Revenue: As of FY2025, the actual value is USD 0.EPS: As of FY2025, the actual value is USD -8.16.EBIT: As of FY2025, the actual value is USD -7.989 M.<h3>Financial Performance Overview</h3><h4>Net Loss</h4>For the year ended December 31, 2025, Dermata Therapeutics, Inc. reported a net loss of -$7.6 million, an improvement from the -$12.3 million net loss recorded in the year ended December 31, 2024 . As of December 31, 2025, the company’s accumulated deficit stood at -$73.2 million .<h4>Operating Expenses</h4><ul><li>Research and Development (R&amp;D) Expenses: R&amp;D expenses decreased by -$5.3 million, from $8.2 million in 2024 to $2.9 million in 2025 . This decrease was primarily due to a -$5.1 million reduction in clinical expenses following the completion of the STAR-1 acne study, along with a -$0.1 million decrease in chemistry, manufacturing, and controls (CMC) and non-clinical expenses, and a -$0.1 million decrease in personnel expenses .</li><li>Selling, General and Administrative (SG&amp;A) Expenses: SG&amp;A expenses increased by $0.5 million, rising from $4.3 million in 2024 to $4.8 million in 2025 . This increase was mainly driven by $0.7 million in marketing expenses incurred in 2025, partially offset by a -$0.2 million decrease in personnel expenses .</li></ul><h4>Interest Income</h4>Interest income remained consistent at approximately $0.2 million for both the years ended December 31, 2025, and 2024 .<h4>Cash Flows</h4><ul><li>Cash Used in Operating Activities: Cash used in operating activities was -$7,757,559 for 2025, compared to -$11,162,948 for 2024 .</li><li>Cash Provided by Financing Activities: Cash provided by financing activities totaled $12,117,967 in 2025, up from $6,886,383 in 2024 .</li><li>Increase (Decrease) in Cash and Cash Equivalents: The company experienced an increase of $4,360,408 in cash and cash equivalents in 2025, contrasting with a decrease of -$4,276,565 in 2024 .</li></ul><h4>Liquidity and Capital Resources</h4>As of December 31, 2025, cash and cash equivalents amounted to $7.5 million . Since inception, Dermata Therapeutics, Inc. has raised approximately $82.0 million in gross proceeds from debt and equity securities sales .Financing Activities in 2025: The January 2025 PIPE Financing generated net proceeds of approximately $2.2 million . The March 2025 Warrant Inducement Financing generated net proceeds of $5.7 million . The December 2025 PIPE Financing generated net proceeds of approximately $3.8 million . In December 2025, the company sold 149,341 shares of common stock for net proceeds of approximately $0.4 million, with $1.4 million capacity remaining under the ATM Agreement . An additional 824,283 shares were sold under the ATM Agreement in January 2026, generating approximately $2.0 million in net proceeds and exhausting the remaining ATM capacity .<h3>Outlook / Guidance</h3>Dermata Therapeutics, Inc. expects to incur continued significant operating losses and increased selling, general, and administrative expenses due to marketing and personnel efforts for upcoming product launches . The company anticipates R&amp;D expenses will not materially increase, but it will require additional financing as existing cash is projected to fund activities only into the first quarter of 2027 . These factors raise substantial doubt about Dermata Therapeutics, Inc.’s ability to continue as a going concern .

Dermata Therapeutics | 10-K: FY2025 Revenue: USD 0