Journey Medical Corp
DERM · Pharmaceutical Preparations · 20.4M shares · +17%/yr ↑ dilution · EDGAR filings ↗
Reference price $6.84 · est. market cap ~$140M — last insider sale, 2025-05-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Commercial dermatology pharma with operating losses, negative operating cash flow, and leverage.
Strengths
- Decent gross margin, growth — gross margin 66%, revenue +11%
Risks
- Operating/net losses — operating margin -13%, net margin -19%
- Negative operating cash flow, leverage — OCF margin -20%, D/E 0.79 (78th)
- Product-portfolio/competition risk — per 10-K
Notable findings
- Going concern● There is substantial doubt regarding our ability to continue as a going concern
- Net lossNet loss (net margin -18.5%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
- Chronic dilutionShare count +17%/yr over 4y (dilution, book value/share -60%)
- Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
66.2%
Operating margin
-13.2%
Net margin
-18.5%
Return on equity
-35.9%
Return on assets
-12.1%
ROIC
-11.3%
Revenue growth (QoQ)
-0.7%
Debt / equity
0.8×
Current ratio
1.8×
Tangible book value
$4M
Cash & investments
$24M
Stock comp / revenue
10.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-25 | Pearce Michael Cooper | Grant | 10K | — |
| 2026-06-25 | Herskowitz Neil | Grant | 10K | — |
| 2026-06-25 | Smith Justin Adam | Grant | 10K | — |
| 2026-06-25 | ROSENWALD LINDSAY A MD | Grant | 10K | — |
| 2026-04-22 | Alloush Ramsey | Grant | 47K | — |
| 2026-04-22 | Benesch Joseph | Grant | 29K | — |
| 2026-04-22 | Maraoui Claude | Grant | 49K | — |
| 2025-08-25 | Maraoui Claude | Option exercise | 1.2M | $0.07 |
| 2025-08-25 | Maraoui Claude | Tax withheld | 11K | $7.47 |
| 2025-08-05 | Herskowitz Neil | Grant | 20K | — |
| 2025-08-05 | Toledano Miranda Jayne | Grant | 20K | — |
| 2025-08-05 | Pearce Michael Cooper | Grant | 20K | — |
| 2025-08-05 | Smith Justin Adam | Grant | 20K | — |
| 2025-08-05 | ROSENWALD LINDSAY A MD | Grant | 50K | — |
| 2025-06-25 | Herskowitz Neil | Grant | 7.2K | — |
| 2025-06-25 | ROSENWALD LINDSAY A MD | Grant | 7.2K | — |
| 2025-06-25 | Toledano Miranda Jayne | Grant | 7.2K | — |
| 2025-06-25 | Pearce Michael Cooper | Grant | 7.2K | — |
| 2025-06-25 | Smith Justin Adam | Grant | 7.2K | — |
| 2025-06-17 | Benesch Joseph | Grant | 29K | — |
| 2025-06-17 | Alloush Ramsey | Grant | 47K | — |
| 2025-06-17 | Maraoui Claude | Grant | 49K | — |
| 2025-05-02 | Benesch Joseph | Sell | 2.4K | $6.84 |
| 2025-05-02 | Alloush Ramsey | Sell | 2.9K | $6.84 |
| 2025-05-02 | Maraoui Claude | Sell | 4.8K | $6.84 |
| 2025-03-11 | Maraoui Claude | Sell | 49K | $5.01 |
| 2025-03-07 | Maraoui Claude | Sell | 15K | $5.01 |
| 2025-03-06 | Maraoui Claude | Sell | 26K | $5.04 |
| 2025-03-05 | Maraoui Claude | Sell | 18K | $5.13 |
| 2025-03-04 | Maraoui Claude | Sell | 29K | $5.04 |
| 2025-03-03 | Maraoui Claude | Sell | 24K | $5.19 |
| 2025-02-21 | Benesch Joseph | Sell | 1.4K | $5.19 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Shareholder vote | filing ↗ |
| 2026-05-13 | ResultsExhibits | filing ↗ |
| 2026-04-21 | OtherExhibits | filing ↗ |
| 2026-03-25 | ResultsExhibits | filing ↗ |
| 2025-11-12 | ResultsExhibits | filing ↗ |
| 2025-09-26 | Material agreementDebt obligation | filing ↗ |
| 2025-08-28 | Material agreement1.02Exhibits | filing ↗ |
| 2025-08-12 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-24 | 0001104659-26-077888 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001104659-26-060232 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001104659-26-060297 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001104659-26-046158 ↗ |
| 10-K | 2026-03-26 | 2025-12-31 | 0001104659-26-034629 ↗ |
| 8-K | 2026-03-25 | 2026-03-25 | 0001104659-26-034506 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001104659-25-110457 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001104659-25-110344 ↗ |
| 8-K | 2025-09-26 | 2025-09-25 | 0001104659-25-093891 ↗ |
| 8-K | 2025-08-28 | 2025-08-28 | 0001104659-25-084879 ↗ |
| 8-K | 2025-08-12 | 2025-08-12 | 0001104659-25-076825 ↗ |
| 10-Q | 2025-08-12 | 2025-06-30 | 0001410578-25-001703 ↗ |