Good morning, everyone. Thank you very much for joining us at the H.C. Wainwright Global Investor Conference. My name is Brandon Folkes. I'm one of the equity research analysts here at H.C. Wainwright. Next up, we have a presentation by Journey Medical Corporation, and presenting for Journey is Claude Maraoui, CEO and President. Claude, thanks very much for joining us.
Thank you.
Over to you.
All right. Well, thank you everyone for giving me this opportunity. Thank you, Brandon and H.C. Wainwright. I have a deck here just to go through the latest and greatest and how the company is performing. Let me get underway here. Of course, we're going to start with forward-looking statements. Journey's ticker symbol is DERM. Our market cap's a little over $200 million, and our shares outstanding is a little over 28 million, and our average volume has been approximately 250,000. Just some investment highlights to get started. We're a commercial stage pharmaceutical company focused in dermatology, and we really focus in on three main disease states. That is acne, rosacea, and hyperhidrosis. That is about a $6 billion market for us. In 2025, our net product revenues were $61 million, and we had adjusted EBITDA of about $2.9 million.
Our major key growth driver is our newest launched product called EMROSI, and we launched that in April of 2025. What is unique about EMROSI is we did head-to-head studies, not just with placebo, but with also the main competitor, which is ORACEA, what used to be the gold standard. It is really our biggest growth driver right now, and we believe we can leverage our revenue growth for the company moving forward. In terms of out-licensing, we have great opportunities with several of our products, EMROSI obviously being in the forefront, but also QBREXZA, AMZEEQ, and ZILXI as well. We have had a number of successes in the past, and I will get into that in a little bit. Our balance sheet is very solid. We have well over $25 million ending in Q2. Just to give you an idea of our senior leadership.
As you can see, second row from the bottom, we have a strong legacy with Medicis. Medicis was a dermatology company. Back in 2012, it ended up selling to Valeant for about $2.6 billion. A lot of my colleagues here come from there. We know each other, we are well-established, we are there 24/7, and a lot of the senior management has great dermatology background, even before Medicis as well. These are just a few of our top brands that we have launched and had the pleasure of commercializing. These top brands include SOLODYN, which happened to be the largest product in dermatology before the biologics came in. EMROSI, which I will be diving into more, is also minocycline. We also have great knowledge background in the aesthetics market, launching Restylane and Dysport as well. We know the marketplace, we know dermatology extremely well.
We know how to manage product life cycles, and we are always positioning ourselves to be first in class in all these segments. In terms of our commercial platform, very strong platform. We have got a great experience. When you think about our sales reps, we have over seven years, on average, with our salespeople, over 275 years of dermatology experience, and really just many accolades and awards. So a well-distinguished group. We have got 40 people across the U.S., so we cover a good footprint, 80% of the top MSA coverage, and we are able to reach about 70% of the total prescriptions in the U.S. across those three disease states that I mentioned earlier. This is, in essence, our product portfolio that we focus in on. We have more products than this, but these are our core brands that we focus in on.
In a few slides, I will be getting more in depth in EMROSI, so I will focus on QBREXZA and the other products right now. QBREXZA is a fantastic product. We launched this product in the U.S. back in Q2 2021. We picked QBREXZA up from Eli Lilly, their subsidiary, Dermira, and this is for primary axillary hyperhidrosis. It is glycopyrronium, and right now in the U.S., there is about 10 million people that suffer from this disease state. Accutane, a very well-established brand, known name out there. It is isotretinoin. There is about 2.3 million prescriptions written in the U.S. on an annual basis. We own the trademark. This also was launched back in 2021 for the company. It does extremely well for us. Finally, AMZEEQ and ZILXI. AMZEEQ is a topical minocycline foam. We picked up AMZEEQ, as well as ZILXI, back in January of 2022 from VYNE Therapeutics.
The acne market is significant, well over 24 million prescriptions in 2025. Its sister product, ZILXI, is for rosacea. It is a topical dosage form for rosacea, which really lended itself extremely well for us to launch EMROSI . Our salespeople were already well-educated in the disease state of rosacea. When we launched EMROSI , it was just a great bridge to launch this wonderful product. A little bit about EMROSI . We launched it, again, back in April 2025. It is indicated for papules and pustules for rosacea treatment. There is about 5% of the population in the U.S., so about 17 million people suffer from this. It is the lowest dose of minocycline in the U.S. We really think we are just getting started here with EMROSI . I am going to get into the product profile a little bit.
We were fortunate in our first cycle with the FDA to get this approved back in November 2024. Again, it is really one of our key stories here. We are superior statistically to ORACEA as well as placebo, and we definitely have the potential to becoming the standard of care. We have already eclipsed ORACEA brand in market share. When you look at the 40 mg doxycycline, which is what ORACEA is, now they have multiple generics out there, we have eclipsed them on a monthly basis too. Our trend is going extremely well. You will see later on, we really have a good grip in terms of looking at the prescriptions. Our 40-person sales team is able to cover 87% of all of the ORACEA and the generic prescriptions out there, including 20 mg dose.
We have already secured three of the major GPOs in the U.S. In terms of our market access team getting greater formulary access, that is well in the works. Again, EMROSI has great potential in out-licensing. It is just some of the product profile. Again, 40 mg minocycline. It is a modified formulation. It is a once-a-day treatment, so you can take it morning or evening. Very flexible dosing. It is the 40 mg. 10 mg is immediate release, 30 mg is extended release. This proprietary formulation is extremely important, as you will see some of the benefits from it. The head-to-head superiority does not just catch dermatologists' attention, but it also catches managed care PBM attention too. Having that head-to-head is really an eye-opener, an attention-getter, and it really is very meaningful. When we launched the product in April 2025, it was perfect timing.
We were published in JAMA, our full phase III clinical trials. We have three U.S. Orange Book listed patents, and that takes us out all the way into 2039. We have got a good pathway ahead of us here with EMROSI to build on that. The market size in 2025, when you take a look at it, is well over $1.3 billion. That included the topicals as well as the orals. When you take a look at ORACEA, just in prescription gross sales, it was well over a quarter of a billion dollars. I am going to get into a little bit of the phase III clinical trials here. There were two co-primary endpoints, IGA success as well as inflammatory lesion change. EMROSI was statistically superior in both of those co-primary points. The blue bars are EMROSI, the pink is ORACEA, and the gray bar is placebo.
As you can see from the slide, just tremendous outcomes. In terms of EMROSI with IGA success, about 61% greater than ORACEA. ORACEA has been around for 20 years. We are coming out with EMROSI now, and we are showing that much better efficacy. When you look at inflammatory lesion reduction, you are seeing about a 28% greater reduction. Place for us to be in dermatology. That is where most of the prescriptions come from. I think the welcome reception that we have gotten in over a year of being out there has really proved its value for patients as well as dermatologists. There are no other head-to-head studies in rosacea in the oral marketplace. In terms of safety, I will show you a slide. It is really remarkable. Placebo safety-like side effects. Okay. Trying to move forward. Okay. Oh, one back, please. Okay. The other slide, I will just talk to it.
In terms of secondary endpoints, we had five secondary endpoints, and they all passed with the FDA. There was one in particular in terms of erythema, and with erythema, we were able to show success versus placebo. ORACEA tried to do that and was not successful. Again, I think that, again, really shows some significance here for the product. This is an excellent slide. One of the things that is being well-received is how quickly EMROSI is working. We did 16-week trials in our phase III, and you can see here that the onset of efficacy was very early. Starting in week four and moving onward all the way to week 16, we are showing statistical significance over ORACEA as well as placebo. Another way to think of it is Let me go back. Okay.
Another way to think of it is in week four, as actually in week eight, where EMROSI is at 42.8% in terms of IGA success. If you go all the way to the right, ORACEA at week 16 is showing 39%. We are able to do the same work as ORACEA, but in half the time. That was really true across all the periods that were tested. Again, this was with IGA success. The same thing was true in terms of inflammatory lesion reduction. They say a picture tells a thousand stories. With our IGA, these are actual patients that baseline, you could see how inflamed they were, the papules, the pustules. This patient's IGA score was a three. You had to have either a three or a four, moderate to severe, to be included in the trial.
At week 16, you can see a significance in terms of getting clear, IGA success going down to one, and lesion counts going all the way to eight. This is in just 16 weeks on the product, EMROSI. Next patient here. Okay. There we go. Little delay. Same thing, IGA success score of four with a lesion count of 46. You can see tremendous clearing once again. Compliance was good. Very simple, could be taken with or without food, and the results really speak loud for them. This is what patients are coming back into the dermatologist office, these types of results. I talked about safety before, how important it is. Minocycline, inherently immediate-release minocycline, which started out back around 1972, was all immediate release. I mentioned proprietary formulation.
We are talking about this really unique 10% immediate release, excuse me, 25% immediate release, 75% delayed release, gets you these types of minimal side effects, all below 3%. These are the most common side effects that were seen in the trial. You could see that comparator to ORACEA as well as placebo. Just a little bit more about the market. I reviewed that before. About a $1.3 billion market. In terms of our footprint, there's about 720,000 prescriptions in 2025. Of that, 94% of those prescriptions were written in dermatology. When you take a look on the right side, that's our footprint, and we're able to cover 87% of those dermatology prescriptions written in 2025 and going into 2026. The other remainder, 13%, were able to e-sample and do some non-direct promotion. The coverage is very strong.
This really speaks for itself. On the right side, as you see the graph there, we launched again in Q2 of 2025. We did about 7,000 prescriptions. Q3 of 2025, 18,000. Q4, we moved up to 27,000. In Q1 of 2026, almost 30,000. Q2, we're up to over 35,000, going towards 36,000. The Symphony data did come out for the month of July. We were at 14,000, our record high month so far during this launch. Altogether, we've already done about 130,000 prescriptions since launch, and we're very proud that we've got about 4,500 unique prescribers that have tried EMROSI through July. Payer access is extremely important. With the three GPOs that we have in place, there is a pathway to commercial lives of about 85%. We surpassed ORACEA as well as the generic ORACEA products out there in the marketplace. Just some key takeaways.
We really are the best in class. The data speaks for itself. It's resonating well. We have numerous publications coming out in 2025 as well as in 2026. The word continues to get out there. We are at the major dermatology industry meetings. We were at the American Academy of Dermatology, which is the largest industry show. We had about 5,000 dermatologists plus there. We'll be at the fall clinical shortly. Head-to-head, we're showing superiority, quick results in as little as two weeks, placebo-like safety side effects, and this really truly has a full potential globally of getting to $300 million in net sales. It's really a significant growth driver for the company. Outside, beyond just EMROSI and our other portfolio of products, if you look down at the bottom of the slide, we've got about eight commercial products.
We do try to out-license some of these products that I mentioned earlier, EMROSI, QBREXZA, AMZEEQ. We've been successful at doing those three products already, and we hope to be more successful in the future. Business development, out-licensing important to us. You could see we've been acquiring products, in-licensing products, and we've shown a core competency in really doing phase III and moving those through the FDA. I want to thank H.C. Wainwright. I want to thank the audience for their time here, and really thank you for considering Journey Medical. Thank you.