Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical” or
“the Company”), a commercial-stage pharmaceutical company that
primarily focuses on the selling and marketing of U.S. Food and
Drug Administration (“FDA”) approved prescription pharmaceutical
products for the treatment of dermatological conditions, today
announced financial results and recent corporate highlights for the
second quarter ended June 30, 2023.
Claude Maraoui, Journey Medical’s Co-Founder,
President and Chief Executive Officer, said, “In the second quarter
of 2023, our total net revenues were $17.2 million, a 41% increase
from $12.2 million in the first quarter. We are also extremely
pleased with the positive topline results from our two Phase 3
clinical trials evaluating DFD-29 for the treatment of
papulopustular rosacea (“PPR”). We expect to submit a New Drug
Application (“NDA”) to the FDA for DFD-29 in the second half of
2023 and look forward to continued revenue growth during the
remainder of this year.”
Neal Bhatia, M.D., Director of Clinical
Dermatology at Therapeutics Clinical Research, San Diego, CA and
investigator from the DFD-29 Phase 3 clinical trials, stated,
“DFD-29, a low dose oral minocycline, has demonstrated superior
efficacy to Oracea® 40 mg, in the Phase 3 clinical trials in
patients with papulopustular rosacea. If approved, these results
are likely to position DFD-29 as a well-differentiated therapeutic
in the dermatologist’s armamentarium for this indication. Patients
with rosacea feel the need for a safe and highly effective oral
treatment to avoid the local irritation from topical treatments.
Dermatologists will be at ease using the lowest dose
minocycline available, for the longer term given its potential
for improved safety and the sub antimicrobial data.”
Journey Medical’s Vice President of R&D,
Srinivas Sidgiddi, M.D., who has led this development program from
inception, added, “Both Phase 3 trials achieved their co-primary
and all secondary endpoints, and DFD-29 demonstrated statistical
superiority over both placebo and the current standard of care,
Oracea 40 mg. These results demonstrate the potential for DFD-29,
if approved, to be the best-in-class systemic therapy in the
treatment of rosacea. DFD-29 has the potential to address the large
unmet need for safe and efficacious therapies that address the
inflammatory lesions and the redness of rosacea.”
Financial Results:
- Total net revenues in the second
quarter of 2023 were $17.2 million, a decrease of $1.1 million
compared to the second quarter of 2022. The decrease is primarily
due to lower unit volumes from the Company’s legacy products,
Targadox®, Ximino® and Exelderm® substantially driven by continued
generic competition for Targadox. The results were offset by an
increase in net product revenues from the Company’s four core
products, Qbrexza®, Accutane®, Amzeeq® and Zilxi® due to increased
unit volumes as a result of the Company’s focused sales and
marketing emphasis on these products, which lead to 19% growth
year-over-year and now reflect approximately 92%, or $15.6 million,
of the Company’s total net product revenue for second quarter of
2023.
- Selling, general and administrative
expenses (“SG&A”) decreased by $3.0 million, or 20%, to $12.1
million for the second quarter 2023, from $15.2 million for the
second quarter 2022. The decrease is mainly attributable to the
Company’s expense reduction efforts, primarily in sales and
marketing and other SG&A areas. During Q4 2022, the Company
implemented a cost reduction initiative designed to improve
operational efficiencies, optimize expenses and reduce overall
costs. The initiative is intended to reduce SG&A expenses to
better align costs with revenues being generated. In connection
with the cost reduction initiative, the Company pivoted to focus on
its four core products, allowing it to minimize overall headcount
including its sales force along with implemented marketing and
other cost cuts. The impact of the cost reduction initiatives is
expected to result in a reduction of greater than $12.0 million of
annual SG&A expenses.
- Research and Development
(“R&D”) expenses decreased by $0.8 million, or 32%, to $1.8
million for the second quarter 2023, from $2.6 million for second
quarter 2022. The decrease is related to lower clinical trial
expenses, as the two Phase 3 studies have
concluded.
- The Company recorded a non-cash
loss on the impairment of the Ximino intangible asset of $3.1
million in the second quarter 2023. During the six months ended
June 30, 2023, the Company experienced lower net product revenues
and gross profit levels for its Ximino product.
- GAAP net loss was $8.4 million, or
$0.46 per share basic and diluted, for the second quarter of 2023,
compared to a GAAP net loss of $10.1 million, or $0.57 per share
basic and diluted, for the first quarter of 2023 and $7.5 million,
or $0.43 per share basic and diluted, for the second quarter of
2022.
- The Company’s
non-GAAP results in the table below reflect Adjusted EBITDA of
$(0.6 million), or $(0.04) per share basic and diluted, for the
second quarter of 2023, compared to Adjusted EBITDA of $(5.3
million), or $(0.30) per share basic and diluted, for the first
quarter of 2023 and Adjusted EBITDA of $(2.6 million), or
$(0.15) per share basic and diluted for the second quarter of 2022.
Adjusted EBITDA, Adjusted EBITDA per share basic and diluted are
non-GAAP financial measures, each of which are reconciled to the
most directly comparable financial measures calculated in
accordance with GAAP below under “Use of Non-GAAP Measures.”
- At June 30, 2023,
the Company had $17.0 million in cash and cash equivalents
including $8.75 million of restricted cash as compared to $26.1
million of cash and cash equivalents and $8.75 million of
restricted cash at March 31, 2023 and $32.0 million in cash and
cash equivalents as of December 31, 2022. The decrease in cash from
the first quarter was primarily a result of $13.0 million in
repayments on our EWB debt facility. Subsequently, in July 2023,
the Company voluntarily paid-off the entire $10.0 million
outstanding EWB term loan. The Company no longer has any
outstanding bank debt.
Recent Corporate
Highlights:
- In July 2023, Journey Medical
announced positive topline data from its two DFD-29 Phase 3
clinical trials for the treatment of PPR. The Phase 3 clinical
trials achieved the co-primary and all secondary endpoints and
subjects completed the 16-week treatment with no significant safety
issues. DFD-29 demonstrated statistical superiority over both the
standard of care Oracea capsules and placebo for Investigator’s
Global Assessment treatment success and the reduction in the total
inflammatory lesion count in both studies. Journey Medical plans to
file an NDA to the U.S. Food and Drug Administration for DFD-29 in
the second half of 2023 and expects potential approval from the FDA
in the second half of 2024.
Summary Topline Results from MVOR-1 and
MVOR-2
|
MVOR-1 |
MVOR-2 |
IGA Successat Week 16 |
InflammatoryLesion Changeat Week 16 |
IGA Successat Week 16 |
InflammatoryLesion Changeat Week 16 |
DFD-29 (40 mg) |
65.0% |
-21.3 |
60.1% |
-18.4 |
Oracea (40 mg) |
46.1% |
-15.9 |
31.4% |
-14.9 |
Placebo |
31.2% |
-12.2 |
26.8% |
-11.1 |
P-value: DFD-29 versus Oracea |
P=0.014 |
P<0.001 |
P<0.001 |
P<0.001 |
P-value: DFD-29 versus Placebo |
P<0.001 |
P<0.001 |
P<0.001 |
P<0.001 |
|
|
|
|
|
- In June 2023, Journey Medical
announced positive Phase 1 clinical trial data assessing the impact
of DFD-29 on the microbial flora of healthy adults. Results
indicated that DFD-29 can be safely used for up to 16 weeks with no
significant risk of microbiota suppression or development of
resistance.
Conference Call and Webcast
InformationJourney Medical management will conduct a
conference call and audio webcast on Tuesday, August 8, 2023, at
4:30 p.m. ET.
To listen to the conference call, interested
parties within the U.S. should dial 1-866-777-2509 (domestic) or
1-412-317-5413 (international). All callers should dial in
approximately 10 minutes prior to the scheduled start time and ask
to be joined into the Journey Medical conference call. Participants
can register for the conference here:
https://dpregister.com/sreg/10181142/f9fee9e324.
Please note that registered participants will receive their dial-in
number upon registration.
A live audio webcast can be accessed on the News
and Events page of the Investors section of Journey Medical’s
website, www.journeymedicalcorp.com, and will remain available for
replay for approximately 30 days after the meeting.
About Journey Medical
CorporationJourney Medical Corporation (Nasdaq: DERM)
(“Journey Medical”) is a commercial-stage pharmaceutical company
that primarily focuses on the selling and marketing of U.S. Food
and Drug Administration-approved prescription pharmaceutical
products for the treatment of dermatological conditions through its
efficient sales and marketing model. The company currently markets
eight branded and three generic products that help treat and heal
common skin conditions. The Journey Medical team comprises industry
experts with extensive experience in developing and commercializing
some of dermatology’s most successful prescription brands. Journey
Medical is located in Scottsdale, Arizona and was founded by
Fortress Biotech, Inc. (Nasdaq: FBIO). Journey Medical’s common
stock is registered under the Securities Exchange Act of 1934, as
amended, and it files periodic reports with the U.S. Securities and
Exchange Commission (“SEC”). For additional information about
Journey Medical, visit www.journeymedicalcorp.com.
Forward-Looking StatementsThis
press release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
As used below and throughout this press release, the words “the
Company”, “we”, “us” and “our” may refer to Journey Medical. Such
statements include, but are not limited to, any statements relating
to our growth strategy and product development programs and any
other statements that are not historical facts. The words
“anticipate,” “believe,” “estimate,” “may,” “expect,” “will,”
“could,” “project,” “intend,” “potential” and similar expressions
are generally intended to identify forward-looking statements.
Forward-looking statements are based on management’s current
expectations and are subject to risks and uncertainties that could
negatively affect our business, operating results, financial
condition and stock price. Factors that could cause actual results
to differ materially from those currently anticipated include: the
fact that our products and product candidates are subject to time
and cost intensive regulation and clinical testing and as a result,
may never be successfully developed or commercialized; a
substantial portion of our sales derive from products that may
become subject to third-party generic competition, the introduction
of new competitor products, or an increase in market share of
existing competitor products, any of which could have a significant
adverse impact on our operating income; we operate in a heavily
regulated industry, and we cannot predict the impact that any
future legislation or administrative or executive action may have
on our operations; our revenue is dependent mainly upon sales of
our dermatology products and any setback relating to the sale of
such products could impair our operating results; competition could
limit our products’ commercial opportunity and profitability,
including competition from manufacturers of generic versions of our
products; the risk that our products do not achieve broad market
acceptance, including by government and third-party payors; our
reliance third parties for several aspects of our operations; our
dependence on our ability to identify, develop, and acquire or
in-license products and integrate them into our operations, at
which we may be unsuccessful; the dependence of the success of our
business, including our ability to finance our company and generate
additional revenue, on the successful development and regulatory
approval of the DFD-29 product candidate and any future product
candidates that we may develop, in-license or acquire; clinical
drug development is very expensive, time consuming, and uncertain
and our clinical trials may fail to adequately demonstrate the
safety and efficacy of our current or any future product
candidates; our competitors could develop and commercialize
products similar or identical to ours; risks related to the
protection of our intellectual property and our potential inability
to maintain sufficient patent protection for our technology and
products; our business and operations would suffer in the event of
computer system failures, cyber-attacks, or deficiencies in our or
our third parties’ cybersecurity; the substantial doubt about our
ability to continue as a going concern; the effects of major public
health issues, epidemics or pandemics on our product revenues and
any future clinical trials; our potential need to raise additional
capital; Fortress controls a voting majority of our common stock,
which could be detrimental to our other shareholders; as well as
other risks described in Part I, Item 1A, “Risk Factors,” in our
Annual Report on Form 10-K for the year ended December 31, 2022,
subsequent Reports on Form 10-Q, and our other filings we make with
the SEC. We expressly disclaim any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in our
expectations or any changes in events, conditions or circumstances
on which any such statement is based, except as may be required by
law, and we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
Company Contact:Jaclyn Jaffe
(781) 652-4500ir@jmcderm.com
Media Relations Contact:Tony
Plohoros6 Degrees(908) 591-2839tplohoros@6degreespr.com
JOURNEY
MEDICAL CORPORATION |
Unaudited
Condensed Consolidated Balance Sheets |
(Dollars in
thousands except for share and per share amounts) |
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
8,230 |
|
|
$ |
32,003 |
|
Accounts receivable, net of reserves |
|
16,737 |
|
|
|
28,208 |
|
Inventory |
|
12,166 |
|
|
|
14,159 |
|
Prepaid expenses and other current assets |
|
1,796 |
|
|
|
3,309 |
|
Restricted cash |
|
8,750 |
|
|
|
- |
|
Total
current assets |
|
47,679 |
|
|
|
77,679 |
|
|
|
|
|
Intangible assets, net |
|
21,916 |
|
|
|
27,197 |
|
Operating lease right-of-use asset, net |
|
146 |
|
|
|
189 |
|
Other assets |
|
6 |
|
|
|
95 |
|
Total assets |
$ |
69,747 |
|
|
$ |
105,160 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
$ |
31,773 |
|
|
$ |
36,570 |
|
Due to related party |
|
603 |
|
|
|
413 |
|
Accrued expenses |
|
23,329 |
|
|
|
19,388 |
|
Accrued interest |
|
83 |
|
|
|
160 |
|
Income taxes payable |
|
35 |
|
|
|
35 |
|
Line of credit |
|
- |
|
|
|
2,948 |
|
Term loan, short-term (net of discount of $58) |
|
9,942 |
|
|
|
- |
|
Deferred cash payment (net of discount of $9) |
|
- |
|
|
|
4,991 |
|
Installment payments – licenses, short-term |
|
2,333 |
|
|
|
2,244 |
|
Operating lease liability, short-term |
|
95 |
|
|
|
83 |
|
Total
current liabilities |
|
68,193 |
|
|
|
66,832 |
|
|
|
|
|
Term loan,
long-term (net of debt discount of $174) |
|
- |
|
|
|
19,826 |
|
Installment
payments – licenses, long-term |
|
1,490 |
|
|
|
1,412 |
|
Operating
lease liability, long-term |
|
59 |
|
|
|
108 |
|
Total liabilities |
|
69,742 |
|
|
|
88,178 |
|
|
|
|
|
Stockholders' equity |
|
|
|
Common stock, $.0001 par value, 50,000,000 shares authorized,
12,133,890 and 11,765,700 shares issued and outstanding as of June
30, 2023 and December 31, 2022, respectively |
|
1 |
|
|
|
1 |
|
Common stock - Class A, $.0001 par value, 50,000,000 shares
authorized, 6,000,000 shares issued and outstanding as of June 30,
2023 and December 31, 2022 |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
87,004 |
|
|
|
85,482 |
|
Accumulated deficit |
|
(87,001 |
) |
|
|
(68,502 |
) |
Total stockholders' equity |
|
5 |
|
|
|
16,982 |
|
Total liabilities and stockholders' equity |
$ |
69,747 |
|
|
$ |
105,160 |
|
|
|
|
|
JOURNEY
MEDICAL CORPORATION |
Unaudited
Condensed Consolidated Statements of Operations |
(Dollars in
thousands except for share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Month
Periods Ended |
|
|
Six-Month
Periods Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product revenue, net |
$ |
16,961 |
|
|
$ |
18,235 |
|
|
$ |
29,126 |
|
|
$ |
39,031 |
|
Other revenue |
|
211 |
|
|
|
56 |
|
|
|
259 |
|
|
|
2,556 |
|
Total
revenue |
|
17,172 |
|
|
|
18,291 |
|
|
|
29,385 |
|
|
|
41,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold – product revenue |
|
7,767 |
|
|
|
7,633 |
|
|
|
14,216 |
|
|
|
15,836 |
|
Research and development |
|
1,774 |
|
|
|
2,609 |
|
|
|
3,807 |
|
|
|
3,875 |
|
Selling, general and administrative |
|
12,141 |
|
|
|
15,191 |
|
|
|
25,433 |
|
|
|
29,906 |
|
Loss on impairment of intangible assets |
|
3,143 |
|
|
|
- |
|
|
|
3,143 |
|
|
|
- |
|
Total
operating expenses |
|
24,825 |
|
|
|
25,433 |
|
|
|
46,599 |
|
|
|
49,617 |
|
Loss from
operations |
|
(7,653 |
) |
|
|
(7,142 |
) |
|
|
(17,214 |
) |
|
|
(8,030 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income) |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
(79 |
) |
|
|
(4 |
) |
|
|
(201 |
) |
|
|
(7 |
) |
Interest expense |
|
756 |
|
|
|
454 |
|
|
|
1,406 |
|
|
|
843 |
|
Foreign exchange transaction losses |
|
33 |
|
|
|
- |
|
|
|
80 |
|
|
|
- |
|
Total other
expense (income) |
|
710 |
|
|
|
450 |
|
|
|
1,285 |
|
|
|
836 |
|
Loss
before income taxes |
|
(8,363 |
) |
|
|
(7,592 |
) |
|
|
(18,499 |
) |
|
|
(8,866 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
(benefit) expense |
|
- |
|
|
|
(64 |
) |
|
|
- |
|
|
|
40 |
|
Net
Loss |
$ |
(8,363 |
) |
|
$ |
(7,528 |
) |
|
$ |
(18,499 |
) |
|
$ |
(8,906 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.46 |
) |
|
$ |
(0.43 |
) |
|
$ |
(1.03 |
) |
|
$ |
(0.51 |
) |
Weighted average number of common shares: |
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
18,005,055 |
|
|
|
17,455,894 |
|
|
|
17,906,671 |
|
|
|
17,386,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Measures:
In addition to the GAAP financial measures, the
Company has, in this press release, included certain non-GAAP
measurements, including Adjusted EBITDA, Adjusted EBITDA per share
basic and Adjusted EBITDA per share diluted. We define Adjusted
EBITDA as net income (loss) excluding interest, taxes and
depreciation, less certain other non-cash and infrequent items not
considered to be normal, recurring operating expenses, including,
share-based compensation expense, amortization and impairment of
acquired intangible assets, inventory step-ups from the purchases
of intangibles assets and products, severance, non-core research
and development expense and foreign exchange transaction losses. In
particular, we exclude the following matters for the reasons more
fully described below:
- Share-Based
Compensation Expense: We exclude share-based compensation
from our adjusted financial results because share-based
compensation expense, which is non-cash, fluctuates from period to
period based on factors that are not within our control, such as
our stock price on the dates share-based grants are issued.
- Non-core and
Short-term Research and Development Expense: We exclude
research and development costs incurred in connection with our
DFD-29 product candidate, which is the only product in our
portfolio not currently approved for marketing and sale, because we
do not consider such costs to be normal, recurring operating
expenses that are core to our long-term strategy. Instead, our
long-term strategy is focused on the marketing and sale of acquired
and/or licensed FDA-approved dermatological products.
- Amortization
and impairments of Acquired Intangible assets: We exclude the
impact of certain amounts recorded in connection with the
acquisitions of intangible assets that are either non-cash or not
normal, recurring operating expenses due to their nature,
variability of amounts, and lack of predictability as to occurrence
and/or timing. These amounts may include non-cash items such as the
amortization of acquired intangible assets, impairments and
amortization of step-ups of acquisition accounting adjustments to
inventories.
Adjusted EBITDA per share basic and Adjusted
EBITDA per share diluted are determined by dividing the resulting
Adjusted EBITDA by the number of shares outstanding on an actual
and fully diluted basis.
Management believes use of these non-GAAP
measures provide meaningful supplemental information regarding the
Company’s performance because (i) it allows for greater
transparency with respect to key measures used by management in its
financial and operational decision-making, (ii) it excludes the
impact of non-cash or, when specified, non-recurring items that are
not directly attributable to the Company’s core operating
performance and that may obscure trends in the Company’s core
operating performance and (iii) it is used by institutional
investors and the analyst community to help analyze the Company's
results. However, Adjusted EBITDA, Adjusted EBITDA per share basic,
Adjusted EBITDA per share diluted and any other non-GAAP financial
measures should be considered as a supplement to, and not as a
substitute for, or superior to, the corresponding measures
calculated in accordance with GAAP. Further, non-GAAP financial
measures used by the Company and the manner in which they are
calculated may differ from the non-GAAP financial measures or the
calculations of the same non-GAAP financial measures used by other
companies, including the Company’s competitors.
The table below provides a reconciliation from
GAAP to non-GAAP measures:
JOURNEY
MEDICAL CORPORATION |
Reconciliation of GAAP to Non-GAAP Adjusted
EBITDA |
($ in thousands
except for share and per share amounts) |
|
|
|
|
|
|
|
|
|
Three-month period endedMarch 31, |
|
Three-month periods endedJune 30, |
|
Six-month periods endedJune 30, |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP Net Loss |
|
$ |
(10,136 |
) |
|
$ |
(8,363 |
) |
|
$ |
(7,528 |
) |
|
$ |
(18,499 |
) |
|
$ |
(8,906 |
) |
|
|
|
|
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
528 |
|
|
|
677 |
|
|
|
450 |
|
|
|
1,205 |
|
|
|
836 |
|
Taxes |
|
|
- |
|
|
|
- |
|
|
|
(64 |
) |
|
|
- |
|
|
|
40 |
|
Depreciation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of acquired intangible assets |
|
|
1,069 |
|
|
|
1,069 |
|
|
|
1,017 |
|
|
|
2,138 |
|
|
|
2,034 |
|
EBITDA |
|
|
(8,539 |
) |
|
|
(6,617 |
) |
|
|
(6,125 |
) |
|
|
(15,156 |
) |
|
|
(5,996 |
) |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
Share-based
compensation |
|
|
646 |
|
|
|
873 |
|
|
|
774 |
|
|
|
1,519 |
|
|
|
1,547 |
|
Loss on
impairment of intangible assets |
|
|
- |
|
|
|
3,143 |
|
|
|
- |
|
|
|
3,143 |
|
|
|
- |
|
Inventory
step-up expense |
|
|
- |
|
|
|
- |
|
|
|
171 |
|
|
|
- |
|
|
|
311 |
|
Non-core
& short-term R&D |
|
|
1,999 |
|
|
|
1,744 |
|
|
|
2,609 |
|
|
|
3,743 |
|
|
|
3,875 |
|
Foreign
exchange transaction losses |
|
|
47 |
|
|
|
33 |
|
|
|
- |
|
|
|
80 |
|
|
|
- |
|
Severance |
|
|
526 |
|
|
|
185 |
|
|
|
- |
|
|
|
711 |
|
|
|
- |
|
Non-GAAP Adjusted EBITDA |
|
$ |
(5,321 |
) |
|
$ |
(639 |
) |
|
$ |
(2,571 |
) |
|
$ |
(5,960 |
) |
|
$ |
(263 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
loss per common share Basic and diluted : |
|
|
|
|
|
|
|
|
|
|
GAAP Net
loss |
|
$ |
(0.57 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.43 |
) |
|
$ |
(1.03 |
) |
|
$ |
(0.51 |
) |
Non-GAAP
Net loss |
|
$ |
(0.30 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares Basic and diluted : |
|
|
17,807,194 |
|
|
|
18,005,055 |
|
|
|
17,455,894 |
|
|
|
17,906,671 |
|
|
|
17,386,538 |
|
Journey Medical (NASDAQ:DERM)
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