DERM Reddit Mentions | ChartExchange

Initial disclaimer, do your own due diligence on any statements made in this post. I am an investor in this company.
Fortress Biotech is basically a holding company, and leverages their capital to develop drugs for sale directly or licensing for royalty payments.
They own a big chunk of Journey Medical, ticker DERM, that sells dermatology products, with an oral doxycycline approved. Journey is generating revenue and projected to reach profitability this year.
They own approximately 75% of Cyprium Therapeutics. Cyprium sold development rights to a drug now called Zycubo. From Cyprium's website:
* In December 2023, Sentynl Therapeutics, Inc. (“Sentynl”) assumed full responsibility for the development and commercialization of ZYCUBO® (copper histidinate, formerly known as CUTX- 101) from Cyprium. A PRV was issued upon approval of ZYCUBO® by the U.S. Food and Drug Administration (“FDA”) on January 12, 2026. Pursuant to the transaction with Sentynl, the PRV was immediately transferred to Cyprium and has now been sold by Cyprium.
Cyprium remains eligible to receive tiered royalties on net sales of ZYCUBO® and up to approximately $128 million in aggregate sales milestones from Sentynl.
ZYCUBO has received Breakthrough Therapy, Fast Track, Rare Pediatric Disease, and Orphan Drug Designation from the FDA. Copper histidinate has also been granted Orphan Designation by the European Medicines Agency.*
They own Urica, which licensed dotinurad, a drug for gout from a Japanese company, and resold those rights to Crystalys, a company that looks like it was formed specifically to develop dotinurad and get it approved in the US market. Intial trials are promising, and before the last dilution round($130 million to further fund phase 3 and maybe some commercialization), FBIO(fortress Biotech) owned about 15% of Crystalys. Additionally they are entitled to receive 3% royalties on sales of dotinurad once approved. Dotinurad has been approved in Japan and China and is gaining market share in those markets for treating gout.
FBIO also owns Mustang Bio, working on CAR tcell therapies and other genetic therapies. Nothing commercial or past early FDA trials, but some intial promise in glioblastoma. Fortress Biotech, Inc. (FBIO) beneficially owns approximately 8% of Mustang Bio's (MBIO) common stock, while maintaining majority voting control of the company through its ownership of all outstanding Class A Preferred Stock
Avenue therapeutics just sold off an asset that could yield royalties, Avenue Therapeutics was originally founded by Fortress Biotech to develop and commercialize treatments for central nervous system and neurologic disease, and sold a drug for potentially treating epilepsy to Axsome Therapeutics for milestone payments up to $79 million and single digit royalties by selling Baergic Bio to Axsome. FBIO owns about 13.4% of Avenue, including all preferred A voting shares. Avenue recently purchased a new asset for development, on February 23, 2026, Avenue Therapeutics acquired the exclusive worldwide rights to ATX-04 (clenbuterol) from Duke University to treat Pompe disease.
Fortress also owns previous subsidiary Checkpoint Therapeutics royalty stream from sales of Unloxcyt, developed by their company Checkpoint Therapeutics which was sold to Sun Pharmaceuticals for up to $416 million($355 million paid, $61 million more paid to the stockholders at time of sale if Unloxcyt approved in Europe for sale in a timeframe specified in the agreement) and 2.5% royalties on future unloxcyt sales, estimated at $6 to $12 million a year if sales grow to projected levels.
Caelum Bio was sold to Astra Zeneca in 2021, and has a potential royalty stream on Cael 101, but the phase 3 trial had mixed results, one showing no benefit over current therapies for the condition, but one subgroup showing potential benefits. Astra Zeneca is working with FDA on trial designs to test the benefit to that subgroup. Potential future royalties here, but murky about whether they will come to fruition.
Fortress has a couple of other subsidiary companies, Helocyte and Cellvation that are mostly investigational at this point, Helocyte working on a CMV triplex vaccine and Cellvation working on cell therapies and treatments for TBI(traumatic brain injury)
What does all this mean? I think the Emrosi sales, potential milestone and royalty payments to be made on dotinurad, Unloxcyt, Zycubo, and other clinical assets make this company a bargain. A market cap of $110 million, with projected sales from Journey Medical alone close to $86 million in sales. Fortress has been careful about taking on debt and paying it off as they go in the past, so the debt to equity is sitting at 20 - 25% on this time depending on the source you use. They do have around $200 million in cash, they also have a preferred stock, FBIOP, that pays monthly dividends that were suspended in June of 2024, and those have accumulated to around $20 million owed in dividends to preferred shareholders(accumulating at just under $.20 a share a month that must be paid to preferred shareholders of FBIOP) Not sure if that is counted in debt.
Do your own due diligence as always, but I think this stock is a potential multi bagger. The next year should be an interesting watch.