Core Insights - Journey Medical Corporation reported third quarter 2025 net revenues of $17.6 million, a 21% increase year-over-year from $14.6 million in Q3 2024, driven by the commercial launch of Emrosi™ [3][6] - Emrosi™ total prescriptions surged by 146% compared to the second quarter of 2025, generating $4.9 million in net revenues for the third quarter [1][3] - The company anticipates significant operating leverage from the growth of Emrosi and its established dermatology commercial infrastructure [3] Financial Results - Gross margin improved to 67.4% in Q3 2025, compared to 69.4% in Q3 2024, influenced by higher revenues from Emrosi and Qbrexza, despite a favorable one-time adjustment in the previous year [6] - Selling, general and administrative (SG&A) expenses rose to $12.1 million in Q3 2025, a 6% increase from $11.4 million in Q3 2024, primarily due to operational activities related to Emrosi's launch [6] - The net loss for Q3 2025 was $2.3 million, slightly improved from a net loss of $2.4 million in Q3 2024, translating to $(0.09) per share [6][17] Recent Corporate Highlights - Emrosi's clinical differentiation was validated through a pooled Phase 3 efficacy analysis, showing statistically significant superiority over Oracea® and placebo [3][12] - The company expanded payer access for Emrosi to over 100 million commercial lives in the U.S. as of July 2025, up from 54 million in May 2025 [12] - Journey Medical's cash and cash equivalents increased to $24.9 million as of September 30, 2025, compared to $20.3 million at the end of 2024 [6]

Core Viewpoint - Journey Medical Corporation is set to release its third quarter 2025 financial results on November 12, 2025, after U.S. financial markets close, followed by a conference call at 4:30 p.m. ET [1] Company Overview - Journey Medical Corporation is a commercial-stage pharmaceutical company focused on selling and marketing FDA-approved prescription products for dermatological conditions [4] - The company currently markets eight branded FDA-approved prescription drugs aimed at treating common skin conditions [4] - Founded by Fortress Biotech, Inc., Journey Medical is located in Scottsdale, Arizona, and is registered under the Securities Exchange Act of 1934, filing periodic reports with the SEC [4] Conference Call Details - Interested parties can listen to the conference call by dialing specific numbers for domestic and international participants, with a recommendation to join approximately 10 minutes prior to the start time [2] - A live audio webcast will be available on the company's website and will remain accessible for replay for about 30 days after the call [3]

Core Insights - Journey Medical Corporation presented efficacy data for DFD-29 (Emrosi) at the 2025 Fall Clinical Dermatology Conference, demonstrating its superiority over both placebo and Oracea in treating inflammatory lesions of rosacea [1][2][3] Company Overview - Journey Medical Corporation is a commercial-stage pharmaceutical company focused on marketing FDA-approved prescription products for dermatological conditions, currently marketing eight branded drugs [11] Clinical Trial Results - In the Phase 3 trials, 62.7% of subjects treated with DFD-29 achieved IGA treatment success, compared to 39.0% for Oracea and 28.2% for placebo, with all comparisons showing statistical significance (p<0.001) [3][4][6] - The mean reduction in inflammatory lesions for DFD-29 was 19.2, compared to 14.8 for Oracea and 11.3 for placebo, also statistically significant (p<0.001) [3][4][6] Market Position - The results from the Phase 3 trials reinforce Emrosi's efficacy and safety profile, positioning it as a significant treatment option in the growing dermatology market [2][6] - The company aims to expand Emrosi's reach, believing it has the potential to become the standard of care for rosacea [2]

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 October 2025, indicating active engagement with the investment community [1][2] Event Details - The 4th Annual ROTH Healthcare Opportunities Conference will take place on October 9, 2025, in New York City, featuring 1x1 meetings [2] - The ThinkEquity Conference is scheduled for October 30, 2025, also in New York City, and will include presentations and 1x1 meetings [2] Company Overview - Journey Medical 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]

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]