EXHIBIT 21.1

SUBSIDIARIES OF FORTRESS BIOTECH, INC.

Subsidiaries of Fortress Biotech, Inc. at December 31, 2021, with jurisdiction of incorporation or formation:

Aevitas Therapeutics, Inc. (Delaware)
Avenue Therapeutics, Inc. (Delaware)
Baergic Bio, Inc. (Delaware)
Cellvation, Inc. (Delaware), formerly FBIO Acquisition Corp. I
Checkpoint Therapeutics, Inc. (Delaware)
Cyprium Therapeutics, Inc. (Delaware)
Helocyte, Inc. (Delaware), formerly DiaVax Biosciences, Inc.
Journey Medical Corporation (Delaware)
Mustang Bio, Inc. (Delaware)
Oncogenuity, Inc. (Delaware), formerly FBIO Acquisition Corp. VI
FBIO Acquisition Corps. IX – L (Delaware)
UR-1 Therapeutics, Inc.