10-Q · May 13, 2026
Dermata Therapeutics, Inc. reported a net loss of $1.85 million for Q1 2026, a reduction from a loss of $2.30 million in Q1 2025. Revenue for the quarter was not disclosed, consistent with past periods. Operating…
Earnings analysis · 10-Q
DRMA earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Dermata remains pre-revenue and loss-making, with Q2 2026 diluted EPS of negative $0.74 and a net loss of $2,967,063. The company is transitioning from R&D to commercialization ahead of its August 25, 2026 launch, but…
Read full summary
Dermata remains pre-revenue and loss-making, with Q2 2026 diluted EPS of negative $0.74 and a net loss of $2,967,063. The company is transitioning from R&D to commercialization ahead of its August 25, 2026 launch, but SG&A rose to $2,801,004 while cash declined to $4,412,764 and operating cash use reached $4,901,246 for the first six months. Management expects cash to last only into Q4 2026, acknowledges substantial doubt about going concern, and expects additional capital to be required. The denied preliminary injunction is a near-term positive, but unresolved litigation, potential Nasdaq delisting, and launch execution risk remain material.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.74
- Segment
- Single operating segment: direct-to-consumer skincare products; no segment revenue reported. Q2 2026 R&D expense was $212,563 versus $617,835 in Q2 2025; SG&A was $2,801,004 versus $1,154,896; net loss was $2,967,063 versus $1,701,093.
What stood out
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EPS improved year over year, worsened sequentially
Q2 2026 diluted EPS was a loss of $0.74, an improvement of $0.92 versus the $1.66 loss in Q2 2025, but deterioration of $0.26 versus the $0.48 loss in Q1 2026.
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First commercial launch scheduled for August 25
The company remained pre-revenue: the filing states it has not generated revenue or commercialized any products. The first product, Tome Foundational Treatment, is expected to launch on August 25, 2026, at $178.00 for four treatments.
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R&D spending sharply reduced
R&D expense declined 65.6% year over year to $212,563 from $617,835 as the company prioritized commercialization; management expects R&D expense to continue decreasing ahead of launch.
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Commercialization spending accelerated
SG&A increased 142.5% year over year to $2,801,004 from $1,154,896, driven by approximately $0.6 million of marketing and commercialization expenses, $0.3 million of compensation expense, and $0.7 million of higher legal fees.
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ATM financing partly offset cash burn
Cash and cash equivalents were $4,412,764 at June 30, 2026, down $3,109,214 from December 31, 2025. January ATM sales provided $1,994,051 of net proceeds, but no ATM capacity remained after the 824,283 shares issued.
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Preliminary injunction denied
The August 5, 2026 court decision denied Villani’s preliminary injunction in its entirety and vacated the TRO restrictions, leaving the company without current injunctive restrictions as it approaches launch.
What to watch
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Limited cash runway and going concern
The company used $4,901,246 in operating cash during the first six months of 2026 and had only $4,412,764 of cash at June 30, 2026. Management expects cash to fund operations only into the fourth quarter of 2026 and states that additional capital will be needed.
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Ongoing Villani litigation
Villani filed a lawsuit on April 23, 2026 and arbitration on June 5, 2026 seeking injunctive relief and money damages. Although the preliminary injunction was denied on August 5, 2026, the company cannot estimate any potential loss and states that future relief or an arbitration award could adversely affect operations and commercialization.
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Potential Nasdaq suspension or delisting
The company states its market value of listed securities is currently below the Nasdaq $5 million threshold. If the amended rule becomes effective, remaining below $5 million for 30 consecutive business days could result in immediate suspension and delisting without a cure period.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects to launch the Tome Foundational Treatment on August 25, 2026, at a retail price of $178.00 for four weekly treatments, or approximately $45 per treatment. The company expects existing cash to fund operations into the fourth quarter of 2026 but states that additional capital will be needed; it also anticipates continued net losses for at least the next twelve months.
Earlier filings 4
10-K · March 26, 2026
Dermata reported a strategic pivot from Rx dermatology to a DTC/B2B skincare strategy (brand: Tome) after a successful Phase 3 STAR-1 readout in March 2025; management plans a mid-2026 cosmetic launch with an OTC acne…
10-K · March 17, 2025
Dermata is a late-stage medical dermatology company whose lead program XYNGARI™ completed enrollment of its first Phase 3 study (520 patients) in November 2024 with top-line results expected in March 2025. The company…
10-Q · May 15, 2024
Dermata reported a Q1 net loss of $3,134,262 vs $2,240,142 in Q1 2023 (loss widened by $894,120) and a reported net loss per share of $(0.47) vs $(2.27) a year ago (EPS improved due to a much larger share base). Cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.