UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K 3525 Del Mar Heights Rd., #322, San Diego, CA 92130 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of Principal Executive Offices) (Zip Code) For the Fiscal Year Ended December 31, 2025 or (Exact Name of Registrant as Specified in Its Charter) Delaware 86-3218736 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification Number) (Mark One) ☐ T ...

Dermata Therapeutics Provides Corporate Update and Reports Financial Results for the Year Ended 2025 - Dermata announced a strategic pivot to develop and commercialize direct-to-consumer ("DTC") skincare products under the brand name Tome - - Dermata plans to launch its first DTC product, our Foundational Treatment, a once-weekly mask to support a skin renewal, in the middle of 2026 - - Raised $4.125 million in gross proceeds from a private placement financing in December 2025, including participation from ...

Dermata Therapeutics Provides Corporate Update and Reports Financial Results for the Year Ended 2025 <!-- Twitter Tags --> <!-- Facebook Tags --> <!-- Injecting site-wide to the head --> <!-- End Injecting site-wide to the head --><!-- Inject secured cdn script --> <!-- ========= Meta Tags ========= --> <!-- PWA settings --> <!-- Add manifest --> <!-- End PWA settings --> <!--Add favorites icons--><!-- End favorite icons --> <!-- render the required CSS and JS in the head section --> <!-- loadCSS function h ...

Dermata stock is trading at elevated levels. What’s ahead for DRMA stock?USPTO Issues Notice Of AllowanceThe U.S. Patent and Trademark Office issued Dermata Therapeutics a notice of allowance for a U.S. patent titled "Compositions for the Treatment of Skin Conditions," signaling that the application has met the necessary requirements and is expected to be granted following standard administrative procedures.Technical Indicators Suggest Early Rebound, Momentum Still WeakDRMA is trading 18.2% above its 20-day ...

Dermata Announces Appointment of Kyra Peckaitis as Vice President, Marketing ELEMENT--Back to the Newsroom# Dermata Announces Appointment of Kyra Peckaitis as Vice President, Marketing- Kyra Peckaitis will lead the launch of Dermata's recently announced Tome skincare brand -SAN DIEGO, CA / ACCESS Newswire/ March 10, 2026 / Dermata Therapeutics, Inc. ("Dermata," or the "Company") (Nasdaq:DRMA)(Nasdaq:DRMAW), a science-driven leader in dermatologic solutions, today announced the appointment of Kyra Peckaitis ...

Core Insights - Dermata Therapeutics has received a patent grant from the Australian Patent Office for its Spongilla technology, which is aimed at treating acne [1] - The company plans to launch a new once-weekly over-the-counter acne treatment system utilizing this technology in mid-2026, starting in the U.S. [1] - In Australia, over 3.3 million individuals are diagnosed with acne, indicating a significant market opportunity for the company's product [1] Company Developments - The patent is titled "Compositions and methods for the treatment of skin conditions" and is expected to enhance Dermata's position in the dermatologic solutions market [1] - The launch of the new acne treatment system is part of Dermata's strategy to expand its product offerings and address the needs of acne sufferers [1] Market Context - The prevalence of acne in Australia, with over 3.3 million diagnosed cases, highlights the potential demand for effective treatment solutions [1]

Market Overview - U.S. stock futures showed mixed performance after declines on Monday, with major indices fluctuating between gains and losses [1] - The Santa Claus rally, which started on December 24, appears to have resumed after a brief setback [1] Economic Context - President Donald Trump intensified his conflict with Federal Reserve Chair Jerome Powell, threatening legal action over alleged incompetence, raising concerns about central bank independence [2] - Investors are facing a quiet week for economic data, with markets closed on Thursday for New Year's Day [2] Treasury Yields and Market Projections - The 10-year Treasury bond yielded 4.12%, while the two-year bond was at 3.45% [3] - The CME Group's FedWatch tool indicates an 83.9% probability that the Federal Reserve will keep interest rates unchanged in January [3] Stock Performance - TEN Holdings Inc. shares rose 16.31% after announcing a $2.25 million private placement [5] - Fonar Corp. surged 24.49% following a definitive agreement for a "take private" sale [5] - Boeing Co. increased by 0.58% after receiving an $8.6 billion contract from the Pentagon [5] - Dermata Therapeutics Inc. was up 6.45% after closing a $12.4 million private placement [11] - Freeport-McMoRan Inc. rose 1.36% as copper prices reached a new record high of $12,000 [11] Sector Performance - Consumer discretionary, materials, and financials experienced the largest losses on Monday, while energy and real estate stocks closed higher [6] Analyst Insights - Comerica Wealth Management expresses cautious optimism for the U.S. economy, citing infrastructure spending, AI adoption, and resilient consumer demand as growth drivers [8] - The firm notes that recession risks remain below 30%, but inflation is expected to stay above the Federal Reserve's 2% target [8] - Investors are advised to adopt a defensive stance and consider small and micro-cap companies for potential outperformance [9]

Group 1 - TEN Holdings Inc. announced a $2.25 million private placement of 991,000 shares at $2.27 per share, resulting in a 17% increase in shares to $1.65 in after-hours trading [1] - Fonar Corp. shares surged 24% to $18.18 after announcing a definitive agreement for a "take private" sale [1] - CapsoVision Inc. submitted its 510(k) application to the FDA for its AI-assisted module for CapsoCam Plus, leading to an 11% decline in shares to $11.58 [1] - Verastem Inc. intends to discontinue the RAMP 203 clinical study in advanced KRAS G12C-mutated non-small cell lung cancer, causing shares to fall 2.7% to $7.55 [1] - Dermata Therapeutics Inc. closed a $12.4 million private placement priced at-the-market under Nasdaq rules, with shares jumping 10.2% to $2.05 in after-hours trading [1]

Core Insights - Dermata Therapeutics, Inc. is set to unveil a new brand name for its over-the-counter skincare business, marking a shift towards a science-first approach in dermatologic innovation [1] Company Developments - The new brand identity is designed to resonate with skincare consumers who demand higher standards from products and the science behind them [1]

Financial Performance - Total assets increased to $5,071,410 as of September 30, 2025, up from $3,533,888 as of December 31, 2024, representing a growth of 43.5%[11] - Net loss for the nine months ended September 30, 2025, was $5,696,669, a reduction of 37.5% from $9,136,523 for the same period in 2024[22] - The company reported a net loss per share of $1.65 for the three months ended September 30, 2025, compared to a loss of $20.41 for the same period in 2024[14] - The Company experienced a net cash used in operating activities of $6,428,362 for the nine months ended September 30, 2025, compared to $8,249,334 for the same period in 2024, indicating improved cash flow management[22] - The net loss for Q3 2025 was $1.69 million, improving by $1.48 million from a net loss of $3.17 million in Q3 2024[140] Cash and Capital Management - Cash and cash equivalents at the end of the period were $4,664,127, compared to $6,143,752 at the end of September 30, 2024, reflecting a decrease of 23.9%[22] - The Company anticipates continuing to incur net losses for at least the next twelve months and plans to launch its first product candidate in mid-2026[30] - The Company expects to need additional capital to sustain operations, particularly for marketing and commercialization activities[31] - Management's plans to raise additional capital include proceeds from equity securities or debt offerings and generating product revenue from OTC products[33] - Cash used in operating activities for the nine months ended September 30, 2025, was $6.4 million, an improvement from $8.2 million in the same period in 2024[146] Research and Development - Research and development expenses for the nine months ended September 30, 2025, totaled $2,403,363, slightly down from $6,011,201 for the same period in 2024[14] - For the three months ended September 30, 2025, total research and development expenses were $504,387, compared to $2,401,359 for the same period in 2024, indicating a significant reduction[95] - The Company reported a total contract amount of approximately $7.2 million for the XYNGARI™ Phase 3 STAR-1 clinical trial, with $0.7 million recognized in research and development expense during the nine months ended September 30, 2025[86] - The Company achieved statistically significant results in its Phase 3 STAR-1 clinical trial of XYNGARI for moderate-to-severe acne, leading to a strategic shift towards OTC products[106] - Research and development expenses decreased by $1.9 million from $2.4 million in Q3 2024 to $0.5 million in Q3 2025, primarily due to reduced clinical expenses from the XYNGARI™ STAR-1 acne study[141] Product Development and Launch Plans - The Company plans to launch its first OTC product, a once-weekly topical acne kit, in mid-2026, targeting patients with mild to severe acne[109] - The initial acne kit will utilize salicylic acid as the active ingredient combined with Spongilla technology, aiming to penetrate the skin effectively[111] - The company is exploring the use of Spongilla technology for the topical delivery of botulinum toxin, potentially expanding its applications in dermatology[115] - The company plans to launch its first OTC pharmaceutical product for dermatology in mid-2026, focusing on direct-to-consumer sales[126] - The Company is currently finalizing components for the acne kit and completing brand identity development[111] Equity and Securities - Total stockholders' equity increased to $3,960,102 as of September 30, 2025, from $1,561,094 as of December 31, 2024, marking a growth of 153.5%[11] - The weighted-average basic and diluted Common Stock increased to 1,026,457 for the three months ended September 30, 2025, compared to 155,465 for the same period in 2024[14] - The company has 844,457 shares of common stock issued and outstanding as of September 30, 2025, with a total of 2,103,974 equity securities authorized[58] - The company has a total of 1,238,949 warrants outstanding as of September 30, 2025, with a fair value of $5.02 per share[69] - The company has not issued any preferred stock as of September 30, 2025, despite having 10,000,000 shares authorized[68] Legal and Regulatory Risks - The Company has not generated any revenue or commercialized any product candidates since its inception[29] - The financial statements have been prepared assuming the Company will continue as a going concern, despite substantial doubt about its ability to do so[33] - The company is currently engaged in a dispute regarding a license agreement with Villani, which could materially affect its business if unresolved[180] - The company has received a notice of material breach from Villani, alleging failure to comply with obligations under the license agreement[186] - Regulatory risks associated with the transition from Rx to OTC pathways could delay product launches and increase costs[170] Market and Competitive Landscape - The dermatology market is shifting towards OTC treatments, with over 70% of acne patients opting for OTC products before consulting a dermatologist[107] - The company faces intense competition from major consumer products companies, including Procter & Gamble and Unilever, which have greater financial resources[178] - Shifting consumer behavior towards online shopping is increasing competition from both legacy competitors and digitally native brands[179] - Advertising and promotional effectiveness is critical for maintaining market position and driving sales growth[179] - Ongoing inflationary pressures could lead to price increases on products, potentially adversely impacting demand[179] Future Outlook - The Company expects that its cash and cash equivalents will fund operations into the second quarter of 2026[29] - Future financing will be necessary to support operations, with potential funding through public or private equity or debt[119] - The company anticipates continued growth in selling, general, and administrative expenses, necessitating additional capital to sustain operations until operating income is generated[152] - Future funding requirements will depend on revenues from OTC product candidates and may involve raising additional capital through equity or debt financings[158] - The anticipated shift to over-the-counter pharmaceutical products may impact the company's relationship with licensors and its product development strategy[180]