Summers Value Partners’ Update on Journey Medical (DERM)

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]