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DERM

Journey Medical Corporation

DERM

Journey Medical Corporation • NASDAQ
$8.07 ▲ 3.07% (+0.24)
Market Cap $186.01 M
52w High $9.40
52w Low $3.54
Dividend Yield 0%
P/E -23.06
Volume 85.09K
Outstanding Shares 23.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.631M ▲ $13.405M ▲ $-2.315M ▲ -13.13% ▲ $-0.09 ▲ $-314K ▲
Q2-2025 $15.009M ▲ $11.882M ▲ $-3.796M ▲ -25.291% ▲ $-0.16 ▲ $-1.713M ▲
Q1-2025 $13.139M ▼ $11.673M ▲ $-4.073M ▼ -30.999% ▼ $-0.18 ▼ $-2.096M ▼
Q4-2024 $13.62M ▼ $9.149M ▼ $1.521M ▲ 11.167% ▲ $0.069 ▲ $3.416M ▲
Q3-2024 $14.629M $12.238M $-2.39M -16.337% $-0.12 $-795K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $24.948M ▲ $85.191M ▲ $59.293M ▼ $25.898M ▲
Q2-2025 $20.293M ▼ $81.158M ▼ $61.912M ▼ $19.246M ▼
Q1-2025 $21.07M ▲ $84.962M ▲ $63.421M ▲ $21.541M ▲
Q4-2024 $20.305M ▼ $80.241M ▲ $60.172M ▲ $20.069M ▲
Q3-2024 $22.461M $64.044M $53.118M $10.926M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-3.796M ▲ $-942K ▲ $0 $165K ▼ $-777K ▼ $-942K ▲
Q1-2025 $-4.073M ▼ $-2.832M ▼ $0 ▲ $3.597M ▼ $765K ▲ $-2.832M ▼
Q4-2024 $1.521M ▲ $2.225M ▲ $-15M ▼ $10.619M ▲ $-2.156M ▼ $2.225M ▲
Q3-2024 $-2.39M ▲ $-1.157M ▲ $0 $-294K ▼ $-1.451M ▼ $-1.157M ▲
Q2-2024 $-3.361M $-5.176M $0 $5.031M $-145K $-5.176M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Accutane
Accutane
 $0 ▲$0 ▲$0 ▲$0 ▲
Qbrexza
Qbrexza
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Amzeeq
Amzeeq
 $0 ▲$0 ▲$0 ▲$0 ▲
Zilxi
Zilxi
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been slowly building over the past several years, but still sits at a modest level for a commercial drug company. The core business appears to have gained some traction, with gross profit holding up reasonably well. That said, Journey is not yet consistently profitable. It moved from meaningful losses in the first years after IPO to roughly breakeven in 2023, then slipped back into a small loss in 2024. This pattern suggests the company is still balancing growth investments, product launches, and operating costs against a relatively small revenue base, leaving earnings sensitive to even modest changes in sales or spending.

Balance Sheet

Balance Sheet The balance sheet is fairly light, reflecting a small, focused company. Total assets have grown from early days and then leveled off, while the cash balance has drifted down from initial post‑IPO levels. Debt has crept up but does not appear outsized relative to total assets, though the company does not have a large equity cushion. Shareholders’ equity has stayed small and relatively flat, which indicates limited accumulated profits so far. Overall, the balance sheet looks adequate but not especially strong, meaning the company’s room to absorb setbacks or fund large new initiatives purely from its own resources is limited.

Cash Flow

Cash Flow Cash generation is still inconsistent. Operating cash flow has swung between slightly positive and slightly negative over the years, which is common for a young commercial-stage pharma business but shows that the company is not yet reliably self-funding. Free cash flow has generally been negative, reflecting ongoing spending on the business and modest capital needs. While capital expenditures are not heavy, the combination of thin profits and uneven operating cash flow means Journey may need to manage working capital tightly and could remain dependent on external financing or improved sales to comfortably fund growth and debt service.

Competitive Edge

Competitive Edge Journey operates in a focused niche: branded dermatology products. Its edge comes from specialized drug delivery technologies, a targeted portfolio for common skin conditions, and a sales force that concentrates on dermatologists. This focus, along with products like topical minocycline foams and an expanded acne and rosacea range, gives it a differentiated story versus purely generic competitors. However, it competes in a crowded space with much larger pharmaceutical players, faces ongoing pricing and reimbursement pressure, and depends heavily on a limited set of brands. The moat is real but narrow, built on relationships, execution, and product differentiation rather than sheer scale.

Innovation and R&D

Innovation and R&D Innovation is centered on improving how well-known dermatology drugs are delivered, rather than inventing entirely new molecules. Platforms like the foam-based MST technology and controlled‑release oral formulations aim to offer better tolerability and convenience, which can be attractive to dermatologists and patients. Recent approvals, such as Emrosi for rosacea, show the company can move assets through the regulatory process. At the same time, the pipeline beyond these lead assets looks relatively concentrated, with FCD105 as a notable but still early program. Much of future innovation may continue to come through acquiring or in‑licensing assets, which adds business development and integration risk alongside scientific and regulatory risk.

Summary

Journey Medical is a small, focused dermatology company that has gradually grown revenue and stabilized operations but has not yet established durable profitability or strong free cash flow. Its balance sheet and cash resources appear adequate for a company of its size but do not provide a large safety buffer, especially given its uneven cash generation. Competitively, Journey benefits from a clear niche, differentiated delivery technologies, and a concentrated sales push in dermatology, yet it competes against larger rivals and relies on a handful of key products and acquired franchises. Its innovation strategy—enhancing existing molecules with better delivery and selectively adding new assets—offers tangible advantages but also keeps the pipeline relatively narrow. Overall, this is a focused, execution‑sensitive story where future outcomes will depend heavily on successful commercialization of the current portfolio, careful cost control, and the ability to add new dermatology assets without overextending the balance sheet.

NEWS

November 12, 2025 · 4:01 PM UTC

Journey Medical Corporation Reports Third Quarter 2025 Financial Results and Recent Corporate Highlights

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November 5, 2025 · 8:30 AM UTC

Journey Medical Corporation to Announce Third Quarter 2025 Financial Results on November 12, 2025

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October 24, 2025 · 8:30 AM UTC

Journey Medical Corporation Reports Combined Emrosi™ (DFD-29) Phase 3 Clinical Trial Efficacy Data Analysis Presented at the 2025 Fall Clinical Dermatology Conference

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October 8, 2025 · 8:30 AM UTC

Journey Medical Corporation to Participate in October 2025 Investor Conferences

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September 3, 2025 · 8:30 AM UTC

Journey Medical Corporation to Participate in September 2025 Investor Conferences

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