Fortress Biotech, Inc 10-Q for FY2025 Q1

Fortress Biotech, Inc. (FBIO)

10-Q 2025-05-15 For: 2025-03-31

Added on April 08, 2026

About this 10-Q

Fortress Biotech, Inc filed this 10-Q on May 15, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $13.14M; up 0.8% from $13.03M a year earlier
Net loss: $10.58M; compared with a net loss of $15.42M a year earlier
Diluted EPS: -$0.48; compared with -$1.04 a year earlier

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Delaware	20-5157386
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)


Title of Class	Trading Symbol(s)	Exchange Name
Common Stock	FBIO	Nasdaq Capital Market
9.375% Series A Cumulative Redeemable Perpetual Preferred Stock	FBIOP	Nasdaq Capital Market


Large accelerated filer	◻	Accelerated filer	◻
Non-accelerated filer	⌧	Smaller reporting company	☒
		Emerging growth company	☐



Class of Stock		Outstanding Shares as of May 12, 2025
Common Stock, $0.001 par value		29,569,920
9.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value		3,427,138


PART I.	FINANCIAL INFORMATION	6
Item 1.	Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risks	50
Item 4.	Controls and Procedures	50

PART II.	OTHER INFORMATION	51
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	88
Item 3.	Defaults Upon Senior Securities	89
Item 4.	Mine Safety Disclosures	89
Item 5.	Other Information	89
Item 6.	Exhibits	89

SIGNATURES		91


	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	March 31,		December 31,
	2025		2024
ASSETS
Current assets
Cash and cash equivalents	$	91,339	$	57,263
Accounts receivable, net		18,025		10,231
Inventory		12,496		14,431
Other receivables - related party		309		171
Prepaid expenses and other current assets		4,734		7,110
Assets held for sale		—		1,165
Total current assets		126,903		90,371

Property, plant and equipment, net		2,796		3,260
Operating lease right-of-use asset, net		13,303		13,861
Restricted cash		1,220		1,552
Intangible assets, net		30,798		31,863
Other assets		3,051		3,316
Total assets	$	178,071	$	144,223

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued expenses	$	66,286	$	65,501
Income taxes payable		952		932
Common stock warrant liabilities		261		214
Operating lease liabilities, short-term		2,159		2,623
Partner company notes payable, short-term		1,875		—
Partner company installment payments - licenses, short-term		—		625
Other current liabilities		2,141		1,504
Total current liabilities		73,674		71,399

Notes payable, long-term, net		56,382		57,962
Operating lease liabilities, long-term		13,820		14,750
Other long-term liabilities		1,709		1,756
Total liabilities		145,585		145,867

Commitments and contingencies (Note 14)

Stockholders’ equity (deficit)
Cumulative redeemable perpetual preferred stock, $0.001 par value, 15,000,000 authorized, 5,000,000 designated Series A shares, 3,427,138 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively, liquidation value of $25.00 per share		3		3
Common stock, $0.001 par value, 200,000,000 shares authorized, 29,554,966 and 27,908,839 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		30		28
Additional paid-in-capital		773,668		763,573
Accumulated deficit		(751,451)		(740,867)
Total stockholders' equity attributed to the Company		22,250		22,737

Non-controlling interests		10,236		(24,381)
Total stockholders' equity (deficit)		32,486		(1,644)
Total liabilities and stockholders' equity (deficit)	$	178,071	$	144,223


	Three Months Ended March 31,
	2025		2024
Revenue
Product revenue, net	$	13,139	$	13,030

Operating expenses
Cost of goods - (excluding amortization of acquired intangible assets)		4,790		6,002
Amortization of acquired intangible assets		1,065		814
Research and development		3,938		24,839
Selling, general and administrative		25,663		17,941
Total operating expenses		35,456		49,596
Loss from operations		(22,317)		(36,566)

Other income (expense)
Interest income		490		833
Interest expense and financing fee		(2,805)		(2,602)
Loss on common stock warrant liabilities		(47)		(667)
Other income (expense)		(12)		(21)
Total other expense		(2,374)		(2,457)
Net loss		(24,691)		(39,023)

Net loss attributable to non-controlling interests		14,107		23,606
Net loss attributable to Fortress	$	(10,584)	$	(15,417)

Preferred A dividends declared and paid and/or cumulated, and Fortress' share of subsidiary deemed dividends		(2,131)		(2,442)
Net loss attributable to common stockholders	$	(12,715)	$	(17,859)

Net loss per common share attributable to common stockholders - basic and diluted	$	(0.48)	$	(1.04)

Weighted average common shares outstanding - basic and diluted		26,450,218		17,151,945



	Series A Perpetual						Common		Additional						Total
	Preferred Stock			Common Stock			Shares		Paid-In		Accumulated		Non-Controlling		Stockholders’
	Shares	Amount		Shares	Amount		Issuable		Capital		Deficit		Interests		Equity (Deficit)
Balance as of December 31, 2024	3,427,138	$	3	27,908,839	$	28	$	—	$	763,573	$	(740,867)	$	(24,381)	$	(1,644)
Stock-based compensation expense	—		—	—		—		—		6,289		—		—		6,289
Issuance of common stock related to equity plans	—		—	1,096,564		1		—		(1)		—		—		—
Redemption of partner company preferred shares	—		—	—		—		—		(150)		—		—		(150)
Issuance of common stock for at-the-market offering, net	—		—	539,563		1		—		1,008		—		—		1,009
Partner companies' offerings, net + warrant exercises	—		—	—		—		—		44,908		—		—		44,908
Partner company’s at-the-market offering, net	—		—	—		—		—		6,740		—		—		6,740
Issuance of common stock under partner company’s ESPP	—		—	—		—		—		99		—		—		99
Partner company’s dividends declared and paid	—		—	—		—		—		(166)		—		—		(166)
Partner companies' proceeds from options	—		—	—		—		—		75		—		—		75
Exercise of warrants for cash	—		—	10,000		—		—		17		—		—		17
Non-controlling interest in partner companies	—		—	—		—		—		(48,724)		—		48,724		—
Net loss attributable to non-controlling interest	—		—	—		—		—		—		—		(14,107)		(14,107)
Net loss attributable to common stockholders	—		—	—		—		—		—		(10,584)		—		(10,584)
Balance as of March 31, 2025	3,427,138	$	3	29,554,966	$	30	$	—	$	773,668	$	(751,451)	$	10,236	$	32,486


	March 31,		December 31,
($ in thousands)	2025		2024
Raw materials	$	2,808	$	3,196
Work-in-process		435		367
Finished goods		10,026		11,381
Inventory reserve		(773)		(513)
Total inventories	$	12,496	$	14,431


	Useful Life		March 31,		December 31,
($ in thousands)	(Years)		2025		2024
Computer equipment		3	$	594	$	595
Furniture and fixtures		5		1,017		1,017
Leasehold improvements		15		5,481		13,175
Buildings		40		581		581
Total property and equipment				7,673		15,368
Impairment - Leasehold Improvements				(2,176)		(2,176)
Less: Accumulated depreciation				(2,701)		(9,932)
Property and equipment, net			$	2,796	$	3,260


	Warrants
($ in thousands)	liabilities
Balance at December 31, 2024	$	214
Change in fair value of common stock warrants - Avenue		(15)
Change in fair value of common stock warrants - Checkpoint		62
Balance at March 31, 2025	$	261


	March 31,			December 31,
Checkpoint Warrants	2025			2024
Exercise price	$	5.41		$	5.41
Volatility		114.9	%		111.1	%
Expected life in years		2.7			3.0
Risk-free rate		3.9	%		4.3	%


	March 31,		December 31
	2025		2024
Stock price	$ 0.30		$ 2.00
Risk-free interest rate	4.35	%	4.27	%
Expected dividend yield	—		—
Expected term in years	2.5		2.8
Expected volatility	159.75	%	154.94	%


	Estimated Useful	March 31,		December 31,
($ in thousands)	Lives (Years)	2025		2024
Intangible assets – product licenses	3 to 15	$	52,925	$	52,925
Accumulated amortization			(18,984)		(17,919)
Accumulated Impairment loss			(3,143)		(3,143)
Net intangible assets		$	30,798	$	31,863


	Total
For the year ended December 31, ($ in thousands)	Amortization
2025	$	3,192
2026		3,471
2027		2,775
2028		2,595
2029		2,595
Thereafter		12,228
Sub-total	$	26,856
Asset not yet placed in service		3,942
Total	$	30,798


	March 31,		December 31,		Interest rate at
($ in thousands)	2025		2024		March 31, 2025		Maturity
2024 Oaktree Note	$	35,350	$	35,350	11.95	%	July 2027
SWK Term Loan		25,000		25,000	14.60	%	December 2027
Less: Discount on notes payable		(2,093)		(2,388)
Current portion of SWK Term Loan		(1,875)		—
Total notes payable, long term, net	$	56,382	$	57,962


						Weighted average
				Total		remaining
		Weighted average		weighted average		contractual life
	Number of shares	exercise price		intrinsic value		(years)
Options vested and expected to vest at December 31, 2024	558,896	$	2.32	$	186,300	6.02
Forfeited	(540,000)		1.68		—	—
Options vested and expected to vest at March 31, 2025	18,896	$	20.55	$	—	0.52
Options vested and exercisable at March 31, 2025	18,896	$	20.55	$	—	0.52


		Weighted
		average grant
	Number of shares	price
Unvested balance at December 31, 2024	4,414,724	$	12.87
Restricted stock granted	1,204,360		2.03
Restricted stock vested	(11,331)		34.12
Restricted stock units vested	(77,124)		29.17
Unvested balance at March 31, 2025	5,530,629	$	10.24


				Total weighted		Weighted average
				average		remaining
	Number of	Weighted average		intrinsic		contractual life
	shares	exercise price		value		(years)
Outstanding as of December 31, 2024	14,406,201	$	2.15	$	2,933,774	4.46
Exercised	(10,000)		1.68		—	—
Outstanding as of March 31, 2025	14,396,201	$	2.16	$	—	4.22
Exercisable as of March 31, 2025	14,396,201	$	2.16	$	—	4.22


	Future Lease
($ in thousands)	Liability
Nine months ended December 31, 2025		2,461
Year ended December 31, 2026		2,937
Year ended December 31, 2027		2,940
Year ended December 31, 2028		2,967
Year ended December 31, 2029		3,011
Other		5,114
Total operating lease liabilities		19,430
Less: present value discount		(3,451)
Net operating lease liabilities, short-term and long-term	$	15,979


		PIK Dividend as
		a % of fully
		diluted
		outstanding		Class of Stock
Partner Company/Subsidiary	Effective Date ¹	capitalization		Issued
Avenue	February 17, 2015	2.5	%	Common Stock
Cellvation	October 31, 2016	2.5	%	Common Stock
Checkpoint	March 17, 2015	-	%²	Common Stock
Cyprium	March 13, 2017	2.5	%	Common Stock
Helocyte	March 20, 2015	2.5	%	Common Stock
Mustang	March 13, 2015	2.5	%	Common Stock
Oncogenuity	April 22, 2020 ³	2.5	%	Common Stock
Urica	November 7, 2017 ³	2.5	%	Common Stock


		Annual MSA Fee
Partner Company/Subsidiary	Effective Date	(Income)/Expense
Avenue	February 17, 2015		500
Cellvation	October 31, 2016		500
Checkpoint	March 17, 2015		500
Cyprium	March 13, 2017		500
Helocyte	March 20, 2015		500
Mustang	March 13, 2015		500
Oncogenuity	February 10, 2017		500
Urica	November 7, 2017		500
Fortress			(4,000)
Consolidated (Income)/Expense		$	—


Three Months Ended March 31, 2025	Journey		Avenue		Checkpoint		Mustang		Fortress¹		Consolidated
Product revenue, net	$	13,139	$	—	$	—	$	—	$	—	$	13,139

Cost of goods		4,790		—		—		—		—		4,790
Intangible assets amortization		1,065		—		—		—		—		1,065
Research and development		39		411		3,788		(964)		664		3,938
Selling, general and administrative		10,569		1,494		7,361		1,217		5,022		25,663
Total operating expenses		16,463		1,905		11,149		253		5,686		35,456
Loss from operations		(3,324)		(1,905)		(11,149)		(253)		(5,686)		(22,317)

Interest income		149		32		1		100		208		490
Interest expense and financing fee		(891)		—		—		—		(1,914)		(2,805)
(Gain) loss on common stock warrant liabilities		—		15		(62)		—		—		(47)
Other income (expense)		(7)		—		(2)		—		(3)		(12)
Total other income (expense)		(749)		47		(63)		100		(1,709)		(2,374)
Segment net loss	$	(4,073)	$	(1,858)	$	(11,212)	$	(153)	$	(7,395)	$	(24,691)

Net loss attributable to NCI												14,107

Net loss attributable to Fortress											$	(10,584)


Intersegment activity²:
Research and development	$	—	$	63	$	—	$	63	$	(125)	$	—
Selling, general and administrative	$	—	$	117	$	178	$	279	$	(573)	$	—

Other Significant Items:
Segment assets	$	84,963	$	3,593	$	34,165	$	14,909	$	40,440	$	178,071
Stock-based compensation - Research & development	$	—	$	40	$	689	$	(11)	$	625	$	1,343
Stock-based compensation - Selling, general and administrative	$	1,323	$	145	$	1,267	$	50	$	2,161	$	4,946


Three Months Ended March 31, 2024	Journey		Avenue		Checkpoint		Mustang		Fortress¹		Consolidated
Product revenue, net	$	13,030	$	—	$	—	$	—	$	—	$	13,030

Cost of goods		6,002		—		—		—		—		6,002
Intangible assets amortization		814		—		—		—		—		814
Research and development		7,884		2,392		8,497		3,804		2,262		24,839
Selling, general and administrative		8,420		1,316		2,451		1,427		4,327		17,941
Asset impairment		—		—		—		—		—		—
Total operating expenses		23,120		3,708		10,948		5,231		6,589		49,596
Loss from operations		(10,090)		(3,708)		(10,948)		(5,231)		(6,589)		(36,566)

Interest income		217		49		4		40		523		833
Interest expense and financing fee		(548)		—		—		—		(2,054)		(2,602)
(Gain) loss on common stock warrant liabilities		—		(690)		—		—		23		(667)
Other income (expense)		(21)		—		(1)		—		1		(21)
Total other income (expense)		(352)		(641)		3		40		(1,507)		(2,457)
Segment net loss	$	(10,442)	$	(4,349)	$	(10,945)	$	(5,191)	$	(8,096)	$	(39,023)

Net loss attributable to NCI												23,606

Net loss attributable to Fortress											$	(15,417)


Intersegment activity²:
Research and development	$	—	$	63	$	—	$	63	$	(125)	$	—
Selling, general and administrative	$	—	$	71	$	521	$	63	$	(654)	$	—

Other Significant Items:
Segment assets	$	66,571	$	3,309	$	11,975	$	14,592	$	68,198	$	164,645
Stock-based compensation - Research & development	$	145	$	45	$	490	$	29	$	408	$	1,117
Stock-based compensation - Selling, general and administrative	$	1,261	$	146	$	220	$	47	$	2,066	$	3,740


	Three Months Ended March 31,				Change
($ in thousands)	2025		2024		$		%
Revenue
Product revenue, net	$	13,139	$	13,030	$	109	1	%

Operating expenses
Cost of goods sold – (excluding amortization of acquired intangible assets)		4,790		6,002		(1,212)	(20)	%
Amortization of acquired intangible assets		1,065		814		251	31	%
Research and development		3,938		24,839		(20,901)	(84)	%
Selling, general and administrative		25,663		17,941		7,722	43	%
Total operating expenses		35,456		49,596		(14,140)	(29)	%
Loss from operations		(22,317)		(36,566)		14,249	(39)	%

Other income (expense)
Interest income		490		833		(343)	(41)	%
Interest expense and financing fee		(2,805)		(2,602)		(203)	8	%
Loss on common stock warrant liabilities		(47)		(667)		620	(93)	%
Other income		(12)		(21)		9	(43)	%
Total other expense		(2,374)		(2,457)		83	(3)	%
Net Loss		(24,691)		(39,023)		14,332	(37)	%

Less: net loss attributable to non-controlling interest		14,107		23,606		(9,499)	(40)	%
Net loss attributable to Fortress	$	(10,584)	$	(15,417)	$	4,833	(31)	%


	Three Months Ended
	March 31,					Change
($ in thousands)	2025		2024			$	%
Research & development
Fortress¹	$	664	$	2,262	$	(1,598)	(71)	%
Avenue		411		2,392		(1,981)	(83)	%
Checkpoint		3,788		8,497		(4,709)	(55)	%
Journey		39		7,884		(7,845)	(100)	%
Mustang		(964)		3,804		(4,768)	(125)	%
Total research & development expense	$	3,938	$	24,839	$	(20,901)	(84)	%


	For the Three Months Ended March 31, 2025
($ in thousands)	Fortress¹		Avenue		Checkpoint		Journey		Mustang		Total
Statement of cash flows data:
Total cash (used in)/provided by:
Operating activities	$	(2,470)	$	(1,186)	$	(11,686)	$	(2,832)	$	(1,389)	$	(19,563)
Investing activities		—		—		—		—		1,165		1,165
Financing activities		711		2,094		38,124		3,597		7,616		52,142
Net increase (decrease) in cash and cash equivalents and restricted cash	$	(1,759)	$	908	$	26,438	$	765	$	7,392	$	33,744


Exhibit Number		Exhibit Title

3.1		Amended and Restated Certificate of Incorporation of Fortress Biotech, Inc. (formerly Coronado Biosciences, Inc.) dated April 21, 2010 (incorporated by reference to Exhibit 3.1 of the Registrant’s Form 10 (file No. 000-54463) filed with the SEC on July 15, 2011).

3.2		First Certificate of Amendment of Amended and Restated Certificate of Incorporation of Fortress Biotech, Inc. dated May 20, 2011 (incorporated by reference to Exhibit 3.2 of the Registrant’s Form 10 (file No. 000-54463) filed with SEC on July 15, 2011).

3.3		Second Certificate of Amendment of Amended and Restated Certificate of Incorporation of Fortress Biotech, Inc. dated October 1, 2013 (incorporated by reference to Exhibit 3.8 of the Registrant’s Annual Report on Form 10-K (file No. 001-35366) filed with SEC on March 14, 2014).

3.4		Third Certificate of Amendment of Amended and Restated Certificate of Incorporation of Fortress Biotech, Inc. dated April 22, 2015 (incorporated by reference to Exhibit 3.9 of the Registrant’s Current Report on Form 8-K (file No. 001-35366) filed with SEC on April 27, 2015).

3.5		Certificate of Designation of Rights and Preferences of the Fortress Biotech, Inc. 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock (incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K (file No. 001-35366) filed with the SEC on November 7, 2017).

3.6		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Fortress Biotech, Inc. dated June 18, 2020 (incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K (file No. 001-35366) filed with SEC on June 19, 2020).

3.7		Certificate of Amendment to the Certificate of Designations and Rights and Preferences of the Fortress Biotech, Inc. 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock under the Amended and Restated Certificate of Incorporation of Fortress Biotech, Inc. dated June 18, 2020 (incorporated by reference to Exhibit 3.2 of the Registrant’s Current Report on Form 8-K (file No. 001-35366) filed with the SEC on June 19, 2020).

3.8		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Fortress Biotech, Inc. dated June 23, 2021 (incorporated by reference to Exhibit 3.1 of the Registrant’s Form 10-K (file No. 001-35366) filed with SEC on June 23, 2021).

3.9		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Fortress Biotech, Inc. dated July 8, 2022 (incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K (file No. 001-35366) filed with SEC on July 11, 2022).

3.10		Certificate of Amendment of the Amended and Restated Certificate of Incorporation, as Amended, of Fortress Biotech, Inc. dated October 9, 2023 (incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K (file No. 001-35366) filed with SEC on October 10, 2023.

3.11		Fourth Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 of the Registrant’s Current Report on Form 8-K (file No. 001-35366) filed with SEC on June 25, 2024).


10.1		Agreement and Plan of Merger, dated as of March 9, 2025, by and among Checkpoint Therapeutics, Inc., Sun Pharmaceutical Industries, Inc., and Snoopy Merger Sub, Inc. (incorporated by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K (file No. 001-35366) filed with the SEC on March 10, 2025).

10.2		Support Agreement, dated as of March 9, 2025, by and among Checkpoint Therapeutics, Inc., Sun Pharmaceutical Industries, Inc., and Fortress Biotech, Inc. (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K (file No. 001-35366) filed with the SEC on March 10, 2025).

10.3		Royalty Agreement, dated as of March 9, 2025, by and among Checkpoint Therapeutics, Inc., Sun Pharmaceutical Industries, Inc., and Fortress Biotech, Inc. (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K (file No. 001-35366) filed with the SEC on March 10, 2025).
31.1		Certification of Chairman, President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(*)

31.2		Certification of Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(*)

32.1		Certification of the Chairman, President and Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(**)

32.2		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(**)

101.INS		Inline XBRL Instance Document.(*)

101.SCH		Inline XBRL Taxonomy Extension Schema Document.(*)

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.(*)

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.(*)

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.(*)

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.(*)

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


May 15, 2025	FORTRESS BIOTECH, INC.

	By:	/s/ Lindsay A. Rosenwald, M.D.
		Lindsay A. Rosenwald, M.D., Chairman, President and Chief Executive Officer (Principal Executive Officer)

May 15, 2025	By:	/s/ David Jin
		David Jin, Chief Financial Officer (Principal Financial Officer)


Dated: May 15, 2025	By:	/s/ Lindsay A. Rosenwald, M.D.
		Lindsay A. Rosenwald, M.D.
		Chairman, President and Chief Executive Officer
		(Principal Executive Officer)


Dated: May 15, 2025	By:	/s/ David Jin
		David Jin
		Chief Financial Officer
		(Principal Financial Officer)