Company: DERM
Filing Date: 2025-08-28
Form Type: 424B3
Source: 0001104659-25-084876
Chunk: 9

Company: Journey Medical Corp
Filing Date: 2025-08-28
Form: 424B3
Chunk 9
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 and cash flows, as well as adversely affect the value of an investment in our securities, and the occurrence of any of these risks might cause you to lose all or part of your investment. Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations. Please also read carefully the section below titled “Cautionary Note Regarding Forward-Looking Statements.”

Risks Related to this Offering

You may experience immediate and substantial dilution.

The offering price per share in this offering may exceed the net tangible
book value per share of our common stock outstanding prior to this offering. Assuming that an aggregate of 3,750,000 shares of our common
stock are sold at a price of $7.40 per share, the last reported sale price of our common stock on The Nasdaq Capital Market on August 25,
2025, for aggregate gross proceeds of approximately $27.8 million, and after deducting commissions and estimated offering expenses payable
by us, you would experience immediate dilution of $6.80 per share, representing our as adjusted net tangible book value as of June 30,
2025, after giving effect to this offering. See the section titled “Dilution” below for a more detailed illustration
of the dilution you would incur if you participate in this offering.

In addition, we have stock options and restricted stock options outstanding.
To the extent that the underlying shares may have been or may be issued, investors purchasing in this offering may experience further
dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe
we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of
equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders or result
in downward pressure on the price of our common stock.

Because the sales of the shares offered hereby
will be sold in “at the market offerings,” the prices at which we sell these shares will vary and these variations may be
significant. Purchasers of the shares we sell, as well as our existing stockholders, will experience significant dilution if we sell shares
at prices significantly below the price at which they invested.

Our management will have broad discretion over the use of the net proceeds from this offering, and you may not agree with how we use the proceeds, and we may not use the proceeds effectively.

Our management will have