Journey Medical Corp (DERM): debt financing — Journey Medical Q1 net loss $10.1M on revenue decline; DFD-29 topline expected June 2023

Journey Medical Corp

2023-Q1 EPS reported -$0.57 revenue$12,213,000

Net product revenue $12.2M, down from $20.8M YoY, due to higher gross-to-net adjustments and lower Qbrexza, Targadox, Ximino sales.
Net loss $10.1M ($0.57/share) vs. net loss $1.4M ($0.08/share) in Q1 2022; Adjusted EBITDA -$5.3M.
DFD-29 Phase 3 last patient out achieved; topline data expected June 2023; NDA filing planned H2 2023.
SG&A expenses cut to $13.3M (-10% YoY); additional annual savings >$12M vs. 2022 expected from cost reduction initiative.
Fifth Amendment to East West Bank facility: $10M term loan repaid, maturity extended to July 2024, covenants removed except minimum liquidity.

item 1.01 item 2.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Journey Medical Corp amended term loan of $20 million with East West Bank at interest-only payments maturing July 1, 2024.

Instrument: term loan
Principal: $20 million
Counterparty: East West Bank
Rate: interest-only payments
Maturity: July 1, 2024
Event: amendment

Exact text from the filing

Company. On January 12, 2022, the EWB Facility was amended to increase the borrowing capacity of the revolving line of credit to $10.0 million and add a term loan not to exceed $20.0 million. The Company subsequently borrowed the full $20 million under the term loan. On May 16, 2023, the Company entered into the Fifth Amendment to Loan and Security Agreement with EWB

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Journey Medical Corp reported first quarter ended March 31, 2023 results: revenue $12.2 million, net income $10.1 million, EPS $0.57 per share basic and diluted.

Period: first quarter ended March 31, 2023
Revenue: $12.2 million
Net income: $10.1 million
EPS: $0.57 per share basic and diluted
Result: reported results

Exact text from the filing

Total net product revenues were $12.2 million for the first quarter of 2023

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Journey Medical Corp amended Fifth Amendment to Loan and Security Agreement with East West Bank (effective 2023-05-16).

Action: amendment
Agreement: credit facility
Counterparty: East West Bank
Effective: 2023-05-16

Exact text from the filing

On May 16, 2023, the Company entered into the Fifth Amendment to Loan and Security Agreement with EWB and JGP (the "2023 Amendment").

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Journey Medical Corp filing history →

Source: SEC EDGAR

accession 0001104659-23-063145

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