Journey Medical (US:DERM)2024-05-13 20:05Financial Performance - Total revenues for Q1 2024 were $13.0 million, a 7% increase from $12.2 million in Q1 2023[1] - The net loss for Q1 2024 was $10.4 million, or $(0.53) per share, compared to a net loss of $10.1 million, or $(0.57) per share, in Q1 2023[9] - GAAP net loss for the three-month period ended March 31, 2024, was $10,442,000, compared to a net loss of $10,136,000 for the same period in 2023[21] - GAAP net loss per share basic and diluted for Q1 2024 was $(0.53), consistent with $(0.57) in Q1 2023[21] Revenue Growth - Year-over-year revenue growth of flagship products Qbrexza® and Accutane® exceeded 20%[2] Expenses - Research and development costs rose to $7.9 million in Q1 2024 from $2.0 million in Q1 2023, driven by a $4.0 million FDA filing fee for DFD-29[9] - Selling, general and administrative expenses decreased by $4.9 million to $8.4 million in Q1 2024 from $13.3 million in Q1 2023[9] - Share-based compensation expense increased to $1,406,000 in Q1 2024 from $646,000 in Q1 2023[21] - Short-term research and development expenses, including one-time DFD-29 application fees and milestone payments, rose to $7,740,000 in Q1 2024 from $1,999,000 in Q1 2023[21] Cash and Assets - Cash and cash equivalents decreased to $24.1 million as of March 31, 2024, down from $27.4 million at December 31, 2023[9] - Total current assets decreased to $47.0 million as of March 31, 2024, from $56.5 million at December 31, 2023[13] - Total liabilities decreased to $53.6 million as of March 31, 2024, from $56.5 million at December 31, 2023[13] FDA and Product Development - The FDA accepted the NDA for DFD-29 in March 2024, with a PDUFA goal date set for November 4, 2024[4] - DFD-29, if approved, could be the only oral therapy for treating rosacea, representing a significant commercial opportunity[4] Non-GAAP Measures - Non-GAAP Adjusted EBITDA for the three-month period ended March 31, 2024, was $11,000, a significant improvement from a loss of $5,321,000 in the same period in 2023[21] - Non-GAAP Adjusted EBITDA per share basic and diluted for Q1 2024 was $0.00, compared to $(0.30) in Q1 2023[21] - The company emphasizes that non-GAAP measures provide meaningful supplemental information regarding performance and are used by institutional investors[18] - Management excludes non-cash and non-recurring items from Adjusted EBITDA to better reflect core operating performance[19] Long-term Strategy - The company’s long-term strategy focuses on marketing and selling FDA-approved dermatological products and out-licensing intellectual property[19]