Tue, May 14, 8:52 PM (73 days ago)
Journey Medical Corporation’s Q1 2024 financials indicate a net loss of $10.4 million, slightly higher than the $10.1 million loss in Q1 2023. Total revenues grew by 7% to $13 million, driven by increased sales of Qbrexza and Accutane. However, this was offset by declines in Amzeeq and other legacy products. Operating expenses rose marginally by 6%, largely due to a significant increase in R&D expenses, which included a $4 million FDA filing fee for DFD-29 and a $3 million milestone payment. SG&A expenses decreased by 37% to $8.4 million due to cost management efforts. Cash and cash equivalents stood at $24.1 million, down from $27.4 million at the end of 2023. The company’s liquidity is supported by a $20 million credit facility with SWK Funding LLC, of which $15 million has been drawn. Future capital needs may be addressed through additional equity or debt financing. The company remains compliant with its financial covenants under the SWK Credit Facility.