The company continues to operate without revenue, reporting persistent quarterly operating losses that averaged approximately $1.9 million over the last two periods.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 322 | 1.35K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -322 | -1.35K |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | 76.24% | - |
| Operating Expenses | 7.36M | 7.77M | 12.51M | 8.04M | 9.67M | 7.86M | 3.17M | 4.47M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 5.33M | 4.84M | 4.31M | 3.97M | 4.02M | 4.4M | 1.56M | 1.85M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 2.03M | 2.93M | 8.2M | 4.07M | 5.65M | 3.46M | 1.61M | 2.62M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.36M | -7.77M | -12.51M | -8.04M | -9.67M | -7.86M | -3.17M | -4.47M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 37.88% | -55.6% | 16.87% | -23.13% | -147.63% | 29.03% | - |
| EBITDA | -7.36M | -7.77M | -12.29M | 0 | -9.61M | -7.86M | -3.17M | -4.47M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 35.96% | 36.74% | - | 100% | -22.33% | -147.65% | 29.01% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 8.04M | 0 | 0 | 322 | 1.35K |
| EBIT | -7.36M | -7.77M | -12.29M | -7.79M | -9.61M | -7.86M | -3.04M | -4.47M |
| Net Interest Income | 257.5K | 215.04K | 225.78K | 247.22K | 63.57K | -45.57K | -197K | -250K |
| Interest Income | 257.5K | 215.04K | 225.78K | 247.22K | 0 | 46 | 197 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | -63.57K | 45.61K | 197.27K | 250.75K |
| Other Income/Expense | 257.5K | 215.04K | 225.78K | 247.22K | 63.57K | -45.61K | -63.68K | -250.75K |
| Pretax Income | -7.1M | -7.56M | -12.29M | -7.79M | -9.61M | -7.9M | -3.24M | -4.72M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -7.1M | -7.56M | -12.29M | -7.79M | -9.61M | -7.9M | -3.24M | -4.72M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | 38% | 38.49% | -57.63% | 18.89% | -21.62% | -144.17% | 31.45% | - |
| Net Income (Continuing) | -7.1M | -7.56M | -12.29M | -7.79M | -9.61M | -7.9M | -3.24M | -4.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.84 | -8.16 | -80.32 | -399.81 | -139.20 | -152.70 | -932.64 | -95.50 |
| EPS Growth % | 93.9% | 89.84% | 79.91% | -187.22% | 8.84% | 83.63% | -876.59% | - |
| EPS (Basic) | - | -8.16 | -80.32 | -401.80 | -139.20 | -152.70 | -932.64 | -95.50 |
| Diluted Shares Outstanding | 3.86M | 926.19K | 153K | 19.5K | 69.07K | 52.05K | 3.47K | 3.47K |
| Basic Shares Outstanding | 3.86M | 926.19K | 153K | 19.4K | 69.07K | 52.05K | 3.47K | 3.47K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As reported in financial statements, Dermata's R&D expenditure has fluctuated significantly, peaking at $2.4 million in 2024Q3 before moderating to $383.7K in 2026Q1, reflecting the inherent volatility of clinical trial execution and the company's reliance on third-party research organizations to advance its Spongilla-derived platform.
The variability in R&D spending suggests that the company's cost structure is highly sensitive to the timing of clinical milestones rather than a steady-state operational requirement. Investors should monitor whether the recent decline in R&D spending indicates a successful completion of trial phases or a forced reduction in activity due to liquidity constraints.
Based on the company's reported figures, Dermata continues to operate without revenue, resulting in a persistent operating loss that averaged approximately $1.9 million per quarter over the last two periods, underscoring the lack of operational scale as the firm remains entirely focused on pre-commercial development.
The absence of gross profit means that every dollar of SG&A and R&D expense directly erodes the company's cash position. Without a commercial product to generate top-line growth, the firm cannot achieve operating leverage, leaving shareholders exposed to the full impact of administrative and research overhead.
According to recent SEC filings, the company's EPS metrics have been heavily impacted by frequent capital raises and corporate actions, with quarterly net losses consistently exceeding $1.7 million, which complicates the assessment of true operational performance for long-term investors evaluating the firm's clinical progress.
The volatility in EPS figures appears to be driven more by share count adjustments and non-cash items than by changes in core business fundamentals. Analysts should be wary of interpreting these per-share metrics as indicators of operational efficiency, as they likely obscure the ongoing dilution required to fund the clinical pipeline.
With a reported cash balance of $7.5 million, the company faces a precarious runway, as evidenced by historical quarterly burn rates that suggest a high probability of further dilutive financing events within the next year to sustain ongoing clinical development and administrative operations.
The reliance on external capital to fund basic operations creates a structural risk where the company's survival is decoupled from its therapeutic potential. If the firm fails to secure a strategic partnership or milestone-based funding, the current cash position may prove insufficient to reach the next critical clinical inflection point.
Quick answers to the most common questions about buying DRMA stock.
For fiscal year 2025, Dermata Therapeutics, Inc. (DRMA) reported total revenue of $0.0M.
Dermata Therapeutics, Inc. (DRMA) reported a net loss of $7.6M for the fiscal year ending 2025.