MBIO
Mustang Bio, Inc.
stock NASDAQ

**IMPORTANT: THIS IS NOT A GPT DD, so forgive me if you find mistakes.**
# Fortress Biotech, inc. – FBIO
An Innovative Biopharmaceutical Company Building a Diversified Pipeline of Revenue-Generating Pharmaceutical Products and Development-Stage Product Candidates (from their website)
 **Current stock price**: 2,58$ close 29/08/2025
**Technical Analysis**: Golden Cross formed 15aug from SMA14 crossing SMA50, definitely uptrending
 **Short Interest Ratio**: 3,65 Days to Cover / Interest % Float 12,59 %
 **Institutional Investors**: 5.174.149 - 17.39%
**Q2 2025 Financial Results**:
Net consolidated revenue was $16.4M, up from $14.9M in Q2 2024 (mostly from dermatology products).
R&D expenses dropped to $8.1M in Q2 2025 (vs. $12.7M in Q2 2024), while SG&A almost doubled to $38.8M (vs. $20.8M), reflecting higher commercial costs and non-recurring integration expenses (they started commercializing Emrosi this spring).
Q2 2025 recorded a net income attributable to common shareholders of $13.4M (EPS $0.50), compared to a net loss of $13.3M (EPS -$0.73) in Q2 2024. The profit swing was mainly due to extraordinary income (asset sale) which means that EPS will most likely come back to negative in the future unless commercialization of their drugs lift off.
As of June 30, Fortress held $74.4M in cash, up from $57.3M at year-end 2024. Of this, $20.3M was at Journey Medical, $12.7M at Mustang Bio, and $38.1M at Fortress and other subsidiaries. The increase came largely from the $28M Checkpoint sale plus equity raises.
1H 2025 operating cash outflow was $47M and Revenue does not yet cover operating costs. Fortress states current cash ($74M) provides 12 months runway.
**Related Companies (at least the ones I found)**:
Checkpoint Therapeutics: sold to Sun Pharma (May 2025). Fortress received $28M upfront + CVR up to $4.8M and 2.5% royalty on UNLOXCYT™ future sales.
Journey Medical - DERM: 43% owned by Fortress, is already commercializing dermatology drugs (Emrosi, Qbrexza, Targadox, etc.).
Mustang Bio – MBIO: FBIO holds majority ownership and operational control over Mustang, MBIO pipeline progress directly impacts Fortress value.
Cyprium Therapeutics: Fortress subsidiary, developing CUTX-101.
**Upcoming Catalyst**:
PDUFA CUTX-101 (Menkes Disease) – 30 Sept 2025
Fortress (via Cyprium Therapeutics) retains the FDA Priority Review Voucher upon approval, a potentially high-value asset wich can be sold for $100+ million (obviously after pdufa).
**What’s the Biggest risk**: Current cash runway (estimated 12 months) suggests no urgent raise before October, but management could opportunistically issue shares ahead of PDUFA to strengthen balance sheet.
**My opinion**: this ticker is probably starting a run to the CUTX-101 PDUFA (Sept 30, 2025). Upside potential is significant if approved and the PRV monetized, I believe there’s a high chance to gain at least 20/30% before 30 sept and the risk of dilution isn’t that high.
**My position**: In at 2.27 but gonna buy more the next few days.
Since nobody knows future, do your DD before open a position

**IMPORTANT: THIS IS NOT A GPT DD, so forgive me if you find mistakes.**
# Fortress Biotech, inc. – FBIO
An Innovative Biopharmaceutical Company Building a Diversified Pipeline of Revenue-Generating Pharmaceutical Products and Development-Stage Product Candidates (from their website)
 **Current stock price**: 2,58$ close 29/08/2025
**Technical Analysis**: Golden Cross formed 15aug from SMA14 crossing SMA50, definitely uptrending
 **Short Interest Ratio**: 3,65 Days to Cover / Interest % Float 12,59 %
 **Institutional Investors**: 5.174.149 - 17.39%
**Q2 2025 Financial Results**:
Net consolidated revenue was $16.4M, up from $14.9M in Q2 2024 (mostly from dermatology products).
R&D expenses dropped to $8.1M in Q2 2025 (vs. $12.7M in Q2 2024), while SG&A almost doubled to $38.8M (vs. $20.8M), reflecting higher commercial costs and non-recurring integration expenses (they started commercializing Emrosi this spring).
Q2 2025 recorded a net income attributable to common shareholders of $13.4M (EPS $0.50), compared to a net loss of $13.3M (EPS -$0.73) in Q2 2024. The profit swing was mainly due to extraordinary income (asset sale) which means that EPS will most likely come back to negative in the future unless commercialization of their drugs lift off.
As of June 30, Fortress held $74.4M in cash, up from $57.3M at year-end 2024. Of this, $20.3M was at Journey Medical, $12.7M at Mustang Bio, and $38.1M at Fortress and other subsidiaries. The increase came largely from the $28M Checkpoint sale plus equity raises.
1H 2025 operating cash outflow was $47M and Revenue does not yet cover operating costs. Fortress states current cash ($74M) provides 12 months runway.
**Related Companies (at least the ones I found)**:
Checkpoint Therapeutics: sold to Sun Pharma (May 2025). Fortress received $28M upfront + CVR up to $4.8M and 2.5% royalty on UNLOXCYT™ future sales.
Journey Medical - DERM: 43% owned by Fortress, is already commercializing dermatology drugs (Emrosi, Qbrexza, Targadox, etc.).
Mustang Bio – MBIO: FBIO holds majority ownership and operational control over Mustang, MBIO pipeline progress directly impacts Fortress value.
Cyprium Therapeutics: Fortress subsidiary, developing CUTX-101.
**Upcoming Catalyst**:
PDUFA CUTX-101 (Menkes Disease) – 30 Sept 2025
Fortress (via Cyprium Therapeutics) retains the FDA Priority Review Voucher upon approval, a potentially high-value asset wich can be sold for $100+ million (obviously after pdufa).
**What’s the Biggest risk**: Current cash runway (estimated 12 months) suggests no urgent raise before October, but management could opportunistically issue shares ahead of PDUFA to strengthen balance sheet.
**My opinion**: this ticker is probably starting a run to the CUTX-101 PDUFA (Sept 30, 2025). Upside potential is significant if approved and the PRV monetized, I believe there’s a high chance to gain at least 20/30% before 30 sept and the risk of dilution isn’t that high.
**My position**: In at 2.27 but gonna buy more the next few days.
Since nobody knows future, do your DD before open a position