$DERM
Journey Medical Corp

2024 Q3 Form 10-Q Financial Statement

#000141057824001877 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $14.63M
YoY Change -57.64%
Cost Of Revenue $5.285M
YoY Change -17.79%
Gross Profit $9.344M
YoY Change -66.76%
Gross Profit Margin 63.87%
Selling, General & Admin $11.40M
YoY Change 31.96%
% of Gross Profit 121.96%
Research & Development $842.0K
YoY Change -62.23%
% of Gross Profit 9.01%
Depreciation & Amortization $814.0K
YoY Change 0.49%
% of Gross Profit 8.71%
Operating Expenses $12.24M
YoY Change 12.64%
Operating Profit -$2.894M
YoY Change -116.78%
Interest Expense -$621.0K
YoY Change -331.72%
% of Operating Profit
Other Income/Expense, Net $504.0K
YoY Change -239.61%
Pretax Income -$2.390M
YoY Change -114.16%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.390M
YoY Change -114.24%
Net Earnings / Revenue -16.34%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.12
COMMON SHARES
Basic Shares Outstanding 20.54M
Diluted Shares Outstanding 20.54M

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.46M
YoY Change -9.06%
Cash & Equivalents $22.50M
Short-Term Investments
Other Short-Term Assets $1.242M
YoY Change 38.0%
Inventory $11.79M
Prepaid Expenses
Receivables $10.67M
Other Receivables $0.00
Total Short-Term Assets $46.16M
YoY Change 3.3%
LONG-TERM ASSETS
Property, Plant & Equipment $32.00K
YoY Change -68.0%
Goodwill
YoY Change
Intangibles $17.84M
YoY Change -15.44%
Long-Term Investments
YoY Change
Other Assets $6.000K
YoY Change 0.0%
Total Long-Term Assets $17.88M
YoY Change -15.78%
TOTAL ASSETS
Total Short-Term Assets $46.16M
Total Long-Term Assets $17.88M
Total Assets $64.04M
YoY Change -2.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.34M
YoY Change -45.54%
Accrued Expenses $16.01M
YoY Change -0.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.250M
YoY Change -58.33%
Total Short-Term Liabilities $33.33M
YoY Change -31.29%
LONG-TERM LIABILITIES
Long-Term Debt $19.79M
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $19.79M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $33.33M
Total Long-Term Liabilities $19.79M
Total Liabilities $53.12M
YoY Change 9.42%
SHAREHOLDERS EQUITY
Retained Earnings -$88.55M
YoY Change 26.12%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.93M
YoY Change
Total Liabilities & Shareholders Equity $64.04M
YoY Change -2.84%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.390M
YoY Change -114.24%
Depreciation, Depletion And Amortization $814.0K
YoY Change 0.49%
Cash From Operating Activities -$1.157M
YoY Change -106.17%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -294.0K
YoY Change -97.32%
NET CHANGE
Cash From Operating Activities -1.157M
Cash From Investing Activities 0.000
Cash From Financing Activities -294.0K
Net Change In Cash -1.451M
YoY Change -118.65%
FREE CASH FLOW
Cash From Operating Activities -$1.157M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
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us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27439000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
85000
us-gaap Nature Of Operations
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<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 (“Journey” or the “Company”) is a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration (“FDA”) approved prescription 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 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 September 30, 2024 and December 31, 2023, the Company was 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 September 30, 2024, the Company had $22.5 million in cash and cash equivalents as compared to $27.4 million of cash and cash equivalents at December 31, 2023.</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. On June 26, 2024, the Company drew the remaining $5.0 million under the Credit Facility. 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 <span style="-sec-ix-hidden:Hidden_UCVICb29fkiVJEuHMaMTdg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">SOFR</span></span> floor of 5%) plus 7.75%. The interest rate resets quarterly. Interest payments began 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 July 9, 2024, the Company entered into an amendment (the “Amendment”) to the Credit Agreement. The Amendment increased the original principal amount of the Credit Facility from $20.0 million to $25.0 million. The $5.0 million of additional principal added in the Amendment is contractually required to be drawn upon FDA approval of Emrosi<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> (Minocycline Hydrochloride Extended Release Capsules, 40 mg), formerly referred to as DFD-29 (“Emrosi”), subject to the Company receiving approval on or before June 30, 2025. The FDA approved Emrosi on November 4, 2024. The FDA approval also triggered a $15.0 million milestone payment obligation to Dr. Reddy’s Laboratories, Ltd (“DRL”) that is due 30 days after the FDA approval. See Note 19, Subsequent Events, for further information regarding the payment triggered upon FDA approval of Emrosi.</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, under the Sales Agreement. During the nine months ended September 30, 2024, the Company issued and sold 325,019 shares of common stock under the 2022 Shelf, generating net proceeds of $1.7 million. At September 30, 2024, 3,826,278 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;">On September 19, 2024, the United Stated District Court Southern District of New York through the United States Marshalls notified the Company that it has recovered and will be returning to the Company a portion of the misappropriated cash in connection with the previously disclosed September 2021 cybersecurity incident.</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. 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 expectations are based on current assumptions, projected commercial sales of products, clinical development plans and regulatory submission timelines, which may be uncertain and may not emerge as expected. As a result of recurring losses and the conditions described above, 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 0pt 12pt 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 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>
derm Product Portfolio Number Of Branded Drugs
ProductPortfolioNumberOfBrandedDrugs
7
derm Product Portfolio Number Of Authorized Generic Prescription Drugs
ProductPortfolioNumberOfAuthorizedGenericPrescriptionDrugs
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Use Of Estimates
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<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>
us-gaap Number Of Operating Segments
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CY2023Q4 us-gaap Inventory Raw Materials
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CY2023Q4 us-gaap Inventory Work In Process
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CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2024Q3 us-gaap Inventory Gross
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CY2023Q4 us-gaap Inventory Gross
InventoryGross
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CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2023Q4 us-gaap Inventory Net
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CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsAccumulatedImpairment
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CY2023Q4 derm Finite Lived Intangible Assets Accumulated Impairment
FiniteLivedIntangibleAssetsAccumulatedImpairment
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CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2024Q3 derm Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
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CY2024Q3 derm Finite Lived Intangible Assets Excluding Assets Not Yet Placed In Service
FiniteLivedIntangibleAssetsExcludingAssetsNotYetPlacedInService
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CY2024Q3 derm Finite Lived Intangible Assets Not Yet Placed In Service
FiniteLivedIntangibleAssetsNotYetPlacedInService
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CY2024Q3 derm Fair Value Assets Level2 To Level1 Transfers Amount1
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AccruedCouponAndRebatesCurrent
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AccruedResearchAndDevelopmentLicenseFeesCurrent
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CY2023Q4 derm Accrued Research And Development License Fees Current
AccruedResearchAndDevelopmentLicenseFeesCurrent
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CY2023Q4 derm Accrued Inventory Current
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CY2024Q3 derm Accrued Ipledge Program
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CY2023Q4 derm Accrued Ipledge Program
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2024Q3 us-gaap Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2024Q3 derm Area Of Property Under Lease
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us-gaap Operating Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Operating Lease Payments Use
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us-gaap Operating Lease Payments Use
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CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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DebtInstrumentUnamortizedDiscount
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CY2024Q3 us-gaap Long Term Debt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Interest Expense Debt
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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CY2023Q3 derm Imputed Interest On Acquired Intangible Assets
ImputedInterestOnAcquiredIntangibleAssets
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derm Imputed Interest On Acquired Intangible Assets
ImputedInterestOnAcquiredIntangibleAssets
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InterestExpenseAndFinancingFee
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CY2023Q3 derm Interest Expense And Financing Fee
InterestExpenseAndFinancingFee
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derm Interest Expense And Financing Fee
InterestExpenseAndFinancingFee
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derm Interest Expense And Financing Fee
InterestExpenseAndFinancingFee
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 us-gaap Other Income
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us-gaap Other Income
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CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q3 derm Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
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CY2023Q3 derm Incremental Common Shares Attributable To Dilutive Effect Restricted Stock Units
IncrementalCommonSharesAttributableToDilutiveEffectRestrictedStockUnits
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CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2510224
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
derm-20240930_cal.xml Edgar Link unprocessable
derm-20240930_lab.xml Edgar Link unprocessable
derm-20240930_pre.xml Edgar Link unprocessable
0001410578-24-001877-index-headers.html Edgar Link pending
0001410578-24-001877-index.html Edgar Link pending
0001410578-24-001877.txt Edgar Link pending
0001410578-24-001877-xbrl.zip Edgar Link pending
derm-20240930.xsd Edgar Link pending
derm-20240930x10q.htm Edgar Link pending
derm-20240930xex10d1.htm Edgar Link pending
derm-20240930xex10d2.htm Edgar Link pending
derm-20240930xex31d1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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derm-20240930_def.xml Edgar Link unprocessable
derm-20240930x10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable