Michael S. Weiss
Fortress BiotechAbout Michael S. Weiss
Michael S. Weiss (age 59) is Executive Vice Chairman, Strategic Development at Fortress Biotech (FBIO) and a director since December 2013; he has served in his current executive role since February 2014. He is Chairman of Checkpoint Therapeutics (CKPT), Executive Chairman of Mustang Bio (MBIO), and Executive Chairman/CEO/President of TG Therapeutics (TGTX), a related party to Fortress; he began his career as a lawyer at Cravath, Swaine & Moore and holds a B.S. in Finance (University at Albany) and a J.D. (Columbia Law School) . FBIO’s recent shareholder-return and profitability context shows depressed TSR and persistent losses, emphasizing equity-linked pay: the value of an initial $100 investment fell to $5 in 2024 and net loss was $121 million that year; management notes they do not use net income as a compensation measure given the R&D model .
FBIO financial performance (context for pay-for-performance):
| Metric (USD) | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues | $68.791M* | $73.069M* | $64.994M* | $56.675M* |
| EBITDA | ($173.899M)* | ($196.178M)* | ($130.059M)* | ($98.531M)* |
| Net Income (Loss) | ($64.703M)* | ($86.575M)* | ($60.637M)* | ($45.997M)* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Access Oncology | Founder | 1999–2004 | Built oncology assets; company acquired by Keryx in 2004 |
| Keryx Biopharmaceuticals | CEO (post-merger) | 2004–n/a | Led company following Access Oncology merger |
| Mustang Bio | Interim CEO | Mar 2015–Apr 2017 | Early-stage leadership prior to full-time executive chairmanship |
| Checkpoint Therapeutics | Interim CEO | Aug–Oct 2015 | Transition leadership at formation stage |
| TG Therapeutics (related party) | Executive Chairman, CEO & President | Dec 2011–present | Long-tenure operator with shared services to Fortress |
External Roles
| Organization | Role | Status/Years | Notes |
|---|---|---|---|
| Checkpoint Therapeutics (CKPT) | Chairman | Current | Annual restricted share awards in director capacity |
| Mustang Bio (MBIO) | Executive Chairman | Current | Board service; cash fees as all other compensation |
| TG Therapeutics (TGTX) | Executive Chairman, CEO & President | Current | Related party; shared services and facilities arrangements disclosed |
| Avenue Therapeutics (ATXI) | Director | Mar 2015–Feb 2019 | Prior public board seat |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary | $62,665 | $62,665 |
| Target Bonus % | Not disclosed | Not disclosed |
| Actual Bonus Paid | $0 (no annual bonuses to executives) | $0 (no annual bonuses to executives) |
| All Other Compensation | $120,000 (cash fees from CKPT and MBIO via Weiss-owned LLCs) | $120,000 (cash fees from CKPT and MBIO via Weiss-owned LLCs) |
Notes:
- Weiss and the CEO “elected to largely forego” salary; annual bonuses were not paid in 2023 and 2024 .
Performance Compensation
| Award Type | Grant Date | Shares/Units | Grant-date Fair Value | Vesting / Performance Terms |
|---|---|---|---|---|
| FBIO Restricted Stock (LTIP Company Award for 2024 performance) | Jan 1, 2025 | 454,163 shares (1% of shares outstanding on grant date) | $1,047,680 (aggregate FBIO stock awards in 2024) | LTIP awards intended to reflect goals incl. in-licensing, capital raising, clinical/regulatory milestones, cash mgmt, share price/volume; restricted shares subject to repurchase until milestone and service conditions met; corporate transaction accelerates |
| FBIO Restricted Stock (LTIP Company Award for 2023 performance) | Jan 1, 2024 | 216,465 shares (1% of shares outstanding) | $779,994 (aggregate FBIO stock awards in 2023) | LTIP terms as above; repurchase lapses on milestone/service or corporate transaction |
| Checkpoint Therapeutics Restricted Shares | 2024 (annual board awards) | 82,051 shares (CKPT) | Not separately stated | Vests in tranches; outstanding CKPT RS detail summarized below |
Outstanding equity and detailed vesting schedules (as of Dec 31, 2024):
| Security | Shares (unvested) | Key Vesting Dates / Conditions | Market Value at FY-end |
|---|---|---|---|
| FBIO restricted shares | 348,838 | Vest on July 16, 2025 (6) | $706,397 |
| FBIO restricted shares | 81,286 | Vest only if both conditions met: (a) market cap ≥ $100M above 7/16/2015 baseline on or after Jan 1, 2023 and before Jul 15, 2025; and (b) service through Jul 16, 2025 or involuntary separation (4) | $164,604 |
| FBIO restricted shares | 87,970 | Vest on Dec 19, 2027 (18) | $178,139 |
| Checkpoint Therapeutics restricted shares | 104,295 | Vests: 4,761 (Jun 16, 2025); 17,483 (Jun 13, 2026); 32,051 (May 14, 2027); 50,000 in three equal annual tranches from May 14, 2024 (3) | $333,744 |
| Mustang Bio restricted shares | 239 | Vests 95 (Jun 17, 2025), 144 (Jul 5, 2026) (10) | $2,115 |
Program governance:
- LTIP metrics include revenue, EBITDA/EBIT, TSR, stock price, operating profit, cash flow, market share, new product/drug development, corporate transactions, and individual goals, among others; the Compensation Committee certifies achievement and retains downward discretion; awards are non-transferable and generally may not be pledged .
- Clawback policy adopted per Nasdaq listing standards: recoupment of erroneously awarded incentive compensation upon required restatements over the prior 3 fiscal years .
Pay versus performance context:
- Compensation Actually Paid to non-PEO NEOs adjusts grant-date fair values to year-end/vesting values; management reiterates net income (loss) is not used as a performance measure given R&D focus .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total beneficial ownership (shares + warrants/options exercisable within 60 days) | 1,948,196 |
| Shares owned (common) | 1,801,138 |
| Warrants/Options exercisable | 147,058 (warrants) |
| Ownership % of FBIO outstanding | 6.6% (29,569,553 shares outstanding as of Apr 17, 2025) |
| Hedging/short sales | Prohibited under Insider Trading Policy |
| Pledging | LTIP restricted shares generally may not be transferred or pledged except limited family transfers |
| Director/partner company fees | $60,000 cash from CKPT and $60,000 cash from MBIO in 2024 (via Weiss-owned LLCs) |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreement | None (no employment agreements for Weiss, Rosenwald, Jin) |
| Severance / change-of-control | LTIP repurchase lapse/acceleration upon a corporate transaction if in service on transaction date; no severance multiples disclosed |
| Clawback policy | Adopted per Nasdaq; recovery of erroneously awarded incentive-based compensation on restatement |
| Non-compete / non-solicit | Not disclosed |
| Officer exculpation (Delaware 102(b)(7)) | 2025 proposal to extend exculpation protections to officers; rationale: recruiting/retention and alignment with peers |
Board Governance
- Board service: Director since Dec 2013; Executive Vice Chairman; not listed as a member of Audit, Compensation, or Nominating & Governance Committees, which are composed of independent directors .
- Independence: Board determined independent directors are Dr. Harvey, Messrs. Hoenlein, Klein, Lobell, Lorenz; Weiss is an executive director (non-independent) .
- Attendance: In 2024 the Board met 10 times; each incumbent director attended ≥88% of board and committee meetings; in 2023, eight meetings with 84% average attendance for incumbents .
- Non-employee director pay policy (for reference; Weiss is an employee director): $30,000 annual board fee; committee fees ($7,500 Audit; $5,000 others); chair fees ($55,000 Audit; $10,000 others); equity grants annually; from Jan 1, 2025, $100,000 in stock vesting over 3 years .
Related Party Transactions (Conflict Risk)
- TG Therapeutics shared services and desk-share agreements: reimbursement and cost-sharing for personnel and office facilities; Checkpoint and Journey arrangements disclosed; Avenue contribution agreement noted . The Audit Committee reviews related-party transactions to ensure terms no less favorable than third-party equivalents .
Performance & Track Record Indicators
| Indicator | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of initial fixed $100 investment (TSR proxy) | $26 | $8 | $5 |
| Net income (loss), consolidated (millions) | ($214) | ($154) | ($121) |
Management disclosure: Fortress has not historically used net income (loss) for executive compensation performance measurement due to its R&D-centric model .
Compensation Structure Analysis
- Cash vs equity mix: Minimal salary and no annual bonuses in 2023–2024; compensation primarily equity via LTIP Company Awards and subsidiary equity, aligning incentives to market cap growth and milestone achievement .
- Options vs RSUs/stock: Recent emphasis on restricted stock; no Company stock options shown for Weiss in 2024; subsidiary awards in Checkpoint/ Mustang are restricted stock; timing policy discourages grants near material disclosures .
- Performance metric calibration: LTIP uses a broad, discretionary set of business measures (e.g., revenue, EBITDA, TSR, share price/volume, corporate transactions), with committee certification and downward discretion; weightings/targets not disclosed .
- Change-of-control: LTIP repurchase rights lapse on corporate transactions if in service (single-trigger acceleration effect); awards are otherwise subject to market-cap and service conditions .
Investment Implications
- Alignment and retention: Large unvested restricted share tranches cluster around July 16, 2025 and Dec 19, 2027; the LTIP’s market-cap milestone and service conditions create strong retention incentives and potential selling pressure after vesting/acceleration events .
- Dual-role governance: Weiss is a non-independent executive director and chairs partner-company boards (CKPT, MBIO) while leading TGTX; related-party service and shared-services agreements add oversight complexity, though Audit Committee reviews these transactions .
- Pay-for-performance: With no cash bonuses and heavy reliance on equity subject to market-cap triggers, realized pay is sensitive to FBIO’s stock and capital formation, suggesting alignment but also potential for volatility in “Compensation Actually Paid” under SEC rules .
- Risk flags: Officer exculpation proposal diminishes monetary liability exposure for officers, potentially aiding retention but raising accountability questions; hedging is prohibited and pledging restricted, supporting alignment; no employment agreement or severance multiples disclosed for Weiss .
Citations:
Role/age/tenure/education: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:10]** **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:13]** **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:20]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:18]**
TSR and net income: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:27]** **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:28]**
Fixed compensation and awards: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:21]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:29]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:30]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:31]**
LTIP structure/performance metrics/transfer restrictions: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:22]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:32]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:66]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:68]**
Outstanding equity detail/vesting: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:24]** **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:25]**
Insider trading policy (hedging ban): **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:18]**
Employment agreements/clawback: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:25]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:36]**
Officer exculpation proposal: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:39]**
Board governance/independence/attendance: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:10]** **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:13]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:20]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:21]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:22]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:18]**
Director compensation policy: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:28]**
Beneficial ownership: **[1429260_0001558370-25-005678_fbio-20250617xdef14a.htm:35]**
Related party transactions: **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:40]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:41]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:42]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:45]** **[1429260_0001558370-24-004791_tmb-20240523xdef14a.htm:46]**
Values retrieved from S&P Global.*