Fortress Biotech Q2 net loss $13.3M; pauses preferred dividend; two PDUFA dates in Q4 2024

Fortress Biotech, Inc.

2024-Q2 EPS reported -$1.76 revenue$27,926,000

Q2 2024 net revenue $14.9M (dermatology) vs $17.4M Q2 2023; net loss attributable to common $13.3M ($0.73/sh) vs $26.9M ($3.65/sh).
Cash and equivalents $76.2M at June 30, down from $80.9M at Dec 31, 2023; $38.2M attributable to Fortress/private subs.
Board paused Series A Preferred Stock (9.375%) dividends indefinitely, deferring ~$0.7M/month; new Oaktree loan $35M (up to $50M) repaid prior $50M, net paydown $15M.
FDA PDUFA goal dates: DFD-29 for rosacea Nov 4, 2024; cosibelimab for cSCC Dec 28, 2024 – potential approvals in Q4.
Subsidiary Urica transferred dotinurad rights to Crystalys for 35% equity and 3% royalty; clinical trials ongoing for AJ201 (SBMA) and Triplex (CMV).

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