Journey Medical (DERM) grows Q2 2026 revenue 23% and turns Adjusted EBITDA positive
Rhea-AI Filing Summary
Journey Medical Corporation reported second-quarter 2026 total revenue of $18.5 million, reflecting 23% growth from the prior-year quarter. Product revenue was $17.8 million and other revenue $0.7 million. Emrosi® contributed $8.1 million in revenue as prescription demand and payer coverage increased.
Income from operations was $0.5 million, compared with a $2.9 million operating loss a year earlier, while net loss narrowed to $0.3 million from $3.8 million. Non-GAAP Adjusted EBITDA turned positive at $2.9 million versus a loss of $0.5 million in the prior-year quarter. As of June 30, 2026, cash and cash equivalents were $25.6 million, total assets were $98.4 million, and stockholders’ equity was $32.1 million.
Positive
- Total revenue grew 23% year over year to $18.5 million in Q2 2026, indicating strong top-line expansion driven by dermatology products, including Emrosi®.
- Non-GAAP Adjusted EBITDA improved to a positive $2.9 million in Q2 2026 from a $0.5 million loss a year earlier, showing better underlying profitability despite a small GAAP net loss.
Negative
- The company still recorded a GAAP net loss of $0.3 million in Q2 2026 and $2.5 million for the first half of 2026, indicating it has not yet reached sustained profitability.
- Risk disclosures reference substantial doubt about the company’s ability to continue as a going concern, highlighting ongoing uncertainty about long-term financial viability.
Filing Explained
The update reports a larger common-share base and term-loan obligations, while the full GAAP quarterlies remain in the forthcoming Form 10-Q.
This Form 8-K updates Journey Medical’s unaudited financial results and balance-sheet capital structure for the quarter ended
Form 8-Ks report specified material events, but this release and its financial information are furnished rather than deemed filed for Section 18 purposes, so the disclosure is an interim company update rather than a filed quarterly report.
The balance sheet reports 21,657,055 common shares outstanding at June 30 versus 21,144,655 at December 31, 2025; Class A shares remained 6,000,000, updating the reported share base for existing common holders.
It also reports a term loan of
The release lists “substantial doubt” about the company’s ability to continue as a going concern among its risks; that term refers to an auditor’s or management’s statement of substantial doubt about funding operations for the next 12 months.
The company says the corresponding Form 10-Q will contain the GAAP financial measures; that filing is the next document to check for the full quarterly statements and related disclosures.
8-K Event Classification
Key Figures
Key Terms
Non-GAAP Adjusted EBITDA financial
gross margin financial
going concern financial
term loan financial
Earnings Snapshot
FAQ
How did Journey Medical (DERM) perform financially in Q2 2026?
What were Journey Medical (DERM)’s key revenue drivers in Q2 2026?
Did Journey Medical (DERM) reach profitability on a non-GAAP basis in Q2 2026?
What is Journey Medical (DERM)’s cash position as of June 30, 2026?
How large is Journey Medical (DERM)’s net loss for the first half of 2026?
What non-GAAP metrics does Journey Medical (DERM) highlight and why?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
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Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Item 2.02. | Results of Operations and Financial Condition. |
On August 12, 2026, Journey Medical Corporation issued a press release to provide a corporate update and to announce its financial results for the three months ended June 30, 2026. A copy of such press release is being furnished as Exhibit 99.1 to this report.
The information, including Exhibit 99.1, in this Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Form 8-K shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall otherwise be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
The following exhibits are furnished herewith:
| Exhibit Number |
Description | |
| 99.1 | Press release issued by Journey Medical Corporation, dated August 12, 2026. | |
| 104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Journey Medical Corporation | ||
| (Registrant) | ||
| By: | /s/ Claude Maraoui | |
| Claude Maraoui | ||
| Chief Executive Officer, President and Director | ||
Date: August 12, 2026
Exhibit 99.1
Journey Medical Corporation Reports Second Quarter 2026 Financial Results and Recent Corporate Highlights
Total revenues were $18.5 million for the second quarter of 2026, reflecting 23% growth from the prior-year quarter
Emrosi® revenues were $8.1 million for the second quarter of 2026
Strong revenue growth and disciplined cost management continue drive to profitability
Company to hold conference call today at 4:30 p.m. ET
Scottsdale, AZ – August 12, 2026 – Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical,” “the Company,” “we” or “our”), a commercial-stage pharmaceutical company focused on developing, selling and marketing FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced financial results and recent corporate highlights for the second quarter ended June 30, 2026.
Claude Maraoui, Journey Medical’s Co-Founder, President and Chief Executive Officer, said, “We delivered solid performance in the second quarter, highlighted by 23% total net revenue growth, year over year, and continued progress toward profitability, driven by revenue growth and ongoing disciplined investment in our dermatology commercial infrastructure. Momentum behind Emrosi® remains strong, with sales of the product up significantly compared to both the prior-year period and the first quarter of this year. Prescription demand and payer coverage for Emrosi® are increasing as we establish the product as the best-in-class oral treatment for patients suffering from rosacea. With this progress and over $25 million in cash, we believe that we are well-positioned to execute on our strategy and deliver strong financial performance going forward.”
Financial Results:
| · | Total revenues were $18.5 million for the second quarter of 2026, a 23% increase from $15.0 million for the second quarter of 2025. The increase was driven by continued commercial demand momentum for Emrosi®, which generated revenues of $8.1 million for the quarter ended June 30, 2026. |
| · | The Company’s gross margin(1) was 67% for the second quarter of 2026, consistent with the prior-year quarter. |
| · | Selling, general and administrative expenses were $10.9 million for the second quarter of 2026, a decrease of $1.0 million from the second quarter of 2025, primarily due to a reduction in launch-related spending for Emrosi® compared to the prior year quarter. |
| · | The Company’s GAAP Net Loss narrowed to $0.3 million, or $(0.01) per share basic and diluted, for the second quarter of 2026, compared to a net loss of $3.8 million, or $(0.16) per share basic and diluted, for the second quarter of 2025. |
| · | The Company’s non-GAAP results in the table below reflect positive EBITDA and Adjusted EBITDA for both the three and six-month periods ended June 30, 2026. |
| · | At June 30, 2026, the Company had $25.6 million in cash and cash equivalents, as compared to $24.1 million in cash and cash equivalents at December 31, 2025. |
Recent Corporate Highlights:
| · | Emrosi® total prescriptions (TRx) were approximately 36,000 for the second quarter of 2026, compared to approximately 30,000 for the first quarter of 2026 and 27,000 for the fourth quarter of 2025. |
Conference Call and Webcast Information
Journey Medical management will conduct a conference call and audio webcast on August 12, 2026, at 4:30 p.m. ET.
To listen to the conference call, interested parties within the U.S. should dial 1-866-777-2509 (domestic) or 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Journey Medical conference call. Participants can register for the conference call here: https://dpregister.com/sreg/10210876/1048acbd764. Please note that registered participants will receive their dial-in number upon registration.
A live audio webcast can be accessed on the News and Events page of the Investors section of Journey Medical’s website, www.journeymedicalcorp.com, and will remain available for replay for approximately 30 days after the meeting.
(1) We define gross margin as total revenue less cost of goods sold divided by total revenue.
About Journey Medical Corporation
Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical”) is a commercial-stage pharmaceutical company that primarily focuses on developing, selling and marketing FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions through its efficient sales and marketing model. The Company currently markets nine branded FDA-approved prescription drugs that help treat and heal common skin conditions. The Journey Medical team comprises industry experts with extensive experience in developing and commercializing some of dermatology’s most successful prescription brands. Journey Medical is located in Scottsdale, Arizona and was founded by Fortress Biotech, Inc. (Nasdaq: FBIO). Journey Medical’s common stock is registered under the Securities Exchange Act of 1934, as amended, and the company files periodic reports with the U.S. Securities and Exchange Commission (“SEC”). For additional information about Journey Medical, visit www.journeymedicalcorp.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. As used below and throughout this press release, the words “the Company”, “we”, “us” and “our” may refer to Journey Medical. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. The words “anticipate,” “believe,” “continue,” “estimate,” “may,” “expect,” “will,” “could,” “project,” “intend,” “potential” and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include: the fact that our products and product candidates are subject to time and cost intensive regulation and clinical testing and as a result, may never be successfully developed or commercialized; a substantial portion of our sales derive from products that may become subject to third-party generic competition because their period of exclusivity has ended or they are without patent protection, subjecting them to the potential introduction of new competitor products and/or an increase in market share of existing competitor products, either of which could have a significant adverse impact on our operating income; we operate in a heavily regulated industry, and we cannot predict the impact that any future legislation or administrative or executive action may have on our operations; our revenue is dependent mainly upon sales of our dermatology products and any setback relating to the sale of such products could impair our operating results; competition could limit our products’ commercial opportunity and profitability, including competition from manufacturers of generic versions of our products; the risk that our products do not achieve broad market acceptance, including by government and third-party payors; our reliance on third parties for several aspects of our operations; our dependence on our ability to identify, develop, and acquire or in-license products and integrate them into our operations, at which we may be unsuccessful; the dependence of the success of our business, including our ability to finance our company and generate additional revenue, on the successful commercialization of Emrosi® and the successful development, regulatory approval and commercialization of any future product candidates that we may develop, in-license or acquire; clinical drug development is very expensive, time consuming, and uncertain and our clinical trials may fail to adequately demonstrate the safety and efficacy of our current or any future product candidates; our competitors could develop and commercialize products similar or identical to ours; risks related to the protection of our intellectual property and our potential inability to maintain sufficient patent protection for our technology and products; our business and operations would suffer in the event of computer system failures, cyber-attacks, or deficiencies in our or our third parties’ cybersecurity; the substantial doubt expressed about our ability to continue as a going concern; the effects of major public health issues, epidemics or pandemics on our product revenues and any future clinical trials; our potential need to raise additional capital; Fortress controls a voting majority of our common stock, which could be detrimental to our other shareholders; as well as other risks described in Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Reports on Form 10-Q, and our other filings we make with the SEC. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Company Contact:
Jaclyn Jaffe
(781) 652-4500
ir@jmcderm.com
Media Relations Contact:
Tony Plohoros
6 Degrees
(908) 591-2839
tplohoros@6degreespr.com
JOURNEY MEDICAL CORPORATION
Unaudited Condensed Consolidated Balance Sheets
($ in thousands except for share and per share amounts)
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 25,643 | $ | 24,090 | ||||
| Accounts receivable, net of reserves | 36,246 | 29,783 | ||||||
| Inventory | 8,156 | 9,624 | ||||||
| Prepaid expenses and other current assets | 2,736 | 3,376 | ||||||
| Total current assets | 72,781 | 66,873 | ||||||
| Intangible assets, net | 25,510 | 27,605 | ||||||
| Operating lease right-of-use asset, net | 65 | 111 | ||||||
| Total assets | $ | 98,356 | $ | 94,589 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 8,049 | $ | 8,851 | ||||
| Due to related party | 405 | 455 | ||||||
| Accrued expenses | 31,831 | 27,567 | ||||||
| Accrued interest | 416 | 398 | ||||||
| Income taxes payable | - | 70 | ||||||
| Term loan, short-term | 5,000 | - | ||||||
| Operating lease liability, short-term | 69 | 101 | ||||||
| Total current liabilities | 45,770 | 37,442 | ||||||
| Term loan, long-term, net of discount | 20,472 | 25,277 | ||||||
| Operating lease liability, long-term | - | 18 | ||||||
| Total liabilities | 66,242 | 62,737 | ||||||
| Stockholders' equity | ||||||||
| Common stock, $.0001 par value, 50,000,000 shares authorized, 21,657,055 and 21,144,655 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 2 | 2 | ||||||
| Common stock - Class A, $.0001 par value, 50,000,000 shares authorized, 6,000,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 1 | 1 | ||||||
| Additional paid-in capital | 133,111 | 130,307 | ||||||
| Accumulated deficit | (101,000 | ) | (98,458 | ) | ||||
| Total stockholders' equity | 32,114 | 31,852 | ||||||
| Total liabilities and stockholders' equity | $ | 98,356 | $ | 94,589 | ||||
JOURNEY MEDICAL CORPORATION
Unaudited Condensed Consolidated Statements of Operations
($ in thousands except for share and per share amounts)
| Three-Month Periods Ended | Six-Month Periods Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product revenue, net | $ | 17,839 | 15,009 | 33,760 | 28,148 | |||||||||||
| Other revenue | 671 | - | 711 | - | ||||||||||||
| Total revenue | 18,510 | 15,009 | 34,471 | 28,148 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Cost of goods sold – (excluding amortization of acquired intangible assets) | 6,143 | 4,939 | 12,361 | 9,729 | ||||||||||||
| Amortization of acquired intangible assets | 969 | 1,064 | 2,095 | 2,129 | ||||||||||||
| Research and development | 54 | - | 54 | 39 | ||||||||||||
| Selling, general and administrative | 10,888 | 11,882 | 20,997 | 22,451 | ||||||||||||
| Total operating expenses | 18,054 | 17,885 | 35,507 | 34,348 | ||||||||||||
| Income (loss) from operations | 456 | (2,876 | ) | (1,036 | ) | (6,200 | ) | |||||||||
| Other expense (income) | ||||||||||||||||
| Interest income | (154 | ) | (138 | ) | (311 | ) | (287 | ) | ||||||||
| Interest expense | 906 | 937 | 1,798 | 1,828 | ||||||||||||
| Foreign exchange transaction losses | 1 | 61 | 4 | 68 | ||||||||||||
| Total other expense | 753 | 860 | 1,491 | 1,609 | ||||||||||||
| Loss before income taxes | (297 | ) | (3,736 | ) | (2,527 | ) | (7,809 | ) | ||||||||
| Income tax expense | 15 | 60 | 15 | 60 | ||||||||||||
| Net loss | $ | (312 | ) | $ | (3,796 | ) | $ | (2,542 | ) | $ | (7,869 | ) | ||||
| Net loss per common share: | ||||||||||||||||
| Basic and diluted | $ | (0.01 | ) | $ | (0.16 | ) | $ | (0.09 | ) | $ | (0.34 | ) | ||||
| Weighted average number of common shares: | ||||||||||||||||
| Basic and diluted | 27,493,693 | 23,290,806 | 27,399,881 | 22,952,801 | ||||||||||||
Use of Non-GAAP Measures:
In addition to the GAAP financial measures as presented in our Form 10-Q that will be filed with the Securities and Exchange Commission (“SEC”), the Company has, in this press release, included certain non-GAAP measurements, including EBITDA, Adjusted EBITDA, Adjusted EBITDA per share basic and Adjusted EBITDA per share diluted. We define EBITDA as net income (loss) excluding interest, taxes and depreciation and amortization and we define Adjusted EBITDA as net income (loss) excluding interest, taxes and depreciation, less certain other non-cash and/or infrequent items not considered to be normal, recurring operating expenses, including, share-based compensation expense, amortization and impairments of acquired intangible assets, inventory step-ups from the purchases of intangible assets and products, severance, and foreign exchange transaction losses.
In particular, we exclude the following matters for the reasons more fully described below:
| · | Share-Based Compensation Expense: We exclude share-based compensation from our adjusted financial results because share-based compensation expense, which is non-cash, although a recurring expense, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued. |
Beginning in the first quarter of 2026, we no longer exclude short-term research and development expenses (including any one-time license and milestone payments) from our Non-GAAP Adjusted EBITDA results. Prior period Non-GAAP Adjusted EBITDA results have been revised to reflect this change.
Adjusted EBITDA per share basic and Adjusted EBITDA per share diluted are determined by dividing the resulting Adjusted EBITDA by the number of shares outstanding on an actual and fully diluted basis.
Management believes the use of these non-GAAP measures provides meaningful supplemental information regarding the Company’s performance because (i) they allow for greater transparency with respect to key measures used by management in its financial and operational decision-making, (ii) they exclude the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company’s core operating performance and that may obscure trends in the Company’s core operating performance and (iii) they are used by institutional investors and the analyst community to help analyze the Company's results. However, Adjusted EBITDA, Adjusted EBITDA per share basic, Adjusted EBITDA per share diluted and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Further, non-GAAP financial measures used by the Company and the manner in which they are calculated may differ from the non-GAAP financial measures or the calculations of the same non-GAAP financial measures used by other companies, including the Company’s competitors.
The table below provides a reconciliation from GAAP to non-GAAP measures:
JOURNEY MEDICAL CORPORATION
(unaudited)
Reconciliation of GAAP to Non-GAAP Adjusted EBITDA
($ in thousands except for share and per share amounts)
| Three-Month Periods Ended | Six-Month Periods Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| GAAP Net Loss | $ | (312 | ) | $ | (3,796 | ) | $ | (2,542 | ) | $ | (7,869 | ) | ||||
| EBITDA: | ||||||||||||||||
| Interest | 752 | 799 | 1,487 | 1,541 | ||||||||||||
| Taxes | 15 | 60 | 15 | 60 | ||||||||||||
| Amortization of acquired intangible assets | 969 | 1,064 | 2,095 | 2,129 | ||||||||||||
| EBITDA | 1,424 | (1,873 | ) | 1,055 | (4,139 | ) | ||||||||||
| Non-GAAP Adjusted EBITDA: | ||||||||||||||||
| Non-Cash Components: | ||||||||||||||||
| Share-based compensation | 1,437 | 1,336 | 2,426 | 2,659 | ||||||||||||
| Non-Core and Infrequent Components: | ||||||||||||||||
| Foreign exchange transaction losses | 1 | 61 | 4 | 68 | ||||||||||||
| Non-GAAP Adjusted EBITDA | $ | 2,862 | $ | (476 | ) | $ | 3,485 | $ | (1,412 | ) | ||||||
| Net loss & Non-GAAP Adjusted EBITDA per common share: | ||||||||||||||||
| Basic | ||||||||||||||||
| GAAP Net Loss | $ | (0.01 | ) | $ | (0.16 | ) | $ | (0.09 | ) | $ | (0.34 | ) | ||||
| Non-GAAP Adjusted EBITDA | $ | 0.10 | $ | (0.02 | ) | $ | 0.13 | $ | (0.06 | ) | ||||||
| Diluted | ||||||||||||||||
| GAAP Net Loss | $ | (0.01 | ) | $ | (0.16 | ) | $ | (0.09 | ) | $ | (0.34 | ) | ||||
| Non-GAAP Adjusted EBITDA | $ | 0.10 | $ | (0.02 | ) | $ | 0.12 | $ | (0.06 | ) | ||||||
| Weighted average number of common shares: | ||||||||||||||||
| GAAP - Basic & Diluted | 27,493,693 | 23,290,806 | 27,399,881 | 22,952,801 | ||||||||||||
| Non-GAAP - Basic | 27,493,693 | 23,290,806 | 27,399,881 | 22,952,801 | ||||||||||||
| Non-GAAP - Diluted | 29,915,619 | 23,290,806 | 29,887,737 | 22,952,801 | ||||||||||||