Form 8-K
8-K — Journey Medical Corp
Accession: 0001104659-26-060232
Filed: 2026-05-13
Period: 2026-05-13
CIK: 0001867066
SIC: 2834 (PHARMACEUTICAL PREPARATIONS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — tm2614268d1_8k.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (tm2614268d1_ex99-1.htm)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): May 13, 2026
Journey Medical Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware
001-41063
47-1879539
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(I.R.S.
Employer
Identification No.)
9237 E Via de Ventura Blvd., Suite 105
Scottsdale, AZ 8525
(Address of principal executive offices)
Registrant’s telephone number, including
area code: (480) 434-6670
Check the appropriate box below if the Form
8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered
pursuant to Section 12(b) of the Act:
Title
of each class
Trading
Symbol(s)
Name
of each exchange
on which registered
Common Stock
DERM
The Nasdaq Capital Market
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On May 13, 2026, Journey
Medical Corporation issued a press release to provide a corporate update and to announce its financial results for the three months ended
March 31, 2026. A copy of such press release is being furnished as Exhibit 99.1 to this report.
The information, including
Exhibit 99.1, in this Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Form 8-K shall not
be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall otherwise be expressly set
forth by specific reference in such filing.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished herewith:
Exhibit
Number
Description
99.1
Press release issued by Journey Medical Corporation, dated May 13, 2026.
104
Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Journey Medical Corporation
(Registrant)
By:
/s/ Claude Maraoui
Claude Maraoui
Chief Executive Officer, President and Director
Date: May 13, 2026
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: tm2614268d1_ex99-1.htm · Sequence: 2
Exhibit 99.1
Journey Medical
Corporation Reports First Quarter 2026 Financial Results and Recent Corporate Highlights
Total revenues
for the first quarter ended March 31, 2026 increased 21% year-over-year to $16.0 million
Emrosi®
revenues were $6.3 million in the first quarter ended March 31, 2026
Cash
position increased to $27 million, driven by strong financial performance
Company
to hold conference call today at 4:30 p.m. ET
Scottsdale,
AZ – May 13, 2026 – 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 first quarter ended March 31, 2026.
Claude Maraoui,
Journey Medical’s Co-Founder, President and Chief Executive Officer, said, “2026 is off to a strong start, as we delivered
solid revenue growth and cash generation in the first quarter of the year. Prescription demand and payer coverage for Emrosi®
continue to increase, with the product’s differentiated clinical profile gaining traction as we establish Emrosi®
as the best-in-class oral treatment for patients suffering from rosacea. Increasing refill rates and a growing number of Emrosi®
prescribers are also building momentum behind the brand. Our net product sales growth in the quarter coupled with disciplined investment
in our dermatology-focused commercial infrastructure resulted in improved operating leverage, and we expect this trend to continue going
forward. With over $27 million in cash and Emrosi® entering
its second year on the market, we remain well-positioned to continue to execute on our strategy and deliver strong financial progress
throughout the year.”
Financial Results:
· Total
revenues were $16.0 million for the first quarter of 2026, reflecting a 21% increase from
$13.1 million for the first quarter of 2025. The increase was driven by continued growth
in Emrosi®,
which generated revenues of $6.3 million for the quarter ended March 31, 2026, compared to
$2.1 million for the quarter ended March 31, 2025.
· The
Company’s gross margin(1) decreased to 61.0% for the first quarter
of 2026, from 63.5% in the first quarter of 2025. The decrease resulted primarily from a
$1.3 million non-recurring non-cash charge against cost of goods during the first quarter
of 2026 associated with a write down of active pharmaceutical ingredient (API) inventory
related to the 2021 Qbrexza®
asset acquisition.
· Selling,
general and administrative expenses decreased by $0.5 million to $10.1 million for the three-month
period ended March 31, 2026, from $10.6 million for the three-month period ended March 31,
2025. The decrease is primarily due to lower Emrosi®
launch costs compared to the prior year quarter.
· Net
loss for the Company narrowed to $2.2 million, or $(0.08) per share basic and diluted, for
the first quarter of 2026, compared to a net loss of $4.1 million, or $(0.18) per share basic
and diluted, for the first quarter of 2025.
· The
Company’s non-GAAP results in the table below reflect positive Adjusted EBITDA of $0.6
million, or $0.02 per share basic and diluted for the first quarter of 2026. This compares
to negative Adjusted EBITDA of $(0.9) million, or $(0.04) loss per share basic diluted for
the first quarter of 2025. 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
March 31, 2026, the Company had $27.2 million in cash and cash equivalents as compared to
$24.1 million in cash and cash equivalents at December 31, 2025.
Recent Corporate
Highlights:
· Emrosi®
prescriptions totaled 29,968 for the first quarter of 2026 versus 27,023 in the fourth quarter
of 2025.
· On
April 21, 2026, the Company announced that it secured a contract with the third largest Group
Purchasing Organization (GPO) in the United States for Emrosi®.
With this contract in place, approximately 85% of all commercial lives in the nation have
access to Emrosi®. Expanded
payer access is anticipated to facilitate further growth in Emrosi®
prescription demand.
Conference Call
and Webcast Information
Journey Medical
management will conduct a conference call and audio webcast on May 13, 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: https://dpregister.com/sreg/10209171/10401b25258. 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, www.journeymedicalcorp.com,
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 www.journeymedicalcorp.com.
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 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 the successful development, regulatory approval and commercialization of 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 expressed 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
Unaudited
Condensed Consolidated Balance Sheets
($
in thousands except for share and per share amounts)
March
31,
December
31,
2026
2025
ASSETS
Current assets
Cash and cash equivalents
$ 27,219
$ 24,090
Accounts receivable, net of reserves
24,992
29,783
Inventory
9,292
9,624
Prepaid expenses
and other current assets
3,464
3,376
Total current assets
64,967
66,873
Intangible assets, net
26,479
27,605
Operating lease
right-of-use asset, net
88
111
Total assets
$ 91,534
$ 94,589
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 8,202
$ 8,851
Due to related party
472
455
Accrued expenses
26,102
27,567
Accrued interest
390
398
Income taxes payable
70
70
Term loan, short-term
2,500
-
Operating lease
liability, short-term
94
101
Total current liabilities
37,830
37,442
Term loan, long-term, net of discount
22,873
25,277
Operating lease liability, long-term
-
18
Total liabilities
60,703
62,737
Stockholders' equity
Common stock, $.0001 par value, 50,000,000
shares authorized, 21,333,946 and 21,144,655 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
2
2
Common stock - Class A, $.0001 par
value, 50,000,000 shares authorized, 6,000,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025
1
1
Additional paid-in capital
131,516
130,307
Accumulated deficit
(100,688 )
(98,458 )
Total stockholders'
equity
30,831
31,852
Total liabilities
and stockholders' equity
$ 91,534
$ 94,589
JOURNEY
MEDICAL CORPORATION
Unaudited
Condensed Consolidated Statements of Operations
($
in thousands except for share and per share amounts)
Three-Month
Periods Ended
March
31,
2026
2025
Revenue:
Product
revenue, net
$ 15,921
$ 13,139
Other
revenue
40
-
Total revenue
15,961
13,139
Operating expenses
Cost of
goods sold – (excluding amortization of acquired intangible assets)
6,218
4,790
Amortization
of acquired intangible assets
1,126
1,065
Research
and development
-
39
Selling,
general and administrative
10,109
10,569
Total operating
expenses
17,453
16,463
Loss from operations
(1,492 )
(3,324 )
Other expense (income)
Interest
income
(157 )
(149 )
Interest
expense
892
891
Foreign
exchange transaction losses
3
7
Total other
expense
738
749
Loss before income taxes
(2,230 )
(4,073 )
Income
tax expense
-
-
Net
loss
$ (2,230 )
$ (4,073 )
Net loss per common share:
Basic and
diluted
$ (0.08 )
$ (0.18 )
Weighted average number of common shares:
Basic and
diluted
27,305,028
22,611,040
Use of Non-GAAP Measures:
In addition to the GAAP financial measures
as presented in our Form 10-Q 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 amortization 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, 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.
·
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.
Beginning in the
first quarter of 2026, we no longer exclude short-term research and development expenses (including any one-time license and milestone
payments) from our Non-GAAP Adjusted EBITDA results. Prior period Non-GAAP Adjusted EBITDA results have been revised to reflect this
change.
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
(unaudited)
Reconciliation
of GAAP to Non-GAAP Adjusted EBITDA
($ in thousands
except for share and per share amounts)
Three-Month Periods
Ended
March
31,
2026
2025
GAAP Net Loss
$ (2,230 )
$ (4,073 )
EBITDA:
Interest
735
742
Taxes
-
-
Amortization
of acquired intangible assets
1,126
1,065
EBITDA
(369 )
(2,266 )
Non-GAAP Adjusted EBITDA:
Non-Cash Components:
Share-based compensation
989
1,323
Non-Core and
Infrequent Components:
Foreign
exchange transaction losses
3
7
Non-GAAP Adjusted
EBITDA
$ 623
$ (936 )
Net loss & Non-GAAP Adjusted
EBITDA per common share:
Basic
GAAP Net Loss
$ (0.08 )
$ (0.18 )
Non-GAAP Adjusted EBITDA
$ 0.02
$ (0.04 )
Diluted
GAAP Net Loss
$ (0.08 )
$ (0.18 )
Non-GAAP Adjusted EBITDA
$ 0.02
$ (0.04 )
Weighted average number of common
shares:
GAAP - Basic & Diluted
27,305,028
22,611,040
Non-GAAP - Basic
27,305,028
22,611,040
Non-GAAP - Diluted
29,701,725
22,611,040
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Two-character EDGAR code representing the state or country of incorporation.
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No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration