 10-Q**\n\n​\n\nTABLE OF CONTENTS\n\n​\n\n[PART I.](#PARTIFINANCIALINFORMATION_170650)\n\n[FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_170650)\n\n6\n\n[Item 1.](#Item1UnauditedCondensedConsolidatedFinan)\n\n[Unaudited Condensed Consolidated Financial Statements](#Item1UnauditedCondensedConsolidatedFinan)\n\n6\n\n[Item 2.](#Item2ManagementsDiscussionandAnalysisofF)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF)\n\n37\n\n[Item 3.](#Item3QuantitativeandQualitativeDisclosur)\n\n[Quantitative and Qualitative Disclosures About Market Risks](#Item3QuantitativeandQualitativeDisclosur)\n\n49\n\n[Item 4.](#Item4ControlsandProcedures_203330)\n\n[Controls and Procedures](#Item4ControlsandProcedures_203330)\n\n50\n\n​\n\n​\n\n​\n\n[PART II.](#PARTIIOTHERINFORMATION_863210)\n\n[OTHER INFORMATION](#PARTIIOTHERINFORMATION_863210)\n\n50\n\n[Item 1.](#Item1LegalProceedings_809168)\n\n[Legal Proceedings](#Item1LegalProceedings_809168)\n\n50\n\n[Item 1A.](#Item1A)\n\n[Risk Factors](#Item1A)\n\n50\n\n[Item 2.](#Item2UnregisteredSalesofEquitySecurities)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n87\n\n[Item 3.](#Item3DefaultsUponSeniorSecurities_751731)\n\n[Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_751731)\n\n88\n\n[Item 4.](#Item4MineSafetyDisclosures_955234)\n\n[Mine Safety Disclosures](#Item4MineSafetyDisclosures_955234)\n\n88\n\n[Item 5.](#Item5OtherInformation_642212)\n\n[Other Information](#Item5OtherInformation_642212)\n\n88\n\n[Item 6.](#Item6Exhibits_413858)\n\n[Exhibits](#Item6Exhibits_413858)\n\n88\n\n \n\n \n\n \n\n[SIGNATURES](#SIGNATURES_916487)\n\n \n\n90\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**SUMMARY OF RISK FACTORS**\n\n​\n\nOur business is subject to risks of which you should be aware before making an investment decision. The risks described below are a summary of the principal risks associated with an investment in us and are not the only risks we face. You should carefully consider these risk factors, the risk factors described in Part 2, Item 1A, and the other reports and documents that we have filed with the Securities and Exchange Commission (“SEC”). As used below and throughout this filing (including in the risk factors described in Item 1A), the words “we”, “us” and “our” may refer to Fortress Biotech, Inc. individually, to one or more of its subsidiaries and/or partner companies, or to all such entities as a group, as dictated by context.\n\n​\n\n**Risks Inherent in Drug Development**\n\n​\n\n●Many of our product candidates are in early development stages and are subject to time and cost intensive regulation and clinical testing, which may result in the identification of safety or efficacy concerns. As a result, our product candidates may never be successfully developed or commercialized.\n\n●Our competitors may develop treatments for our products’ target indications, which could limit our product candidates’ commercial opportunity and profitability.\n\n​\n\n**Risks Pertaining to the Need for and Impact of Existing and Additional Financing Activities**\n\n​\n\n●We have a history of operating losses and expect such losses to continue in the future.\n\n●We have funded our operations in part through the assumption of debt, and our applicable lending agreements may restrict our operations. Further, the occurrence of any default event under an applicable loan document could adversely affect our business.\n\n●Our research and development (“R&D”) programs will require substantial additional capital, which we may be unable to raise as needed and which may impede our R&D programs, commercialization efforts, or planned acquisitions.\n\n●Our board of directors has paused payments of dividends on our preferred stock, and there can be no assurance that monthly dividend payments will be resumed in a timely manner, or at all.\n\n●If we raise additional capital by issuing equity, equity-linked securities or securities convertible into or exercisable for equity securities, our existing stockholders will be diluted.\n\n​\n\n**Risks Pertaining to Our Existing Revenue Stream from Journey Medical Corporation (“Journey”)**\n\n​\n\n●Our operating income derives primarily from the sale of our partner company Journey’s dermatology products, particularly Emrosi, Qbrexza, Accutane, Amzeeq, Zilxi, Targadox, Exelderm, and Luxamend. Any issues relating to the manufacture, sale, utilization, or reimbursement of Journey’s products (including products liability claims) could significantly impact our operating results.\n\n●A significant portion of Journey’s sales derive from products that are without patent protection and/or are or may become subject to third party generic competition, the introduction of new competitor products, or an increase in market share of existing competitor products, any of which could have a significant adverse effect on our operating income. Four of Journey’s marketed products, Emrosi, Qbrexza, Amzeeq and Zilxi, currently have patent protection. Four of Journey’s marketed products, Accutane, Targadox, Exelderm, and Luxamend, do not have patent protection or otherwise are not eligible for patent protection. With respect to Journey products that are covered by valid claims of issued patents, such patents may be subject to invalidation, which would harm our operating income.\n\n●Continued sales and coverage, including formulary inclusion without the need for a prior authorization or step edit therapy, of our products for commercial sale will depend in part on the availability of reimbursement from third-party payors, including government payors. Third-party payors are increasingly examining the medical necessity and cost-effectiveness of medical products and services, in addition to their safety and efficacy, and, accordingly, significant uncertainty exists as to the reimbursement status of current and newly approved therapeutics.\n\n●The Company’s business may be materially adversely affected by the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures implemented by the U.S. and other governments.\n\n​\n\n**Risks Pertaining to Our Business Strategy, Structure and Organization**\n\n​\n\n●We have entered, and will likely in the future enter, into certain collaborations or divestitures which may cause a reduction in our business’ size and scope, market share and opportunities in certain markets, or our ability to compete in certain markets and therapeutic categories.\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\n●We and our subsidiaries and partner companies have also entered into, and intend in the future to enter into, arrangements under which we and/or they have agreed to contingent dispositions of such companies and/or their assets. The failure to consummate any such transaction may impair the value of such companies and/or assets, and we may not be able to identify or execute alternative arrangements on favorable terms, if at all. The consummation of any such arrangements with respect to certain product candidates may also result in our eligibility to receive a lower portion of sales (if any) of resulting approved products than if we had developed and commercialized such products ourselves.\n\n●Our growth and success depend on our acquiring or in-licensing products or product candidates and integrating such products into our businesses.\n\n●We may act as, and are likely to continue acting as, guarantor and/or indemnitor of certain obligations of our subsidiaries and partner companies, which could require us to pay substantial amounts in certain circumstances.\n\n​\n\n**Risks Pertaining to Reliance on Third Parties**\n\n​\n\n●We rely heavily on third parties for several aspects of our operations, including manufacturing and developing product candidates, conducting clinical trials, and producing commercial product supply. Such reliance on third parties reduces our ability to control every aspect of the drug development process and may hinder our ability to develop and commercialize our products in a cost-effective and timely manner.\n\n​\n\n**Risks Pertaining to Intellectual Property and Potential Disputes with Licensors Thereof**\n\n​\n\n●If we are unable to obtain and maintain patent protection for our technologies and products, or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize technologies and products similar or identical to ours, and our ability to successfully commercialize our technologies and products may be impaired.\n\n●We or our licensors may be subject to costly and time-consuming litigation for infringement of third-party intellectual property rights or to enforce our or our licensors’ patents.\n\n●Any dispute with licensors may affect our ability to develop or commercialize our product candidates.\n\n​\n\n**Risks Pertaining to Generic Competition and Paragraph IV Litigation**\n\n​\n\n●Generic drug companies may submit applications seeking approval to market generic versions of our products.\n\n●In connection with these applications, generic drug companies may seek to challenge the validity and enforceability of our patents through litigation and/or with the United States Patent and Trademark Office (“PTO”). Such challenges may subject us to costly and time-consuming litigation and/or PTO proceedings.\n\n●As a result of the loss of any patent protection from such litigation or PTO proceedings, or the “at-risk” launch by a generic competitor of our products, our products could be sold at significantly lower prices, and we could lose a significant portion of product sales in a short period of time, which could adversely affect our business, financial condition, operating results and prospects.\n\n​\n\n**Risks Pertaining to the Commercialization of Product Candidates, if Approved**\n\n​\n\n●If our product candidates, if approved, are not broadly accepted by the healthcare community, the revenues from any such products are likely to be limited.\n\n●We may not obtain the desired product labels or intended uses for product promotion, or favorable scheduling classifications desirable to successfully promote our products.\n\n●Even if a product candidate is approved, it may be subject to various post-marketing requirements, including studies or clinical trials, the results of which could cause such products to later be withdrawn from the market.\n\n●Any successful products liability claim related to any of our current or future product candidates may cause us to incur substantial liability and limit the commercialization of such products.\n\n​\n\n**Risks Pertaining to Legislation and Regulation Affecting the Biopharmaceutical and Other Industries**\n\n​\n\n●We operate in a heavily regulated industry, and we cannot predict the impact that any future legislation or administrative or executive action may have on our operations.\n\n​\n\n4\n\n[Table of Contents](#TOC)\n\n**General and Other Risks**\n\n​\n\n●We have previously failed to satisfy certain continued listing rules of The Nasdaq Stock Market LLC (“Nasdaq”), and if we again are unable to meet the continued listing requirements and/or regain compliance with such rules, our Common Stock and Preferred Stock may be subject to delisting from The Nasdaq Capital Market. The delisting of our Securities from the Nasdaq may decrease the market liquidity and market price of our Common Stock and Preferred Stock.\n\n​\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\nPART I.         FINANCIAL INFORMATION"}