Company: DERM
Filing Date: 2025-09-26
Form Type: 8-K
Source: 0001104659-25-093891
Chunk: 0

Company: Journey Medical Corp
Filing Date: 2025-09-26
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01.      Entry into a Material Definitive Agreement.  

On September 25, 2025, Journey Medical Corporation
(the “ Company”) entered into a Third Amendment to Credit Agreement (the “ Third Amendment”), which amends that
certain Credit Agreement, dated December 27, 2023 (the “ Original Closing Date”), by and among the Company and SWK Funding
LLC, and the other the financial institutions party thereto from time to time, as lenders (as amended by that certain First Amendment
to Credit Agreement dated July 9, 2024, the Second Amendment to Credit Agreement dated October 21, 2024 and the Third Amendment, the “ Amended
Credit Agreement”).

The Amended Credit Agreement provides for a term
loan facility in the original principal amount of $25.0 million. As of the date of this report, the Company has drawn the full $25.0 million,
which is treated under the Amended Credit Agreement as a single loan (the “ Term Loan”).

The Third Amendment (i) extends the maturity date
of the Term Loan from December 27, 2027 to June 27, 2028 and (ii) amends certain terms of the Revenue Based Payment Amount (as defined
in the Amended Credit Agreement) affecting when repayments of principal will commence, and how quickly the principal amount of the Term
Loan will be reduced prior to the maturity date.

Under the Amended Credit Agreement, the Term Loan
matures on June 27, 2028 unless the facility is otherwise terminated pursuant to the terms of the Amended Credit Agreement. Beginning
in February 2026, the Company is required to repay the outstanding principal of the Term Loan quarterly in an amount equal to 7.5% of
the principal amount of funded Term Loan. However, if the total revenue of the Company, measured on a trailing twelve-month basis, is
greater than $60.0 million as of December 31, 2025 (revised from $70.0 million), principal repayment is not required until February 2027,
at which point the Company is required to repay the outstanding principal of the Term Loan quarterly in an amount equal to 10.0% of the
principal amount of funded Term Loan (revised from 15.0%).

The foregoing description of the Third Amendment
is qualified in its entirety by reference to the full text of the Third Amendment to be filed with a subsequent periodic