Minocycline

ZYCUBO ® approved by FDA to treat Menkes disease in the United States; Fortress subsidiary Cyprium Therapeutics sold its Rare Pediatric Disease Priority Review Voucher (PRV) for gross proceeds of $205 million; Cyprium is also eligible to receive tiered royalties and up to approximately $128 million in aggregate sales milestones from Sentynl Therapeutics Fortress subsidiary Checkpoint Therapeutics acquired by Sun Pharma; Fortress remains eligible to receive up to an additional $4.8 million under a contingent value right (CVR), plus a 2.5% royalty on net sales of UNLOXCYT™ (cosibelimab-ipdl) MIAMI, March 31, 2026 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”), an innovative biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty income, today announced financial results and recent corporate highlights for the full-year ended December 31, 2025. Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer, said, “2025 and early 2026 reflect disciplined execution across our portfolio, including monetizing assets, achieving key regulatory approvals and advancing high-value clinical programs. The acquisition of Checkpoint Therapeutics, Inc. (“Checkpoint”) by Sun Pharma generated meaningful upfront capital and established a long-term royalty stream from UNLOXCYT™ (cosibelimab-ipdl), highlighting the strength of our business model. The FDA approval of ZYCUBO ® for Menkes disease, followed by the recent sale of the Rare Pediatric Disease Priority Review Voucher (“PRV”) for $205 million by our majority-owned subsidiary Cyprium Therapeutics, Inc. (“Cyprium”), demonstrates our continued ability to advance our portfolio toward value-generating approvals and corporate transactions. Additionally, the progression of dotinurad into Phase 3 by Crystalys Therapeutics, to which we transferred rights to dotinurad in exchange for equity in Crystalys and a 3% royalty on dotinurad sales, supported by its Series A $205 million financing, further validates our strategy of building diversified revenue streams and creating long-term shareholder value.” Recent Corporate Highlights 1 : Regulatory Updates ZYCUBO ® Approved for Menkes Disease; Cyprium Sold PRV for $205 Million; Royalty and Milestone Participation Secured. In January 2026, the FDA approved ZYCUBO ® (copper histidinate, formerly known as CUTX-101) for the treatment of Menkes disease in pediatric patients. A PRV was issued at approval and transferred to Cyprium under its agreement with Sentynl Therapeutics, Inc. (“Sentynl”). In March 2026, Cyprium closed the sale of the PRV for gross proceeds of $205 million. Cyprium is also eligible to receive tiered royalties on net sales of ZYCUBO ® and up to approximately $128 million in aggregate sales milestones from Sentynl. ZYCUBO ® was commercially launched by Sentynl subsequent to approval. In connection with the sale of the PRV, Cyprium redeemed all outstanding shares of its 9.375% Perpetual Preferred Stock pursuant to the previously disclosed terms of such securities. In total, Fortress expects to receive an aggregate of at least $100 million from Cyprium pursuant to potential future dividends and intercompany agreements, including amounts owed by Cyprium to Fortress through intercompany debt, interest and accrued expenses. The amount Fortress will receive is subject to change based on various considerations including, but not limited to, Cyprium’s obligation to pay 20% of the proceeds from a PRV sale to an institute of the National Institutes of Health, Cyprium’s tax obligations on the income received from the PRV sale, any future dividends that may be approved by Cyprium’s Board of Directors, and Cyprium’s outstanding and future obligations. Monetization Updates Checkpoint Acquired by Sun Pharma; Fortress Establishes Long-Term Royalty Stream. In May 2025, Fortress’ subsidiary, Checkpoint, was acquired by Sun Pharmaceutical Industries, Inc. (together with its subsidiaries and/or associated companies, “Sun Pharma”). Checkpoint was acquired for an aggregate upfront payment totaling ~$355 million and ~$60 million payable in a contingent value right (“CVR”), of which Fortress received ~$28 million upfront, with the potential for an additional CVR payment of up to $4.8 million and a 2.5% royalty on future net sales of UNLOXCYT™ (cosibelimab-ipdl). UNLOXCYT™ was approved by the FDA in December 2024 to treat metastatic or locally advanced cutaneous squamous cell carcinoma (“cSCC”) in patients who are not candidates for curative surgery or radiation and was commercially launched in January 2026. Avenue Therapeutics’ Subsidiary Baergic Acquired by Axsome. In November 2025, Avenue Therapeutics, Inc.’s (“Avenue”) subsidiary Baergic Bio, Inc. (“Baergic”) was acquired by Axsome Therapeutics (“Axsome”). Under the terms of the purchase agreement, Baergic shareholders received a $0.3 million upfront payment (less transaction expenses) and are eligible to receive milestone payments of up to $2.5 million upon the occurrence of certain development and regulatory events for the first indication for AXS-17 (formerly known as BAER-101). Avenue, a Fortress subsidiary, is eligible to receive approximately 74% of all future milestone and royalty payments under the agreement, including up to $79 million in potential sales milestones and tiered mid-to-high single-digit royalties. $205 Million Series A Raised by Crystalys to Advance Dotinurad Phase 3 Program. In the third quarter of 2025, Crystalys Therapeutics (“Crystalys”), in which our majority-owned and controlled subsidiary company Urica Therapeutics, Inc. (“Urica”), maintains an equity position, announced a $205 million Series A financing to support two global Phase 3 clinical studies evaluating dotinurad for gout. Urica is eligible to receive a 3% royalty on future net sales of dotinurad. Urica entered into an asset purchase agreement, royalty agreement and related agreements with Crystalys in July 2024. Commercial Product Updates Journey Medical Expands Commercial Footprint of Emrosi ™ . At the end of March 2025, our partner company Journey Medical Corporation (“Journey Medical”), commercially launched Emrosi™ (40mg Minocycline Hydrochloride Modified-Release Capsules, consisting of 10mg immediate release and 30mg extended release pellets), also known as DFD-29, for inflammatory lesions of rosacea. Emrosi™ was approved by the FDA in November 2024 and is available by prescription at specialty pharmacy chains. Journey Medical reported net product revenues of $61.2 million for full-year 2025, compared to net product revenues of $55.1 million for the full year ended December 31, 2024. Clinical Updates Dotinurad Enters Phase 3 Development. In October 2025, the first patients were dosed in Crystalys’ two randomized, double-blind, multicenter global Phase 3 trials evaluating dotinurad, a next-generation, once daily oral, URAT1 inhibitor with potential for best-in-class safety and efficacy for the treatment of gout. Phase 3 CARES Results for Anselamimab (CAEL-101); Regulatory Submission of Prespecified Subgroup Analysis Planned. In July 2025, AstraZeneca announced that anselamimab (formerly known as CAEL-101) did not achieve statistical significance for the primary endpoint in its Phase III Cardiac Amyloid Reaching for Extended Survival (“CARES”) clinical program for Mayo stages IIIa and IIIb AL amyloidosis patients. However, the drug showed clinically meaningful improvement in a prespecified subgroup and was well tolerated. AstraZeneca indicated that the company plans to submit the prespecified subgroup analysis from the CARES trials to regulatory authorities. Emrosi™ Phase 3 Data Published in JAMA Dermatology and Journal of Drugs in Dermatology . In March 2025, full results from two Phase 3 multicenter, randomized, double-blind, parallel-group, active-comparator and placebo-controlled clinical trials, Minocycline Versus Oracea ® in Rosacea-1 (“MVOR-1”) and Minocycline Versus Oracea ® in Rosacea-2 (“MVOR-2”), evaluating Emrosi™ for the treatment of moderate-to-severe papulopustular rosacea in adults, were published in the Journal of the American Medical Association - Dermatology . The results demonstrated the efficacy, safety and tolerability of oral DFD-29 in rosacea. The full publication is available at Information on such website is not a part of this release. In December 2025, results from the Phase 1 clinical trial (DFD-29-CD-006) assessing the impact of low-dose oral minocycline (commercially known as Emrosi™) on skin, gastrointestinal (“GI”) and vaginal microflora in healthy adults were published in the Journal of Drugs in Dermatology . The clinical trial also assessed the safety and tolerability of the treatment. The results indicate that DFD-29 administration for 16 weeks had no detectable effects on skin, GI tract or vaginal microflora and it was well tolerated in healthy adults, supporting its use as a therapeutic option for patients with moderate-to-severe rosacea. Emrosi™ Phase 3 Results Presented at Scientific Meetings. In June 2025, a data analysis from the two Phase 3 multicenter clinical trials evaluating Emrosi™ for the treatment of moderate-to-severe papulopustular rosacea in adults was presented at the Society of Dermatology Physician Associates 2025 Summer Dermatology Conference. The analysis determined that differences in body weight did not affect the efficacy of Emrosi™ in the two Phase 3 trials, which supported its November 2024 FDA approval. In October 2025, efficacy data from a pooled analysis of the MVOR-1 and MVOR-2 trials were presented at the 2025 Fall Clinical Dermatology Conference and demonstrated superior efficacy in Investigator’s Global Assessment treatment success rates and inflammatory lesion counts versus both placebo and doxycycline (P<0.001 for all comparisons). Triplex CMV Vaccine Phase 2 Update. In January 2025, the first patient was dosed in a multicenter, placebo-controlled and randomized Phase 2 clinical trial to evaluate Triplex, a cytomegalovirus (“CMV”) vaccine, when administered to human leukocyte antigen matched related stem cell donors to reduce CMV events in patients undergoing hematopoietic stem cell transplantation. Triplex is being investigated in eight clinical trials and is currently in development at our subsidiary company, Helocyte, Inc. General Corporate: In March 2026, Fortress made aggregate prepayments on its loan with Oaktree, including a prepayment in connection with the sale of the PRV, reducing the outstanding principal balance to $15.0 million. In February 2026, Avenue entered into an exclusive worldwide license agreement with Duke University to acquire patent and know-how rights pertaining to ATX-04 (clenbuterol), a well-characterized small-molecule β2-adrenergic agonist, in clinical development for the treatment of Pompe disease. ATX-04 is a selective β2-adrenergic agonist with human proof-of-concept data demonstrating improved muscle function and enhanced response to enzyme replacement therapy. Avenue anticipates meeting with the FDA in 2026 to discuss and align on the design of a potential single pivotal trial for ATX-04 for Pompe disease. Journey Medical joined the small-cap Russell 2000 ® and the broad-market Russell 3000 ® Indexes, in June 2025. Financial Results: As of December 31, 2025, Fortress’ consolidated cash and cash equivalents totaled $79.4 million, compared to $86.2 million as of September 30, 2025, and $57.3 million as of December 31, 2024, a decrease of $6.8 million for the fourth quarter and an increase of $22.1 million for the full year. Fortress’ consolidated cash and cash equivalents totaled $79.4 million as of December 31, 2025, and includes $35.2 million attributable to Fortress and private subsidiaries, $2.9 million attributable to Avenue, $17.3 million attributable to Mustang and $24.1 million attributable to Journey Medical. Checkpoint was acquired by Sun Pharma in May 2025. Fortress’ consolidated net revenue totaled $63.3 million for the full year ended December 31, 2025, which included $61.2 million in net revenue generated from our marketed dermatology products. This compares to consolidated net revenue totaling $57.7 million for the full year ended 2024, which included $55.1 million in net revenue generated from our marketed dermatology products. Consolidated research and development expenses including license acquisitions totaled $11.9 million for the full year ended December 31, 2025, compared to $56.9 million for the full year ended December 31, 2024. Consolidated selling, general and administrative costs were $96.4 million for the full year ended December 31, 2025, compared to $87.7 million for the full year ended December 31, 2024. Consolidated net loss attributable to common stockholders was $(1.9) million, or $(0.07) per share, for the full year ended December 31, 2025, compared to net loss attributable to common stockholders of $(55.9) million, or $(2.69) per share for the full year ended December 31, 2024. About Fortress Biotech Fortress Biotech, Inc. (“Fortress”) is an innovative biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty income. The company has a portfolio of multiple marketed prescription pharmaceutical products and programs in development at Fortress, at its majority-owned and majority-controlled partners and subsidiaries and at partners and subsidiaries it founded and in which it holds significant minority ownership positions. Fortress’ portfolio is being commercialized and developed for various therapeutic areas including oncology, dermatology, and rare diseases. Fortress’ model is focused on leveraging its significant biopharmaceutical industry expertise and network to further expand and advance the company’s portfolio of product opportunities. Fortress has established partnerships with some of the world’s leading academic research institutions and biopharmaceutical companies to maximize each opportunity to its full potential, including AstraZeneca, City of Hope, Nationwide Children’s Hospital, Columbia University, Dana-Farber Cancer Center and Sentynl Therapeutics. For more information, visit . Forward-Looking Statements Statements in this press release that are not descriptions of historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include risks relating to: our growth strategy, financing and strategic agreements and relationships; our need for substantial additional funds and uncertainties relating to financings; uncertainty related to the timing and amounts expected to be realized from future milestone, contingent value right, royalty or similar future revenue streams, if at all; our ability to identify, acquire, close and integrate product candidates successfully and on a timely basis; our ability to attract, integrate and retain key personnel; the early stage of product candidates under development; the results of research and development activities; uncertainties relating to preclinical and clinical testing; our ability to obtain regulatory approval for products under development; our ability to successfully commercialize products for which we receive regulatory approval or receive royalties or other distributions from third parties; our ability to secure and maintain third-party manufacturing, marketing and distribution of our and our partner companies’ products and product candidates; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein. Company Contact: Jaclyn Jaffe Fortress Biotech, Inc. (781) 652-4500 ir@fortressbiotech.com Media Relations Contact: Tony Plohoros 6 Degrees (908) 591-2839 tplohoros@6degreespr.com FORTRESS BIOTECH, INC. AND SUBSIDIARIES Consolidated Balance Sheets ($ in thousands except for share and per share amounts) December 31, December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 79,381 $ 57,263 Accounts receivable, net 29,783 10,231 Inventory 9,624 14,431 Other receivables - related party 158 171 Prepaid expenses and other current assets 4,895 7,110 Assets held for sale — 1,165 Total current assets 123,841 90,371 Property, plant and equipment, net 2,519 3,260 Operating lease right-of-use asset, net 12,302 13,861 Restricted cash 1,220 1,552 Equity investments, at fair value 17,660 2,585 Intangible assets, net 27,605 31,863 Other assets 401 731 Total assets $ 185,548 $ 144,223 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities Accounts payable and accrued expenses $ 47,125 $ 65,501 Income taxes payable 356 932 Common stock warrant liabilities 1 214 Operating lease liabilities, short-term 2,127 2,623 Partner company installment payments - licenses, short-term — 625 Other current liabilities 135 1,504 Total current liabilities 49,744 71,399 Notes payable, long-term, net 52,417 57,962 Operating lease liabilities, long-term 12,672 14,750 Partner company redeemable perpetual preferred liability 7,085 — Other long-term liabilities 1,447 1,756 Total liabilities 123,365 145,867 Commitments and contingencies Stockholders’ equity (deficit) Cumulative redeemable perpetual preferred stock, $0.001 par value, 15,000,000 authorized, 5,000,000 designated Series A shares, 3,427,138 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively, liquidation value of $25.00 per share 3 3 Common stock, $0.001 par value, 200,000,000 shares authorized, 31,364,094 and 27,908,839 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 31 28 Additional paid-in-capital 783,891 763,573 Accumulated deficit (734,052 ) (740,867 ) Total stockholders' equity attributed to the Company 49,873 22,737 Non-controlling interests 12,310 (24,381 ) Total stockholders' equity (deficit) 62,183 (1,644 ) Total liabilities and stockholders' equity (deficit) $ 185,548 $ 144,223 FORTRESS BIOTECH, INC. AND SUBSIDIARIES Consolidated Statements of Operations ($ in thousands except for share and per share amounts) Year Ended December 31, 2025 2024 Revenue Product revenue, net $ 61,239 $ 55,134 Collaboration revenue — 1,500 Revenue - related party — 41 Other revenue 2,023 1,000 Net revenue 63,262 57,675 Operating expenses Cost of goods - (excluding amortization of acquired intangible assets) 20,924 20,879 Amortization of acquired intangible assets 4,258 3,424 Research and development 11,901 56,629 Research and development - licenses acquired — 252 Selling, general and administrative 96,400 87,731 Loss recovery — (4,553 ) Asset impairment — 3,692 Total operating expenses 133,483 168,054 Loss from operations (70,221 ) (110,379 ) Other income (expense) Interest income 2,485 2,683 Interest expense and financing fee (10,106 ) (13,527 ) Loss on common stock warrant liabilities (398 ) (638 ) Gain from deconsolidation of subsidiary 27,127 — Other income 17,578 1,318 Total other income (expense) 36,686 (10,164 ) Loss before income tax expense (33,535 ) (120,543 ) Income tax expense (benefit) (620 ) 312 Net loss (32,915 ) (120,855 ) Attributable to non-controlling interests 39,730 74,858 Net income (loss) attributable to Fortress $ 6,815 $ (45,997 ) Preferred A dividends declared and paid and/or cumulated, and Fortress' share of subsidiary deemed dividends (8,697 ) (9,893 ) Net loss attributable to common stockholders $ (1,882 ) $ (55,890 ) Net loss per common share attributable to common stockholders - basic & diluted $ (0.07 ) $ (2.69 ) Weighted average common shares outstanding - basic & diluted 27,901,889 20,784,334 1 This press release references products being developed or commercialized by Fortress, by Fortress’ private or public subsidiaries (referred to herein as “subsidiaries” or “partner companies”) and by entities with whom one of the foregoing parties has a significant business relationship, such as an exclusive license or an ongoing product-related payment obligation (such entities referred to herein as “partners”). The words “we”, “us” and “our” may refer to Fortress individually, to one or more of our subsidiaries and/or partner companies, or to all such entities as a group, as dictated by context.

Total revenues were $61.9 million in FY2025 compared to $56.1 million in FY2024 Emrosi ™ generated net revenues of $14.7 million during the full-year period after its launch in early April 2025 Approximately 53,000 total prescriptions were filled for Emrosi™ during FY2025 Payer access for Emrosi™ available to over 100 million U.S. commercial lives Company to hold conference call today at 4:30 p.m. ET SCOTTSDALE, Ariz., March 25, 2026 (GLOBE NEWSWIRE) -- Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical,” “the Company,” “we” or “our”), a commercial-stage pharmaceutical company focused on developing, selling and marketing FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced financial results and recent corporate highlights for the full year ended December 31, 2025. Claude Maraoui, Journey Medical’s Co-Founder, President and Chief Executive Officer, said, “We delivered a year of meaningful commercial progress, highlighted by the successful launch and rapid uptake of Emrosi™, which is driving solid revenue growth and expanding our presence in medical dermatology. Our financial performance continues to strengthen with rising net product revenues, improving gross margins and expense optimization, supported by disciplined investment in our dermatology focused sales infrastructure. Emrosi™ achieved strong prescription momentum and broader payer access throughout the year, and its differentiated clinical pro reinforces our confidence in the product’s long-term potential as a key growth driver for our Company. As we look ahead to 2026 and beyond, we remain well-positioned to continue to execute on our strategy, leveraging our commercial platform to drive improving financial performance, and advancing innovative therapies that address important needs for patients with dermatologic conditions, while increasing value for our shareholders.” 2025 Financial Results: Revenues totaled $61.9 million for the year ended December 31, 2025, reflecting a 10% increase from $56.1 million reported for the year ended December 31, 2024. The growth was primarily driven by incremental revenue from the launch and commercialization of Emrosi™, partially offset by continued competitive pressures on Accutane ® , revenue from which declined by $6.5 million. Gross margin ( 1) improved year over year to 66.2% for the year ended December 31, 2025, up from 62.8% for the year ended December 31, 2024, driven by net revenues from our higher-margin products, Emrosi™ and Qbrexza ® , and lower overall inventory period costs. Selling, general and administrative (SG&A) expenses were $44.4 million for the year ended December 31, 2025, reflecting a 10% increase compared to $40.2 million for the year ended December 31, 2024. The increase is primarily due to the incremental operational activities related to the launch and commercialization of Emrosi™. Net loss was $11.4 million, or $(0.47) per share basic and diluted, for the year ended December 31, 2025, compared to a net loss of $14.7 million, or $(0.72) per share basic and diluted, for the year ended December 31, 2024. The Company’s non-GAAP results in the table below reflect Adjusted EBITDA of $2.9 million, or $0.12 per share basic and $0.10 per share diluted for the full year 2025. This compares to Adjusted EBITDA of $0.8 million, or $0.04 per share basic and $0.03 per share diluted for the full year 2024. Adjusted EBITDA, Adjusted EBITDA per share basic and Adjusted EBITDA per share diluted are non-GAAP financial measures, each of which are reconciled to the most directly comparable financial measures calculated in accordance with GAAP below. At December 31, 2025, the Company had cash and cash equivalents on hand of approximately $24.1 million as compared to $20.3 million of cash and cash equivalents at December 31, 2024. The Company’s working capital was $29.4 million at December 31, 2025, compared to $13.0 million at December 31, 2024. Recent Corporate Highlights: In March 2025, Journey Medical announced that full results from two Phase 3 multicenter, randomized, double-blind, parallel-group, active-comparator and placebo-controlled clinical trials, Minocycline Versus Oracea ® in Rosacea-1 (“MVOR-1”) and Minocycline Versus Oracea in Rosacea-2 (“MVOR-2”), evaluating Emrosi™, also known as DFD-29, for the treatment of moderate-to-severe papulopustular rosacea in adults, were published in the Journal of the American Medical Association - Dermatology . The results demonstrated the efficacy, safety and tolerability of oral DFD-29 in rosacea. The full publication is available at Information on such website is not a part of this release. At the end of March 2025, Journey Medical announced the distribution of, and the first prescriptions filled for Emrosi™ (40 mg Minocycline Hydrochloride Modified-Release Capsules, comprising 10 mg immediate release and 30 mg extended release pellets), for the treatment of inflammatory lesions of rosacea in adults. The full commercial launch began on April 7, 2025. Emrosi™ was approved by the FDA in November 2024. In June 2025, Journey Medical announced that a data analysis from the two Phase 3 multicenter clinical trials evaluating Emrosi™ for the treatment of moderate-to-severe papulopustular rosacea in adults was presented at the Society of Dermatology Physician Associates 2025 Summer Dermatology Conference. The analysis determined that differences in body weight did not affect the efficacy of Emrosi™ in the two Phase 3 trials, which supported its November 2024 FDA approval. In July 2025, Journey Medical announced expanded payer access with over 100 million commercial lives in the United States for Emrosi™. This compares to 54 million commercial lives in May 2025. In October 2025, efficacy data from a pooled analysis of the two Phase 3 multicenter, randomized, double-blind, parallel-group, active-comparator and placebo-controlled clinical trials, MVOR-1 and MVOR-2, evaluating Emrosi™ for the treatment of inflammatory lesions of rosacea in adults, were presented at the 2025 Fall Clinical Dermatology Conference. Emrosi™ demonstrated superior efficacy in Investigator’s Global Assessment (“IGA”) treatment success rates and inflammatory lesion count reduction versus both placebo and doxycycline (P<0.001 for all comparisons). In December 2025, Journey Medical announced that the results from the Phase 1 clinical trial (DFD-29-CD-006) assessing the impact of low-dose oral minocycline (previously referred to as DFD-29, FDA approved as Emrosi™) on skin, gastrointestinal (“GI”) and vaginal microflora in healthy adults were published in the Journal of Drugs in Dermatology , a leading peer-reviewed publication in clinical dermatology. The clinical trial also assessed the safety and tolerability of the treatment. The results indicate that DFD-29 administration for 16 weeks had no detectable effects on skin, GI tract or vaginal microflora and it was well tolerated in healthy adults, supporting its use as a therapeutic option for patients with moderate-to-severe rosacea. Conference Call and Webcast Information: Journey Medical management will conduct a conference call and audio webcast on March 25, 2026, at 4:30 p.m. ET. To listen to the conference call, interested parties within the U.S. should dial 1-866-777-2509 (domestic) or 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Journey Medical conference call. Participants can register for the conference call here: . Please note that registered participants will receive their dial-in number upon registration. A live audio webcast can be accessed on the News and Events page of the Investors section of Journey Medical’s website, , and will remain available for replay for approximately 30 days after the meeting. (1) We define gross margin as total revenue less cost of goods sold divided by total revenue. About Journey Medical Corporation Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical”) is a commercial-stage pharmaceutical company that primarily focuses on developing, selling and marketing FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions through its efficient sales and marketing model. The Company currently markets eight branded FDA-approved prescription drugs that help treat and heal common skin conditions. The Journey Medical team comprises industry experts with extensive experience in developing and commercializing some of dermatology’s most successful prescription brands. Journey Medical is located in Scottsdale, Arizona and was founded by Fortress Biotech, Inc. (Nasdaq: FBIO). Journey Medical’s common stock is registered under the Securities Exchange Act of 1934, as amended, and it files periodic reports with the U.S. Securities and Exchange Commission (“SEC”). For additional information about Journey Medical, visit . Forward-Looking Statements This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. As used below and throughout this press release, the words “the Company”, “we”, “us” and “our” may refer to Journey Medical. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. The words “anticipate,” “believe,” “continue,” “estimate,” “may,” “expect,” “will,” “could,” “project,” “intend,” “potential” and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include: the fact that our products and future product candidates are subject to time and cost intensive regulation and clinical testing and as a result, may never be successfully developed or commercialized; a substantial portion of our sales derive from products that may become subject to third-party generic competition because their period of exclusivity has ended or they are without patent protection, subjecting them to the potential introduction of new competitor products and/or an increase in market share of existing competitor products, either of which could have a significant adverse impact on our operating income; we operate in a heavily regulated industry, and we cannot predict the impact that any future legislation or administrative or executive action may have on our operations; our revenue is dependent mainly upon sales of our dermatology products and any setback relating to the sale of such products could impair our operating results; competition could limit our products’ commercial opportunity and profitability, including competition from manufacturers of generic versions of our products; the risk that our products do not achieve broad market acceptance, including by government and third-party payors; our reliance on third parties for several aspects of our operations; our dependence on our ability to identify, develop, and acquire or in-license products and integrate them into our operations, at which we may be unsuccessful; the dependence of the success of our business, including our ability to finance our company and generate additional revenue, on the successful commercialization of Emrosi™ and any future product candidates that we may develop, in-license or acquire; clinical drug development is very expensive, time consuming, and uncertain and our clinical trials may fail to adequately demonstrate the safety and efficacy of our current or any future product candidates; our competitors could develop and commercialize products similar or identical to ours; risks related to the protection of our intellectual property and our potential inability to maintain sufficient patent protection for our technology and products; our business and operations would suffer in the event of computer system failures, cyber-attacks, or deficiencies in our or our third parties’ cybersecurity; the substantial doubt about our ability to continue as a going concern; the effects of major public health issues, epidemics or pandemics on our product revenues and any future clinical trials; our potential need to raise additional capital; Fortress controls a voting majority of our common stock, which could be detrimental to our other shareholders; as well as other risks described in Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Reports on Form 10-Q, and our other filings we make with the SEC. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Company Contact: Jaclyn Jaffe (781) 652-4500 ir@jmcderm.com Media Relations Contact: Tony Plohoros 6 Degrees (908) 591-2839 tplohoros@6degreespr.com JOURNEY MEDICAL CORPORATION Consolidated Balance Sheets ($ in thousands except for share and per share amounts) December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 24,090 $ 20,305 Accounts receivable, net of reserves 29,783 10,231 Inventory 9,624 14,431 Prepaid expenses and other current assets 3,376 3,212 Total current assets 66,873 48,179 Intangible assets, net 27,605 31,863 Operating lease right-of-use asset, net 111 199 Total assets $ 94,589 $ 80,241 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 8,851 $ 16,050 Due to related party 455 528 Accrued expenses 27,567 17,425 Accrued interest 398 404 Income taxes payable 70 60 Installment payments – licenses, short-term - 625 Operating lease liability, short-term 101 83 Total current liabilities 37,442 35,175 Term loan, net of discount 25,277 24,879 Operating lease liability, long-term 18 118 Total liabilities 62,737 60,172 Stockholders' equity Common stock, $.0001 par value, 50,000,000 shares authorized, 21,144,655 and 16,153,610 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 2 1 Common stock - Class A, $.0001 par value, 50,000,000 shares authorized, 6,000,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024 1 1 Additional paid-in capital 130,307 107,094 Accumulated deficit (98,458 ) (87,027 ) Total stockholders' equity 31,852 20,069 Total liabilities and stockholders' equity $ 94,589 $ 80,241 JOURNEY MEDICAL CORPORATION Consolidated Statements of Operations ($ in thousands except for share and per share amounts) ​ Years Ended December 31, 2025 2024 Revenue: ​ ​ ​ ​ ​ Product revenue, net $ 61,239 ​ $ 55,134 Other revenue 619 1,000 Total revenue 61,858 56,134 Operating expenses ​ ​ ​ ​ ​ Cost of goods sold – (excluding amortization of acquired intangible assets) ​ 20,924 ​ ​ 20,879 Amortization of acquired intangible assets 4,258 3,424 Research and development ​ 480 ​ ​ 9,857 Selling, general and administrative ​ 44,368 ​ ​ 40,204 Loss recovery - (4,553 ) Total operating expenses ​ 70,030 ​ ​ 69,811 Loss from operations ​ (8,172 ) ​ ​ (13,677 ) Other expense (income) Interest income (589 ) ​ ​ (757 ) Interest expense ​ 3,698 ​ ​ 2,700 Gain on extinguishment of debt - (1,125 ) Foreign exchange transaction losses 90 116 Total other expense ​ 3,199 ​ ​ 934 Loss before income taxes ​ (11,371 ) ​ ​ (14,611 ) Income tax expense 60 61 Net loss $ (11,431 ) ​ $ (14,672 ) Net loss per common share: Basic and diluted $ (0.47 ) ​ $ (0.72 ) Weighted average number of common shares: Basic and diluted 24,497,973 20,431,400 Use of Non-GAAP Measures: In addition to the GAAP financial measures as presented in our Form 10-K that will be filed with the Securities and Exchange Commission (“SEC”), the Company has, in this press release, included certain non-GAAP measurements, including EBITDA, Adjusted EBITDA, Adjusted EBITDA per share basic and Adjusted EBITDA per share diluted. We define EBITDA as net income (loss) excluding interest, taxes and depreciation and we define Adjusted EBITDA as net income (loss) excluding interest, taxes and depreciation, less certain other non-cash and/or infrequent items not considered to be normal, recurring operating expenses, including, share-based compensation expense, amortization and impairments of acquired intangible assets, inventory step-ups from the purchases of intangibles assets and products, severance, short-term research and development expense and foreign exchange transaction losses. In particular, we exclude the following matters for the reasons more fully described below: Share-Based Compensation Expense : We exclude share-based compensation from our adjusted financial results because share-based compensation expense, which is non-cash, although a recurring expense, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued. Non-core and Short-term Research and Development Expense : We exclude research and development costs incurred principally in connection with Emrosi™, which was the only product in our portfolio not approved for marketing and sale during the prior-year reporting period, because we do not consider such costs to be normal, recurring operating expenses that are core to our long-term strategy. Instead, our long-term strategy is focused on the marketing and sale of our core FDA-approved dermatological products and the out licensing of our intellectual property and related technologies. Amortization and impairments of Acquired Intangible assets : We exclude the impact of certain amounts recorded in connection with the acquisitions of intangible assets that are either non-cash or not normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. These amounts may include non-cash items such as the amortization impairments of acquired intangible assets and amortization of step-ups of acquisition accounting adjustments to inventories. Adjusted EBITDA per share basic and Adjusted EBITDA per share diluted are determined by dividing the resulting Adjusted EBITDA by the number of shares outstanding on an actual and fully diluted basis. Management believes the use of these non-GAAP measures provides meaningful supplemental information regarding the Company’s performance because (i) they allow for greater transparency with respect to key measures used by management in its financial and operational decision-making, (ii) they exclude the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company’s core operating performance and that may obscure trends in the Company’s core operating performance and (iii) they are used by institutional investors and the analyst community to help analyze the Company's results. However, Adjusted EBITDA, Adjusted EBITDA per share basic, Adjusted EBITDA per share diluted and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Further, non-GAAP financial measures used by the Company and the manner in which they are calculated may differ from the non-GAAP financial measures or the calculations of the same non-GAAP financial measures used by other companies, including the Company’s competitors. The table below provides a reconciliation from GAAP to non-GAAP measures: JOURNEY MEDICAL CORPORATION Reconciliation of GAAP to Non-GAAP Adjusted EBITDA (Dollars in thousands except for share and per share amounts) Year ended December 31, 2025 2024 GAAP Net Loss $ (11,431 ) $ (14,672 ) EBITDA: Interest 3,109 1,943 Taxes 60 61 Amortization of acquired intangible assets 4,258 3,424 EBITDA (4,004 ) (9,244 ) Non-GAAP Adjusted EBITDA: Non-Cash Components: Share-based compensation 6,288 6,098 Gain on extinguishment of debt - (1,125 ) Non-core & Infrequent Components: Short-term R&D (includes one-time DFD-29 license and milestone payments) 480 9,349 Foreign exchange transaction losses 90 116 Severance - 147 Loss recovery - (4,553 ) Non-GAAP Adjusted EBITDA $ 2,854 $ 788 Net loss & Non-GAAP Adjusted EBITDA per common share: Basic GAAP Net Loss $ (0.47 ) $ (0.72 ) Non-GAAP Adjusted EBITDA $ 0.12 $ 0.04 Diluted GAAP Net Loss $ (0.47 ) $ (0.72 ) Non-GAAP Adjusted EBITDA $ 0.10 $ 0.03 Weighted average number of common shares: GAAP - Basic & Diluted 24,497,973 20,431,400 Non-GAAP - Basic 24,497,973 20,431,400 Non-GAAP - Diluted 27,853,720 24,457,450