Company: DERM
Filing Date: 2025-08-28
Form Type: 424B3
Source: 0001104659-25-084876
Chunk: 14

Company: Journey Medical Corp
Filing Date: 2025-08-28
Form: 424B3
Chunk 14
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 share of our common stock immediately after this offering.

Our historical net tangible book value (deficit)
as of June 30, 2025 was $(10.5 million), or $(0.45) per share. Net tangible book value per share is determined by dividing our total
tangible assets, less total liabilities, by the number of shares of our common stock outstanding, 23,471,835, as of June 30, 2025.

After giving effect to the sale of 3,750,000 shares of our common stock in this offering at an assumed offering price of $7.40 per share, the last reported sale price of our common stock on The Nasdaq Capital Market on August 25, 2025, and after deducting estimated offering commissions and offering expenses payable by us, our as adjusted net tangible book value as of June 30, 2025 would have been $16.2 million, or $0.60 per share. This represents an immediate increase in net tangible book value of $1.04 per share to existing stockholders and immediate dilution of $6.80 per share to investors purchasing our common stock in this offering at the public offering price. The following table illustrates this dilution on a per share basis:

| Assumed public offering price per share                                                                                        
 Historical net tangible book value per share of as June 30, 2025                                                               |     |   |  7.40 
 (0.45 | ) |
|:-------------------------------------------------------------------------------------------------------------------------------|:----|:--|------:|:--|
| Increase in net tangible book value per share attributable to new investors purchasing shares of common stock in this offering |     | $ |  1.04 |   |
| As adjusted net tangible book value per share as of June 30, 2025, after giving effect to this offering                        |     | $ |  0.60 |   |
| Dilution per share to investors purchasing our common stock in this offering                                                   |     | $ |  6.80 |   |

The number of shares of common stock outstanding
is based on an aggregate of 17,471,835 shares of common stock and 6,000,000 shares of Class A Common Stock outstanding as of June 30,
2025, and excludes 1,977,150 shares of our common stock available as of June 30, 2025 for future grant or issuance pursuant to the
Journey Medical Corporation 2015 Stock In