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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): September 30, 2026

Fortress Biotech, Inc.

(Exact Name of Registrant as Specified in Charter)

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1111 Kane Concourse, Suite 301

Bay Harbor Islands, FL 33154

(Address of Principal Executive Offices)

(781) 652-4500

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act.

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act.

☐Pre-commencement communications pursuant to Rule 14d-2b under the Exchange Act.

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

Securities registered pursuant to Section 12(b) of the Act:

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 8.01. Other Events.

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As previously disclosed, on July 25, 2024, Fortress Biotech, Inc. (the “Company”), as borrower, entered into a $50.0 million senior secured credit agreement (as amended on December 12, 2025 and February 22, 2026, the “Oaktree Agreement”) with Oaktree Fund Administration, LLC and the lenders from time-to-time party thereto. On September 30, 2026, the Company repaid in full the remaining $15.0 million in outstanding principal under the facility, together with approximately $435,000 in accrued interest, a prepayment fee of $150,000 and other closing costs. Upon such repayment, all indebtedness under the Oaktree Agreement was deemed satisfied and paid in full, all liens and other security interests in the Company’s property securing the indebtedness under the Oaktree Agreement were released and terminated and the Oaktree Agreement automatically terminated pursuant to its terms.

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SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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