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| Statement |
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| The results from both trials were highly positive and allow us to continue to show extreme optimism regarding both the market potential and opportunity for DFD-29 |
| We achieved this with the $19 million upfront license payment that we received in September from Maruho in exchange for the rights to develop and market Qbrexza in certain Asian countries, in addition to the solid contribution from our product portfolio |
| I'm very pleased to report the strong progress that we made in 2023 across each of our business initiatives |
| The two Phase 3 clinical trials, the evidence and numbers, statistical superiority are really very, very strong |
| So we've really had a nice surge in prescription volume levels there |
| Really tremendous growth |
| These contractual royalty reductions are expected to lead to further improvement in our margins going forward through 2024 |
| As a result of our expense reduction efforts related to our legacy brands and our strategic focus on these four core brands, we expect that these brands will contribute positively to cash flow in 2024 |
| In addition to reducing our operating expenses, we also strengthened the patent protection around our core product portfolio |
| As a result of our recent patent litigation settlements, we have a strong runway of patent exclusivity for Qbrexza with current patent exclusivity to 2030, Amzeeq with patent exclusivity to 2031 and Zilxi with patent exclusivity to 2027 |
| Analogous to this transaction, we believe that Qbrexza, our other patented products and DFD-29 may provide attractive near-term opportunities for our companies in other countries seeking to exclusively in-license our proprietary products |
| We have a solid lineup of dermatology products with strong patent protection |
| And I am pleased with the quality of the clinical trials and the team's ability to meet all of its planned timelines without any significant issues |
| So yes, we're very excited |
| We have right-sized our cost infrastructure so that our base business is now contributing positively and we are ready to leverage future anticipated top line growth |
| We believe that DFD-29 has the potential to become the standard of care for rosacea treatment and offer significant sales growth and financial leverage to our business |
| With DFD's superior efficacy results as demonstrated in our Phase 3 clinical trials, we believe there is significant opportunity to take share from Oracea as well as the other topical agents that are commonly prescribed to treat rosacea |
| Impressively, DFD-29 also demonstrated the ability to significantly reduce erythema or the skin redness associated with rosacea |
| We believe this is a meaningful clinical result for our Phase 3 program that can differentiate DFD-29's product profile if approved and can help accelerate both prescriber and patient adoption |
| I am extremely pleased with the accomplishments that Journey has achieved to date, and I am excited for 2024 and the opportunities that we see to continue creating value for our shareholders and the dermatology community |
| And with the recent reductions in our cost structure, we believe that we are well positioned this year to invest in and prepare for the anticipated launch of DFD-29 |
| We believe that the achievement of these efficacy and safety results will pave the way for a new rosacea treatment paradigm, which would significantly enhance the value of our company as well as the value that we bring to physicians and patients alike |
| Most notably, we now have a product candidate for rosacea treatment under FDA review with very positive head-to-head Phase III clinical trial results against the market leader as well as long-dated patent protection |
| So far, I am pleased with the initial feedback that we've received regarding expected product acceptance and anticipated product reimbursement |
| I think that we are good so far, we are on course |
| Journey Medical is in its third year as a public company, and I believe that we have delivered on our goal of positioning the business for success |
| We feel very good about starting off with our coverage with them from the get go |
| Stabilizing our commercial business was strategic objective in 2023 that we believe has and will continue to contribute to shareholder value for years to come as we execute on our growth plan |
| We continue to expect that DFD-29 will be able to achieve peak annual net sales of $300 million with $200 million of those sales being achieved in the U.S |
| In 2024, we believe that we will be able to reduce our SG&A expense by an additional $2 million to $5 million resulting in a total cost reduction of approximately $20 million from the 2022 SG&A expense base |
| Statement |
|---|
| SG&A decreased by $15.6 million or 26% to $43.9 million for the full year 2023 |
| Continuing to our net loss for the periods, net loss to common shareholders was $3.9 million or $0.21 per share basic and diluted for the full year 2023 |
| This compares to a net loss to common shareholders of $29.6 million or $1.69 per share basic and diluted for the full year 2022 |
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