Dermata Therapeutics, Inc.

DRMAdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'pretaxIncome'

The thesis, from the filings

Dermata Therapeutics, Inc. earns about -254% on equity, and has bought back 78% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$7.9M¹	−$9.61M²	−$7.79M³	−$12.3M⁴	−$7.56M⁴
Operating cash flow	−$5.69M⁵	−$8.83M⁶	−$6.41M⁷	−$11.2M⁸	−$7.76M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	$0⁹	—	—	—	—
Cash & equivalents	$10.8M¹⁰	$6.24M¹⁰	$7.44M¹¹	$3.16M¹²	$7.52M¹²
Diluted shares	4.3M	770,115	194,928	152,974	926,192

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$67.19

your share of equity

Profit it earned you last year

−$81.61

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $67.19 of net worth that earned you −$81.61 last year.

iii. Is this a good business?

Moat signal · return on equity

-254% avg · 5y

FY21 -78%FY22 -160%FY23 -123%FY24 -787%FY25 -121%

It earned an average -254% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−78% shares · 5y

Share count is down 78% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001654954-23-001926 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001654954-24-003501 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001654954-25-002885 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-012992 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001654954-23-001926 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001654954-24-003501 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001654954-25-002885 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-012992 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001654954-22-003869 (LongTermDebtCurrent)
10-K · period ending 2021-12-31 · accession 0001654954-23-001926 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001493152-26-012992 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2024-12-31 · accession 0001493152-26-012992 (CashAndCashEquivalentsAtCarryingValue)