| Schedule of Segment Information |
The Company’s reportable segments for operating income (loss) for the three and six months ended June 30, 2025 and 2024 consist of the following ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
Journey |
|
Avenue |
|
Checkpoint1 |
|
Mustang |
|
Fortress2 |
|
Consolidated |
Product revenue, net |
|
$ |
15,009 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
15,009 |
Other revenue |
|
|
— |
|
|
1,404 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,404 |
Net revenue |
|
|
15,009 |
|
|
1,404 |
|
|
— |
|
|
— |
|
|
— |
|
|
16,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods |
|
|
4,939 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,939 |
Intangible assets amortization |
|
|
1,064 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,064 |
Research and development |
|
|
— |
|
|
192 |
|
|
6,986 |
|
|
98 |
|
|
850 |
|
|
8,126 |
Selling, general and administrative |
|
|
11,942 |
|
|
915 |
|
|
19,902 |
|
|
787 |
|
|
5,211 |
|
|
38,757 |
Total operating expenses |
|
|
17,945 |
|
|
1,107 |
|
|
26,888 |
|
|
885 |
|
|
6,061 |
|
|
52,886 |
Loss from operations |
|
|
(2,936) |
|
|
297 |
|
|
(26,888) |
|
|
(885) |
|
|
(6,061) |
|
|
(36,473) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
138 |
|
|
31 |
|
|
89 |
|
|
123 |
|
|
241 |
|
|
622 |
Interest expense and financing fee |
|
|
(937) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,581) |
|
|
(2,518) |
Gain (loss) on common stock warrant liabilities |
|
|
— |
|
|
1 |
|
|
(46) |
|
|
— |
|
|
(305) |
|
|
(350) |
Gain from deconsolidation of subsidiary |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
27,127 |
|
|
27,127 |
Other income (expense) |
|
|
(61) |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
|
(62) |
Total other income (expense) |
|
|
(860) |
|
|
32 |
|
|
42 |
|
|
123 |
|
|
25,482 |
|
|
24,819 |
Segment net income (loss) |
|
$ |
(3,796) |
|
$ |
329 |
|
$ |
(26,846) |
|
$ |
(762) |
|
$ |
19,421 |
|
$ |
(11,654) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to NCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Fortress |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment activity3: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
— |
|
$ |
63 |
|
$ |
— |
|
$ |
63 |
|
$ |
(125) |
|
$ |
— |
Selling, general and administrative |
|
$ |
— |
|
$ |
63 |
|
$ |
83 |
|
$ |
63 |
|
$ |
(573) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Significant Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets |
|
$ |
81,158 |
|
$ |
4,161 |
|
$ |
— |
|
$ |
13,046 |
|
$ |
61,529 |
|
$ |
159,895 |
Stock-based compensation - Research & development |
|
$ |
— |
|
$ |
31 |
|
$ |
4,093 |
|
$ |
— |
|
$ |
627 |
|
$ |
4,751 |
Stock-based compensation - Selling, general and administrative |
|
$ |
1,336 |
|
$ |
144 |
|
$ |
8,048 |
|
$ |
45 |
|
$ |
2,469 |
|
$ |
12,042 |
Note 1:Checkpoint results for two months ended May 31, 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: |
Segment activity consists of PIK Dividends and MSA and equity fees paid by the subsidiaries to Fortress (see Note 15). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2024 |
|
|
Journey |
Avenue |
|
Checkpoint |
|
Mustang |
|
Fortress1 |
|
Consolidated |
Product revenue, net |
|
$ |
14,855 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
14,855 |
Revenue - related party |
|
|
— |
|
|
— |
|
|
41 |
|
|
— |
|
|
— |
|
|
41 |
Net revenue |
|
|
14,855 |
|
|
— |
|
|
41 |
|
|
— |
|
|
— |
|
|
14,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods |
|
|
5,727 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,727 |
Intangible assets amortization |
|
|
814 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
814 |
Research and development |
|
|
913 |
|
|
1,361 |
|
|
4,480 |
|
|
4,360 |
|
|
1,557 |
|
|
12,671 |
Selling, general and administrative |
|
|
10,328 |
|
|
1,462 |
|
|
2,234 |
|
|
1,531 |
|
|
5,268 |
|
|
20,823 |
Asset impairment |
|
|
— |
|
|
— |
|
|
— |
|
|
2,649 |
|
|
— |
|
|
2,649 |
Total operating expenses |
|
|
17,782 |
|
|
2,823 |
|
|
6,714 |
|
|
8,540 |
|
|
6,825 |
|
|
42,684 |
Loss from operations |
|
|
(2,927) |
|
|
(2,823) |
|
|
(6,673) |
|
|
(8,540) |
|
|
(6,825) |
|
|
(27,788) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
161 |
|
|
52 |
|
|
3 |
|
|
29 |
|
|
489 |
|
|
734 |
Interest expense and financing fee |
|
|
(563) |
|
|
— |
|
|
— |
|
|
(2) |
|
|
(1,557) |
|
|
(2,122) |
Gain (Loss) on common stock warrant liabilities |
|
|
— |
|
|
70 |
|
|
— |
|
|
— |
|
|
— |
|
|
70 |
Other income (expense) |
|
|
(32) |
|
|
— |
|
|
— |
|
|
314 |
|
|
— |
|
|
282 |
Total other income (expense) |
|
|
(434) |
|
|
122 |
|
|
3 |
|
|
341 |
|
|
(1,068) |
|
|
(1,036) |
Segment net loss |
|
$ |
(3,361) |
|
$ |
(2,701) |
|
$ |
(6,670) |
|
$ |
(8,199) |
|
$ |
(7,893) |
|
$ |
(28,824) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to NCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Fortress |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(10,948) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment activity2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
— |
|
$ |
63 |
|
$ |
— |
|
$ |
63 |
|
$ |
(125) |
|
$ |
— |
Research and development - licenses acquired |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Selling, general and administrative |
|
$ |
— |
|
$ |
226 |
|
$ |
125 |
|
$ |
226 |
|
$ |
(576) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Significant Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets |
|
$ |
65,189 |
|
|
4,988 |
|
|
5,670 |
|
|
8,519 |
|
|
61,319 |
|
$ |
145,685 |
Stock-based compensation - Research & development |
|
$ |
171 |
|
$ |
45 |
|
$ |
596 |
|
$ |
(670) |
|
$ |
466 |
|
$ |
608 |
Stock-based compensation - Selling, general and administrative |
|
$ |
1,503 |
|
$ |
147 |
|
$ |
574 |
|
$ |
51 |
|
$ |
2,115 |
|
$ |
4,390 |
Note 1: Includes Fortress and private subsidiaries primarily funded by Fortress, including Cellvation, Cyprium, Helocyte, Oncogenuity and Urica; and intercompany eliminations.
Note 2: Segment activity consists of PIK Dividends and MSA and equity fees paid by the subsidiaries to Fortress (see Note 15).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
Journey |
|
Avenue |
|
Checkpoint1 |
|
Mustang |
|
Fortress2 |
|
Consolidated |
Product revenue, net |
|
$ |
28,148 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
28,148 |
Other revenue |
|
|
— |
|
|
1,404 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,404 |
Net revenue |
|
|
28,148 |
|
|
1,404 |
|
|
— |
|
|
— |
|
|
— |
|
|
29,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods |
|
|
9,729 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9,729 |
Intangible assets amortization |
|
|
2,129 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,129 |
Research and development |
|
|
39 |
|
|
603 |
|
|
10,775 |
|
|
(866) |
|
|
1,509 |
|
|
12,060 |
Selling, general and administrative |
|
|
22,511 |
|
|
2,408 |
|
|
27,263 |
|
|
2,004 |
|
|
10,238 |
|
|
64,424 |
Total operating expenses |
|
|
34,408 |
|
|
3,011 |
|
|
38,038 |
|
|
1,138 |
|
|
11,747 |
|
|
88,342 |
Loss from operations |
|
|
(6,260) |
|
|
(1,607) |
|
|
(38,038) |
|
|
(1,138) |
|
|
(11,747) |
|
|
(58,790) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
287 |
|
|
62 |
|
|
90 |
|
|
223 |
|
|
450 |
|
|
1,112 |
Interest expense and financing fee |
|
|
(1,828) |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,496) |
|
|
(5,324) |
Gain (loss) on common stock warrant liabilities |
|
|
— |
|
|
16 |
|
|
(108) |
|
|
— |
|
|
(305) |
|
|
(397) |
Gain from deconsolidation of subsidiary |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
27,127 |
|
|
27,127 |
Other income (expense) |
|
|
(68) |
|
|
— |
|
|
(3) |
|
|
— |
|
|
(2) |
|
|
(73) |
Total other income (expense) |
|
|
(1,609) |
|
|
78 |
|
|
(21) |
|
|
223 |
|
|
23,774 |
|
|
22,445 |
Segment net income (loss) |
|
$ |
(7,869) |
|
$ |
(1,529) |
|
$ |
(38,059) |
|
$ |
(915) |
|
$ |
12,027 |
|
$ |
(36,345) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to NCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Fortress |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment activity3: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
— |
|
$ |
125 |
|
$ |
— |
|
$ |
125 |
|
$ |
(250) |
|
$ |
— |
Selling, general and administrative |
|
$ |
— |
|
$ |
179 |
|
$ |
261 |
|
$ |
341 |
|
$ |
(573) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Significant Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets |
|
$ |
81,158 |
|
$ |
4,161 |
|
$ |
— |
|
$ |
13,046 |
|
$ |
61,529 |
|
$ |
159,895 |
Stock-based compensation - Research & development |
|
$ |
— |
|
$ |
71 |
|
$ |
4,782 |
|
$ |
(11) |
|
$ |
1,251 |
|
$ |
6,093 |
Stock-based compensation - Selling, general and administrative |
|
$ |
2,659 |
|
$ |
289 |
|
$ |
9,315 |
|
$ |
94 |
|
$ |
4,632 |
|
$ |
16,989 |
Note 1:Checkpoint results for five months ended May 31, 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: |
Segment activity consists of PIK Dividends and MSA and equity fees paid by the subsidiaries to Fortress (see Note 15). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024 |
|
Journey |
|
Avenue |
|
Checkpoint |
|
Mustang |
|
Fortress1 |
|
Consolidated |
Product revenue, net |
|
$ |
27,885 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
27,885 |
Revenue - related party |
|
|
— |
|
|
— |
|
|
41 |
|
|
— |
|
|
— |
|
|
41 |
Net revenue |
|
|
27,885 |
|
|
— |
|
|
41 |
|
|
— |
|
|
— |
|
|
27,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods |
|
|
11,728 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11,728 |
Intangible assets amortization |
|
|
1,629 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,629 |
Research and development |
|
|
8,797 |
|
|
3,752 |
|
|
12,977 |
|
|
8,164 |
|
|
3,805 |
|
|
37,495 |
Selling, general and administrative |
|
|
18,748 |
|
|
2,778 |
|
|
4,685 |
|
|
2,958 |
|
|
9,608 |
|
|
38,777 |
Asset impairment |
|
|
— |
|
|
— |
|
|
— |
|
|
2,649 |
|
|
— |
|
|
2,649 |
Total operating expenses |
|
|
40,902 |
|
|
6,530 |
|
|
17,662 |
|
|
13,771 |
|
|
13,413 |
|
|
92,278 |
Loss from operations |
|
|
(13,017) |
|
|
(6,530) |
|
|
(17,621) |
|
|
(13,771) |
|
|
(13,413) |
|
|
(64,352) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
378 |
|
|
100 |
|
|
7 |
|
|
67 |
|
|
1,015 |
|
|
1,567 |
Interest expense and financing fee |
|
|
(1,111) |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,613) |
|
|
(4,724) |
Gain (loss) on common stock warrant liabilities |
|
|
— |
|
|
(620) |
|
|
— |
|
|
— |
|
|
23 |
|
|
(597) |
Other income (expense) |
|
|
(53) |
|
|
— |
|
|
(1) |
|
|
314 |
|
|
— |
|
|
260 |
Total other income (expense) |
|
|
(786) |
|
|
(520) |
|
|
6 |
|
|
381 |
|
|
(2,575) |
|
|
(3,494) |
Segment net loss |
|
$ |
(13,803) |
|
$ |
(7,050) |
|
$ |
(17,615) |
|
$ |
(13,390) |
|
$ |
(15,988) |
|
$ |
(67,846) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to NCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Fortress |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(26,365) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment activity2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
— |
|
$ |
125 |
|
$ |
— |
|
$ |
125 |
|
$ |
(250) |
|
$ |
— |
Selling, general and administrative |
|
$ |
— |
|
$ |
296 |
|
$ |
646 |
|
$ |
288 |
|
$ |
(1,230) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Significant Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets |
|
$ |
65,189 |
|
$ |
4,988 |
|
$ |
5,670 |
|
$ |
8,519 |
|
$ |
61,319 |
|
$ |
145,685 |
Stock-based compensation - Research & development |
|
$ |
316 |
|
$ |
90 |
|
$ |
1,086 |
|
$ |
(640) |
|
$ |
875 |
|
$ |
1,727 |
Stock-based compensation - Selling, general and administrative |
|
$ |
2,764 |
|
$ |
293 |
|
$ |
794 |
|
$ |
98 |
|
$ |
4,180 |
|
$ |
8,129 |
Note 1: Includes Fortress and private subsidiaries primarily funded by Fortress, including Cellvation, Cyprium, Helocyte, Oncogenuity and Urica; and intercompany eliminations.
Note 2: Segment activity consists of PIK Dividends and MSA and equity fees paid by the subsidiaries to Fortress (see Note 15).
|