DERM

MKT CAP:$126M

Journey Medical Corporation

Market Cap

$126M

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$4.92-$2.53 (-33.96%)

Apr 21, 2026

Company Details

Journey Medical Corporation focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions in the United States. The company's marketed products include Qbrexza, a medicated cloth ...

CEO

Claude Maraoui

IPO Date

Nov 12, 2021

Website

journeymedicalcorp.com

Key Metrics TTM

Revenue

$62M

+10.2% YoY

Net Income

-$11M

EPS (Diluted)

-$0.48

Free Cash Flow

-$13M

Revenue / Share

$2.53

Gross Margin

59.3%

Operating Margin

-13.2%

Net Margin

-18.5%

FCF Margin

-20.2%

P/S

2.0x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 25, 2026

$62M+10.2%EPS -$0.47

Q4 2025

Mar 25, 2026

$16M+18.1%EPS -$0.05

Q3 2025

Nov 12, 2025

$18M+20.5%EPS -$0.09

Q2 2025

Aug 12, 2025

$15M+1.0%EPS -$0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$23M	$15M	-$888.0K
Q2 22	$18M	$11M	-$7M
Q3 22	$16M	$9M	-$9M
Q4 22	$16M	$8M	-$10M
Q1 23	$12M	$6M	-$10M
Q2 23	$17M	$9M	-$8M
Q3 23	$35M	$28M	$17M
Q4 23	$15M	$9M	-$2M
Q1 24	$13M	$6M	-$10M
Q2 24	$15M	$8M	-$3M
Q3 24	$15M	$9M	-$3M
Q4 24	$14M	$11M	$2M
Q1 25	$13M	$8M	-$3M
Q2 25	$15M	$9M	-$3M
Q3 25	$18M	$12M	-$2M
Q4 25	$16M	$7M	-$443.0K

Valuation

Quarter	P/S	P/E
Q1 22	1.1x	—
Q2 22	0.7x	—
Q3 22	0.6x	—
Q4 22	0.4x	—
Q1 23	0.4x	—
Q2 23	0.6x	—
Q3 23	0.7x	—
Q4 23	1.3x	—
Q1 24	0.8x	—
Q2 24	1.4x	125.9x
Q3 24	2.0x	—
Q4 24	1.5x	—
Q1 25	2.1x	—
Q2 25	2.9x	—
Q3 25	2.8x	—
Q4 25	2.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$884.0K	-$19M
Q2 22	-$3M	-$3M
Q3 22	-$7M	-$7M
Q4 22	-$4M	-$24M
Q1 23	-$956.0K	-$6M
Q2 23	$4M	$4M
Q3 23	$19M	$19M
Q4 23	-$16M	-$11M
Q1 24	-$5M	-$5M
Q2 24	-$5M	-$5M
Q3 24	-$1M	-$1M
Q4 24	$2M	$2M
Q1 25	-$3M	-$3M
Q2 25	-$942.0K	-$942.0K
Q3 25	-$2M	-$2M
Q4 25	-$6M	-$6M

Capital Expenditures

Quarter	CapEx
Q1 22	$20M
Q2 22	$0
Q3 22	$0
Q4 22	$20M
Q1 23	$5M
Q2 23	$0
Q3 23	$0
Q4 23	$5M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+117.3%	+138.6%
Q2 22	+19.6%	-12.5%
Q3 22	-17.8%	-20.6%
Q4 22	-8.9%	-2.3%
Q1 23	-47.6%	-10.0%
Q2 23	-6.1%	-2.4%
Q3 23	+114.3%	-32.5%
Q4 23	-4.4%	-33.1%
Q1 24	+6.7%	+6.2%
Q2 24	-13.5%	-28.4%
Q3 24	-57.6%	+1.3%
Q4 24	-10.7%	-34.4%
Q1 25	+0.8%	-28.8%
Q2 25	+1.0%	+0.6%
Q3 25	+20.5%	+9.3%
Q4 25	+18.1%	+45.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$773.0K	3.3%
Q2 22	$774.0K	4.2%
Q3 22	$1M	8.9%
Q4 22	$1M	9.0%
Q1 23	$646.0K	5.3%
Q2 23	$873.0K	5.1%
Q3 23	$558.0K	1.6%
Q4 23	$529.0K	3.5%
Q1 24	$1M	10.8%
Q2 24	$2M	11.3%
Q3 24	$2M	11.2%
Q4 24	$1M	10.1%
Q1 25	$1M	10.1%
Q2 25	$1M	8.9%
Q3 25	$2M	10.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$1M	—	$15M
Q2 22	$3M	$15M	—
Q3 22	$3M	—	$16M
Q4 22	$4M	—	$14M
Q1 23	$2M	—	$13M
Q2 23	$2M	$12M	—
Q3 23	$2M	—	$9M
Q4 23	$2M	$12M	—
Q1 24	$8M	—	$8M
Q2 24	$913.0K	—	$10M
Q3 24	$842.0K	—	$11M
Q4 24	$218.0K	—	$10M
Q1 25	$39.0K	—	$11M
Q2 25	—	—	$12M
Q3 25	$287.0K	—	—
Q4 25	$154.0K	—	$10M

Revenue Segments

Quarter	Accutane	Amzeeq	Exelderm	Qbrexa	Targadox	Ximino	Zilxi	Qbrexza
Q2 22	$5M	$1M	$1M	$6M	$3M	$1M	$555.0K	—
Q3 22	$4M	$1M	$1M	—	$1M	$2M	$554.0K	$6M
Q4 22	$4M	$1M	$445.0K	—	$1M	$1M	$422.0K	$7M
Q1 23	$5M	$1M	$511.0K	—	$793.0K	$612.0K	$314.0K	$4M
Q2 24	$6M	$1M	—	—	—	—	$369.0K	$7M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$41M	$0	$41M
Q2 22	$38M	$0	$38M
Q3 22	$35M	$0	$35M
Q4 22	$32M	$0	$32M
Q1 23	$17M	$0	$17M
Q2 23	$8M	$0	$8M
Q3 23	$25M	$0	$25M
Q4 23	$27M	$0	$27M
Q1 24	$24M	$0	$24M
Q2 24	$24M	$0	$24M
Q3 24	$22M	$0	$22M
Q4 24	$20M	$0	$20M
Q1 25	$21M	$0	$21M
Q2 25	$20M	$0	$20M
Q3 25	$25M	$0	$25M
Q4 25	$24M	$0	$24M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	17M	+30.8%	+89.0%
Q2 22	17M	+0.8%	+90.5%
Q3 22	18M	+0.9%	+92.3%
Q4 22	18M	+0.6%	+33.9%
Q1 23	18M	+0.4%	+2.8%
Q2 23	18M	+1.1%	+3.1%
Q3 23	21M	+16.8%	+19.4%
Q4 23	19M	-8.1%	+9.0%
Q1 24	20M	+2.2%	+11.0%
Q2 24	20M	+1.2%	+11.0%
Q3 24	21M	+2.7%	-2.4%
Q4 24	22M	+7.9%	+14.6%
Q1 25	23M	+2.1%	+14.4%
Q2 25	23M	+3.0%	+16.5%
Q3 25	25M	+7.2%	+21.5%
Q4 25	24M	-1.8%	+10.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$258.8K	90
Q2 22	$203.2K	90
Q3 22	$179.1K	90
Q4 22	$199.6K	80
Q1 23	$152.7K	80
Q2 23	$214.7K	80
Q3 23	$431.7K	80
Q4 23	$263.1K	58
Q1 24	$224.7K	58
Q2 24	$256.1K	58
Q3 24	$252.2K	58
Q4 24	$332.2K	41
Q1 25	$320.5K	41
Q2 25	$366.1K	41
Q3 25	$430.0K	41
Q4 25	$277.2K	58

Revenue / Employee