EXHIBIT 21.1

SUBSIDIARIES OF FORTRESS BIOTECH, INC.

Subsidiaries of Fortress Biotech, Inc. at December 31, 2020, with jurisdiction of incorporation or formation:

Aevitas Therapeutics, Inc. (Delaware)
Avenue Therapeutics, Inc. (Delaware)
Baergic Bio, Inc. (Delaware)
Caelum Biosciences, Inc. (Delaware), formerly FBIO Acquisition Corp. II
Cellvation, Inc. (Delaware), formerly FBIO Acquisition Corp. I
Checkpoint Therapeutics, Inc. (Delaware)
Cyprium Therapeutics, Inc. (Delaware)
Helocyte, Inc. (Delaware), formerly DiaVax Biosciences, Inc.
Hepla Sciences, Inc. (Delaware), formerly FBIO Acquisition Corp. IV
Journey Medical Corporation (Delaware)
Mustang Bio, Inc. (Delaware)
Oncogenuity, Inc. (Delaware), formerly FBIO Acquisition Corp. VI
CB Securities Corporation (Massachusetts)
Coronado SO Co. (Delaware)
Escala Therapeutics, Inc., formerly Altamira Biosciences, Inc. (Delaware)
FBIO Acquisition Corps. VI – XIV (Delaware)
Fortress Biotech, China, Inc.
Innmune Limited (United Kingdom)
Tamid Bio, Inc. (Delaware)