$DERM
Journey Medical Corp

2023 Q4 Form 10-K Financial Statement

#000141057824000347 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $15.26M $79.18M
YoY Change -4.44% 7.48%
Cost Of Revenue $6.015M $26.66M
YoY Change -22.07% -13.37%
Gross Profit $9.242M $52.52M
YoY Change 12.05% 22.44%
Gross Profit Margin 60.58% 66.33%
Selling, General & Admin $9.841M $43.91M
YoY Change -29.64% -26.16%
% of Gross Profit 106.48% 83.6%
Research & Development $1.505M $7.541M
YoY Change -64.64% -31.09%
% of Gross Profit 16.28% 14.36%
Depreciation & Amortization $817.0K $3.767M
YoY Change -33.41% -11.92%
% of Gross Profit 8.84% 7.17%
Operating Expenses $11.35M $51.45M
YoY Change -37.81% -26.93%
Operating Profit -$2.104M $1.070M
YoY Change -78.95% -103.89%
Interest Expense $87.00K -$1.559M
YoY Change -113.72% -177.22%
% of Operating Profit -145.7%
Other Income/Expense, Net -$1.559M
YoY Change -23.88%
Pretax Income -$2.017M -$3.632M
YoY Change -81.02% -87.72%
Income Tax $126.0K $221.0K
% Of Pretax Income
Net Earnings -$2.143M -$3.853M
YoY Change -79.86% -87.0%
Net Earnings / Revenue -14.05% -4.87%
Basic Earnings Per Share -$0.21
Diluted Earnings Per Share -$0.11 -$0.21
COMMON SHARES
Basic Shares Outstanding 18.23M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.44M $27.44M
YoY Change -14.26% -14.26%
Cash & Equivalents $27.40M
Short-Term Investments
Other Short-Term Assets $3.588M $3.588M
YoY Change 8.43% 8.43%
Inventory $10.21M $10.21M
Prepaid Expenses
Receivables $15.22M $15.22M
Other Receivables $0.00 $0.00
Total Short-Term Assets $56.46M $56.46M
YoY Change -27.32% -27.32%
LONG-TERM ASSETS
Property, Plant & Equipment $101.0K $101.0K
YoY Change -46.56% -46.56%
Goodwill
YoY Change
Intangibles $20.29M
YoY Change -25.41%
Long-Term Investments
YoY Change
Other Assets $6.000K $6.000K
YoY Change -93.68% -93.68%
Total Long-Term Assets $20.39M $20.39M
YoY Change -25.79% -25.79%
TOTAL ASSETS
Total Short-Term Assets $56.46M $56.46M
Total Long-Term Assets $20.39M $20.39M
Total Assets $76.85M $76.85M
YoY Change -26.92% -26.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.34M $18.34M
YoY Change -49.84% -50.4%
Accrued Expenses $20.47M $20.47M
YoY Change 5.59% 4.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $3.000M $3.000M
YoY Change -42.22% -42.22%
Total Short-Term Liabilities $41.87M $41.87M
YoY Change -37.35% -37.35%
LONG-TERM LIABILITIES
Long-Term Debt $14.62M $14.62M
YoY Change -26.25% -31.15%
Other Long-Term Liabilities $9.000K $9.000K
YoY Change -91.67% -91.67%
Total Long-Term Liabilities $14.63M $14.63M
YoY Change -26.2% -31.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.87M $41.87M
Total Long-Term Liabilities $14.63M $14.63M
Total Liabilities $56.50M $56.50M
YoY Change -35.93% -35.93%
SHAREHOLDERS EQUITY
Retained Earnings -$72.36M
YoY Change 5.62%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.35M $20.35M
YoY Change
Total Liabilities & Shareholders Equity $76.85M $76.85M
YoY Change -26.92% -26.92%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.143M -$3.853M
YoY Change -79.86% -87.0%
Depreciation, Depletion And Amortization $817.0K $3.767M
YoY Change -33.41% -11.92%
Cash From Operating Activities -$16.52M $5.240M
YoY Change 330.66% -138.72%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $5.000M
YoY Change -75.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$5.000M
YoY Change -75.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $91.00K $121.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.21M -4.804M
YoY Change 1925.95% -129.19%
NET CHANGE
Cash From Operating Activities -16.52M 5.240M
Cash From Investing Activities 0.000 -5.000M
Cash From Financing Activities 19.21M -4.804M
Net Change In Cash 2.686M -4.564M
YoY Change -193.01% -73.28%
FREE CASH FLOW
Cash From Operating Activities -$16.52M $5.240M
Capital Expenditures $0.00 $5.000M
Free Cash Flow -$16.52M $240.0K
YoY Change 330.66% -100.72%

Facts In Submission

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32003000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
1127000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
993000
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
168000
CY2022 derm Deferred Payment For Asset Acquisition
DeferredPaymentForAssetAcquisition
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CY2022 derm Right Of Use Assets In Exchange For Lease Liabilities
RightOfUseAssetsInExchangeForLeaseLiabilities
188000
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1. ORGANIZATION AND PLAN OF BUSINESS OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Journey Medical Corporation (collectively “Journey” or the “Company”) is a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions. The Company’s current product portfolio includes seven branded and two authorized generic prescription drugs for dermatological conditions that are marketed in the U.S. The Company acquires rights to products and product candidates by licensing or otherwise acquiring an ownership interest in, funding the research and development of, and eventually commercializing, the products through its exclusive field sales organization.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of December 31, 2023 and 2022, the Company is a majority-owned subsidiary of Fortress Biotech, Inc. (“Fortress” or “Parent”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Liquidity and Capital Resources</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">At December 31, 2023, the Company had $27.4 million in cash and cash equivalents as compared to $32.0 million at December 31, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On December 27, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with SWK Funding LLC (“SWK”). The Credit Agreement provides for a term loan facility (the “Credit Facility”) in the original principal amount of up to $20.0 million. On the closing date, the Company drew $15.0 million. The remaining $5.0 million may be drawn upon the Company’s request within 12 months after the closing date. Loans under the Credit Facility (the “Term Loans”) mature on December 27, 2027, and bear interest at a rate per annum equal to the three-month term Secured Overnight Financing Rate (“SOFR”) (subject to a SOFR floor of 5%) plus 7.75%. The interest rate resets quarterly. Interest payments begin in February 2024 and are paid quarterly. Beginning in February 2026, the Company is required to repay a portion of the outstanding principal of the Term Loans quarterly in an amount equal to 7.5% of the principal amount of funded Term Loans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On August 31, 2023, the Company entered into a license agreement (the “New License Agreement”) with Maruho Co., Ltd., a Japanese company specializing in dermatology (“Maruho”), whereby the Company granted an exclusive license to Maruho to develop and commercialize Qbrexza® for the treatment of primary axillary hyperhidrosis in South Korea, Taiwan, Hong Kong, Macau, Thailand, Indonesia, Malaysia, Philippines, Singapore, Vietnam, Brunei, Cambodia, Myanmar and Laos (the “Territory”). Under the terms of the New License Agreement, in exchange for the exclusive rights to Qbrexza ® in the Territory, Maruho paid $19.0 million to the Company as a non-refundable upfront payment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On December 30, 2022, the Company filed a shelf registration statement on Form S-3 (File No. 333-269079), which was declared effective by the Securities and Exchange Commission (“SEC”) on January 26, 2023. This shelf registration statement covers the offering, issuance and sale by the Company of up to an aggregate of $150.0 million of the Company’s common stock, preferred stock, debt securities, warrants, and units (the “2022 Shelf”). In connection with the 2022 Shelf, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) relating to shares of the Company’s common stock. The Company may offer and sell up to 4,900,000 shares of its common stock, from time to time. During 2023, the Company issued 748,703 shares of common stock under the 2022 Shelf, generating net proceeds of $4.5 million. At December 31, 2023, 4,151,297 shares remain available for issuance under the 2022 Shelf.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company regularly evaluates market conditions, its liquidity profile, and financing alternatives, including out-licensing arrangements for its products to enhance its capital structure. The Company may seek to raise capital through debt or equity financings to expand its product portfolio and for other strategic initiatives, which may include sales of securities under either the 2022 Shelf or a new registration statement or drawing on the SWK Credit Facility. The Company cannot make any assurances that such additional financing will be available and, if available, the terms may negatively impact the Company’s business and operations. The Company’s current assumptions, projected commercial sales of our products, clinical development plans and regulatory submission timelines are uncertain and may not emerge as expected. Additionally, as a result of recurring losses, substantial doubt exists about the Company’s ability to continue as a going concern for a period of at least twelve months from the date of issuance of these financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that may be necessary if the Company is unable to continue as a going concern.</p>
CY2023 derm Product Portfolio Number Of Branded Drugs
ProductPortfolioNumberOfBrandedDrugs
7
CY2023 derm Product Portfolio Number Of Authorized Generic Prescription Drugs
ProductPortfolioNumberOfAuthorizedGenericPrescriptionDrugs
2
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27400000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates made by management include provisions for coupons, chargebacks, wholesaler fees, specialty pharmacy discounts, managed care rebates, product returns, and other allowances customary to the pharmaceutical industry. Significant estimates made by management also include inventory realization, valuation of intangible assets, useful lives of amortizable intangible assets and share-based compensation. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.</p>
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentrations of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses on these deposits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s accounts receivable primarily represent amounts due from drug wholesalers and specialty pharmacies in the United States. The Company performs periodic credit evaluations of customers and does not require collateral. An allowance for doubtful accounts is maintained for potential credit losses based on the aging of accounts receivable, historical bad debts experience, and the customer’s current ability to pay its obligations to the Company. Accounts receivables balances are written off against the allowance when it is probable that the receivable will not be collected. See Note 17 for significant customers.</p>
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CY2022 us-gaap Provision For Other Credit Losses
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CY2023 us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
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CY2022 us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
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CY2023 derm Options Granted
OptionsGranted
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CY2023 derm Percentage Of Tax Positions Interest Rate
PercentageOfTaxPositionsInterestRate
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CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
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CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
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CY2023Q4 us-gaap Inventory Raw Materials
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CY2022Q4 us-gaap Inventory Raw Materials
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CY2023Q4 us-gaap Inventory Work In Process
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CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2023Q4 us-gaap Inventory Gross
InventoryGross
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CY2022Q4 us-gaap Inventory Gross
InventoryGross
14588000
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
305000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2023Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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AccruedIpledgeProgram
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CY2023Q1 derm Deferred Cash Payment Current
DeferredCashPaymentCurrent
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CY2023Q1 derm Deferred Cash Payment Current
DeferredCashPaymentCurrent
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CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14495000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2023Q4 derm Finite Lived Intangible Assets Accumulated Impairment
FiniteLivedIntangibleAssetsAccumulatedImpairment
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
27197000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2023Q4 derm Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
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CY2023Q4 derm Finite Lived Intangible Assets Excluding Assets Not Yet Placed In Service
FiniteLivedIntangibleAssetsExcludingAssetsNotYetPlacedInService
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CY2023Q4 derm Finite Lived Intangible Assets Not Yet Placed In Service
FiniteLivedIntangibleAssetsNotYetPlacedInService
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CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2023Q4 derm Accrued Coupon And Rebates Current
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CY2022Q4 derm Accrued Coupon And Rebates Current
AccruedCouponAndRebatesCurrent
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CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
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CY2022Q4 us-gaap Accrued Employee Benefits Current
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CY2022Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
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CY2023Q4 derm Accrued Reserve For Product Returns Current
AccruedReserveForProductReturnsCurrent
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CY2022Q4 derm Accrued Reserve For Product Returns Current
AccruedReserveForProductReturnsCurrent
3689000
CY2023Q4 derm Accrued Inventory Current
AccruedInventoryCurrent
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CY2022Q4 derm Accrued Inventory Current
AccruedInventoryCurrent
112000
CY2023Q4 derm Accrued Research And Development License Fees Current
AccruedResearchAndDevelopmentLicenseFeesCurrent
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CY2022Q4 derm Accrued Research And Development License Fees Current
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CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2023Q4 derm Accrued Ipledge Program
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174000
CY2023Q4 derm Installment Payments Licenses Gross Current
InstallmentPaymentsLicensesGrossCurrent
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CY2023Q4 derm Installment Payments Licenses Gross
InstallmentPaymentsLicensesGross
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CY2023Q4 derm Installment Payments Licenses Net Current
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3000000
CY2023Q4 derm Installment Payments Licenses Net
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3000000
CY2022Q4 derm Installment Payments Licenses Gross Current
InstallmentPaymentsLicensesGrossCurrent
2500000
CY2022Q4 derm Installment Payments Licenses Gross Non Current
InstallmentPaymentsLicensesGrossNonCurrent
1500000
CY2022Q4 derm Installment Payments Licenses Gross
InstallmentPaymentsLicensesGross
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CY2022Q4 derm Imputed Interest On Current License Payment
ImputedInterestOnCurrentLicensePayment
256000
CY2022Q4 derm Imputed Interest On Non Current License Payment
ImputedInterestOnNonCurrentLicensePayment
88000
CY2022Q4 derm Imputed Interest On License Payment
ImputedInterestOnLicensePayment
344000
CY2022Q4 derm Installment Payments Licenses Net Current
InstallmentPaymentsLicensesNetCurrent
2244000
CY2022Q4 derm Installment Payments Licenses Net Non Current
InstallmentPaymentsLicensesNetNonCurrent
1412000
CY2022Q4 derm Installment Payments Licenses Net
InstallmentPaymentsLicensesNet
3656000
CY2023Q4 derm Area Of Property Under Lease
AreaOfPropertyUnderLease
3681
CY2022Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P25M
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
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CY2022 us-gaap Variable Lease Cost
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CY2023 us-gaap Lease Cost
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CY2022 us-gaap Lease Cost
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CY2023 us-gaap Operating Lease Payments Use
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CY2022 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
102000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
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CY2023Q4 derm Debt Instrument Exit Fee
DebtInstrumentExitFee
750000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
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CY2023Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Debt Instrument Face Amount
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
183000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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4500000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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11250000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15750000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1128000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
14622000
CY2023Q4 us-gaap Long Term Debt Noncurrent
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14622000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023 derm Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2023Q4 derm Common Stock Voting Rights Ratio
CommonStockVotingRightsRatio
1.1
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
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CY2023Q4 derm Deferred Tax Assets Amortization Of License Fees
DeferredTaxAssetsAmortizationOfLicenseFees
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CY2022Q4 derm Deferred Tax Assets Amortization Of License Fees
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CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
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CY2023 derm Revenue From Contract With Customer Excluding Assessed Tax.
RevenueFromContractWithCustomerExcludingAssessedTax.
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CY2022 derm Revenue From Contract With Customer Excluding Assessed Tax.
RevenueFromContractWithCustomerExcludingAssessedTax.
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OtherIncome
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CY2022 us-gaap Other Income
OtherIncome
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CY2023Q3 derm Threshold Notice Period For Cancellation Of Agreement
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2022 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2023 us-gaap Deferred Federal State And Local Tax Expense Benefit
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CY2022 us-gaap Deferred Federal State And Local Tax Expense Benefit
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CY2023 derm Valuation Allowance
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CY2022 derm Valuation Allowance
ValuationAllowance
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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DeferredTaxAssetsInProcessResearchAndDevelopment
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2023Q4 derm Deferred Tax Assets Lease Liability
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CY2022Q4 derm Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReturnsAndAllowances
3566000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReturnsAndAllowances
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
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574000
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
1491000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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