Fortress Biotech is a biopharmaceutical holding company that develops drug candidates through a network of subsidiaries and partner companies, then monetizes them via product sales, royalties, milestone payments, and asset sales. Fortress's only revenue-generating business today is Journey Medical, a commercial-stage dermatology company that sells branded prescription products to U.S. dermatologists. Journey's current portfolio includes Qbrexza (a medicated towelette for excessive sweating), Accutane (oral isotretinoin for severe acne), and topical minocycline products Amzeeq and Zilxi. Journey's primary growth driver is EMROSI, an oral minocycline treatment for rosacea approved by the FDA in late 2024 and launched in early 2025. Beyond Journey, Fortress holds stakes in several clinical-stage subsidiaries: Mustang Bio (CAR T cell therapies for glioblastoma), Helocyte (CMV vaccines), Avenue (IV tramadol for post-operative pain), and Urica (gout). Fortress also generates royalty income from assets it has out-licensed or sold, including a royalty on ZYCUBO (a rare pediatric disease treatment licensed to Sentynl) and a royalty on UNLOXCYT (a PD-L1 inhibitor sold to Sun Pharma). Fortress's strategy is to advance pipeline programs to clinical or regulatory inflection points that attract partnerships or acquisitions, while using non-dilutive funding like NIH grants to reduce cash burn at the subsidiary level.