2015 Q4 Form 10-Q Financial Statement

#000114420415063720 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $338.0K $25.00K $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $25.00K
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $7.210M $8.079M $3.200M
YoY Change 125.31% 194.85% 7.74%
% of Gross Profit 32316.0%
Research & Development $5.760M $9.073M $1.770M
YoY Change 225.42% 463.89% -72.98%
% of Gross Profit 36292.0%
Depreciation & Amortization $10.00K $6.000K $0.00
YoY Change 0.0% -100.0%
% of Gross Profit 24.0%
Operating Expenses $12.96M $18.10M $4.960M
YoY Change 161.29% 316.41% -47.9%
Operating Profit -$12.96M -$18.10M -$4.961M
YoY Change 161.32% 316.41% -47.91%
Interest Expense -$2.450M $350.0K $1.250M
YoY Change -296.0% 189.26% -562.96%
% of Operating Profit
Other Income/Expense, Net -$1.783M
YoY Change 624.8%
Pretax Income -$15.08M -$19.86M -$3.710M
YoY Change 306.47% 332.68% -62.14%
Income Tax
% Of Pretax Income
Net Earnings -$12.04M -$18.16M -$3.713M
YoY Change 224.16% 295.49% -62.1%
Net Earnings / Revenue -3560.95% -72644.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$305.0K -$460.8K -$99.30K
COMMON SHARES
Basic Shares Outstanding 47.13M shares 46.83M shares 44.31M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.20M $69.61M $73.92M
YoY Change 32.84% -2.78% -25.71%
Cash & Equivalents $98.18M $25.56M $49.76M
Short-Term Investments $44.05M $24.16M
Other Short-Term Assets $1.600M $1.100M $700.0K
YoY Change 128.57% 175.0% 40.0%
Inventory $0.00
Prepaid Expenses
Receivables $0.00
Other Receivables $200.0K
Total Short-Term Assets $99.94M $66.60M $70.46M
YoY Change 41.83% -7.59% -29.56%
LONG-TERM ASSETS
Property, Plant & Equipment $309.0K $100.0K $52.00K
YoY Change 494.23% 72.41% -88.37%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $250.0K $250.0K $250.0K
YoY Change 0.0% -16.67%
Other Assets $43.00K $14.80M $64.00K
YoY Change -32.81% 8076.8% -38.46%
Total Long-Term Assets $18.67M $20.26M $18.86M
YoY Change -1.0% 27.17% 3323.23%
TOTAL ASSETS
Total Short-Term Assets $99.94M $66.60M $70.46M
Total Long-Term Assets $18.67M $20.26M $18.86M
Total Assets $118.6M $86.86M $89.33M
YoY Change 32.78% -1.3% -11.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.868M $1.287M $366.0K
YoY Change 410.38% 286.49% -21.79%
Accrued Expenses $8.570M $7.137M $3.683M
YoY Change 132.69% 123.03% -16.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.58M $8.450M $4.077M
YoY Change 159.48% 137.56% -63.63%
LONG-TERM LIABILITIES
Long-Term Debt $23.20M $23.30M $14.00M
YoY Change 65.71% 66.43% 100.0%
Other Long-Term Liabilities $584.0K $202.0K $722.0K
YoY Change -19.11% -74.53% -32.96%
Total Long-Term Liabilities $584.0K $202.0K $722.0K
YoY Change -19.11% -82.9% -32.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.58M $8.450M $4.077M
Total Long-Term Liabilities $584.0K $202.0K $722.0K
Total Liabilities $34.34M $31.94M $18.80M
YoY Change 82.62% 70.39% -2.6%
SHAREHOLDERS EQUITY
Retained Earnings -$190.2M -$178.1M -$141.7M
YoY Change 34.17% 29.06% 16.8%
Common Stock $47.00K $47.00K $46.00K
YoY Change 2.17% 6.82% 15.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $56.85M $53.60M $70.52M
YoY Change
Total Liabilities & Shareholders Equity $118.6M $86.86M $89.33M
YoY Change 32.78% -1.3% -11.19%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$12.04M -$18.16M -$3.713M
YoY Change 224.16% 295.49% -62.1%
Depreciation, Depletion And Amortization $10.00K $6.000K $0.00
YoY Change 0.0% -100.0%
Cash From Operating Activities $2.860M -$15.17M -$3.520M
YoY Change -181.25% 457.72% -50.7%
INVESTING ACTIVITIES
Capital Expenditures -$190.0K -$40.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $29.49M -$11.33M -$22.67M
YoY Change -230.08% 22560.0% 15013.33%
Cash From Investing Activities $29.30M -$11.37M -$22.67M
YoY Change -229.25% 22640.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 40.46M 11.07M 4.370M
YoY Change 825.86% -868.75% 1020.51%
NET CHANGE
Cash From Operating Activities 2.860M -15.17M -3.520M
Cash From Investing Activities 29.30M -11.37M -22.67M
Cash From Financing Activities 40.46M 11.07M 4.370M
Net Change In Cash 72.62M -15.47M -21.82M
YoY Change -432.81% 267.46% 223.26%
FREE CASH FLOW
Cash From Operating Activities $2.860M -$15.17M -$3.520M
Capital Expenditures -$190.0K -$40.00K $0.00
Free Cash Flow $3.050M -$15.13M -$3.520M
YoY Change -186.65% 456.25% -51.71%

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OtherAccruedLiabilitiesCurrent
291000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
213000 USD
CY2015Q3 fbio Other Long Term Liabilities Related To Manufacturing Rights
OtherLongTermLiabilitiesRelatedToManufacturingRights
0 USD
CY2014Q4 fbio Other Long Term Liabilities Related To Manufacturing Rights
OtherLongTermLiabilitiesRelatedToManufacturingRights
334000 USD
CY2015Q3 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
120000 USD
CY2014Q4 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
120000 USD
CY2015Q3 fbio Lease Abandonment Non Current
LeaseAbandonmentNonCurrent
82000 USD
CY2014Q4 fbio Lease Abandonment Non Current
LeaseAbandonmentNonCurrent
268000 USD
CY2015Q3 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
6000 USD
CY2014Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
38000 USD
CY2015Q3 fbio Lease Impairment Current
LeaseImpairmentCurrent
165000 USD
CY2014Q4 fbio Lease Impairment Current
LeaseImpairmentCurrent
165000 USD
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Receivable Current
CapitalLeasesFutureMinimumPaymentsReceivableCurrent
500000 USD
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
167000 USD
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
114000 USD
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
188000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
94000 USD
CY2015Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
59000 USD
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
42000 USD
CY2015Q3 us-gaap Depreciation
Depreciation
5700 USD
CY2014Q3 us-gaap Depreciation
Depreciation
6000 USD
us-gaap Depreciation
Depreciation
17100 USD
us-gaap Depreciation
Depreciation
17000 USD
CY2015Q3 us-gaap Long Term Debt
LongTermDebt
24009000 USD
CY2014Q4 us-gaap Long Term Debt
LongTermDebt
14009000 USD
CY2015Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
718000 USD
CY2014Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
6000 USD
CY2015Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.113 pure
CY2015Q3 us-gaap Interest Expense
InterestExpense
350000 USD
CY2014Q3 us-gaap Interest Expense
InterestExpense
121000 USD
us-gaap Interest Expense
InterestExpense
1033000 USD
us-gaap Interest Expense
InterestExpense
1206000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
800000 USD
us-gaap Accretion Of Discount
AccretionOfDiscount
400000 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
Fortress Biotech, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001429260
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Trading Symbol
TradingSymbol
FBIO
CY2015Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
47133715 shares
CY2015Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2015Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
47133715 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
46494034 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
46494034 shares
CY2015Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
47133715 shares
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
12575000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
1507000 USD
us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
0 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Use of Estimates</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s unaudited condensed consolidated financial statements include certain amounts that are based on management&#8217;s best estimates and judgments. The Company&#8217;s significant estimates include, but are not limited to, useful lives assigned to long-lived assets, fair value of stock options and warrants, stock-based compensation, common stock issued to acquire licenses, investments, accrued expenses, provisions for income taxes and contingencies. Due to the uncertainty inherent in such estimates, actual results may differ from these estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
4160000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt"> Reclassifications</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company reclassified debt issuance costs from other assets to notes payable, long-term, net on the unaudited condensed consolidated balance sheets for all periods presented pursuant to the early adoption of Accounting Standards Update (&#8220;ASU&#8221;) No. 2015-03 - <i>Simplifying the Presentation of Debt Issuance Costs</i>.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
4095000 USD
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
400000 USD
CY2014Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
20002000 USD
CY2014 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
0 USD
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
3726000 USD
CY2014Q3 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
39000 USD
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2015Q3 us-gaap Other Liabilities
OtherLiabilities
2500000 EUR
CY2015Q3 us-gaap Other Liabilities
OtherLiabilities
2800000 USD
CY2014 fbio Payment Of Fund
PaymentOfFund
0 USD
CY2015Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
50000 USD
CY2015Q3 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1950000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
250000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1700000 shares
CY2015Q3 fbio Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue
0 USD
CY2015Q3 fbio Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledIntrinsicValue
1417000 USD
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10154952 shares
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9164131 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9757654 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8889050 shares
CY2015Q3 fbio Milestone Payments
MilestonePayments
500000 USD
CY2014Q4 fbio Milestone Payments
MilestonePayments
0 USD
us-gaap Payments To Acquire In Process Research And Development
PaymentsToAcquireInProcessResearchAndDevelopment
1600000 USD
CY2015Q3 us-gaap Business Acquisition Percentage Of Voting Interests Acquired
BusinessAcquisitionPercentageOfVotingInterestsAcquired
0.3169 pure
CY2014Q4 us-gaap Equity Method Investments
EquityMethodInvestments
200000 USD
us-gaap Increase Decrease In Marketable Securities Restricted
IncreaseDecreaseInMarketableSecuritiesRestricted
0 USD
us-gaap Increase Decrease In Marketable Securities Restricted
IncreaseDecreaseInMarketableSecuritiesRestricted
19938000 USD
CY2015Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
100000 USD
CY2015Q3 fbio Accrued Clinical Study Report
AccruedClinicalStudyReport
2823000 USD
CY2014Q4 fbio Accrued Clinical Study Report
AccruedClinicalStudyReport
0 USD
CY2015Q3 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
66000 USD
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
153700 USD
CY2014Q3 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
40000 USD
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
79000 USD
CY2015Q1 fbio Agreement Description Terms
AgreementDescriptionTerms
issue annually to the Company, on the anniversary date of the Founders Agreement, shares of Checkpoint common stock equal to 2.25% of the fully-diluted outstanding equity of Checkpoint at the time of issuance; (ii) pay an equity fee in shares of Checkpoint common stock, payable within five (5) business days of the closing of any equity or debt financing for Checkpoint or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when the Company no longer has majority voting control in Checkpoints voting equity, equal to 2.25% of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to 4.5% of its annual net sales, payable on an annual basis, within 90 days of the end of each calendar year. In the event of a change in control (as defined in the Founders Agreement), the Company will pay a one-time change in control fee equal to five times (5x) the product of (i) monthly net sales for the 12 months immediately preceding the change in control and (ii) 4.5%

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fbio-20150930.xml Edgar Link completed
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