Fortress Biotech, Inc. operates as a biopharmaceutical firm dedicated to the development and commercialization of a diverse range of pharmaceutical and biotechnology ...
Fortress Biotech, Inc. is a biopharmaceutical company headquartered in Bay Harbor Islands, Florida, founded in 2006 as Coronado Biosciences and rebranded in April 2015. It is led by CEO Lindsay A. Rosenwald, M.D., who has been chief executive since December 2013. The company focuses on acquiring, developing, and commercializing a ...Fortress Biotech, Inc. is a biopharmaceutical company headquartered in Bay Harbor Islands, Florida, founded in 2006 as Coronado Biosciences and rebranded in April 2015. It is led by CEO Lindsay A. Rosenwald, M.D., who has been chief executive since December 2013. The company focuses on acquiring, developing, and commercializing a diverse range of pharmaceutical and biotechnology products. Its marketed products include dermatological treatments such as Ximino and Targadox for acne, Exelderm cream for fungal infections, Ceracade for dry skin, Luxamend for wound care, and Accutane for severe nodular acne. The pipeline features late-stage candidates targeting various conditions: intravenous Tramadol for acute pain, CUTX-101 for Menkes disease, MB-107 and MB-207 for X-linked severe combined immunodeficiency, Cosibelimab for metastatic cancers, CK-101 for non-small cell lung cancer, CAEL-101 for AL amyloidosis, Triplex vaccine for cytomegalovirus, and CEVA101 for traumatic brain injury. Earlier-stage research includes MB-102 for blastic plasmacytoid dendritic cell neoplasm, MB-101 and MB-103 for glioblastoma, MB-104 for multiple myeloma, MB-106 for B-cell lymphoma, MB-105 for prostate and pancreatic cancers, and BAER-101. Preclinical programs involve gene therapies, BET inhibitors, antibodies, and an oligonucleotide platform. Financially, the company has a market cap of around $86.7 million, with a price-to-sales ratio of 1.31 and a negative enterprise value, indicating a complex financial structure with significant working capital. It collaborates with academic and pharmaceutical partners. With 78 employees, it operates in the healthcare sector on NASDAQ.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$63.3M
+9.7%
+16.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$6.8M
+114.8%
-100.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+66.9%
+4.9%
+14.4%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-111.0%
+42.0%
-10.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+10.8%
+113.5%
-100.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-65.8M
+30.9%
-129.1%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-104.0%
+37.0%
-124.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
149.0%
-55.4%
+19.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.49x
+96.7%
+38.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to Journeys Medical's Second Quarter 2026 Financial Results and Corporate Update Conference Call. [Operator Instructions] Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of this call will be available approximately 1 hour after the end of the call for approximately 30 days. I would now like to turn the call over to Jaclyn Jaffe, the company's Senior Director of Corporate Operations. Please go ahead, Jaclyn.
Jaclyn Jaffe: Good afternoon, and thank you for participating in today's conference call. Joining me from Journey Medical's leadership team are Claude Maraoui, Co-Founder, President and Chief Executive Officer; Joseph Benesch, Chief Financial Officer; and Ramsey Alloush, Chief Operating Officer and General Counsel, who will participate in the Q&A portion of the call. During this call, management will be making forward-looking statements, including statements that address among other things, Journey Medical's expectations for future performance, operational results, financial condition and the receipt of regulatory approvals. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For information about these risks, please refer to the risk factors described in Journey Medical's most recently filed periodic reports on Form 10-K and Form 10-Q. The Form 8-K filed with the SEC today and the company's press release that accompanies this call, particularly the cautionary statements in it. Today's conference call includes non-GAAP financial measures that Journey Medical believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of this non-GAAP financial measure to net loss, its most directly comparable GAAP financial measure, please see the reconciliation table located in the company's earnings press release. The content of this call contains time-sensitive information that is accurate only as of today, Wednesday, August 12, 2026. Except as required by law, Journey Medical disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the call over to Claude Maraoui, Co-Founder, President and Chief Executive Officer of Journey Medical.
Claude Maraoui: Thank you, Jaclyn, and good afternoon to everyone on the call today. We continue to make solid progress in our business in the second quarter as we delivered strong revenue growth and improved profitability during the period. Emrosi revenues were $8.1 million in Q2, up significantly year-over-year and sequentially from the first quarter on higher prescription …
