Material Agreement (Form 8-K)

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 report of the Company.