Journey Medical Corp 2025年度季度报告

JOURNEY MEDICAL CORPORATIONQuarterly Report on Form10-Q TABLE OF CONTENTS FINANCIAL INFORMATION PARTI. Item1.Condensed Consolidated Financial Statements (unaudited)Item2.Management’s Discussion and Analysis of Financial Condition and Results ofOperationsItem3.Quantitative and Qualitative Disclosures About Market RiskItem4.Controls and Procedures PARTII.OTHER INFORMATIONItem1.Legal Proceedings24Item1A.Risk Factors24Item2.Unregistered Sales of Equity Securities and Use of Proceeds25Item3.Defaults Upon Senior Securities25Item4.Mine Safety Disclosures25Item5.Other Information25Item6.Exhibits27 SIGNATURES PARTI.FINANCIAL INFORMATION JOURNEY MEDICAL CORPORATIONUnaudited Condensed Consolidated Balance Sheets Stockholders’ equityCommon stock, $.0001par value,50,000,000shares authorized,17,104,437and16,153,610shares issued and outstanding as of March 31, 2025 and December 31,2024, respectively11Common stock - Class A, $.0001par value,50,000,000shares authorized,6,000,000shares issued and outstanding as of March 31, 2025 and December 31,202411 JOURNEY MEDICAL CORPORATIONUnaudited Condensed Consolidated Statements of Operations JOURNEY MEDICAL CORPORATIONUnaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity(Dollars in thousands except for share and per share amounts) JOURNEY MEDICAL CORPORATIONUnaudited Condensed Consolidated Statements of Cash Flows JOURNEY MEDICAL CORPORATIONNotesto Unaudited Condensed Consolidated Financial Statements NOTE1. ORGANIZATION AND PLAN OF BUSINESS OPERATIONS Journey Medical Corporation (“Journey” or the “Company”) is a commercial-stage pharmaceutical company thatprimarily focuses on the selling and marketing of U.S. Food and Drug Administration (“FDA”) approvedprescription pharmaceutical products for the treatment of dermatological conditions. The Company’s currentproductportfolio includes eight FDA-approved prescription drugs for dermatological conditions that are As of March 31, 2025 and December31, 2024, the Company is a majority-owned subsidiary of FortressBiotech,Inc. (“Fortress” or “Parent”). Liquidity and Capital Resources At March 31, 2025, the Company had $21.1million in cash and cash equivalents as compared to $20.3million ofcash and cash equivalents at December 31, 2024, and working capital of $13.8million at March 31, 2025, as The Company relies primarily on cash on hand generated from sales of its pharmaceutical products to customersto fund its core operations. In addition, the Company has relied on the proceeds from its term loan Credit Facility(as defined below) with SWK Funding LLC (“SWK”), and its at-the-market sales program with B. Riley to meet The Company regularly evaluates market conditions, its liquidity profile, and financing alternatives, includingout-licensing arrangements for its products, to enhance its capital structure. The Company may seek to raisecapital through debt or equity financings to expand its product portfolio and for other strategic initiatives, whichmay include sales of securities under either the Company’s shelf registration statement on Form S-3 (File No. 333 The accompanying financial statements have been prepared on a going concern basis, which contemplates therealization of assets and satisfaction of liabilities in the ordinary course of business. However, as a result ofrecurring losses, primarily a result of the research and development costs associated with Emrosi, substantialdoubt exists about the Company’s ability to continue as a going concern for a period of at least twelve months NOTE2. BASIS OF PRESENTATION Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements have been prepared in conformity with accounting principlesgenerally accepted in the United States of America (“GAAP”). The Company’s consolidated financial statements Reclassification Certain prior period amounts have been reclassified to conform to the current period classification. The Companyhas historically included amortization of acquired intangible assets within costs of goods sold on the consolidatedstatement of operations. For the three months ended March 31, 2025 and 2024, “Costs of goods sold – productrevenue” as presented in the consolidated statement of operations was disaggregated into “Costs of goods sold – Emerging Growth Company From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board(“FASB”) or other standard-setting bodies and adopted by the Company as of the specified effective date. Unlessotherwise discussed, the impact of recently issued standards that are not yet effective will not have a materialimpact on the Company’s audited consolidated financial statements upon adoption. Under the Jumpstart Our Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to makeestimates and assumptions that affect the reported amounts of assets and liabilities and