Welcome back, everyone. Next, we have Journey Medical Corporation. They trade on the NASDAQ under the symbol D-E-R-M. It's 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 through its efficient sales and marketing model. Happy to welcome Founder, President, CEO, and Director Claude Maraoui. Nice to have you on the conference today, Claude. Welcome. Thank you, Anna. A A pleasure to be here at E merging Growth Conference. Thank you. All right, the floor is yours. Call me back when you're ready for questions. Okay, I've got a good slide deck here. I'm going to walk you through here, get you to really understand what Journey Medical is all about and just exciting times here. To start off, of course, my name is Claude Maraoui. I'm the CEO, President, and Co-Founder of the company. We're about 10 years old. We went public back in 2021 November. Let me kick things off. Obviously, you know, forward-looking statements. Our NASDAQ symbol is DERM, D-E-R-M. We have an average daily volume of about 150,000 shares. Outstanding shares are about 23 million+. Just some key investment highlights for you. We are a commercial-stage pharmaceutical company. We are focused in the field of dermatology. Personally, myself, I've been in dermatology all my professional life. About 32 years in dermatology. I love it, and I have a serious passion for it. When you look at our products, we are competing in a marketplace that's worth almost $6 billion. We focus on primarily three disease states: rosacea, hyperhidrosis, and acne. Our key growth driver, importantly to us, is called Emrosi. It's the first product that we developed and put through the FDA regulatory process. We did our phase III clinical trials and got the product approved in November 2024. We recently just launched it in April this year of 2025. Our core business without Emrosi in 2024 did approximately $55 million in net revenue. We have a strong portfolio that has great patents, great IP, and we're able to also out-license a number of these products. We have some history in doing that extremely successfully. Our balance sheet is strong. We have approximately $20 million+ ending June 30th. We really are using minimal cash in the first half of 2025. Recently, we were just added to the Russell 2000 and 3000 indexes, and that was at the end of June. We've got multiple catalysts that really drive our value. It's really an inflection point here at Journey Medical. What's really exciting is Emrosi as a major contributor for us. Let me introduce you to our executive leadership team here. As you look at all of us, you can see the second row from the bottom. We have a lot of history and legacy with Medisis. I worked there myself personally for 22 years. I brought a lot of the team members together. We know their talent, their skill set, their passion, and they're available 24/7. This is the team that makes a lot of the important decisions as we move forward. As you look at our sales organization, we really are proud of it and have done incredibly well in this niche space of dermatology. We average about 10 years of experience in dermatology, and there are many accolades, trophies, and awards that the sales organization has won. We really have the crème de la crème of top salespeople in the industry. We have 35 sales territories across the United States. We cover approximately 80% of the top 50 MSAs in the United States as well. It gives us access to about 70% of all the dermatology prescriptions in those disease states that we focus in on. Primarily, the four products that you see, Qbrexza, Amzeeq, Accutane, and Zilxi, have been our core business until the addition of Emrosi. Those four products really accounted for about 90% of our sales, and now we get the benefit of adding Emrosi to the strong base. Qbrexza is for hyperhidrosis, primary axillary hyperhidrosis, so really excessive underarm sweating. There is an accessible market of about 10 million patients in the United States for that. We have Amzeeq and Zilxi, their sister products. One is a topical foam. It's unique. It's patented. It is in the acne space. Zilxi is in the topical space for rosacea and Accutane. We brought that back into the market just a few years ago. Obviously, it's a well-known brand name, and it's done extremely well for us. Those are the four products with now the addition of Emrosi. Emrosi is our primary product, followed by Qbrexza, Accutane, and the sister products of Amzeeq and Zilxi. We are all about leveraging our commercial footprint, and we want to really push Emrosi moving forward. Let's get into that. Let me give you a little profile of what Emrosi is all about. This has the potential of becoming the best-in-class treatment for rosacea, and we're well on our way for doing it. Emrosi's indication: treatment of inflammatory lesions, papules, pustules of rosacea in adults. It is the lowest strength available of minocycline in the marketplace at 40 mg. It's a very convenient dose of once a day. Our phase III clinical trials were done with 16 weeks, and that formulation really is 10 mg of immediate release and 30 mg of extended release minocycline beads. It is an excellent proprietary formulation. We did something different. This is a small molecule. To get FDA approval, we just had to go up against placebo. Instead, we took the only other product out there indicated for this orally. It's called Oracea. We went head-to-head against Oracea, which was a bold move on our part, as well as placebo. We have demonstrated incredible efficacy, surpassing that of Oracea, and I'll get into those details momentarily. Our safety profile is very similar to placebo. The most recent phase III clinical trials were just published in the most prestigious JAMA Dermatology back in March of 2025. The National Rosacea Society just added us to their treatment algorithms again in March 2025. We have three Orange Book listed patents that take us out to 2039. We have a long runway, and it's very sustainable for us to continue to add and build to our growth that we are just starting to experience in this launch with Emrosi. It's a large market for us. It's well over $1 billion in 2024. Who we went head-to-head with against Oracea, they have over $300 million in prescription sales in 2024. Let's talk about how strong the efficacy is with Emrosi. What you're seeing here are the two primary endpoints. This is what our basis of approval is with the FDA. One, we have IgA treatment success, and the second one is inflammatory lesion change. What we're demonstrating here is superiority, not equivalence, superiority. IgA success, Investigator Global Assessment, we have approximately over 60% greater IgA success over Oracea and well over 120% success over placebo. This product really is demonstrating how well it works. When you look at just inflammatory lesion change, once again, we're demonstrating almost 30% lesion reduction better than Oracea and well over 65% lesion reduction versus placebo. There were no safety issues that were significant in these trials as well, which puts us in a very good position for early adoption with physicians, dermatologists, NPs, and PAs. These are two also very interesting points. We actually were successful in our two primary endpoints as well as all of our secondary endpoints. One of those was inflammatory lesion percent change. We're demonstrating again here that we're about 25% greater lesion reduction with Emrosi over Oracea and then about 65% lesion reduction with Emrosi over placebo. Interestingly enough, on the right side here, I'm not sure if you can see my mouse. We also looked at an exploratory point and with erythema, which is the redness, we're showing very demonstrated about 122% greater erythema success over placebo. That's the redness associated with rosacea patients that many of them will show. One last point I want to talk about the efficacy is how fast this is working. Dermatologists did not have any point reference in the past. In our study here, we are demonstrating that in IgA success, you can see that Emrosi is in the blue, Oracea is in the orange, and the black is placebo. At every interval, we are showing much greater success in IgA success as well as inflammatory lesion change. In as little as two weeks, we're seeing demonstrated efficacy and patients that have seen really good effects with this. The trial went through 16 weeks. I also take notice here of inflammatory lesions, the 9.6 week four. We were able to demonstrate that over the first interval, and then you could see that it continued throughout the entire time. Now let's show you some pictures to demonstrate how well this works. I've got two photos of two patients that were in the trials. Baseline, you're talking about IgA success and the number of lesions they had. This is at the end of week 16. IgA success has to get down to zero or one to show success. We did that, and you could see the lesion count dropped all the way down to eight. Really tremendous. You can even see some of that redness reduced as well. Doctors like seeing this in these trials. They like to see the photos, and we're able to show them. Here's another picture of a real patient that was in our trials again, and the effects are superb. Let's talk about safety. You need efficacy to have a successful launch. Superior efficacy is fantastic to have, and that's what we do have, as well as safety. We've demonstrated here, again, you're seeing here Emrosi, and this second bar is Oracea, and finally placebo. You can see all of these adverse events that they're showing: headaches, diarrhea, dyspepsia, and so forth. Very minimal for all three products, which shows great tolerability and placebo-like side effects. That catches dermatologists and PAs' attention when we are going in there with our reps and giving the proposition value. Let's talk about the market just a touch here. Again, when you look in the middle here, that large pie of the United States, there's about 5%. About 17 million people suffer from rosacea annually in the United States. On the smaller pie chart here, you could see Oracea, who we went head-to-head with, has about $300 million plus in prescription sales. The gray section of that same pie chart, you are seeing the rest is in topical treatments for rosacea. Our focus is in this oral space. Once we capture and become the leader in that, we can focus in on topical. It is a huge market for Journey Medical. This also gives us a great exclusivity. We have the full rights outside of the BRIC countries, but we can out-license Emrosi into other parts of the world. On this slide here, you can see that our sales force really covers the majority of oral rosacea prescriptions in dermatology. 94% of the oral rosacea prescriptions are written in dermatology. We are a dermatology company, and we are in the right space. When you take a look at the dermatology prescribed prescriptions out there, you are almost at 700,000. We call on the 550,000 approximately, so 83%. The orange little slice, we are able to get to using e-sampling programs, digital programs to reach those others there. We have a great position and to really making an impact in this marketplace quickly. Let's talk about what we've been able to do since we launched this product, Emrosi, and really how important it is to us becoming profitable because we're at almost break even now with our existing product line. With Emrosi, we'll be able to leverage it and go right to the bottom line. We launched in April. On the right side, we did about 1,200 prescriptions. We went to about 2,300 in May. In June, we've gone up to 3,800, and now we're well over 5,200 prescriptions in the month of July. I like the trajectory. We're executing flawlessly on that. You are seeing nice increases from month to month. It's important to note we just launched in April. Altogether, we've got already 12,000 prescriptions that we can account for. We are growing from month to month on this. Also, importantly, about three months ago, we announced that we had 600+ unique prescribers. Now we can tell you that we have over 1,800 prescribers. They are all dermatologists, PAs, and NPs in the field of dermatology. That number is only growing. We are really focused on approximately 3,200 dermatologists that we want to get to. We are well on our way there. That, again, is continuing to increase. Very importantly, in the world of prescriptions, getting payer access is paramount in having a successful launch. We've done a tremendous job. Our market access team has, and we're right now sitting at approximately over 100 million lives that can have access to Emrosi. That's really fast since if you think about it, we just launched in April. That number should go up as the year continues. In terms of our publication and communication plan, we've got a very sound strategy here. I'm not going to read all these bullet points, but as you can tell, we are impacting and getting the word out, not just face-to-face with our commercial team and our marketing team messages, but also in publications and posters and being at all the right industry meetings where we can have impact and discuss Emrosi plus all of our other products. Some key takeaways. We believe that we will be the best-in-class oral therapy for rosacea patients, and we will become the new standard of care. Our head-to-head superiority over Oracea is eye-catching, and it makes dermatologists stop. Oracea has been out for 20 years. We're the first competitor to it. They do have an ingrained habit, as you can tell by the progress with prescriptions. We've made significant headway, and it's only going to accelerate and increase. We're showing phenomenal treatment results in as little as two weeks. Our placebo-like safety profile, again, is very important for adoption with Emrosi. We're really looking at a potential with this product, worldwide sales of potentially over $300 million at peak. You know this, we're just going to really have great earnings potential, and we're continuing to move and increasing our revenues and getting to that EBITDA positive later this year. Once we hit, we believe it'll be sustainable with this portfolio and the inclusion of Emrosi there. Just to give you an idea on our business development strategy, we like what we have. You can see at the bottom of this triangle, we've got about eight commercial dermatology assets. We're focused on four to five of them. One being in the first position is Emrosi, the second one being Qbrexza, and the third one being Accutane. We like the position we're in. We believe we can grow those sales organically, led by Emrosi, of course. We have grown over the years, and we continue to add to our pipeline. We're probably about every 18 months, you could say on average, we're adding one additional product. In licensing or acquisition of products that are already FDA-approved. With Emrosi, we are really demonstrating another core competency of taking late-stage assets and putting them through the FDA regulatory process. We have a lot of various discussions underway, and we'll see what that brings up. Importantly, we also have the ability to out-license. With our strong IP and our strong patent lives, we did that just less than two years ago. We had a tremendous deal with Qbrexza. We out-licensed it to a company called Maruho, and we had non-dilutive capital come in of approximately $20 million. We expect to do some additional out-licensing here as we continue to move forward and have great discussions. There are a number of ways in terms of growth for the company. Our corporate priorities and objectives in 2025 really focus in on the launch of Emrosi, trying to do that as flawlessly as possible, continue to build the prescription base and everything that comes along in terms of that driving to EBITDA positive and cash flow positive. We want to continue making headway with the payers, continue to ramp that up, increase the number of lives with Emrosi. Of course, I mentioned the EBITDA positive and profitability. We continue to be out there in front of dermatologists and continue to give the message, have the right frequency, and reach to all the right targets. Hopefully, we can continue to add on with out-licensing and potential in-licensing or acquisitions of other products. Our main inflection point here is what we do with Emrosi over the next 12 months to 24 months. We feel good about what we just showed you here in the first four months of launch. One last look here is our current portfolio. This is what we are focused on with our sales force, our marketing team, and this is our promotion here in front of you with Emrosi being front and center. We think it's a great time if you're interested in investing to think about Journey Medical. Our ticker is DERM, D-E-R-M. We're all about skin. Anna, I don't know if I stuck to our timeframe, but I think we're getting ready. Yes, wonderful. We have a little bit of time. Great. Thank you so much for that. Can you offer some insights into the position of Emrosi from dermatology prescribers in the field? Sure. Yeah. We have done a number of ad boards before launch and after launch of Emrosi. The feedback has been really, really consistent. They like the proposition value. They like the fact that we are showing and demonstrating superior efficacy to Oracea. That has really gotten them to try this firsthand. What I am glad to really tell you in the audience is the feedback clinically from these offices has been tremendous. I am getting actual photos from dermatologists showing me the befores and afters. It is very consistent with what I showed you in a couple of those patient slides on the deck. They like the fact that it has got a real safe profile right now. So far, so good. We have to try to break the habits that they are so ingrained with, with almost 20 years with our competitor. That takes a little bit of time, but we are showing we are making great progress. Wonderful. What should investors focus on with regard to your progress going forward? Oh, I would tell investors really to focus in. It's public information. It comes out a little bit delayed, but focus in on our prescription growth. We continue to have prescription growth week over week, month over month. As long as that continues, we are going to be right on track to what we want to see. Additionally, I think another important factor is our NRXs. Those are new prescriptions and then the refills. We did a 16-week trial so patients could be on this for four months. It's really up to dermatologists, but we are seeing that patients are going back for refills multiple times over the first four months. We almost have a one-to-one ratio with refills. I think that's real important. Unique prescribers, we went from 600 to 1,800. Look for that number to grow. Another metric I think they should be focused on. We believe that later this year we will turn EBITDA positive because of the contributions of Emrosi. Those are the three, four factors that we look at. You talk a little bit more about the financials based on your last quarterly report. The business is at a run rate of about $60 million annually, breaking even almost. How do you see the company's financial picture taking shape over the next several quarters? Yeah, so if you look at Q2, we did approximately $15 million. That's about that $60 million roughly that you just mentioned there. We're real excited about what we've done with the launch so far. We expect it to continue, and it's going to take our growth and revenue much higher and closer to that profitability point, again, in 2025. We expect break-even to happen. Emrosi is going to continue to add sales and revenue, and we expect those contributions to be sustainable once we get there. I would also tell you that our infrastructure with our current team of 35 territories across the country, those are fixed costs. Everything that we really bring in is expected, and it's really going to drive Emrosi sales and earnings leverage and cash flow as the product grows. Wonderful. Can you also talk about some other out-licensing deals you've done and what the business development strategy is going forward? Yeah, sure. In terms of out-licensing, a lot of our products, like for example, with Emrosi, we have patents out to 2039. With Qbrexza, we're well out to over 2030. Amzeeq is 2031 and so forth. We can use those and out-license to other areas of the world outside of the U.S. Maruho is a Japanese company. They were able to license our product, Qbrexza, and we were able to bring in non-dilutive capital, which helped the company tremendously. With another Chinese company with one of our products, Amzeeq, we were able to get additional milestone payments. Also, royalties will be coming in from these deals that we're doing as well. We like that position with out-licensing. Perfect. Can you talk about the health plan coverage for Emrosi? Do you expect that the recent announcements regarding payer coverage will support sales increases? Yeah, absolutely. More than happy to talk about that. The success has been there. You know, we went from zero since we got our approval. Now we have access up to approximately over 100 million lives. As we get more payer acceptance, Emrosi's launch will get more reimbursement and more profitability as we move forward. It does take time just because we get access. It doesn't happen overnight. The health plans have to pick it up through the major payers that we have these plans with. It takes a little bit of time for them to implement. As the claims come in over time, we expect that to grow. It could take three, four months for all of this to come around. We do want to mark that as one of the considerations. We have a great, sound market access team that's doing a tremendous job for us. That 100 million+ should move up throughout the year. Wonderful. I'll let you close with this, Claude, talking a little bit about the longer-term strategy for the company. Yeah, I think in terms of longer strategy for the company, we need to execute on Emrosi like we're doing and really focus in on that. We want to continue with growth products, leverage Emrosi, Qbrexza, and really continue to build those organically within our sales organization. At the same time, look for out-licensing deals like you and I just mentioned right now, bring in more dilutive capital into the market, and continue to build our name in dermatology. I think we bring a great portfolio there. We've got great programs for dermatologists to really think about using our products versus the competition. Thank you, Claude, for your time and presentation. We certainly learned a lot and look forward to following along with your journey. Please join us again in the near future. Thank you, Anna. It was a pleasure. All right, everyone, thank you for watching. Stay with us. We'll be right back.