---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-063145"
form_type: "8-K"
ticker: "DERM"
cik: "0001867066"
company_name: "Journey Medical Corp"
filed_at: "2023-05-22T23:59:59+00:00"
generated_at: "2026-06-14T18:34:26.495654+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Journey Medical Q1 net loss $10.1M on revenue decline; DFD-29 topline expected June 2023

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-063145
- form_type: 8-K
- ticker: DERM
- cik: 0001867066
- company_name: Journey Medical Corp
- filed_at: 2023-05-22T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1867066/000110465923063145/0001104659-23-063145-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1867066/000110465923063145/tm2315269d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-063145
- JSON: https://secwatch.observer/filing/0001104659-23-063145.json
- Plain text: https://secwatch.observer/filing/0001104659-23-063145.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1867066/000110465923063145/0001104659-23-063145-index.htm
- Earnings Releases
  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
  source text: Total net product revenues were $12.2 million for the first quarter of 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1867066/000110465923063145/0001104659-23-063145-index.htm
- Material Agreements
  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
  source text: On May 16, 2023, the Company entered into the Fifth Amendment to Loan and Security Agreement with EWB and JGP (the "2023 Amendment").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1867066/000110465923063145/0001104659-23-063145-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.