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
third quarter ended September 30, 2023.
Claude Maraoui, Journey Medical’s Co-Founder,
President and Chief Executive Officer, said, “In the third quarter
of 2023, our total net revenues, which included the Maruho Co.,
Ltd. (“Maruho”) out-licensing upfront payment, were $34.5 million,
a 101% increase from $17.2 million in the second quarter, and a
114% increase from $16.1 million in the third quarter of 2022. We
are also extremely pleased with the positive topline results from
our two Phase 3 clinical trials evaluating DFD-29 for the treatment
of rosacea. We expect to submit a New Drug Application (“NDA”) to
the FDA for DFD-29 around year-end.”
Financial
Results:
- Total net
revenues in the third quarter of 2023 were $34.5 million, an
increase of $18.4 million, or 114%, compared to the third quarter
of 2022. The increase is due to the Company’s entry into a new
license agreement with Maruho resulting in $19.0 million of revenue
during the third quarter.
- Cost of goods
sold decreased by $0.8 million, or 11%, to $6.4 million for the
three-month period ended September 30, 2023, from $7.2 million for
the three-month period ended September 30, 2022. The decrease is
primarily due to the contractual reduction in our Qbrexza® royalty
from period-to-period.
- Selling, general and administrative
expenses (“SG&A”) decreased by $7.0 million, or 45%, to $8.6
million for the third quarter of 2023, from $15.6 million for the
third quarter 2022. The decrease is mainly attributable to the
Company’s expense reduction efforts, primarily in sales and
marketing and other SG&A areas. The impact of the cost
reduction initiatives is expected to result in a reduction of
greater than $17.0 million of annual SG&A expenses in 2023,
surpassing our earlier target of $12.0 million.
- Research and Development
(“R&D”) expenses decreased by $0.6 million, or 21%, to $2.2
million for the third quarter of 2023, from $2.8 million for the
third quarter 2022. The decrease is related to lower clinical trial
expenses to develop our DFD-29 product, as the two Phase 3 studies
have concluded.
- GAAP net income
was $16.8 million, or $0.91 per share basic and $0.80 per share
diluted, for the third quarter of 2023, compared to GAAP net loss
of $(10.1) million, or $(0.57) per share basic and diluted, for the
third quarter of 2022.
- The Company’s non-GAAP results in
the table below reflect Adjusted EBITDA of $20.8 million, or $1.13
per share basic and $0.99 per share diluted, for the third quarter
of 2023, compared to Adjusted EBITDA of $(4.0 million), or $(0.23)
per share basic and diluted for the third quarter of 2022. Adjusted
EBITDA and 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 September 30,
2023, the Company had $24.8 million in cash and cash equivalents,
compared to $32.0 million in cash and cash equivalents as of
December 31, 2022.
- In July 2023,
the Company voluntarily repaid the entire $10.0 million outstanding
term loan. The repayment satisfied all of the Company’s outstanding
debt obligations under its debt facility. The Company therefore has
no further debt obligations.
Recent Corporate
Highlights:
- The Company is pleased to announce
results from the Phase 3 studies (MVOR-1 & MVOR-2) for DFD-29
on a secondary endpoint related to erythema (redness) assessment.
DFD-29 showed significantly superior reduction in Clinicians
Erythema Assessment (CEA) compared to placebo in both MVOR-1 and
MVOR-2 clinical trials. Srinivas Sidgiddi, M.D., Vice President,
Research & Development of Journey Medical, said, “Erythema is
an important sign of rosacea severity and the beneficial effect of
DFD-29 on erythema is very relevant to rosacea treatment. Also,
erythema improvement is likely to be a significant differentiator
for DFD-29 over the current standard of care.”
CEA Results from MVOR-1 and MVOR-2
Proportion of Subjects with at Least a 2-Grade Reduction in
CEA |
STUDY |
DFD-29 (40 mg) |
Placebo |
Difference (95% CI) |
P-values |
MVOR-1 |
39/122 (31.7%) |
11/80 (13.8%) |
18.1% (7.32%, 28.96%) |
0.006 |
MVOR-2 |
30/123 (24.5%) |
10/82 (12%) |
13.9% (3.71%, 23.99%) |
0.023 |
- In October 2023, Journey Medical
had a productive pre-NDA meeting with the FDA for DFD-29
(Minocycline Hydrochloride Modified Release Capsules, 40 mg) to
treat rosacea in adults. The Company expects to provide an update
following receipt of the meeting minutes.
- In October 2023, Journey Medical
announced data from a comparative bioavailability (bridging) study
of DFD-29 (40 mg) vs. Solodyn® (Minocycline Hydrochloride
Extended-Release Tablets, 105 mg), which were presented at the 43rd
Annual Fall Clinical Dermatology Conference. The data demonstrated
systemic exposure of DFD-29 was significantly lower than that of
Solodyn (105 mg), and no significant safety issues were noted for
DFD-29.
- In September 2023, Journey Medical
entered into an exclusive license agreement with Maruho, a Japanese
company specializing in dermatology as well as Journey Medical’s
exclusive licensing partner that developed and is commercializing
Qbrexza® (Rapifort®) in Japan. Under the terms of the Agreement,
Journey Medical received a $19.0 million nonrefundable upfront
payment and granted Maruho an exclusive license to develop and
commercialize Qbrexza (Rapifort / DRM04 / glycopyrronium tosylate
hydrate) for the treatment of hyperhidrosis in South Korea, Taiwan,
Hong Kong, Macau, Thailand, Indonesia, Malaysia, Philippines,
Singapore, Vietnam, Brunei, Cambodia, Myanmar and Laos (the
“Territory”). Maruho is responsible for all development and
commercialization costs for the program throughout the
Territory.
- In July 2023, Journey Medical
announced positive topline data from its two DFD-29 Phase 3
clinical trials for the treatment of rosacea. 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® 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 FDA for DFD-29 around the end of 2023 and
anticipates potential approval from the FDA in the fourth quarter
of 2024.
Conference Call
and Webcast
InformationJourney Medical management will conduct
a conference call and audio webcast on Tuesday, November 7, 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/10183424/fab4c8de00. 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 two 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) |
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
24,749 |
|
|
$ |
32,003 |
|
Accounts receivable, net of reserves |
|
7,989 |
|
|
|
28,208 |
|
Inventory |
|
11,024 |
|
|
|
14,159 |
|
Prepaid expenses and other current assets |
|
924 |
|
|
|
3,309 |
|
Total
current assets |
|
44,686 |
|
|
|
77,679 |
|
|
|
|
|
Intangible assets, net |
|
21,102 |
|
|
|
27,197 |
|
Operating lease right-of-use asset, net |
|
124 |
|
|
|
189 |
|
Other assets |
|
6 |
|
|
|
95 |
|
Total assets |
$ |
65,918 |
|
|
$ |
105,160 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
$ |
28,164 |
|
|
$ |
36,570 |
|
Due to related party |
|
1,093 |
|
|
|
413 |
|
Accrued expenses |
|
16,026 |
|
|
|
19,388 |
|
Accrued interest |
|
- |
|
|
|
160 |
|
Income taxes payable |
|
130 |
|
|
|
35 |
|
Line of credit |
|
- |
|
|
|
2,948 |
|
Deferred cash payment (net of discount of $9) |
|
- |
|
|
|
4,991 |
|
Installment payments – licenses, short-term |
|
3,000 |
|
|
|
2,244 |
|
Operating lease liability, short-term |
|
97 |
|
|
|
83 |
|
Total
current liabilities |
|
48,510 |
|
|
|
66,832 |
|
|
|
|
|
Term loan,
long-term (net of debt discount of $174) |
|
- |
|
|
|
19,826 |
|
Installment
payments – licenses, long-term |
|
- |
|
|
|
1,412 |
|
Operating
lease liability, long-term |
|
34 |
|
|
|
108 |
|
Total liabilities |
|
48,544 |
|
|
|
88,178 |
|
|
|
|
|
Stockholders' equity |
|
|
|
Common stock, $.0001 par value, 50,000,000 shares authorized,
12,496,782 and 11,765,700 shares issued and outstanding as of
September 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 September
30, 2023 and December 31, 2022 |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
87,584 |
|
|
|
85,482 |
|
Accumulated deficit |
|
(70,212 |
) |
|
|
(68,502 |
) |
Total stockholders' equity |
|
17,374 |
|
|
|
16,982 |
|
Total liabilities and stockholders' equity |
$ |
65,918 |
|
|
$ |
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 |
|
|
Nine-Month
Periods Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product revenue, net |
$ |
15,279 |
|
|
$ |
16,043 |
|
|
$ |
44,405 |
|
|
$ |
55,074 |
|
Other revenue |
|
19,260 |
|
|
|
73 |
|
|
|
19,519 |
|
|
|
2,629 |
|
Total
revenue |
|
34,539 |
|
|
|
16,116 |
|
|
|
63,924 |
|
|
|
57,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold – product revenue |
|
6,429 |
|
|
|
7,221 |
|
|
|
20,645 |
|
|
|
23,057 |
|
Research and development |
|
2,229 |
|
|
|
2,812 |
|
|
|
6,036 |
|
|
|
6,687 |
|
Selling, general and administrative |
|
8,636 |
|
|
|
15,575 |
|
|
|
34,069 |
|
|
|
45,481 |
|
Loss on impairment of intangible assets |
|
- |
|
|
|
- |
|
|
|
3,143 |
|
|
|
- |
|
Total
operating expenses |
|
17,294 |
|
|
|
25,608 |
|
|
|
63,893 |
|
|
|
75,225 |
|
Income
(loss) from operations |
|
17,245 |
|
|
|
(9,492 |
) |
|
|
31 |
|
|
|
(17,522 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income) |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
(8 |
) |
|
|
(3 |
) |
|
|
(209 |
) |
|
|
(10 |
) |
Interest expense |
|
268 |
|
|
|
559 |
|
|
|
1,674 |
|
|
|
1,402 |
|
Foreign exchange transaction losses |
|
101 |
|
|
|
22 |
|
|
|
181 |
|
|
|
22 |
|
Total other
expense (income) |
|
361 |
|
|
|
578 |
|
|
|
1,646 |
|
|
|
1,414 |
|
Income (loss) before income taxes |
|
16,884 |
|
|
|
(10,070 |
) |
|
|
(1,615 |
) |
|
|
(18,936 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
95 |
|
|
|
10 |
|
|
|
95 |
|
|
|
50 |
|
Net
income (loss) |
$ |
16,789 |
|
|
$ |
(10,080 |
) |
|
$ |
(1,710 |
) |
|
$ |
(18,986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.91 |
|
|
$ |
(0.57 |
) |
|
$ |
(0.09 |
) |
|
$ |
(1.09 |
) |
Diluted |
|
0.80 |
|
|
|
(0.57 |
) |
|
|
(0.09 |
) |
|
|
(1.09 |
) |
Weighted average number of common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
18,416,368 |
|
|
|
17,618,064 |
|
|
|
18,078,437 |
|
|
|
17,464,561 |
|
Diluted |
|
21,034,758 |
|
|
|
17,618,064 |
|
|
|
18,078,437 |
|
|
|
17,464,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The weighted average number of common shares
Basic in the above table is used to calculate both basic and
diluted loss per share for the three and nine-month periods ended
September 30, 2022, and basic and diluted loss per share for the
nine-month period ended September 30, 2023, as the net loss for
these periods is antidilutive and the effect would be to reduce the
loss per share.
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 periods ended September 30, |
|
|
Nine-month periods ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
|
2022 |
|
GAAP Net Income (Loss) |
|
$ |
16,789 |
|
|
$ |
(10,080 |
) |
|
|
$ |
(1,710 |
) |
|
|
$ |
(18,986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
|
|
|
Interest |
|
|
260 |
|
|
|
556 |
|
|
|
|
1,465 |
|
|
|
|
1,392 |
|
Taxes |
|
|
95 |
|
|
|
10 |
|
|
|
|
95 |
|
|
|
|
50 |
|
Depreciation |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Amortization of acquired intangible assets |
|
|
814 |
|
|
|
1,016 |
|
|
|
|
2,952 |
|
|
|
|
3,050 |
|
EBITDA |
|
|
17,958 |
|
|
|
(8,498 |
) |
|
|
|
2,802 |
|
|
|
|
(14,494 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
558 |
|
|
|
1,438 |
|
|
|
|
2,077 |
|
|
|
|
2,985 |
|
Loss on impairment of intangible assets |
|
|
- |
|
|
|
- |
|
|
|
|
3,143 |
|
|
|
|
- |
|
Inventory step-up expense |
|
|
- |
|
|
|
214 |
|
|
|
|
- |
|
|
|
|
525 |
|
Non-core & short-term R&D |
|
|
2,206 |
|
|
|
2,778 |
|
|
|
|
5,949 |
|
|
|
|
6,653 |
|
Foreign exchange transaction losses |
|
|
100 |
|
|
|
22 |
|
|
|
|
181 |
|
|
|
|
22 |
|
Severance |
|
|
- |
|
|
|
27 |
|
|
|
|
711 |
|
|
|
|
27 |
|
Non-GAAP Adjusted EBITDA |
|
$ |
20,822 |
|
|
$ |
(4,019 |
) |
|
|
$ |
14,863 |
|
|
|
$ |
(4,282 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income (Loss) |
|
$ |
0.91 |
|
|
$ |
(0.57 |
) |
|
|
$ |
(0.09 |
) |
|
|
$ |
(1.09 |
) |
Non-GAAP Net Income (Loss) |
|
$ |
1.13 |
|
|
$ |
(0.23 |
) |
|
|
$ |
0.82 |
|
|
|
$ |
(0.25 |
) |
Diluted |
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income (Loss) |
|
$ |
0.80 |
|
|
$ |
(0.57 |
) |
|
|
$ |
(0.09 |
) |
|
|
$ |
(1.09 |
) |
Non-GAAP Net Income (Loss) |
|
$ |
0.99 |
|
|
$ |
(0.23 |
) |
|
|
$ |
0.72 |
|
|
|
$ |
(0.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
18,416,368 |
|
|
|
17,618,064 |
|
|
|
|
18,078,437 |
|
|
|
|
17,464,561 |
|
Diluted |
|
|
21,034,758 |
|
|
|
17,618,064 |
|
|
|
|
20,588,661 |
|
|
|
|
17,464,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The weighted average number of common shares
Basic in the above table is used to calculate both GAAP and
Non-GAAP basic and diluted loss per share for the three and
nine-month periods ended September 30, 2022, and GAAP basic and
diluted loss per share for the nine-month period ended September
30, 2023, as the net loss for these periods is antidilutive and the
effect would be to reduce the loss per share.
Journey Medical (NASDAQ:DERM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Journey Medical (NASDAQ:DERM)
Historical Stock Chart
From Jul 2023 to Jul 2024