Journey Medical Corp (DERM) Conference Transcript

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].