Journey Medical Investor Presentation - JAN 2025.pdf

《Journey Medical Investor Presentation - JAN 2025.pdf》由會員分享，可在線閱讀，更多相關《Journey Medical Investor Presentation - JAN 2025.pdf（25頁珍藏版）》請在三個皮匠報告上搜索。

1、1|2025 Journey Medical Corporation.All rights reserved.INVESTOR PRESENTATIONJanuary 2025PRESENTED BY:Claude Maraoui Co-Founder,President and CEOJoseph BeneschChief Financial OfficerSrinivas Sidgiddi,M.D.Vice President,Research&Development2|2025 Journey Medical Corporation.All rights reserved.FORWARD

2、-LOOKING STATEMENTSFORWARD-LOOKING STATEMENTSThis 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 word

3、s“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,”“estimate,”“may,”“expect,

4、”“will,”“could,”“project,”“intend”and similar expressions are generally intended to identify forward-looking statements.Forward-looking statements are based on managements current expectations and are subject to risks and uncertainties that could negatively affect our business,operating results,fina

5、ncial 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 dev

6、eloped or commercialized;a substantial portion of our sales derive from products that may become subject to third-party generic competition,the introduction of new competitor products,or an increase in market share of existing competitor products,any of which could have a significant adverse impact

7、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

8、 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 an

9、d third-party payors;our reliance third parties for several aspects of our operations;our dependence on our ability to identify,develop,andacquire 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

10、 ability to finance our company and generate additional revenue,on the successful commercialization of our recently approved product,Emrosi,and any future product candidates that we may develop,in-license or acquire;clinical drug development is very expensive,time consuming,and uncertain and our cli

11、nical 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 ma

12、intain 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 about our ability to continue as a going concern;the eff

13、ects 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 describe

14、d in Part I,Item 1A,“Risk Factors,”in our Annual Report on Form 10-K for the year ended December 31,2023,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

15、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 Secu

16、rities Litigation Reform Act of 1995.TRADEMARKSThis confidential presentation may contain trademarks,service marks,trade names and copyrights of other companies,which are the property of their respective owners.Solely for convenience,some of the trademarks,service marks,trade names and copyrights re

17、ferred to in this presentation may be listed without the TM,SM,or symbols,but the Company will assert,to the fullest extent under applicable law,the rights of the applicable owners,if any,to these trademarks,service marks,tradenames and copyrights.MARKET&INDUSTRY DATAProjections,estimates,industry d

18、ata and information contained in this presentation,including the size of and growth in key end markets,are based on information from third-party sources and management estimates.Although the Company believes that its third party-sources are reliable,the Company cannot guarantee the accuracy or compl

19、eteness of its sources.The Companys management estimates are derived from third-party sources,publicly available information,the Companys knowledge of its industry and assumptions based on such information and knowledge.The Companys management estimates have not been verified by any independent sour

20、ce.All of the projections,estimates,market data and industry information used in this presentation involve a number of assumptions and limitations,and you are cautioned not to give undue weight to such information.In addition,projections,estimates and assumptions relating to the Companys and its ind

21、ustrys future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors,including,but not limited to,those described above,that could cause future performance to differ materially from the Companys expressed projections,estimates andassumptions or those

22、 provided by third parties.3|2025 Journey Medical Corporation.All rights reserved.NASDAQ:NASDAQ:DERMMarket Cap:$83.6MM*Shares Outstanding:20.9MM*ADTV(last 90-days):112K*Market data as of 1/2/20254|2025 Journey Medical Corporation.All rights reserved.INVESTMENT HIGHLIGHTS1.Source:Symphony HealthComme

23、rcial-stage pharmaceutical company focused on products serving prescription dermatology markets with a total market size of$5.8 billion1(acne,rosacea,hyperhidrosis)Direct U.S.commercial organization currently marketing a core portfolio of proprietary&patented dermatology brands Current core business

24、 contribution positive and expected to generate revenue of$55MM-$60MM in 2024 EMROSI,FDA-approved on 11/1/24 with head-to-head superiority over market leader(Oracea);Launch planned for late Q1/early Q2 2025 and expected to drive significant revenue growth and earnings leverage going forwardSuccessfu

25、l business development efforts to date out-licensing international rights to current products and in-licensing new assets to leverage Journeys U.S.commercial&development infrastructureSolid balance sheet with$22.5MM in cash as of 09/30/2024Multiple catalysts&milestones to drive value5|2025 Journey M

26、edical Corporation.All rights reserved.Note:Bausch Health Companies,Inc.was formerly known as Valeant Pharmaceuticals InternationalClaude MaraouiFounder,President&Chief Executive Officer30+years of experience commercializing successful dermatology productsRamsey Alloush General Counsel10+years of ex

27、perience advising pharmaceutical companiesRobert NevinChief Commercial Officer24+years of experience in pharmaceutical,lab and medical managementAndrew ZwibleVice President,Operations10+years of experience in dermatology pharmaceuticalsJessica YeamanNational Sales Director17+years of experience in d

28、ermatology pharmaceuticalsErnest GalvanVice President,Business Development26+years of experience in dermatology pharmaceuticalsJoseph BeneschChief Financial Officer25+years of experience in public and private pharmaceutical companiesSENIOR MANAGEMENT WITH SIGNIFICANT DERMATOLOGY EXPERIENCE Srinivas

29、Sidgiddi,M.D.Vice President,Research&Development18+years of experience in pharmaceutical development and clinical research6|2025 Journey Medical Corporation.All rights reserved.OUR LEADERS HAVE LAUNCHED MANY SUCCESSFUL DERMATOLOGY BRANDSExperience growing&managing marquee medical dermatology brands

30、that generated over$2B in sales1:A majority of our management team and sales force were part of the commercial organization at Medicis(which was sold to Bausch Health Companies Inc.,for approximately$2.5B in 2012)1.Per Symphony Health based on peak salesBuilt and launched new brands in the marketpla

31、ceManaged product life cycles to extend revenue streamsCreated innovative,first-in-class growth strategies7|2025 Journey Medical Corporation.All rights reserved.HIGHLIGHTS&SALES EXPERIENCEOUR COMMERCIAL ORGANIZATION IS HIGHLIGHTED BY A UNIQUE AND EXPERIENCED DERMATOLOGY SALES FORCESales representati

32、ves have deep-rooted customer relationships in their respective territories.Our sales reps are incentivized to build their own“business”:We screen for individuals with an entrepreneurial and self-starter mindset We incentivize performance through our unique incentive program We provide equity reward

33、s to incentivize performanceCOVERAGE IN THE U.S.DERMATOLOGY TRx MARKET70%COVERAGE IN THE TOP 50 U.S.MSAs80%DERMATOLOGY SALES TERRITORIES3510 yrs.Avg.DermatologySales Experience294 yrs.Combined Experience in Dermatology105Regional Sales Awards11Sales Rookies of the Year68Presidents Club Trophies8|202

34、5 Journey Medical Corporation.All rights reserved.CURRENT CORE DERMATOLOGY PORTFOLIO PROVIDES SOLID REVENUE BASE1.Symphony Health(all specialties data).TRx=Total number of prescriptions2.International Hyperhidrosis Society,3.Dolittle,et al,2016,Hyperhidrosis:an update on prevalence and severity in t

35、he United States,Archives of Dermatology Research4.Wehausen,B.,Hill,D.E,&Feldman,S.R.(2016).Most people with psoriasis or rosacea are not being treated:a large population study.Dermatology Online Journal,22(7).Glycopyrronium 2.4%cloth for the topical treatment of primary axillary hyperhidrosis 50%pr

36、escription growth since acquiring the product in Q2 2021 Addressable market of 10 Million patients in the U.S.2,3 Isotretinoin capsule for treatment of severe recalcitrant nodular acne The oral isotretinoin market had over 2 million prescriptions in 20231 Accutane TRx had compounded annual growth of

37、 62%from 2021 2023 compared to the oral isotretinoin market which contracted 2%during the same period.Treatment of inflammatory lesions of non-nodular moderate to severe acne vulgaris The first and only FDA-approved topical formulation of minocycline for acne 21M topical acne RXs in 2023,category is

38、 highly promotion sensitive1 Treatment of inflammatory lesions of rosacea 3.8M topical rosacea RXs per year in 20231 An estimated 5%of Americans(16.5M people)suffer from rosacea4QBREXZA,ACCUTANE,AMZEEQ AND ZILXI ACCOUNTED FOR APPROXIMATELY 90%OF PRODUCT SALES IN 20239|2025 Journey Medical Corporatio

39、n.All rights reserved.Mar-21Apr-21May-21Jun-2120,340 20,340 24,742 24,742 27,180 27,180 25,652 25,652 25,483 25,483 31,957 31,957 30,692 30,692 27,949 27,949 27,466 27,466 35,042 35,042 31,889 31,889 28,732 28,732 29,222 29,222 39,009 39,009 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2QbrexzaTRx Trajectory(All Spec

40、ialties)JOURNEY SUCCESSFULLY RELAUNCHED QBREXZA IN 3 MONTHS&INCREASED PRESCRIPTIONS BY 58%IN 3 YEARS WITH LIMITED ADVERTISING SPEND1Journey Begins Full Promotion-June 2021QBREXZA27%DRYSOL71%OTHER2%2023 Branded Topical A.H.H.Market(Full Year TRx,All Specialties1)1.Symphony Health(all specialties data

41、)excluding prescriptions for OTC and clinical strength antiperspirants.TRx=Total number of prescriptions2.Doolittle J,Walker P,Mills T,Thurston J.Hyperhidrosis:an update on prevalence and severity in the United States.Arch Dermatol Res.2016 Dec;308(10):743-749.doi:10.1007/s00403-016-1697-9.Epub 2016

42、 Oct 15.PMID:27744497;PMCID:PMC5099353.Journey begins promotion June 2021March 31,2021Journey executes asset purchase agreement with Dermira for Qbrexza Develop Rebate ProgramDevelop Promotional Campaign Soft Launch PromotionMay 14,2021Transaction with Dermira ClosesDETAILS:Qbrexza is a novel drug w

43、ith largely untapped potential in a dermatology-focused marketDermira spent$82.8M in patient advertising during the 3 years they promoted Qbrexza.Journey has grown TRx by over 58%in 3 years,spending less than 3%of Dermiras commercial budget by leveraging our experienced sales force and unique access

44、 program.110|2025 Journey Medical Corporation.All rights reserved.19,549 38,506 48,982 59,060 59,569 52,736 51,488 64,02675,64268,943 73,388 93,47993,079-10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2AccutaneFranchise TRx Trajectory1(All Specialties)

45、Jul-20Aug-20 Sep-20 Oct-20 Nov-20 Dec-20Jan-21Feb-21Mar-21Journey begins promotion Apr.2021JOURNEY ACHIEVED A SUCCESSFUL BRAND LAUNCH OF ACCUTANE IN A HIGHLY COMPETITIVE MARKET1.Symphony Health(all specialties data).TRx=Total number of prescriptionsPlease see additional Important Safety Information

46、for Accutane below and the Medication Guide and full Prescribing Information herehere for Boxed Warning,Contraindications,other important Warnings and Precautions,Drug Interactions,Use in Specific Populations,and other Adverse Reactions.Journey Begins Promotion-April 2021July 29,2020Journey acquires

47、 rights to Accutane$1MM UpfrontSell Into PharmaciesDevelop Rebate ProgramDevelop Promotional CampaignAccutane,16%Isotretinions AB-Rated to Accutane,73%Absorica LD,1%Absorica&AB-Rated Generics,10%Q2 2024 Isotretinoin Market(Cumulative 3-month TRx,All Specialties1)DETAILS:Accutane is one of the most w

48、ell-known brands in dermatologyThe oral isotretinoin market had over 2M TRx in 20231Expands Journeys acne vertical with limited investment by leveraging our experienced sales force and unique accessprogram.11|2025 Journey Medical Corporation.All rights reserved.Journeys Newest Approved Product Expec

49、ted to Leverage Journeys Dermatology-Focused Commercial Platform&Business Development Strategy12|2025 Journey Medical Corporation.All rights reserved.EMROSI:POTENTIAL BEST-IN-CLASS TREATMENT FOR ROSACEA1.Source:Symphony,PHAST Prescription data.Capsule Image For Illustrative Purposes OnlyPRODUCT PROF

50、ILEINDICATIONTreatment of inflammatory lesions(papules and pustules)of rosacea in adultsPRODUCT DESCRIPTIONMinocycline 40mg extended-release capsule:Once-daily(QD)oral dosing;16-week treatment duration Each capsule contains a proprietary blend of 25%IR&75%ER minocycline beads for uniform drug releas

51、e throughout the day and reduced risk of dose dumping Head-to-head superiority over market leader Oracea demonstrated in Phase 3 trials Placebo-like safety profileAPPROVALDATEFDA-Approved on November 1,2024;Launch targeted for Spring 2025PATENTSThree U.S.Orange Book listable patents issued(expected

52、market exclusivity to 2039)MARKET SIZERosacea treatment sales in the U.S.were approximately$1B in 20231 Oraceathe market leader had$301M in sales1or a 30%market share in 202313|2025 Journey Medical Corporation.All rights reserved.EMROSI WAS FDA-APPROVED ON NOVEMBER 1,2024PHASE III (Complete)First Pa

53、tient In(Mar.14,2022)Top Line DataNDA AcceptanceFDA ApprovalH1H2H1H2H1H2202220232024Phase 3 Initiation Phase 3 Initiation March 14,2022 March 14,2022 Two multicenter active and placebo-controlled studies in 320 patients with moderate to severe Papulopustular Rosacea Emrosi(N=120);Oracea(N=120);Place

54、bo(N=80)48 U.S.investigator sites;14 sites in Germany Results Announced July 2023PHASE II (Complete)Safety&Efficacy Study in 200 patients with Papulopustular Rosacea(Germany)PHASE I (Complete)Systemic PK Study(24 healthy subjects)3 Arms Emrosi(20&40 mg)&OrayceaBridging PK Study(24 healthy subjects)3

55、 Arms Emrosi(40 mg)Fasting&Fed and Solodyn 105 mg FastingSub-Antimicrobial Study(60 healthy subjects)Sub-Antimicrobial Study Results Announced June 13,2023Phase 3 Topline Results Announced(July 11,2023)Successful completion of Pre-NDA meeting(December 6,2023)NDA Submission(January 4,2024)FDA-Approva

56、l(November 1,2024)14|2025 Journey Medical Corporation.All rights reserved.62.73928.2Emrosi(40mg)N=245Oracea(40mg)N=246PlaceboN=162%of SubjectsEmrosi was statistically superior to Oracea and placebo on all co-primary and secondary endpoints in Phase 3 clinical trials.IGA Success:61%greater than Orace

57、a and 122%greater than placebo,calculated as a relative percentage Inflammatory Lesion Reduction:28%greater than Oracea and 68%greater than placebo,calculated as a relative percentage No other drugs have demonstrated head-to-head superiority over OraceaNo significant safety issues noted in these tri

58、als.*All statistical tests were two-sided,with=0.05 as level of significanceEMROSI DEMONSTRATED SUPERIOR EFFICACY OVER ORACEA AND PLACEBO IN TWO PHASE 3 CLINICAL TRIALSP0.001*IGA Treatment Success-Week 16(Pooled Data)Inflammatory Lesion Absolute Change-Week 16(Pooled Data)P0.001*-19-14.8-11.3EmrosiN

59、=245OraceaN=246PlaceboN=162Lesion Count ChangeP0.001*P0.001*PHASE 3(Efficacy)15|2025 Journey Medical Corporation.All rights reserved.27.912.5EmrosiN=245PlaceboN=162%of SubjectsEMROSI WAS SUCCESSFUL ON ALL SECONDARY ENDPOINTS INCLUDING PERCENT CHANGE IN LESION COUNT AND ERYTHEMA REDUCTION*All statist

60、ical tests were two-sided,with=0.05 as level of significanceP0.001*Erythema Success-Week 16(Pooled Data)Inflammatory Lesion%Change-Week 16(Pooled Data)-76%-61%-46%EmrosiN=245OraceaN=246PlaceboN=162Lesion Count%ChangeInflammatory Lesion Percent Change:Emrosi was statistically superior to Oracea and p

61、lacebo in reducing percent change in inflammatory lesion count in the Phase 3 trials.24%greater than Oracea and 65%greater than placebo,calculated as a relative percentageErythema Success:Emrosi was statistically superior to placebo in reducing the Clinicians Erythema Assessment(CEA)score by at leas

62、t 2 points from baseline(Erythema Success)in the Phase 3 trials.123%greater erythema success than placebo,calculated as a relative percentageP0.001*P0.001*PHASE 3(Efficacy)16|2025 Journey Medical Corporation.All rights reserved.1.6%1.2%0.0%1.3%0.4%2.1%1.9%0.0%1.3%0%2%4%6%8%10%12%14%DiarrheaDyspepsia

63、Nausea%of PatientsEmrosi(Minocycline,40mg)Oracea(Doxycycline,40mg)PlaceboThe frequency of key treatment-related adverse events was low,and most were reported as mild or moderate.Key Treatment-Related Adverse EventsEMROSI DEMONSTRATED PLACEBO-LIKE SAFETY THAT WAS SIMILAR TO ORACEAIN PHASE 3 STUDIESPH

64、ASE 3(Safety)For a full list of adverse events,please see the full prescribing information here.17|2024 Journey Medical Corporation.All rights reserved.16,500,000 The U.S.Rosacea Market is$1.2bn in 20233ORACEA$301mm Rx Sales26%3EMROSI HAS SUPERIOR EFFICACY TO THE MARKET LEADER ORACEA,WHICH HAD$301 M

65、ILLION IN Rx SALES IN 2023ESTIMATED U.S.ROSACEA PATIENTS(2023)It is estimated that 5%of the U.S.population(16.5mm people)suffer from rosacea2STRATEGIC RATIONALE Robust clinical data demonstrating superior efficacy over Oracea with a placebo-like safety profile Efficacy is the primary driver for phys

66、ician adoption in oral rosacea therapy1 Complementary to Journeys current product mix and commercial footprint Additional ex-U.S.out-licensing opportunities(Excluding BRIC and CIS)EMROSI SALES POTENTIAL IN U.S.EXCEEDING$300mmPEOPLE1.Internal Market Research.2.Wehausen,B.,Hill,D.E,&Feldman,S.R.(2016)

67、.Most people with psoriasis or rosacea are not being treated:a large population study.Dermatology Online Journal,22(7).3.Symphony,PHAST Prescription data.TRx sales defined as TRx$=TRx x WAC Price.18|2024 Journey Medical Corporation.All rights reserved.MAJORITY OF HEALTHCARE PROFESSIONALS SURVEYED BE

68、LIEVE EMROSI IS“EXTREMELY VALUABLE”AND WERE“VERY LIKELY”TO PRESCRIBE1.Internal Market Research.2.Wehausen,B.,Hill,D.E,&Feldman,S.R.(2016).Most people with psoriasis or rosacea are not being treated:a large population study.Dermatology Online Journal,22(7).3.Symphony,PHAST Prescription data.TRx sales

69、 defined as TRx$=TRx x WAC Price.Healthcare Professionals(HCPs)Perceptions of Emrosi40%of HCPs report a“very high therapeutic unmet need”in the treatment of rosacea70%of HCPs perceive Emrosito be“Extremely Valuable”74%of HCPs are“Very Likely”to prescribe EmrosiBased on independent quantitative marke

70、t research with 50 dermatology-focused healthcare professionals(HCPs)88%of HCPs ranked Head-to-Head superiority data over Oraceaas a top reason for prescribing EmrosiAdditional Takeaways HCPs are sensitive to patient out-of-pocket costs above$50 per month HCPs are sensitive to payer restriction scen

71、arios,such as prior authorization,step edits and medical necessity 19|2025 Journey Medical Corporation.All rights reserved.OVER 90%OF ORACEA TOTAL PRESCRIPTIONS ARE WRITTEN BY PROVIDERS WHO CURRENTLY PRESCRIBE A JOURNEY PRODUCT93%of Oracea TRx were written by these 9,800 providers(based on MAT TRx)7

72、5%of Providers who wrote Oracea/AG also wrote a Journey product(based on MAT TRx)Source:Symphony Healthcare Metys Data.Oracea MAT WritersOracea MAT TRx9,797 75%3,340 25%Journey WritersNon-Writers275,747 93%20,604 7%Journey WritersNon-Writers20|2025 Journey Medical Corporation.All rights reserved.EMR

73、OSIKEY TAKEAWAYSEMROSIis the best-in-class oral therapy for inflammatory lesions of rosaceaand is expected to become the new standard of care in rosacea therapy1.Head-to-head superiority over Oraceademonstrated in two Phase 3 trials2.Treatment results in as little as 2 weeks3.Demonstrated placebo-li

74、ke safety profile 4.Potential to achieve more than$300 million in global annual sales5.Significant revenue and earnings potential given Journeys dermatology-focused commercial infrastructure 21|2025 Journey Medical Corporation.All rights reserved.U.S.Based Commercial OrganizationLeverage proven comm

75、ercial infrastructure to launch acquired/developed products:“Best in Dermatology”sales and marketing organization Network of 700+specialty pharmacies HCP-trusted access program provides coverage to more patientsEx-U.S.Out-LicensingSignificant global out-licensing opportunity for current and future p

76、roducts:Leverage existing distributor relationships to out-license current products in new geographies(e.g.$19M Maruho Transaction)Dedicated BD function actively seeking new out-licensing opportunitiesBUSINESS DEVELOPMENT STRATEGY1.STRONG PORTFOLIO OF RX DERMATOLOGY BRANDS7 CommercialDermatology Ass

77、ets2.GROWTH THROUGH ACQUISITION&IN-LICENSINGFormer Medicis management team experienced at identifying undervalued assets Products acquired since 2021 contribute over 90%of net revenue3.STRATEGIC INVESTMENT IN LATE-STAGE,PHASE 3 READY ASSETSRecent approval of Emrosi and strong synergies with Fortress

78、 Biotech Emrosihas potential to exceed annual sales of$200M in the U.S.,plus additional revenue through global out-licensing opportunities22|2025 Journey Medical Corporation.All rights reserved.License Agreement OverviewANNOUNCEMENT DATESeptember 6,2023UPFRONT PAYMENT$19 millionDEVELOPMENT&COMMERCIA

79、LIZATIONMaruho is responsible for all development and commercialization costs for Qbrexza throughout the licensed territoriesGEOGRAPHIC SCOPESouth Korea,Taiwan,Hong Kong,Macau,Thailand,Indonesia,Malaysia,Philippines,Singapore,Vietnam,Brunei,Cambodia,Myanmar and LaosEntered into an exclusive license

80、agreement with Maruho Co.,Ltd.(“Maruho”),a Japanese company specializing in dermatology,to develop and commercialize Qbrexza for the treatment of axillary hyperhidrosis in South Korea and other Asian markets.Maruho is Journeys exclusive licensing partner that developed and is commercializing Qbrexza

81、 in Japan.EXCLUSIVE LICENSE AGREEMENT WITH MARUHO FOR QBREXZA INSOUTH KOREA AND OTHER ASIAN MARKETS23|2025 Journey Medical Corporation.All rights reserved.2024 FINANCIAL GUIDANCENet product revenue anticipated in the range of$55Net product revenue anticipated in the range of$55-$60 million$60 millio

82、nPositive contribution from core dermatology franchise(base business)Positive contribution from core dermatology franchise(base business)SG&A expense anticipated in the range of$39SG&A expense anticipated in the range of$39-$42 million$42 million R&D expense anticipated in the range of$9R&D expense

83、anticipated in the range of$9-$10 million$10 millionSolid balance sheet:Solid balance sheet:$22.5 million in cash&equivalents as of September 30,2024$22.5 million in cash&equivalents as of September 30,202424|2025 Journey Medical Corporation.All rights reserved.CORPORATE PRIORITIES AND OBJECTIVESCon

84、tinued growth and profitability improvement from our core brands Continued growth and profitability improvement from our core brands EMROSIEMROSIp prere-launch update planned for Q1 2025 launch update planned for Q1 2025 L Launchaunch of of EMROSIEMROSIanticipated late Q1/early Q2 2025anticipated la

85、te Q1/early Q2 2025Three peerThree peer-reviewed journal articles and two conference posters planned reviewed journal articles and two conference posters planned for EMROSIfor EMROSIover the next 12 months over the next 12 months Potential business development transactions including outPotential business development transactions including out-licensing,that can result licensing,that can result in nonin non-dilutive capital to the Companydilutive capital to the CompanyLaunch of incremental niche dermatology productsLaunch of incremental niche dermatology productsNASDAQ:DERM