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Journey Medical Corporation (DERM) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in net product revenue to $55.1 million from $59.7 million in the previous year. This decline is attributed to higher rebate costs and lower unit volumes, particularly from legacy products facing generic competition.
Operating expenses for the year totaled $69.8 million, down from $81.3 million in 2023, primarily due to reduced selling, general, and administrative expenses.
The company reported a net loss of $14.7 million for 2024, compared to a net loss of $3.9 million in the previous year. The increased loss is primarily due to higher research and development expenses related to the FDA approval of Emrosi.
Journey Medical Corporation received FDA approval for Emrosi (Minocycline Hydrochloride Extended Release Capsules) on November 1, 2024, for the treatment of inflammatory lesions of rosacea in adults.
The company entered into a Credit Agreement with SWK Funding LLC, providing a term loan facility of up to $25.0 million, with $20.0 million drawn as of December 31, 2024.
Journey Medical Corporation also entered into a new license agreement with Maruho Co., Ltd., granting exclusive rights to Qbrexza in several Asian territories, resulting in a $19.0 million upfront payment.
The company disclosed a cybersecurity incident from 2021, which led to a recovery of $4.6 million in December 2024.
Journey Medical Corporation continues to focus on expanding its product portfolio and exploring licensing opportunities to enhance its capital structure.
The company acknowledges substantial doubt about its ability to continue as a going concern due to recurring losses, primarily from the development of Emrosi.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Journey Medical Corporation annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.