Journey Medical Corporation (Nasdaq: DERM), a commercial-stage pharmaceutical company focusing on dermatological conditions, reported its financial results for the second quarter ended June 30, 2024. Total revenues for the quarter were $14.9 million, marking a 14% increase from the first quarter of 2024. The company's New Drug Application for DFD-29, aimed at treating rosacea, is under FDA review with a PDUFA goal date of November 4, 2024.
Claude Maraoui, Co-Founder, President, and CEO of Journey Medical, expressed satisfaction with the quarter's results, attributing the positive Adjusted EBITDA of $0.3 million to strategic expense reductions and the anticipation of DFD-29's approval. The company also strengthened its corporate team with new appointments.
Financial highlights include a 12% decrease in total net product revenues compared to the second quarter of 2023, primarily due to the timing of customer orders and generic competition. However, there was a 14% sequential increase from the first quarter of 2024. Research and development costs decreased to $0.9 million, reflecting lower clinical trial expenses as the DFD-29 project concluded its clinical phase. Selling, general, and administrative expenses also decreased by $1.8 million due to expense reduction efforts.
The company significantly reduced its net loss to $3.4 million, down from $8.4 million in the second quarter of 2023. At the end of June 2024, Journey Medical had $23.9 million in cash and cash equivalents.
Recent corporate highlights include the FDA's acceptance of the NDA filing for DFD-29 in March 2024, setting a PDUFA goal date of November 4, 2024. Journey Medical also appointed Joseph M. Benesch as its Chief Financial Officer in April 2024 and Michael C. Pearce to its Board of Directors in July 2024.
Journey Medical's management will discuss these financial results and provide a business update during a conference call and audio webcast on August 12, 2024, at 4:30 p.m. ET.
