---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-121187"
form_type: "8-K"
ticker: "FBIO"
cik: "0001429260"
company_name: "Fortress Biotech, Inc."
filed_at: "2025-12-15T23:59:59+00:00"
generated_at: "2026-05-16T13:11:53.143306+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Fortress Biotech amends credit agreement with Oaktree; extends maturity to June 2028, issues warrants

## Summary
- Maturity extended from July 2027 to June 30, 2028; $29.5M outstanding on $35M initial borrowing.
- Principal repayment schedule set: 12.5% due Sep 30, 2027, 12.5% Dec 31, 2027, 37.5% Mar 31, 2028, 37.5% at maturity.
- Journey Medical minimum net sales covenant raised: $60M (Dec 2025) to $80M (Dec 2026 and quarterly thereafter).
- Warrants issued to lenders for 600k shares at $2.62/share, exercisable immediately, expiring July 25, 2031.
- Covenant threshold: Minimum Net Sales Test waived if outstanding principal ≤ $10M.

## SEC filing metadata
- accession: 0001104659-25-121187
- form_type: 8-K
- ticker: FBIO
- cik: 0001429260
- company_name: Fortress Biotech, Inc.
- filed_at: 2025-12-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1429260/000110465925121187/0001104659-25-121187-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1429260/000110465925121187/fbio-20251212x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-121187
- JSON: https://secwatch.observer/filing/0001104659-25-121187.json
- Plain text: https://secwatch.observer/filing/0001104659-25-121187.txt

## Key facts
- Debt Financings
  Fortress Biotech, Inc. amended credit facility of up to $50.0 million with Oaktree Fund Administration, LLC maturing June 30, 2028.
  - Instrument: credit facility
  - Principal: up to $50.0 million
  - Counterparty: Oaktree Fund Administration, LLC
  - Maturity: June 30, 2028
  - Event: amendment
  source text: Under the terms of the Amendment, the Loan’s maturity date was extended from July 25, 2027 to June 30, 2028.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1429260/000110465925121187/0001104659-25-121187-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.