UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________ to _________
Commission File Number:
(Exact name of registrant as specified in its charter)
| ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices and zip code)
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |
☒ | Smaller Reporting Company | |||
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Class of Common Stock |
| Outstanding Shares as of May 19, 2023 |
Common Stock Class A, $0.0001 par value | ||
Common Stock, $0.0001 par value |
JOURNEY MEDICAL CORPORATION
Quarterly Report on Form 10-Q
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition and Results of Operations | 18 | ||
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PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (unaudited)
JOURNEY MEDICAL CORPORATION
Unaudited Condensed Consolidated Balance Sheets
(Dollars in thousands except for share and per share amounts)
| March 31, |
| December 31, | |||
2023 | 2022 | |||||
ASSETS |
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Current assets |
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Cash and cash equivalents |
| $ | |
| $ | |
Accounts receivable, net of reserves |
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Inventory |
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Prepaid expenses and other current assets |
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Total current assets |
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Intangible assets, net |
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Operating lease right-of-use asset, net |
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Restricted cash |
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| — | ||
Other assets |
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Total assets | $ | | $ | | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable | $ | | $ | | ||
Due to related party |
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Accrued expenses |
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Accrued interest | | | ||||
Income taxes payable |
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Line of credit | | | ||||
Term loan, short-term (net of discount of $ | | — | ||||
Deferred cash payment (net of discount of $ | — | | ||||
Installment payments – licenses, short-term |
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Operating lease liability, short-term |
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Total current liabilities |
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Term loan, long-term (net of debt discount of $ | | | ||||
Installment payments – licenses, long-term |
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Operating lease liability, long-term |
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Total liabilities |
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Commitments and contingencies (Note 14) |
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Stockholders’ equity |
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Common stock, $ |
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Common stock - Class A, $ |
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Additional paid-in capital |
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Accumulated deficit |
| ( |
| ( | ||
Total stockholders’ equity |
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Total liabilities and stockholders’ equity | $ | | $ | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
1
JOURNEY MEDICAL CORPORATION
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands except for share and per share amounts)
| Three-Month Periods Ended | |||||
March 31, | ||||||
| 2023 |
| 2022 | |||
Revenue: | ||||||
Product revenue, net | $ | | $ | | ||
Other revenue | | | ||||
Total revenue | | | ||||
Operating expenses |
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Cost of goods sold – product revenue |
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Research and development |
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Selling, general and administrative |
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Total operating expenses |
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Loss from operations |
| ( |
| ( | ||
Other expense (income) |
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Interest income |
| ( |
| ( | ||
Interest expense | | | ||||
Foreign exchange transaction losses | | — | ||||
Total other expense (income) |
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Loss before income taxes |
| ( |
| ( | ||
Income tax expense |
| — |
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Net Loss | $ | ( | $ | ( | ||
Net loss per common share: | ||||||
Basic and diluted | $ | ( | $ | ( | ||
Weighted average number of common shares: |
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Basic and diluted |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
2
JOURNEY MEDICAL CORPORATION
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Dollars in thousands except for share and per share amounts)
Total | |||||||||||||||||||
| Common Stock |
| Common Stock A | Additional | Accumulated | Stockholders’ | |||||||||||||
| Shares |
| Amount |
| Shares |
| Amount |
| Paid-in Capital |
| Deficit |
| Equity | ||||||
Balance as of December 31, 2022 | | $ | | | $ | | $ | | $ | ( | $ | | |||||||
Share-based compensation | — |
| — | — |
| — |
| |
| — |
| | |||||||
Issuance of common stock for vested restricted stock units | | — | — | — | — | — | — | ||||||||||||
Net loss | — |
| — | — |
| — |
| — |
| ( |
| ( | |||||||
Balance as of March 31, 2023 | | $ | | | $ | | $ | | $ | ( | $ | |
Total | |||||||||||||||||||
| Common Stock |
| Common Stock A | Additional | Accumulated | Stockholders’ | |||||||||||||
| Shares |
| Amount |
| Shares |
| Amount |
| Paid-in Capital |
| Deficit |
| Equity | ||||||
Balance as of December 31, 2021 | | $ | | | $ | | $ | | $ | ( | $ | | |||||||
Share-based compensation | — |
| — | — |
| — |
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| — |
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Issuance of common stock for vested restricted stock units | | — | — | — | — | — | — | ||||||||||||
Net loss | — |
| — | — |
| — |
| — |
| ( |
| ( | |||||||
Balance as of March 31, 2022 | | $ | | | $ | | $ | | $ | ( | $ | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
3
JOURNEY MEDICAL CORPORATION
Unaudited Condensed Consolidated Statements of Cash Flows
(Dollars in thousands except for share and per share amounts)
| Three-Month Periods Ended | |||||
March 31, | ||||||
| 2023 |
| 2022 | |||
Cash flows from operating activities |
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Net loss | $ | ( | $ | ( | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Bad debt expense (recovery) |
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| ( | ||
Non-cash interest expense |
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Amortization of debt discount |
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Amortization of acquired intangible assets |
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Amortization of operating lease right-of-use assets |
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Share-based compensation |
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Changes in operating assets and liabilities: |
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Accounts receivable | | ( | ||||
Inventory |
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| ( | ||
Prepaid expenses and other current assets |
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Other assets |
| — |
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Accounts payable |
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Due to related party |
| ( |
| ( | ||
Accrued expenses |
| ( |
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Accrued interest | | | ||||
Income tax payable |
| — |
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Lease liabilities | ( | ( | ||||
Net cash (used in) provided by operating activities |
| ( |
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Cash flows from investing activities |
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Acquired intangible assets |
| ( |
| ( | ||
Net cash used in investing activities | ( | ( | ||||
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Cash flows from financing activities |
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Payment of license installment note payable |
| — |
| ( | ||
Payment of debt issuance costs associated with convertible preferred shares |
| — |
| ( | ||
Proceeds from line of credit | | — | ||||
Repayments of line of credit | ( | ( | ||||
Proceeds from EWB term-loan, net of discount | — | | ||||
Offering costs for the issuance of common stock - initial public offering |
| — |
| ( | ||
Net cash provided by financing activities |
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Net change in cash and restricted cash |
| ( |
| ( | ||
Cash and restricted cash at the beginning of the period |
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Cash and restricted cash at the end of the period | $ | | $ | | ||
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Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | $ | | $ | | ||
Cash paid for income taxes | $ | | $ | — | ||
Supplemental disclosure of non-cash financing and investing activities: | ||||||
Deferred payment for asset acquisition | $ | — | $ | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
4
JOURNEY MEDICAL CORPORATION
Notes to Unaudited Condensed Consolidated Financial Statements
NOTE 1. ORGANIZATION AND PLAN OF BUSINESS OPERATIONS
Journey Medical Corporation (collectively “Journey” or the “Company”) was formed on July 18, 2014. The Company is a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions. The Company’s current product portfolio includes
As of March 31, 2023 and December 31, 2022, the Company was a majority-owned subsidiary of Fortress Biotech, Inc. (“Fortress” or “Parent”).
Liquidity and Capital Resources
At March 31, 2023, the Company had $
On December 30, 2022, the Company filed a shelf registration statement on Form S-3 (File No. 333-269079), which was declared effective by the Securities and Exchange Commission (“SEC”) on January 26, 2023. This shelf registration statement covers the offering, issuance, and sale by the Company of up to an aggregate of $
The Company is party to a Loan and Security Agreement, dated March 31, 2021 (as amended, the “EWB Facility”), with East West Bank (“EWB”), under which EWB originally made a $
As a result of increased losses in the later part of 2022, during the last quarter of 2022, the Company implemented a cost reduction initiative designed to improve operational efficiencies, optimize expenses and reduce overall costs. The initiative is intended to reduce
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selling, general, and administrative expenses to better align costs with their revenue-generating capabilities. In connection with the cost reduction initiative, the Company executed a headcount reduction to its salesforce and implemented marketing cost cuts in the first quarter of 2023 and in April 2023. The impact of the cost reduction initiatives is expected to result in a reduction of greater than $
In May 2023, the Company paid the remaining balance on its revolving line of credit of $
The Company cannot make any assurances that additional financing will be available to it and, if available, the terms may negatively impact the Company’s business and operations. As such, the Company has concluded that substantial doubt exists about the Company’s ability to continue as a going concern for a period of at least twelve months from the date of issuance of these financial statements.
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that may be necessary if the Company is unable to continue as a going concern.
NOTE 2. BASIS OF PRESENTATION
Basis of Presentation and Principles of Consolidation
The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. The Company’s unaudited interim condensed consolidated financial statements include the accounts of the Company and the accounts of the Company’s wholly-owned subsidiary, JG Pharma, Inc. All intercompany balances and transactions have been eliminated.
Emerging Growth Company
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies, and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s unaudited interim condensed consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended, the Company meets the definition of an emerging growth company and elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.
Use of Estimates
The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates made by management include provisions for coupons, chargebacks, wholesaler fees, prompt-pay discounts, specialty pharmacy discounts, managed care rebates, product returns, government rebates and other allowances customary to the pharmaceutical industry. Significant estimates made by management also include inventory realization, valuation of intangible assets, useful lives of amortizable intangible
6
assets and share-based compensation. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.
Segment Information
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company’s significant accounting policies are described in Note 2 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).
Recently Issued Accounting Pronouncements
During the three-month period ended March 31, 2023, there were no new accounting pronouncements or updates to recently issued accounting pronouncements disclosed in the 2022 Form 10-K that affect the Company’s present or future results of operations, overall financial condition, liquidity, or disclosures.
NOTE 4. INVENTORY
The Company’s inventory consists of the following for the periods ended:
| March 31, |
| December 31, | |||
($’s in thousands) | 2023 | 2022 | ||||
Raw materials | $ | | $ | | ||
Work-in-process |
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Finished goods |
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Inventory at cost | | | ||||
Inventory reserves | ( | ( | ||||
Total Inventories | $ | | $ | |
NOTE 5. ASSET ACQUISITION
In January 2022, the Company entered into an agreement with VYNE Therapeutics, Inc. (“VYNE”) to acquire two United States Food and Drug Administration (“FDA”) Approved Topical Minocycline Products, Amzeeq® (minocycline) topical foam,
The VYNE Product Acquisition Agreement also provides for contingent net sales milestone payments. In the first calendar year in which annual sales reach each of $
7
The following table summarizes the aggregate consideration transferred for the assets acquired by the Company in connection with the VYNE Product Acquisition:
| Aggregate | ||
Consideration | |||
($’s in thousands) |
| Transferred | |
Consideration transferred to VYNE at closing | $ | | |
Fair Value of deferred cash payment due January 2023 |
| | |
Transaction costs |
| | |
Total consideration transferred at closing | $ | |
The fair value of the deferred cash payment was accreted to the $
The following table summarizes the assets acquired in the VYNE Product Acquisition:
| Assets | ||
($’s in thousands) | Recognized | ||
Inventory | | ||
Identifiable Intangibles: |
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AMZEEQ Intangible |
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ZILXI Intangible |
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Fair value of net identifiable assets acquired | $ | |
The intangible assets were valued using an income approach, while the inventory was valued using a final sales value less cost to dispose approach.
NOTE 6. INTANGIBLES
The Company’s finite-lived intangible assets consist of acquired intangible assets. The gross carrying amount and accumulated amortization of intangible assets as of March 31, 2023 and December 31, 2022 are summarized as follows:
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| March 31, 2023 | |||||||||||
Estimated | ||||||||||||
Useful | Gross | |||||||||||
Lives | Carrying | Accumulated | Intangible | |||||||||
($’s in thousands) |
| (Years) |
| Value |
| Amortization |
| Assets, Net | ||||
Amortizable intangible assets: |
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Ceracade® | $ | | $ | ( | $ | — | ||||||
Luxamend® |
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| ( |
| — | |||||
Targadox® |
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| ( |
| — | |||||
Ximino® |
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| ( |
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Exelderm® |
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| ( |
| — | |||||
Accutane® |
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| ( |
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Amzeeq® |
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| ( |
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Zilxi® |
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| ( |
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| ( | | |||||||
Non-amortizable intangible assets: |
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Anti-itch product (1) |
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| — |
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Total intangible assets | $ | | $ | ( | $ | |
| December 31, 2022 | |||||||||||
Estimated | ||||||||||||
Useful | Gross | |||||||||||
Lives | Carrying | Accumulated | Intangible | |||||||||
($’s in thousands) |
| (Years) |
| Value |
| Amortization |
| Assets, Net | ||||
Amortizable intangible assets: |
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Ceracade® | $ | | $ | ( | $ | — | ||||||
Luxamend® |
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| ( |
| — | |||||
Targadox® |
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| ( |
| — | |||||
Ximino® | | ( | | |||||||||
Exelderm® | | ( | — | |||||||||
Accutane® |
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| ( |
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Amzeeq® |
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| ( |
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Zilxi® |
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| ( |
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| ( | | |||||||
Non-amortizable intangible assets: |
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Anti-itch product (1) |
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| — |
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Total intangible assets | $ | | $ | ( | $ | |
(1) | As of March 31, 2023, this asset has not yet been placed in service, therefore |
The Company’s amortization expense for the three-month periods ended March 31, 2023 and 2022 was $
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Future amortization of the Company’s intangible assets is as follows:
$’s in thousands |
| Total Amortization | |
Remainder of 2023 | $ | | |
December 31, 2024 | | ||
December 31, 2025 |
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December 31, 2026 |
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December 31, 2027 |
| | |
Thereafter |
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Subtotal | | ||
Asset not yet placed in service |
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Total | $ | |
NOTE 7. LICENSES ACQUIRED
DFD-29
In June 2021, the Company entered a license, collaboration, and assignment agreement (the “DFD-29 Agreement”) to obtain global rights for the development and commercialization of a late-stage development modified release oral minocycline for the treatment of rosacea (“DFD-29”) with Dr. Reddy’s Laboratories, Ltd (“DRL”); provided, that DRL retained certain rights to the program in select markets including Brazil, Russia, India and China. Based on the development and commercialization of DFD-29, additional contingent regulatory and commercial milestone payments totaling up to $
Qbrexza
In March 2021, the Company acquired global rights to Qbrexza (glycoprronium), a prescription cloth towelette to treat primary axillary hyperhidrosis in patients
Accutane
In July 2020, the Company entered into an exclusive license and supply agreement for Accutane (the “Accutane Agreement”) with DRL. Pursuant to the Accutane Agreement, the Company agreed to pay $
NOTE 8. FAIR VALUE MEASUREMENTS
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.
The accounting guidance requires fair value measurements be classified and disclosed in one of the following three categories:
Level 1: Quoted prices in active markets for identical assets or liabilities.
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Level 2: Observable inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.
Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Certain of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate their fair value due to their liquid or short-term nature, such as accounts payable, accrued expenses and other current liabilities.
Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
| March 31, 2023 | |||||||||||
($’s in thousands) |
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||
Assets |
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Cash and cash equivalents | $ | | $ | — | $ | — | $ | | ||||
Restricted cash | | | ||||||||||
Total | $ | | $ | — | $ | — | $ | |
| December 31, 2022 | |||||||||||
($’s in thousands) |
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||
Assets |
|
|
|
| ||||||||
Cash and cash equivalents | $ | | $ | — | $ | — | $ | | ||||
Total | $ | | $ | — | $ | — | $ | |
The Company did not carry any level 2 or level 3 assets or liabilities at March 31, 2023 or December 31, 2022.
NOTE 9. RELATED PARTY AGREEMENTS
Shared Services Agreement with Fortress
On November 12, 2021, the Company and Fortress entered into an arrangement to share the cost of certain legal, finance, regulatory, and research and development employees (the “Shared Services Agreement”). Fortress’ Executive Chairman and Chief Executive Officer is the Executive Chairman of the Company. Under the terms of the Shared Services Agreement, the Company will reimburse Fortress for the salary and benefit costs associated with these employees based upon actual hours worked on Journey-related projects following the completion of the Company’s initial public offering, which occurred in November 2021. In addition, the Company reimburses Fortress for various payroll-related costs and selling, general and administrative costs incurred by Fortress for the benefit of the Company. For the three-month periods ended March 31, 2023 and 2022, Fortress employees have provided services to the Company, and the Company recorded related expenses of approximately $
Fortress Income Tax
At March 31, 2023,
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Additionally, see Note 17 below for a discussion of income taxes.
NOTE 10. ACCRUED EXPENSES
Accrued expenses consisted of the following:
| March 31, |
| December 31, | |||
($’s in thousands) | 2023 | 2022 | ||||
Accrued expenses: |
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Accrued coupons and rebates | $ | | $ | | ||
Return reserve | | | ||||
Accrued compensation |
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Accrued royalties payable | | | ||||
Accrued severance |
| |
| — | ||
Accrued legal, accounting and tax |
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Accrued research and development |
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Accrued Inventory |
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| | ||
Accrued iPledge program | | | ||||
Other |
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Total accrued expenses | $ | | $ | |
NOTE 11. INSTALLMENT PAYMENTS — LICENSES
The following tables show the details of the Company’s installment payments – licenses for the periods presented:
| March 31, 2023 | ||||||||
($’s in thousands) |
| Short-Term |
| Long-Term |
| Total | |||
Installment payments - licenses | $ | | $ | | $ | | |||
Less: imputed interest |
| ( |
| ( |
| ( | |||
Sub-total installment payments - licenses | $ | | $ | | $ | |
| December 31, 2022 | ||||||||
($’s in thousands) |
| Short-Term |
| Long-Term |
| Total | |||
Installment payments - licenses | $ | | $ | | $ | | |||
Less: imputed interest |
| ( |
| ( |
| ( | |||
Sub-total installment payments - licenses | $ | | $ | | $ | |
NOTE 12. OPERATING LEASE OBLIGATIONS
The Company leases
The Company recorded rent expense as follows:
| Three Month Period Ended March 31, | |||||
($’s in thousands) | 2023 |
| 2022 | |||
Operating lease cost | $ | | $ | | ||
Variable lease cost |
| | | |||
Total lease cost | $ | | $ | |
12
The following table summarizes quantitative information about the Company’s operating leases:
| |||||||
Three-Month Period Ended March 31, | |||||||
($’s in thousands) |
| 2023 |
| 2022 | |||
Cash paid for amounts included in the measurement of lease liabilities | $ | | $ | | |||
Weighted-average remaining lease term - operating leases |
|
| |||||
Weighted-average discount rate - operating leases |
| | % |
| | % |
As of March 31, 2023, future minimum lease payments under lease agreements associated with the Company’s operations were as follows:
$’s in thousands |
|
| |
Remainder of 2023 | $ | | |
2024 |
| | |
2025 |
| | |
Total lease payments |
| | |
Less: present value discount |
| ( | |
Total operating lease liabilities | $ | |
NOTE 13. DEBT AND INTEREST EXPENSE
The Company’s debt obligations at March 31, 2023 and December 31, 2022 were as follows:
March 31, 2023 | |||||||||
Net | |||||||||
Principal | Unamortized | Carry | |||||||
($’s in thousands) |
| Balance |
| Discount & Fees |
| Amount | |||
EWB Revolving LOC | $ | | $ | — | $ | | |||
EWB Term Loan (Short-term) |
| |
| |
| | |||
Total Short-Term Debt | $ | | $ | | $ | | |||
EWB Term Loan (Long-term) | $ | | $ | | $ | | |||
Total Debt & Obligations | $ | | $ | | $ | |
December 31, 2022 | |||||||||
Net | |||||||||
Principal | Unamortized | Carry | |||||||