Group 1: Fund Performance - Summers Value Fund LP reported a net return of -1.8% in Q2 2025, underperforming the Russell 2000 Index ETF (IWM) which returned 8.5% and the Russell 2000 Value Index ETF (IWN) which returned 4.9% [1] - Year-to-date, the fund is down 12.8% net, compared to -1.8% and -3.2% returns for the respective indexes [1] Group 2: Journey Medical Corporation Overview - Journey Medical Corporation (NASDAQ:DERM) focuses on developing and commercializing pharmaceutical products for dermatological conditions [2] - The stock of Journey Medical Corporation had a one-month return of -1.35% but gained 41.47% over the last 52 weeks, closing at $7.30 per share with a market capitalization of $192.062 million on September 19, 2025 [2] Group 3: Investment Insights on Journey Medical Corporation - The fund began building a position in Journey Medical Corporation in February, highlighting its products such as Accutane for acne treatment and Qbrexza for hyperhidrosis [3] - Journey Medical Corporation generated $55 million in revenue in 2024, with a modest operating loss [3] - The company is led by CEO Claude Marauoi and a team with significant experience from Medicis, a dermatology company previously acquired for $2.6 billion [3]

Core Insights - Journey Medical Corporation is a commercial-stage pharmaceutical company focused on FDA-approved prescription products for dermatological conditions [1][2] - The company will participate in two investor conferences in September 2025, indicating active engagement with the investment community [1][2] Company Overview - Journey Medical Corporation markets eight branded FDA-approved prescription drugs aimed at treating common skin conditions [2] - The company is based in Scottsdale, Arizona, and was founded by Fortress Biotech, Inc. [2] - Journey Medical's stock is registered under the Securities Exchange Act of 1934 and files periodic reports with the SEC [2] Upcoming Events - The company will participate in the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025, at 1:30 p.m. ET in New York City, featuring a fireside chat and one-on-one meetings [2] - Additionally, Journey Medical will attend the Lake Street Capital Markets 9th Annual Best Ideas Growth (BIG9) Conference on September 11, 2025, also in New York City, focusing on one-on-one meetings [2]

Summary of Journey Medical Corp (DERM) Conference Call - August 20, 2025 Company Overview - **Company Name**: Journey Medical Corporation - **Ticker Symbol**: DERM - **Industry**: Pharmaceutical, specifically focused on dermatology - **Founded**: Approximately 10 years ago, went public in November 2021 - **Average Daily Volume**: About 150,000 shares - **Outstanding Shares**: Approximately 23 million shares [6][5] Key Products and Market Focus - **Market Size**: The dermatology market is valued at nearly $6 billion [7] - **Primary Disease States**: Rosacea, hyperhidrosis, and acne [7] - **Key Product**: Imrozi, launched in April 2025, is the first product developed by Journey Medical and approved by the FDA in November 2024 [8][7] - **Core Business Revenue**: Approximately $55 million in net revenue for 2024 without Imrozi [8] Product Details - **Imrozi**: - Indicated for the treatment of inflammatory lesions, papules, and pustules of rosacea in adults - Lowest strength of minocycline available at 40 mg, with a once-daily dosage [15][16] - Demonstrated superior efficacy compared to Oratia, the only other oral treatment for rosacea [17][19] - Safety profile similar to placebo, with minimal adverse events [27][28] Clinical Trial Results - **Efficacy**: - Over 60% greater IgA success compared to Oratia and over 120% compared to placebo [20] - Approximately 30% greater inflammatory lesion reduction compared to Oratia and over 65% compared to placebo [21] - Fast-acting results observed as early as two weeks [24] Market Access and Growth Strategy - **Market Access**: - Approximately 100 million lives have access to Imrozi, with expectations for growth as payer acceptance increases [35][54] - **Prescription Growth**: - Rapid increase in prescriptions from 1,200 in April to over 5,200 in July 2025 [32] - Unique prescribers increased from 600 to over 1,800 [34][48] - **Sales Territories**: 35 sales territories covering 80 of the top 50 MSAs in the U.S., accessing about 70% of dermatology prescriptions [11][12] Financial Outlook - **Current Run Rate**: Approximately $60 million annually, nearing breakeven [49] - **EBITDA Positive**: Expected to achieve EBITDA positivity later in 2025 due to contributions from Imrozi [38][48] - **Out-Licensing Strategy**: Successful past deals, including a $20 million non-dilutive capital deal for QBREXZA [41][52] Long-Term Strategy - **Focus Areas**: - Continued growth of Imrozi, QBREXZA, and Accutane - Out-licensing opportunities to generate additional capital - Building a strong presence in dermatology with a robust product portfolio [57][40] Conclusion - Journey Medical is positioned for significant growth in the dermatology market with the launch of Imrozi and a strong sales strategy. The company aims to leverage its existing products and expand its market presence while focusing on achieving profitability and sustainable growth in the coming years [42][57].

Core Points - Journey Medical Corporation is a commercial-stage pharmaceutical company focused on selling and marketing FDA-approved prescription products for dermatological conditions [3] - The company will present a corporate overview at the Emerging Growth Conference on August 20, 2025 [1] - Journey Medical currently markets eight branded FDA-approved prescription drugs for common skin conditions [3] Company Overview - Journey Medical Corporation is located in Scottsdale, Arizona and was founded by Fortress Biotech, Inc. [3] - The company employs an efficient sales and marketing model to promote its products [3] - Journey Medical's common stock is registered under the Securities Exchange Act of 1934 and files periodic reports with the U.S. Securities and Exchange Commission [3] Conference Details - Claude Maraoui, Co-Founder, President and CEO, will present at the conference virtually [1] - Archived webcasts will be available for those unable to attend the live event [2]

Group 1: CoreWeave Inc Financial Results - CoreWeave reported a revenue of $1.21 billion for the second quarter, exceeding analysts' expectations of $1.08 billion [1] - The company's adjusted loss per share was 27 cents, which was worse than the anticipated loss of 17 cents per share [1] Group 2: Stock Movements - CoreWeave shares fell 8.8% to $135.72 in pre-market trading following the mixed quarterly results [2] - Profrac Holding Corp shares tumbled 29.4% to $4.46 after pricing a $75 million stock offering at $4 per share [4] - CAVA Group Inc shares dipped 24% to $64.26 after reporting worse-than-expected quarterly sales results [4] - Journey Medical Corp shares declined 20.5% to $6.79 after reporting disappointing second-quarter EPS results [4] - Ondas Holdings Inc shares fell 17.5% to $3.54 after announcing a proposed public offering [4] - KinderCare Learning Companies Inc shares dropped 16.4% to $8.20 after missing second-quarter earnings estimates and narrowing 2025 guidance [4] - Endeavour Silver Corp shares fell 13.9% to $4.95 after posting a loss for the second quarter [4] - Stratasys Ltd shares dipped 13.4% to $9.80 following second-quarter results [4] - Denison Mines Corp shares declined 8.8% to $1.97 as the company announced the pricing of upsized $300 million convertible senior notes offering [4] - Hanesbrands Inc shares fell 7.7% to $5.70 after a previous jump of 28% due to acquisition news [4] - Penguin Solutions Inc shares fell 5.8% to $22.84 in pre-market trading [4]

Financial Data and Key Metrics Changes - The total net revenue for Q2 2025 was $15 million, compared to $14.9 million for Q2 2024, with $2.8 million attributed to the U.S. commercial launch of Amrozi [15][18] - Gross margin increased to 67% in Q2 2025 from 61% in the prior year [15] - Net loss for common shareholders was $3.8 million or $0.16 per share in Q2 2025, compared to a net loss of $3.4 million or $0.17 per share in Q2 2024 [18] Business Line Data and Key Metrics Changes - Amrozi sales contributed approximately $2.8 million to the total net product revenue, marking a significant improvement in gross profit margins [6][15] - Accutane sales declined by $2.3 million due to generic competition, but growth brands like Amrozi and QBREXZA offset this decline [7][15] - QBREXZA revenue for the quarter was reported at $6.9 million [38] Market Data and Key Metrics Changes - Amrozi achieved over 12,800 prescriptions by July, with a consistent increase in weekly prescriptions since its launch [9][11] - The product captured more than 10% of new prescription demand among dermatology writers within three months of promotion [10] - Payer access for Amrozi increased from 30% of commercial lives in May to approximately 65% by July [10] Company Strategy and Development Direction - The company aims to become sustainably EBITDA positive later in 2025 through strategic initiatives focused on optimizing operations and controlling expenses [6] - The focus remains on expanding the base of Amrozi prescribers, growing prescription volume, and increasing payer access [21] - The company is committed to leveraging its established dermatology commercial organization to enhance product sales and profitability [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing momentum of Amrozi's launch and its potential to become the standard of care for rosacea treatment [21] - The company is optimistic about achieving its core objectives, which include improving patient lives and creating long-term shareholder value [22] - Management noted that while there is some seasonality in the dermatology market, the current growth trajectory of Amrozi is expected to continue [35] Other Important Information - Journey Medical's common stock was added to the small-cap Russell 2000 and broad market Russell 3000 indexes, enhancing public awareness and institutional investor ownership [13] - The product was featured in a segment on Lifetime TV, increasing visibility [12] Q&A Session Summary Question: What is the goal for coverage by the end of the year? - Management indicated that while they have not publicly disclosed a specific target, they are focused on increasing both the quantity and quality of coverage for Amrozi [24][25] Question: How do you see gross margins evolving over the year? - Management expects incremental improvements in gross margins as Amrozi becomes a larger part of the sales mix, given its low cost [27][28] Question: When will guidance for the year be provided? - Management stated that it is too early in the launch to provide hard guidance and will wait a few more quarters [29] Question: What is the expected net revenue per prescription for Amrozi? - Management refrained from providing specific guidance on average selling price due to the complexities involved in early quarters [33][34] Question: How does seasonality affect the rosacea market? - Management acknowledged some seasonality but believes the current growth pace will not be significantly impacted [35] Question: What is the market share goal for Amrozi? - Management noted that the 10% market share among high-volume dermatologists is a strong start, with expectations for continued growth [48][50]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29) Unaudited consolidated financial statements and notes are presented, showing a net loss of $7.9 million for H1 2025 [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity at specific reporting dates Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------- | :------------ | :---------------- | :--------- | :--------- | | Cash and cash equivalents | $20,293 | $20,305 | $(12) | -0.06% | | Total current assets | $51,268 | $48,179 | $3,089 | 6.41% | | Total assets | $81,158 | $80,241 | $917 | 1.14% | | Total current liabilities | $40,481 | $35,175 | $5,306 | 15.09% | | Total liabilities | $61,912 | $60,172 | $1,740 | 2.89% | | Total stockholders' equity | $19,246 | $20,069 | $(823) | -4.10% | [Unaudited Condensed Consolidated Statements of Operations](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This section outlines the company's financial performance, including revenues, expenses, and net loss over specific periods Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change ($) | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------------------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Product revenue, net | $15,009 | $14,855 | $154 | 1.04% | $28,148 | $27,885 | $263 | 0.94% | | Total operating expenses | $17,885 | $17,782 | $103 | 0.58% | $34,348 | $40,902 | $(6,554) | -16.02% | | Loss from operations | $(2,876) | $(2,927) | $51 | -1.74% | $(6,200) | $(13,017) | $6,817 | -52.37% | | Net loss | $(3,796) | $(3,361) | $(435) | 12.94% | $(7,869) | $(13,803) | $5,934 | -43.00% | | Basic and diluted net loss per common share | $(0.16) | $(0.17) | $0.01 | -5.88% | $(0.34) | $(0.69) | $0.35 | -50.72% | [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) This section details changes in the company's equity, reflecting transactions affecting capital and accumulated earnings/losses Condensed Consolidated Statements of Changes in Stockholders' Equity Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------- | :------------ | :---------------- | :--------- | :--------- | | Total Shareholders' Equity | $19,246 | $20,069 | $(823) | -4.10% | | Additional Paid-in Capital | $114,140 | $107,094 | $7,046 | 6.58% | | Accumulated Deficit | $(94,896) | $(87,027) | $(7,869) | 9.04% | - Share-based compensation for the six months ended June 30, 2025, was **$2.659 million**[14](index=14&type=chunk) - Issuance of common stock from ATM offering, net of costs, generated **$4.048 million** for the six months ended June 30, 2025[14](index=14&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section reports the company's cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Net cash used in operating activities | $(3,774) | $(10,195) | $6,421 | -62.98% | | Net cash provided by financing activities | $3,762 | $6,668 | $(2,906) | -43.58% | | Net change in cash | $(12) | $(3,527) | $3,515 | -99.66% | | Cash at the end of the period | $20,293 | $23,912 | $(3,619) | -15.13% | - Cash paid for interest increased from **$756k** in 2024 to **$1,591k** in 2025 for the six-month period[22](index=22&type=chunk) [NOTE 1. ORGANIZATION AND PLAN OF BUSINESS OPERATIONS](index=7&type=section&id=NOTE%201.%20ORGANIZATION%20AND%20PLAN%20OF%20BUSINESS%20OPERATIONS) This note describes the company's business, operational structure, and financial viability considerations - Journey Medical Corporation is a commercial-stage pharmaceutical company focused on FDA-approved prescription dermatological products in the U.S., with a portfolio of eight drugs[23](index=23&type=chunk) - The Company is a majority-owned subsidiary of Fortress Biotech, Inc[24](index=24&type=chunk) - Cash and cash equivalents were **$20.3 million** at June 30, 2025, consistent with December 31, 2024. Working capital decreased from **$13.0 million** to **$10.8 million**[25](index=25&type=chunk) - Substantial doubt exists about the Company's ability to continue as a going concern due to recurring losses[28](index=28&type=chunk) [NOTE 2. BASIS OF PRESENTATION](index=7&type=section&id=NOTE%202.%20BASIS%20OF%20PRESENTATION) This note explains the accounting principles, consolidation policies, and significant estimates used in preparing the financial statements - The Company's consolidated financial statements include the accounts of Journey Medical Corporation and its wholly-owned subsidiary, JG Pharma, Inc[29](index=29&type=chunk) - Amortization of acquired intangible assets was reclassified from 'Cost of goods sold' to a separate line item in the consolidated statement of operations, with no impact on previously reported financial results[30](index=30&type=chunk) - The Company is an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards[31](index=31&type=chunk) - Significant estimates include provisions for coupons, chargebacks, rebates, product returns, inventory realization, valuation of intangible assets, useful lives of amortizable intangible assets, and share-based compensation[32](index=32&type=chunk) [NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=9&type=section&id=NOTE%203.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note references the company's detailed accounting policies and ongoing evaluations of new accounting standards - Significant accounting policies are described in Note 2 of the Company's 2024 Form 10-K[35](index=35&type=chunk) - The Company is evaluating ASU No. 2023-09 (Income Taxes) and ASU No. 2024-03 (Income Statement Expenses) for their potential impact on disclosures[36](index=36&type=chunk)[37](index=37&type=chunk) [NOTE 4. INVENTORY](index=11&type=section&id=NOTE%204.%20INVENTORY) This note provides a breakdown of the company's inventory, including finished goods, work-in-process, raw materials, and reserves Inventory Composition (in thousands) | Inventory Category | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------- | :------------ | :---------------- | :--------- | :--------- | | Finished goods | $9,526 | $11,381 | $(1,855) | -16.30% | | Work-in-process | $369 | $367 | $2 | 0.54% | | Raw materials | $3,66

Second Quarter 2025 Performance Overview [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Q2 2025 net product revenues rose to $15.0 million, gross margin improved to 67%, but increased SG&A led to a $3.8 million net loss | Financial Metric (Q2) | 2025 (Millions) | 2024 (Millions) | Change (YoY) | | :-------------------- | :-------------- | :-------------- | :----------- | | Total Net Product Revenues | $15.0 | $14.9 | +0.7% | | Gross Margin | 67% | 61% | +6 ppts | | SG&A Expenses | $11.9 | $10.3 | +$1.6 | | Net Loss | $(3.8) | $(3.4) | $(0.4) | | Net Loss Per Share (Basic & Diluted) | $(0.16) | $(0.17) | +$0.01 | [CEO Commentary and Strategic Outlook](index=1&type=section&id=CEO%20Commentary%20and%20Strategic%20Outlook) CEO highlighted Emrosi's strong Q2 2025 prescription ramp and expanding payer coverage, positioning for continued growth and operating leverage - Emrosi™ generated **$2.8 million** in net sales in its first full quarter on the market, demonstrating a strong initial prescription ramp and expanding payer coverage[1](index=1&type=chunk)[2](index=2&type=chunk) - The company believes it is well-positioned for continued growth and operating leverage in the second half of 2025 and beyond, driven by Emrosi's launch traction, improved cash generation, and a focused dermatology commercial organization[2](index=2&type=chunk) [Recent Corporate Highlights](index=2&type=section&id=Recent%20Corporate%20Highlights) Journey Medical expanded Emrosi's payer access, presented positive clinical data, joined Russell Indexes, and appointed a new COO - Expanded payer access for Emrosi™ in July 2025, covering over **100 million commercial lives** in the U.S., up from **54 million** in May 2025[9](index=9&type=chunk) - A data analysis from two Phase 3 clinical trials for Emrosi™ was presented in June 2025, confirming that body weight did not affect its efficacy for moderate-to-severe papulopustular rosacea[9](index=9&type=chunk) - Journey Medical joined the Russell 2000® and Russell 3000® Indexes in June 2025[1](index=1&type=chunk)[9](index=9&type=chunk) - Ramsey Alloush was appointed as Chief Operating Officer in April 2025[9](index=9&type=chunk) Condensed Consolidated Financial Statements [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $81.16 million by June 30, 2025, driven by accounts receivable, while liabilities rose and equity decreased to $19.25 million | Balance Sheet Item (Thousands) | June 30, 2025 (Thousands) | December 31, 2024 (Thousands) | Change (Thousands) | | :----------------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $20,293 | $20,305 | $(12) | | Accounts receivable, net | $15,644 | $10,231 | +$5,413| | Total current assets | $51,268 | $48,179 | +$3,089| | Total assets | $81,158 | $80,241 | +$917 | | Total current liabilities | $40,481 | $35,175 | +$5,306| | Total liabilities | $61,912 | $60,172 | +$1,740| | Total stockholders' equity | $19,246 | $20,069 | $(823) | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 net product revenue slightly increased to $15.01 million, gross margin improved, but higher SG&A led to a $3.80 million net loss | Income Statement Item (Thousands) | Q2 2025 (Thousands) | Q2 2024 (Thousands) | 6M 2025 (Thousands) | 6M 2024 (Thousands) | | :-------------------------------- | :---------- | :---------- | :---------- | :---------- | | Product revenue, net | $15,009 | $14,855 | $28,148 | $27,885 | | Cost of goods sold | $4,939 | $5,727 | $9,729 | $11,728 | | Research and development | $- | $913 | $39 | $8,797 | | Selling, general and administrative | $11,882 | $10,328 | $22,451 | $18,748 | | Total operating expenses | $17,885 | $17,782 | $34,348 | $40,902 | | Loss from operations | $(2,876) | $(2,927) | $(6,200) | $(13,017) | | Net loss | $(3,796) | $(3,361) | $(7,869) | $(13,803) | | Net loss per common share (Basic & Diluted) | $(0.16) | $(0.17) | $(0.34) | $(0.69) | Non-GAAP Financial Measures [Explanation of Non-GAAP Measures](index=6&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Adjusted EBITDA is used for transparency, excluding non-cash or non-recurring items like share-based compensation, non-core R&D, and asset amortization - Adjusted EBITDA is defined as net income (loss) excluding interest, taxes, depreciation, and certain other non-cash and infrequent items not considered normal, recurring operating expenses[17](index=17&type=chunk) - Management uses non-GAAP measures to provide transparency, exclude non-cash/non-recurring items, and align with institutional investor analysis, but they should supplement, not substitute, GAAP measures[19](index=19&type=chunk) - Key exclusions from Adjusted EBITDA include share-based compensation, non-core and short-term R&D expenses (e.g., Emrosi pre-approval costs), and amortization/impairments of acquired intangible assets[20](index=20&type=chunk) [Reconciliation of GAAP to Non-GAAP Adjusted EBITDA](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Adjusted%20EBITDA) Q2 2025 GAAP Net Loss of $(3.80) million adjusted to a Non-GAAP Adjusted EBITDA of $(0.48) million, a decrease from Q2 2024, by adding back non-cash items | Reconciliation Item (Thousands) | Q2 2025 (Thousands) | Q2 2024 (Thousands) | 6M 2025 (Thousands) | 6M 2024 (Thousands) | | :------------------------------ | :---------- | :---------- | :---------- | :---------- | | GAAP Net Loss | $(3,796) | $(3,361) | $(7,869) | $(13,803) | | Interest | $799 | $402 | $1,541 | $733 | | Taxes | $60 | $- | $60 | $- | | Amortization of acquired intangible assets | $1,064 | $814 | $2,129 | $1,629 | | EBITDA | $(1,873) | $(2,145) | $(4,139) | $(11,441) | | Share-based compensation | $1,336 | $1,674 | $2,659 | $3,080 | | Short-term R&D | $- | $742 | $39 | $8,482 | | Non-GAAP Adjusted EBITDA | $(476) | $309 | $(1,373) | $321 | | Non-GAAP Adjusted EBITDA per share (Basic) | $(0.02) | $0.02 | $(0.06) | $0.02 | Corporate Information [About Journey Medical Corporation](index=2&type=section&id=About%20Journey%20Medical%20Corporation) Journey Medical Corporation is a commercial-stage pharmaceutical company marketing eight FDA-approved prescription dermatological products, founded by Fortress Biotech - Journey Medical Corporation is a commercial-stage pharmaceutical company focused on selling and marketing FDA-approved prescription dermatological products[1](index=1&type=chunk)[8](index=8&type=chunk) - The company currently markets **eight branded FDA-approved prescription drugs** for common skin conditions[8](index=8&type=chunk) - Journey Medical is located in Scottsdale, Arizona, and was founded by Fortress Biotech, Inc. (Nasdaq: FBIO)[8](index=8&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) Forward-looking statements are subject to risks like regulatory challenges and Emrosi's commercialization, with no update obligation under the PSLRA - The press release includes forward-looking statements regarding growth strategy and product development, identified by words like 'anticipate,' 'believe,' 'expect,' and 'will'[11](index=11&type=chunk) - These statements are subject to risks and uncertainties, including regulatory hurdles, competition, market acceptance, reliance on third parties, and the successful commercialization of Emrosi[11](index=11&type=chunk) - The company disclaims any obligation to publicly update or revise forward-looking statements, claiming protection under the Private Securities Litigation Reform Act of 1995[11](index=11&type=chunk) [Conference Call and Webcast Information](index=2&type=section&id=Conference%20Call%20and%20Webcast%20Information) A conference call and webcast were held on August 12, 2025, at 4:30 p.m. ET to discuss financial results and provide a business update - A conference call and audio webcast were scheduled for August 12, 2025, at 4:30 p.m. ET[1](index=1&type=chunk)[5](index=5&type=chunk) - Participants could register online to receive dial-in numbers for the conference call[6](index=6&type=chunk) - A live audio webcast was accessible via the Investors section of Journey Medical's website and would be available for replay for approximately 30 days[7](index=7&type=chunk) [Company Contact Information](index=3&type=section&id=Company%20Contact%20Information) Contact details for investor relations (Jaclyn Jaffe) and media relations (Tony Plohoros) were provided for inquiries - Company Contact: Jaclyn Jaffe at (781) 652-4500 or ir@jmcderm.com[12](index=12&type=chunk) - Media Relations Contact: Tony Plohoros of 6 Degrees at (908) 591-2839 or tplohoros@6degreespr.com[12](index=12&type=chunk)

Core Insights - Journey Medical Corporation reported total revenues of $15.0 million for the second quarter of 2025, showing a slight increase from $14.9 million in the same quarter of the previous year [5] - Emrosi™ generated net sales of $2.8 million in its first full quarter on the market, indicating strong initial adoption and prescription ramp [2][5] - The company joined the Russell 2000® and Russell 3000® Indexes in June 2025, reflecting its growth and market presence [2][11] Financial Results - Total net product revenues for the second quarter of 2025 were $15.0 million, compared to $14.9 million in the prior year quarter [5] - Gross margin increased to 67% in Q2 2025 from 61% in Q2 2024, attributed to lower product costs and a favorable sales mix [5] - Selling, general and administrative expenses rose to $11.9 million in Q2 2025, up from $10.3 million in Q2 2024, primarily due to costs associated with the Emrosi launch [5] - The net loss for the second quarter was $3.8 million, or $(0.16) per share, compared to a net loss of $3.4 million, or $(0.17) per share, in the prior year [5][16] - At the end of Q2 2025, the company had $20.3 million in cash and cash equivalents, unchanged from December 31, 2024 [5] Recent Corporate Highlights - In July 2025, Journey Medical expanded payer access for Emrosi to over 100 million commercial lives in the U.S., up from 54 million in May 2025 [4] - The full commercial launch of Emrosi began on April 7, 2025, and has shown strong traction in the market [4] - Emrosi was featured in a segment on "The Balancing Act®" on Lifetime TV, highlighting treatment options for managing rosacea [11]

Core Insights - The Medical sector is showing strong performance as the earnings season concludes, particularly among large biotech companies which have reported positive second-quarter results [1][2][9] Company Performance - Gilead Sciences, Inc. reported better-than-expected second-quarter results and raised its annual guidance [2] - Amgen's second-quarter results exceeded expectations in both earnings and sales, leading to an increased revenue and earnings outlook for 2025 [2] - Regeneron also surpassed earnings and sales estimates, achieving year-over-year revenue growth despite a decline in sales of its leading drug Eylea [2] - Biogen's second-quarter results were strong, with both top and bottom-line figures beating estimates, prompting an increase in its full-year guidance [2] Earnings Expectations - Several biotech companies are expected to report earnings surprises, with a focus on three specific companies: Zevra Therapeutics, Inovio Pharmaceuticals, and Journey Medical Corporation [3][9] - The Earnings ESP methodology indicates that stocks with a positive Earnings ESP and a favorable Zacks Rank have a high chance of delivering earnings surprises [4][5] Company Highlights - **Zevra Therapeutics (ZVRA)**: Focused on therapies for rare diseases, with a strong initial uptake of its FDA-approved treatment for Niemann-Pick disease type C. ZVRA has an Earnings ESP of +58.04% and is scheduled to report on August 12, 2025 [6][7] - **Inovio Pharmaceuticals (INO)**: A clinical-stage company developing DNA medicines, with a lead candidate for treating recurrent respiratory papillomatosis. INO has an Earnings ESP of +10.76% and is also set to report on August 12, 2025 [8][10] - **Journey Medical Corporation (DERM)**: Focuses on dermatological treatments and has seen a strong start for its new oral rosacea treatment. DERM has an Earnings ESP of +14.29% and is scheduled to report on August 12, 2025 [11][12]