The firm maintains an asset-light model with zero net PPE and a deepening retained earnings deficit of $75.1 million as of 2026Q1, leaving little tangible collateral for non-dilutive financing.
| Total Current Assets | 7.47M | 7.86M | 3.53M | 7.98M | 6.94M | 11.62M | 605.45K | 2.07M |
| Cash & Short-Term Investments | 6.95M | 7.52M | 3.16M | 7.44M | 6.24M | 10.8M | 530.4K | 1.99M |
| Cash Only | 6.95M | 7.52M | 3.16M | 7.44M | 6.24M | 10.8M | 530.4K | 1.99M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 8.36K | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 93.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 95.37K | 0 | 12.6K | -8.36K | 105.18K | 55.72K | 0 | 0 |
| Total Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 322 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 322 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 7.47M | 7.86M | 3.53M | 7.98M | 6.94M | 11.62M | 605.45K | 2.07M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | 99.79% | 122.53% | -55.71% | 14.89% | -40.26% | 1819.87% | -70.69% | - |
| Total Current Liabilities | 1.05M | 1.64M | 1.97M | 1.62M | 922.63K | 1.52M | 3.78M | 1.72M |
| Accounts Payable | 318.33K | 460.81K | 808.01K | 866.03K | 496.7K | 515.25K | 104.28K | 337.18K |
| Days Payables Outstanding | - | - | - | - | - | - | 118.2K | 90.83K |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 3.55M | 730.55K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 449.54K | 979.45K | 0 | 716.49K | 0 | 0 | 0 | 500K |
| Current Ratio | 7.09x | 4.79x | 1.79x | 4.91x | 7.53x | 7.66x | 0.16x | 1.20x |
| Quick Ratio | 7.00x | 4.79x | 1.79x | 4.91x | 7.53x | 7.66x | 0.16x | 1.20x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 553.19K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 553.19K |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.05M | 1.64M | 1.97M | 1.62M | 922.63K | 1.52M | 3.78M | 2.28M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 3.55M | 1.28M |
| Net Debt | -6.95M | -7.52M | -3.16M | -7.44M | -6.24M | -10.8M | 3.02M | -708.06K |
| Debt / Equity | 0.00x | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.94x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -151.18x | -172.25x | -15.41x | -17.83x |
| Total Equity | 6.41M | 6.22M | 1.56M | 6.36M | 6.02M | 10.11M | -3.18M | -210.16K |
| Equity Growth % | 339.21% | 298.65% | -75.44% | 5.53% | -40.42% | 418.04% | -1412.16% | - |
| Book Value per Share | 1.66 | 6.72 | 10.20 | 325.97 | 87.19 | 194.17 | -915.83 | -60.56 |
| Total Shareholders' Equity | 6.41M | 6.22M | 1.56M | 6.36M | 6.02M | 10.11M | -3.18M | -210.16K |
| Common Stock | 402 | 266 | 252 | 26 | 77 | 833 | 2.35M | 2.35M |
| Retained Earnings | -75.08M | -73.23M | -65.68M | -53.39M | -45.59M | -35.98M | -28.08M | -24.84M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in financial statements, Dermata's total equity has declined from $6.4 million in 2023Q4 to $6.4 million in 2026Q1, reflecting a stagnant capital base that struggles to expand despite periodic equity infusions intended to offset the persistent accumulation of retained earnings losses totaling $75.1 million.
The trajectory of the balance sheet suggests a company trapped in a cycle of capital consumption without corresponding asset growth. Investors should monitor whether the current equity level can support the upcoming Phase 3 milestones without further dilutive events that would likely erode shareholder value.
According to recent SEC filings, Dermata's cash position of $6.9 million as of 2026Q1 provides a limited buffer against ongoing clinical development costs, with the current ratio of 7.09 appearing deceptively high due to the lack of significant short-term liabilities rather than an abundance of liquid assets.
The liquidity profile appears highly sensitive to the timing of clinical trial expenditures and vendor obligations. The lack of revenue generation means that the current cash runway is the primary determinant of the company's ability to continue as a going concern, warranting close investigation of future financing needs.
Based on the company's reported figures, the retained earnings deficit has deepened to $75.1 million by 2026Q1, illustrating the significant historical cost of advancing the Spongilla-derived platform through clinical stages without achieving commercial viability or self-sustaining cash flow generation to bolster the equity position.
The equity structure is heavily burdened by historical losses, which may complicate future capital raising efforts. The reliance on equity financing to cover these deficits suggests that existing shareholders face a high risk of continued dilution as the company attempts to reach its clinical objectives.
As disclosed in historical filings, the company maintains zero net PPE and zero goodwill, indicating an asset-light business model that relies entirely on intellectual property and outsourced clinical research, which leaves the balance sheet devoid of tangible collateral to support potential debt-based financing alternatives.
The absence of physical assets suggests that the company's value is entirely tied to the success of its clinical pipeline. This lack of tangible backing increases the risk profile for investors, as there are no underlying assets to provide a floor for valuation in the event of clinical failure.
Quick answers to the most common questions about buying DRMA stock.
As of 2025, Dermata Therapeutics, Inc. (DRMA) had total assets of $7.9M including $7.9M in current assets.
Dermata Therapeutics, Inc. (DRMA) carries total debt of $0.0M, offset by $7.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dermata Therapeutics, Inc. (DRMA) has total shareholders' equity (book value) of $6.2M ($6.72 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dermata Therapeutics, Inc. (DRMA) reported a current ratio of 4.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.