Lucide Ledger

A filing-first public record from Lucide House.

Issue 005 | U.S. Pilot | US

FBIO

Fortress Biotech, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-14 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 37.1%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
295,480,000USD
Total Liabilities
154,500,000USD
NCAV
140,980,000USD
Cash
255,841,000USD
NCAV per share
4.25USD/share
Evidence
10 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
2
Unavailable
7
Supporting observation Positive OCF 203,851,000
Latest
203,851,0002026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations > 0

Source periods: SEC 10-Q 2026-03-31 · 0001104659-26-061233

Supporting observation Current Ratio > 1.5 2.86
Latest
2.862026-03-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001104659-26-061233

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001104659-26-061233 2026-05-14 10-Q Verified Data Vault | sec/cleaned/cik=0001429260/accession=0001104659-26-061233/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis

Verified split events: reverse 10.0 on 2022-12-31; reverse 15.0 on 2023-12-31; reverse 75.0 on 2024-12-31; reverse 50.0 on 2025-12-31

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
10-K
USD
2024-12-31
10-K
USD
2023-12-31
10-K
USD
2022-12-31
10-K
USD
2021-12-31
10-K
USD
2020-12-31
10-K
USD
2019-12-31
10-K
USD
2018-12-31
10-K
USD
2017-12-31
10-K
USD
2016-12-31
10-K
USD
Revenue 61,239,000 55,134,000 59,662,000 70,995,000 63,134,000 44,531,000 34,921,000 23,376,000 187,584,000 16,480,000
Operating Income -70,221,000 -110,379,000 -142,342,000 -203,564,000 -188,541,000 -94,270,000 -110,819,000 -119,997,000 -101,208,000 -65,710,000
Net Income 6,815,000 -45,997,000 -60,637,000 -86,575,000 -64,703,000 -46,526,000 -39,960,000 -84,147,000 -66,876,000 -55,095,000
Cash From Operations -65,777,000 -80,191,000 -128,225,000 -179,401,000 -116,540,000 -83,682,000 -94,961,000 -98,848,000 -85,430,000 -45,813,000
Capex n/a 0 -63,000 -2,715,000 -4,566,000 -1,926,000 -2,345,000 -7,082,000 -2,080,000 -6,370,000
Free Cash Flow n/a -80,191,000 -128,288,000 -182,116,000 -121,106,000 -85,608,000 -97,306,000 -105,930,000 -87,510,000 -52,183,000
Cash And Equivalents 79,381,000 57,263,000 80,927,000 178,266,000 305,744,000 233,351,000 136,858,000 65,508,000 113,915,000 88,294,000
Accounts Receivable 29,783,000 10,231,000 15,222,000 28,208,000 23,112,000 19,349,000 13,539,000 5,498,000 7,758,000 1,830,000
Inventory 9,624,000 14,431,000 10,206,000 14,159,000 9,862,000 1,404,000 857,000 678,000 171,000 203,000
Total Current Assets 123,841,000 90,371,000 117,022,000 230,432,000 346,462,000 261,571,000 156,252,000 111,207,000 183,181,000 109,634,000
Total Assets 185,548,000 144,223,000 167,526,000 294,301,000 396,503,000 328,834,000 226,422,000 140,993,000 245,950,000 170,731,000
Total Current Liabilities 49,744,000 71,399,000 84,908,000 127,715,000 101,042,000 47,959,000 45,616,000 55,614,000 67,428,000 56,565,000
Total Liabilities 123,365,000 145,867,000 165,939,000 244,276,000 170,626,000 131,835,000 153,890,000 121,250,000 125,448,000 87,763,000
Shareholders Equity 49,873,000 22,737,000 22,544,000 41,721,000 108,674,000 100,338,000 26,215,000 1,852,000 52,573,000 38,495,000
Shares Outstanding 31,364,094 27,908,839 15,093,053 110,494,245 101,435,505 94,877,492 74,027,425 57,845,447 50,991,285 48,932,023
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 27,901,889 20,784,334 8,110,906 88,874,519 81,700,220 72,005,181 54,711,838 43,461,978 41,658,733 39,962,657
Weighted Avg Shares Basic 27,901,889 20,784,334 8,110,906 88,874,519 81,700,220 72,005,181 54,711,838 43,461,978 41,658,733 39,962,657
Net Share Count Change (Normalized) 4957.9% 7488.2% 2433.1% 920.6% 2.8% 28.2% 28.0% 13.4% 4.2% Insufficient evidence
Ownership Claim Change (Normalized) -98.0% -98.7% -96.1% -90.2% -2.7% -22.0% -21.9% -11.8% -4.0% Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
2024-12-31
10-K
USD
2024-09-30
10-Q
USD
2024-06-30
10-Q
USD
2024-03-31
10-Q
USD
2023-12-31
10-K
USD
2023-09-30
10-Q
USD
2023-06-30
10-Q
USD
2023-03-31
10-Q
USD
2022-12-31
10-K
USD
2022-09-30
10-Q
USD
2022-06-30
10-Q
USD
2022-03-31
10-Q
USD
2021-12-31
10-K
USD
2021-09-30
10-Q
USD
2021-06-30
10-Q
USD
Revenue 15,921,000 16,066,000 17,025,000 15,009,000 13,139,000 12,620,000 14,629,000 14,855,000 13,030,000 15,257,000 15,279,000 16,961,000 12,165,000 15,921,000 16,043,000 18,235,000 20,796,000 17,517,000 19,610,000 15,288,000
Operating Income -7,739,000 -4,620,000 -6,811,000 -36,473,000 -22,317,000 -23,930,000 -22,095,000 -27,788,000 -36,566,000 -19,612,000 -13,758,000 -50,105,000 -58,867,000 -54,634,000 -50,734,000 -50,926,000 -47,270,000 -65,744,000 -49,923,000 -42,857,000
Net Income 110,373,000 -3,937,000 5,850,000 15,486,000 -10,584,000 -6,765,000 -12,867,000 -10,948,000 -15,417,000 -9,279,000 -5,045,000 -24,776,000 -21,537,000 -26,948,000 -22,511,000 -21,356,000 -15,760,000 -31,565,000 -20,781,000 -3,535,000
Cash From Operations 203,851,000 -12,544,000 -6,110,000 -27,560,000 -19,563,000 -12,907,000 -20,059,000 -21,838,000 -25,387,000 -34,935,000 -16,779,000 -33,291,000 -43,220,000 -47,844,000 -43,273,000 -41,424,000 -46,860,000 -38,696,000 -21,696,000 -34,460,000
Capex n/a n/a n/a n/a n/a n/a 0 n/a n/a -28,000 -1,000 -34,000 0 -91,000 -980,000 -307,000 -1,337,000 -1,957,000 -461,000 -1,690,000
Free Cash Flow n/a n/a n/a n/a n/a n/a -20,059,000 n/a n/a -34,963,000 -16,780,000 -33,325,000 -43,220,000 -47,935,000 -44,253,000 -41,731,000 -48,197,000 -40,653,000 -22,157,000 -36,150,000
Cash And Equivalents 255,841,000 79,381,000 86,218,000 74,386,000 91,339,000 57,263,000 58,853,000 76,201,000 83,774,000 80,927,000 72,307,000 78,022,000 152,483,000 178,266,000 208,351,000 248,771,000 287,511,000 305,744,000 252,721,000 274,992,000
Total Current Assets 295,480,000 123,841,000 118,503,000 110,396,000 126,903,000 90,371,000 86,278,000 103,435,000 116,548,000 117,022,000 97,826,000 127,611,000 202,381,000 230,432,000 257,994,000 298,991,000 341,186,000 346,462,000 301,187,000 320,345,000
Total Liabilities 154,500,000 123,365,000 116,222,000 122,512,000 145,585,000 145,867,000 139,823,000 160,283,000 168,582,000 165,939,000 163,792,000 196,662,000 243,745,000 244,276,000 222,209,000 216,253,000 214,352,000 170,626,000 195,365,000 169,857,000
Shares Outstanding 33,186,671 31,364,094 31,005,170 29,752,795 29,554,966 27,908,839 27,584,600 22,587,038 19,375,343 15,093,053 8,937,587 131,657,369 130,417,161 110,494,245 108,259,353 107,717,647 106,321,875 101,435,505 98,714,222 97,495,244
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 38,412,716 30,990,812 33,100,961 29,824,182 26,450,218 27,904,924 19,697,290 18,316,874 17,151,945 8,110,906 7,498,653 110,659,985 101,885,648 91,016,162 89,424,947 88,743,457 86,255,142 83,611,512 81,348,243 80,962,994
Weighted Avg Shares Basic 31,540,595 30,990,812 27,244,474 26,879,380 26,450,218 27,904,924 19,697,290 18,316,874 17,151,945 8,110,906 7,498,653 110,659,985 101,885,648 91,016,162 89,424,947 88,743,457 86,255,142 83,611,512 81,348,243 80,962,994
Net Share Count Change (Normalized) Insufficient evidence 4957.9% 4.2% 0.7% 5.9% 7488.2% 22.1% 16.6% 28.4% 2433.1% -93.2% 1.0% 18.0% 920.6% 0.5% 1.3% 4.8% 2.8% 1.3% 2.8%
Ownership Claim Change (Normalized) Insufficient evidence -98.0% -4.0% -0.7% -5.6% -98.7% -18.1% -14.2% -22.1% -96.1% 1373.1% -0.9% -15.3% -90.2% -0.5% -1.3% -4.6% -2.7% -1.2% -2.7%
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 295,480,000USD us-gaap:AssetsCurrent 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
Total Liabilities 154,500,000USD us-gaap:Liabilities 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
Cash 255,841,000USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
Shares Outstanding 33,186,671 us-gaap:CommonStockSharesOutstanding 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
NCAV 140,980,000USD derived 2026-03-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 4.25USD derived 2026-03-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 37.1% derived 2026-03-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001429260
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001429260/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
25
Imported At
2026-08-09T01:57:18+00:00
Rendered At
2026-08-16T03:30:00+00:00

Run Audit

Mary Run
062cd84c6cec4533b9bb580392e1f3bf
Mary As Of
2026-08-07
Accession
0001104659-26-061233
CIK
0001429260
Mary Filing Date
2026-05-14
Filing Currency
USD
Internal Discount
37.1%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-05-14; mary_accession=0001104659-26-061233; mary_cik=0001429260; gnni_supporting_filing_date=2026-05-14; internal_discount=0.371482; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

Back to Register Report a correction Archive