Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Information

Schedule of Segment Information

The Company’s reportable segments for operating income (loss) for the years ending December 31, 2025 and 2024 consist of the following:


Year Ended December 31, 2025		Journey			Avenue			Checkpoint¹			Mustang			Fortress²			Consolidated
Product revenue, net		$	61,239		$	—		$	—		$	—		$	—		$	61,239
Other revenue			619			1,404			—			—			—			2,023
Net revenue			61,858			1,404			—			—			—			63,262

Cost of goods - (excluding amortization of acquired intangible assets)			20,924			—			—			—			—			20,924
Amortization of acquired intangible assets			4,258			—			—			—			—			4,258
Research and development			480			1,037			10,775			(1,516)			1,125			11,901
Selling, general and administrative			44,368			3,450			27,263			3,948			17,371			96,400
Total operating expenses			70,030			4,487			38,038			2,432			18,496			133,483
Loss from operations			(8,172)			(3,083)			(38,038)			(2,432)			(18,496)			(70,221)

Interest income			589			121			90			511			1,174			2,485
Interest expense and financing fee			(3,698)			—			—			—			(6,408)			(10,106)
Gain (loss) on common stock warrant liabilities			—			15			(108)			—			(305)			(398)
Gain from deconsolidation of subsidiary			—			—			—			—			27,127			27,127
Other expense			(90)			—			(3)			—			17,671			17,578
Total other income (expense)			(3,199)			136			(21)			511			39,259			36,686
Income (loss) before income tax expense			(11,371)			(2,947)			(38,059)			(1,921)			20,763			(33,535)
Income tax expense (benefit)			60			—			—			—			(680)			(620)
Segment net income (loss)		$	(11,431)		$	(2,947)		$	(38,059)		$	(1,921)		$	21,443		$	(32,915)
Attributable to non-controlling interests																		39,730
Net income attributable to Fortress																	$	6,815

Intersegment activity³:
Research and development		$	—		$	326		$	—		$	523		$	(849)		$	—
Selling, general and administrative		$	—		$	304		$	261		$	644		$	(1,209)		$	—
Other Significant Items:
Change in fair value of equity method investment accounted for at fair value within other income		$	—		$	—		$	—		$	—		$	15,075		$	15,075
Segment assets		$	94,589		$	2,931		$	—		$	17,593		$	70,435		$	185,548
Stock-based compensation - Research & development		$	—		$	124		$	4,782		$	(10)		$	1,371		$	6,267
Stock-based compensation - Selling, general and administrative		$	6,288		$	541		$	9,315		$	139		$	6,189		$	22,472

Note 1: Checkpoint results through May 2025 due to deconsolidation as a result of acquisition by Sun Pharma (see Note 3).

Note 2: Includes Fortress and private subsidiaries primarily funded by Fortress, including Cellvation, Cyprium, Helocyte, Oncogenuity and Urica; and intercompany eliminations.

Note 3:

Intersegment activity consists of PIK Dividends and MSA and equity fees paid by the subsidiaries to Fortress, see Note 16.


Year Ended December 31, 2024		Journey			Avenue			Checkpoint			Mustang			Fortress¹			Consolidated
Product revenue, net		$	55,134		$	—		$	—		$	—		$	—		$	55,134
Collaboration revenue			—			—			—			—			1,500			1,500
Revenue - related party			—			—			41			—			—			41
Other revenue			1,000			—			—			—			—			1,000
Net revenue			56,134			—			41			—			1,500			57,675

Cost of goods - (excluding amortization of acquired intangible assets)			20,879			—			—			—			—			20,879
Amortization of acquired intangible assets			3,424			—			—			—			—			3,424
Research and development			9,857			6,645			36,152			8,418			(4,443)			56,629
Research and development - licenses acquired			—			—			—			—			252			252
Selling, general and administrative			40,204			4,638			20,063			4,135			18,691			87,731
Loss recovery			(4,553)			—			—			—			—			(4,553)
Asset impairment			—			—			—			3,692			—			3,692
Total operating expenses			69,811			11,283			56,215			16,245			14,500			168,054
Loss from operations			(13,677)			(11,283)			(56,174)			(16,245)			(13,000)			(110,379)

Interest income			757			176			11			184			1,555			2,683
Interest expense and financing fee			(2,700)			—			—			(5)			(10,822)			(13,527)
Gain (loss) on common stock warrant liabilities			1,125			(589)			(73)			—			(1,101)			(638)
Other income (expense)			(116)			—			(4)			314			1,124			1,318
Total other income (expense)			(934)			(413)			(66)			493			(9,244)			(10,164)
Loss before income tax expense			(14,611)			(11,696)			(56,240)			(15,752)			(22,244)			(120,543)
Income tax expense			61			—			—			—			251			312
Segment net loss		$	(14,672)		$	(11,696)		$	(56,240)		$	(15,752)		$	(22,495)		$	(120,855)
Attributable to non-controlling interests																		74,858
Net loss attributable to Fortress																	$	(45,997)

Intersegment activity²:
Research and development		$	—		$	329		$	7,638		$	861		$	(8,828)		$	—
Selling, general and administrative		$	—		$	331		$	1,495		$	579		$	(2,405)		$	—
Other Significant Items:
Depreciation expense		$	—		$	—		$	—		$	671		$	369		$	1,040
Additions to intangible assets		$	15,000		$	—		$	—		$	—		$	—		$	15,000
Segment assets		$	80,241		$	2,672		$	7,471		$	9,308		$	44,531		$	144,223
Stock-based compensation - Research & development		$	508		$	269		$	5,248		$	(650)		$	1,746		$	7,121
Stock-based compensation - Selling, general and administrative		$	5,590		$	967		$	10,004		$	200		$	8,737		$	25,498

Note 1: Includes Fortress and private subsidiaries primarily funded by Fortress: Cellvation, Cyprium, Helocyte, Oncogenuity and Urica; and intercompany eliminations.

Note 2:

Intersegment activity consists of PIK Dividends and MSA and equity fees paid by the subsidiaries to Fortress, see Note 16.