Fortress Biotech, Inc. (FBIO) a leading biopharmaceutical company specializing to acquire, develop and commercialize potentially viable biopharmaceutical products and product candidates at low cost, announced financial report for the first quarter completed on March 31, 2021. FBIO stock price decreased adjacent to the news.
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At last check in after-market trading, shares of Fortress Biotech Inc. (FBIO) were down -0.82% at $3.65. FBIO’s stock closed last session at $3.68, increasing 1.94% or $0.07. Shares of the company fluctuated between $3.5679 and $3.75 throughout the day.The shares of Fortress Biotech Inc. have retreated -6.60% in the last five days; however, they have lost -17.12% over the last one month.
First Quarter Financial Result 2021
As of March 31, 2021, Fortress Biotech’s, consolidated cash, cash equivalents and restricted cash accumulated to $291.5 million, in comparison to $235.0 million as of December 31, 2020, representing an increment of $56.5 million along the quarter.
On a GAAP basis, Fortress’ net revenue was $11.6 million for the first quarter of 2021, which was inclusive of $10.7 million in net revenue produced fromFortress Biotech’s dermatology products, in comparison to net revenue accumulated at $12.9 million for the same quarter of the previous year, which was inclusive of $11.9 million in net revenue produced from the company’s dermatology products.
On a GAAP basis, consolidated research and development expenses inclusive of license purchasesaccounted for $20.2 million for the first quarter of 2021, vs $15.1 million in the same quarter the prior year. On a non-GAAP basis, research and development expenses including license purchases were $4.1 million for the first quarter of 2021, from $2.3 million in the same quarter last year.
On a GAAP basis, consolidated selling, general and administrative expenses accounted for $17.5 million in the first quarter of 2021, versus $15.5 million for the same quarter the prior year. On a non-GAAP basis, consolidated selling, general and administrative expenses were established at $13.0 million, out of which $6.2 million is accredited to Journey, in the first quarter of 2021, vs $11.6 million, out of which $5.6 million is accredited to Journey, in the same quarter of the previous year.
FBIO non-GAAP loss accredited to common stockholders accounted for $7.3 million, or $0.09 per share, in the first quarter of 2021, in comparison to Fortress’ non-GAAP loss accredited to common stockholders of $4.2 million, or $0.07 per share, in the same quarter of the previous year
Conclusion
FBIO failed to produce a better then expected financial report, with Fortress Biotech, Inc. stock price declining at last check. However, a diversified product line combined with an expanding portfolio may potentially induce investor interest towards FBIO stock.
