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Dermata Therapeutics Inc. (DRMA-1.67%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing and commercializing pharmaceutical product candidates for dermatological conditions. Dermata's lead product candidates, XYNGARI™ and DMT410, utilize the company's proprietary Spongilla technology.
XYNGARI™ is in late-stage development for the treatment of moderate-to-severe acne and mild-to-moderate psoriasis. The company has completed enrollment for the first of two planned Phase 3 clinical trials for acne, with results expected in March 2025.
DMT410 is being developed for the topical delivery of botulinum toxin for conditions such as hyperhidrosis and aesthetic skin concerns. Dermata has entered into a collaboration with Revance Therapeutics to conduct a Phase 2 trial for axillary hyperhidrosis.
The company reported a net loss of approximately $12.3 million for the year ended December 31, 2024, with an accumulated deficit of approximately $65.7 million. As of the same date, Dermata had cash and cash equivalents of $3.2 million.
Dermata acknowledges the need for additional capital to fund operations beyond the third quarter of 2025. The company plans to raise funds through equity offerings, strategic partnerships, and other means.
The filing also outlines potential risks, including reliance on a single supplier for raw materials, the need for regulatory approvals, and competition from other pharmaceutical companies.
Dermata's strategy includes completing the development and regulatory approval of XYNGARI™ for acne, exploring partnerships for commercialization, and expanding its pipeline with additional dermatology programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dermata Therapeutics Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.