EXHIBIT 21.1

SUBSIDIARIES OF FORTRESS BIOTECH, INC.

Subsidiaries of Fortress Biotech, Inc. at December 31, 2022, with jurisdiction of incorporation or formation:

Aevitas Therapeutics, Inc. (Delaware)
Avenue Therapeutics, Inc. (Delaware)
Cellvation, Inc. (Delaware)
Checkpoint Therapeutics, Inc. (Delaware)
Cyprium Therapeutics, Inc. (Delaware)
Helocyte, Inc. (Delaware)
Journey Medical Corporation (Delaware)
Mustang Bio, Inc. (Delaware)
Oncogenuity, Inc. (Delaware)
Urica Therapeutics, Inc. (Delaware)