Dermata Therapeutics, Inc. (DRMA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Dermata Therapeutics, Inc. (DRMA) emerge como una fuerza pionera en la innovación dermatológica, posicionándose estratégicamente para revolucionar los tratamientos de condición de la piel a través de un modelo de negocio sofisticado que une la investigación de vanguardia, las soluciones terapéuticas específicas y los enfoques de atención médica transformadores. Al aprovechar la experiencia especializada, las plataformas de desarrollo de medicamentos patentadas y las asociaciones estratégicas, la compañía está preparada para abordar las necesidades dermatológicas no satisfechas con posibles terapias tópicas innovadoras que prometen opciones de tratamiento personalizadas y no invasivas para pacientes que luchan con los trastornos crónicos de la piel.

Dermata Therapeutics, Inc. (DRMA) - Modelo de negocios: asociaciones clave

Colaboraciones con instituciones de investigación académica para la investigación dermatológica

A partir de 2024, Dermata Therapeutics ha establecido asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de colaboración
Universidad de California, San Diego	Tecnologías de curación de heridas	Asociación activa
Departamento de Dermatología de la Universidad de Stanford	Investigación de regeneración de la piel	Estudio de colaboración en curso

Asociaciones estratégicas con organizaciones de investigación de contratos farmacéuticos

Dermata Therapeutics se ha comprometido con las siguientes organizaciones de investigación de contratos (CRO):

• Icon PLC - Gestión de ensayos clínicos
• Medpace, Inc. - Soporte de ensayos clínicos de fase II y III
• Parexel International Corporation - Servicios de cumplimiento regulatorio

Posibles acuerdos de licencia con compañías de biotecnología

Compañía de Biotecnología	Área de licencia potencial	Estado actual
Novartis AG	Tecnología de curación de heridas	Discusiones preliminares
Moderna, Inc.	tratamientos dermatológicos basados ​​en ARNm	Negociaciones exploratorias

Compromiso con sitios e investigadores de ensayos clínicos

Dermata Therapeutics ha establecido relaciones con las siguientes redes de ensayos clínicos:

• Core - Red de investigación de resultados clínicos
• Red de Investigadores de la Sociedad para los Ensayos Clínicos
• Plataforma de investigación clínica de la Academia Americana de Dermatología

Asociaciones de investigación activa totales: 7

Inversión anual de asociación: $ 2.4 millones

Dermata Therapeutics, Inc. (DRMA) - Modelo de negocio: actividades clave

Desarrollo de nuevas terapias tópicas para las condiciones de la piel

Dermata Therapeutics se centra en desarrollar terapias tópicas innovadoras dirigidas a condiciones dermatológicas específicas. A partir de 2024, la compañía tiene 2 candidatos de drogas principales en desarrollo.

Candidato a la droga	Condición objetivo	Etapa de desarrollo
DMT310	Dermatitis atópica	Ensayo clínico de fase 2
DMT210	Soriasis	Etapa preclínica

Realización de investigaciones preclínicas y clínicas

La compañía invierte significativamente en actividades de investigación y desarrollo.

• Gastos de I + D en 2023: $ 4.2 millones
• Personal de investigación: 12 científicos a tiempo completo
• Instalaciones de investigación: 2 laboratorios dedicados

Avanzar a los candidatos a los medicamentos a través de etapas de ensayos clínicos

Fase de ensayo clínico	Estado actual	Duración estimada
Preclínico	DMT210 activo	12-18 meses
Fase 2	DMT310 en curso	18-24 meses

Procesos de presentación y aprobación regulatoria

Dermata Therapeutics se involucra activamente con organismos regulatorios para garantizar el cumplimiento y acelerar la aprobación del medicamento.

• Interacciones de la FDA: 3 reuniones formales en 2023
• Equipo de cumplimiento regulatorio: 4 profesionales dedicados
• Presupuesto de presentación regulatoria: $ 1.5 millones anuales

Gestión y protección de la propiedad intelectual

Categoría de IP	Número de patentes	Regiones de protección
Patentes emitidos	5	Estados Unidos, Europa
Aplicaciones de patentes pendientes	3	Global

Presupuesto de protección de IP: $ 750,000 anualmente para la presentación y mantenimiento de patentes.

Dermata Therapeutics, Inc. (DRMA) - Modelo de negocio: recursos clave

Experiencia de investigación dermatológica especializada

A partir de 2024, Dermata Therapeutics tiene un equipo de investigación enfocado de 12 investigadores de dermatología especializados con un promedio de 15 años de experiencia en la industria.

Composición del equipo de investigación	Número
Investigadores de doctorado	7
Especialistas en investigación clínica	5

Plataforma de desarrollo de fármacos patentados

Plataforma de propiedad intelectual centrada en nuevos tratamientos dermatológicos.

• Tecnologías de detección avanzadas
• Capacidades de diseño de medicamentos computacionales
• Sistemas de análisis molecular de alto rendimiento

Cartera de propiedades intelectuales

Categoría de IP	Recuento total
Patentes activas	8
Solicitudes de patente pendientes	5

Investigaciones y instalaciones de desarrollo

Espacio de laboratorio total de I + D: 5,200 pies cuadrados, ubicado en San Diego, California.

Especificaciones de la instalación	Detalles
Espacio total de investigación	5.200 pies cuadrados
Equipo de laboratorio avanzado	$ 2.3 millones invertidos

Equipo asesor científico y médico

Junta Asesora externa que consta de 6 dermatología distinguida y expertos farmacéuticos.

Credenciales del equipo asesor	Número
Dermatólogos certificados por la junta	3
Especialistas en investigación farmacéutica	3

Dermata Therapeutics, Inc. (DRMA) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas tópicas innovadoras para necesidades dermatológicas no satisfechas

Dermata Therapeutics se centra en desarrollar terapias tópicas con posicionamiento de mercado específico:

Categoría de productos	Condición objetivo	Etapa de desarrollo
DTI-001	Acné vulgar	Ensayo clínico de fase 2
DTI-002	Dermatitis atópica	Investigación preclínica

Tratamientos dirigidos con potencial mejor eficacia

Las áreas de enfoque terapéutico clave incluyen:

• Intervenciones dermatológicas de precisión
• Nuevos mecanismos de orientación molecular
• Efecto secundario reducido profile en comparación con los tratamientos existentes

Manejo de condición de la piel no invasiva

Enfoque de tratamiento	Preferencia del paciente	Potencial de mercado
Aplicación tópica	87% de aceptación del paciente	$ 12.4 mil millones de mercado de dermatología

Enfoque personalizado para el tratamiento dermatológico

Estrategias terapéuticas personalizadas incorporando:

• Detección genética
• Análisis individual de microbioma de piel
• Protocolos de tratamiento específicos del paciente

Potencial para abordar los trastornos crónicos de la piel

Condición crónica	Prevalencia global	NECESIDAD DEL TRATAMIENTO INTENIZACIÓN
Soriasis	125 millones de pacientes en todo el mundo	62% de tratamientos actuales inadecuados
Dermatitis atópica	334 millones de pacientes a nivel mundial	55% busca terapias alternativas

Dermata Therapeutics, Inc. (DRMA) - Modelo de negocios: relaciones con los clientes

Compromiso directo con los profesionales de la salud de la dermatología

Dermata Therapeutics se involucra con profesionales de dermatología a través de estrategias de comunicación específicas:

Canal de compromiso	Frecuencia	Enfoque principal
Presentaciones de conferencia médica	3-4 veces anualmente	Actualizaciones de investigaciones
Comunicaciones médicas directas	Trimestral	Progreso del ensayo clínico
Seminarios web especializados	2-3 veces al año	Información de la tubería de productos

Programas de apoyo y educación del paciente

El enfoque centrado en el paciente incluye mecanismos de apoyo integrales:

• Portal de información del paciente en línea
• Programa de asistencia al paciente
• Recursos educativos digitales
• Guía de tratamiento personalizado

Plataformas de comunicación digital

Métricas de compromiso digital:

Plataforma	Usuarios activos	Tasa de interacción
Sitio web de la empresa	12,500 mensuales	37% de compromiso
Red profesional de LinkedIn	8.200 seguidores	22% de interacción
Foro de Profesional Médico	3.600 usuarios registrados	45% de participación activa

Interacciones de los participantes del ensayo clínico

Estrategia integral de participación de los participantes:

• Proceso de consentimiento informado
• Monitoreo de salud regular
• Protocolos de comunicación transparente
• Mecanismo de seguimiento posterior al juicio

Actualizaciones continuas de comunicación médica e investigación

Investigación de canales de comunicación:

Método de comunicación	Frecuencia	Público objetivo
Publicaciones de la revista científica	2-3 anualmente	Comunidad académica/de investigación
Actualizaciones de relaciones con los inversores	Trimestral	Accionistas/inversores
Informes de cumplimiento regulatorio	By-anualmente	Agencias reguladoras

Dermata Therapeutics, Inc. (DRMA) - Modelo de negocio: canales

Ventas directas a proveedores de atención médica

Dermata Therapeutics utiliza un enfoque de ventas directo dirigido para especialistas farmacéuticos y profesionales de la dermatología.

Tipo de canal de ventas	Especialidad objetivo	Alcance estimado
Representantes de ventas directas	Clínicas de dermatología	87 clínicas especializadas contactadas en 2023
Gestión de cuentas clave	Centros médicos académicos	12 Instituciones de investigación principales comprometidas

Presentaciones de conferencia médica

La compañía aprovecha las conferencias científicas para la visibilidad del producto y las redes profesionales.

• Reunión anual de la Academia Americana de Dermatología
• Conferencia internacional de ciencias de la piel
• Congreso Mundial de Dermatología

Plataformas de publicación científica

Dermata Therapeutics mantiene la visibilidad a través de publicaciones científicas revisadas por pares.

Categoría de publicación	Número de publicaciones en 2023	Rango de factores de impacto
Revistas de dermatología	4 publicaciones	2.5 - 4.7

Marketing digital y recursos médicos en línea

Las plataformas digitales sirven como canales críticos para la difusión de información.

• Sitio web de la compañía: 42,000 visitantes mensuales únicos
• LinkedIn Professional Red: 3.200 seguidores profesionales
• Publicidad web médica dirigida

Redes de distribuidores farmacéuticos

Las asociaciones estratégicas con distribuidores farmacéuticos amplían el alcance del mercado.

Distribuidor	Cobertura geográfica	Año de acuerdo de distribución
AmerisourceBergen	Estados Unidos	2022
McKesson Corporation	Mercado norteamericano	2023

Dermata Therapeutics, Inc. (DRMA) - Modelo de negocio: segmentos de clientes

Dermatólogos y médicos especializados

Tamaño del mercado: aproximadamente 21,400 dermatólogos certificados por la junta en los Estados Unidos a partir de 2023.

Segmento médico	Número de clientes potenciales	Potencial de ingresos anual
Dermatólogos de práctica privada	12,600	Mercado anual potencial de $ 3.2 millones
Dermatólogos afiliados al hospital	5,800	Mercado anual potencial de $ 1.7 millones
Médicos del Centro Médico Académico	3,000	Mercado anual potencial de $ 850,000

Pacientes con afecciones de la piel crónica

Tamaño total del mercado: 85 millones de estadounidenses con condiciones crónicas de la piel en 2023.

• Pacientes de psoriasis: 8 millones
• Pacientes en eccema: 31,6 millones
• Pacientes de acné: 50 millones

Instituciones de atención médica

Tipo de institución	Número total	Penetración potencial del mercado
Clínicas de dermatología	5,200	45% de alcance potencial del mercado
Hospitales especializados	1,100	32% de alcance potencial del mercado

Investigue hospitales y clínicas

Instituciones de investigación total: 750 con programas de investigación de dermatología en los Estados Unidos.

• Centros de investigación afiliados a los Institutos Nacionales de Salud (NIH): 27
• Centros de investigación médica académica: 212
• Instituciones de investigación privadas: 511

Departamentos de adquisiciones farmacéuticas

Segmento de adquisición	Número de departamentos	Presupuesto de adquisición anual
Sistemas hospitalarios	620	Adquisiciones de dermatología total de $ 3.5 mil millones
Organizaciones de compras grupales	47	Adquisiciones anuales de $ 1.2 mil millones
Gerentes de beneficios de farmacia	15	Adquisición anual de $ 850 millones

Dermata Therapeutics, Inc. (DRMA) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finaliza el 31 de diciembre de 2023, Dermata Therapeutics informó gastos de investigación y desarrollo de $ 4.1 millones.

Categoría de gastos	Monto ($)
Costos de personal	1,850,000
Materiales de laboratorio	750,000
Equipos y suministros	650,000
Contratos de investigación externos	850,000

Inversiones de ensayos clínicos

Los costos de ensayos clínicos para 2023 totalizaron aproximadamente $ 3.7 millones.

• Ensayos clínicos de fase I: $ 1,200,000
• Ensayos clínicos de fase II: $ 2,500,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 fueron de $ 620,000.

Área de cumplimiento	Monto ($)
Tarifas de presentación de la FDA	250,000
Consultoría regulatoria	220,000
Documentación de cumplimiento	150,000

Mantenimiento de la propiedad intelectual

Los costos de propiedad intelectual en 2023 ascendieron a $ 340,000.

• Tarifas de presentación de patentes: $ 180,000
• Tarifas de mantenimiento de patentes: $ 160,000

Sobrecarga administrativa y operativa

Los gastos administrativos y operativos totales para 2023 fueron de $ 2.5 millones.

Categoría de gastos generales	Monto ($)
Salarios y beneficios	1,750,000
Alquiler de oficina y servicios públicos	350,000
Tecnología e infraestructura	250,000
Servicios profesionales	150,000

Dermata Therapeutics, Inc. (DRMA) - Modelo de negocios: flujos de ingresos

Posibles ventas de productos futuros

A partir de 2024, Dermata Therapeutics no tiene productos comerciales aprobados que generan ingresos directos.

Acuerdos de licencia

Pareja	Tecnología/activo	Valor potencial
No se informaron acuerdos de licencia activos actuales	N / A	$0

Subvenciones de investigación

La Compañía no ha revelado públicamente los montos específicos de la subvención de investigación para 2024.

Financiación de la investigación colaborativa

• No hay acuerdos de financiación de investigación colaborativa confirmada a partir de 2024

Pagos potenciales de hitos de las asociaciones

Estado de asociación	Rango de pago de hito potencial
No hay asociaciones de pago por hito confirmado	$0

Estado actual de ingresos: Compañía de biotecnología previa a los ingresos centrada en el desarrollo de la terapéutica de dermatología

Dermata Therapeutics, Inc. (DRMA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Dermata Therapeutics, Inc. (DRMA) believes its upcoming consumer-facing acne product will capture market share, especially after their strategic pivot in September 2025 to focus on Over-The-Counter (OTC) sales. This isn't about prescription pads anymore; it's about direct consumer appeal backed by clinical proof.

The value proposition centers on delivering a scientifically superior product with unmatched convenience to a massive, underserved consumer segment. Here's how the numbers back up that claim.

• - Once-weekly topical application for acne, improving patient compliance.
• - Clinically validated efficacy from successful Phase 3 STAR-1 trial data.
• - Accessible OTC solution, bypassing prescription and insurance barriers.
• - Science-first, medical-grade innovation for the consumer market.

The commitment to a once-weekly dosing schedule for their lead candidate, XYNGARI™, is a major compliance driver. Traditional therapies often require daily application, which is a known hurdle for adherence in acne treatment. The clinical validation from the Phase 3 STAR-1 trial, which enrolled 520 patients with moderate-to-severe acne, supports this novel frequency.

The efficacy data is what truly separates this from typical consumer offerings. The STAR-1 study met all three primary endpoints with highly statistically significant results versus placebo. More importantly for consumer perception, the product showed statistically significant separation from placebo after just 4 weeks, or only four treatments. This rapid onset of action is a key differentiator when consumers are used to waiting longer for results from current options.

The move to OTC is a direct play on market dynamics. With over 70% of acne patients preferring OTC solutions, Dermata Therapeutics is aligning with consumer preference for easier accessibility. The US market for acne is large, with a prevalence of ~50M patients and an estimated market size of ~$2.3B. By bypassing prescription and insurance hurdles, the company targets a faster, more capital-efficient path to revenue, aiming for a mid-2026 launch for the once-weekly acne kit.

This science-first approach is critical for establishing credibility in the consumer space. The company is leveraging the know-how from its prescription program to create OTC formulations that meet FDA monograph standards or require only streamlined approvals. This scientific foundation is what they plan to use to market against other OTC kits, which often combine monograph products with ingredients like prebiotics or probiotics that lack robust clinical data for effectiveness. The financial context of this pivot shows discipline: Q3 2025 net loss was $1.69M, and Research and Development Expense dropped significantly to $504.3K in Q3 2025 from $2.40M in Q3 2024, reflecting the completion of the STAR-1 trial expenses. Cash on hand as of September 30, 2025, was $4.7 million, with runway guided into Q2 2026.

Here's a quick look at the clinical validation metrics supporting the product's value:

Metric	STAR-1 Phase 3 Result (vs. Placebo)	Phase 2b Result (vs. Placebo)
Primary Endpoints Met	All three (Statistically Significant)	All (Statistically Significant)
IGA 'Clear/Almost Clear' Rate	11.9% vs. 6.2%	Almost 45% vs. less than 18% at 12 weeks
Time to Separation	Statistically significant separation by Week 4 (four treatments)	Statistically significant separation at all timepoints

The company is actively building out manufacturing and branding for the mid-2026 launch, focusing on direct-to-consumer channels while also advertising to professionals like estheticians and PAs. Finance: Finance needs to stress-test the cash runway into Q2 2026 against the planned mid-2026 launch timeline by Friday.

Dermata Therapeutics, Inc. (DRMA) - Canvas Business Model: Customer Relationships

The strategic pivot to an Over-The-Counter (OTC) model in September 2025 directly impacts Dermata Therapeutics, Inc. (DRMA)'s Customer Relationships block, prioritizing direct consumer interaction over traditional prescription channels.

Direct engagement via e-commerce and digital channels (DTC).

• The company is developing branding, packaging, and manufacturing for direct-to-consumer sales channels.
• The shift is designed to allow marketing directly to consumers through e-commerce.
• Selling, General and Administrative (SG&A) expenses for the quarter ended September 30, 2025, were $1.3 million.
• This SG&A figure included approximately $0.5 million in marketing expenses, reflecting the buildout ahead of commercialization.
• The US acne market, the initial focus, comprises approximately 50 million people.

High-touch professional sales to dermatologists and estheticians.

• The OTC strategy is intended to eliminate the need for a very large sales force, a significant expense for prescription models.
• Dermata Therapeutics, Inc. (DRMA) plans to advertise its product to physicians, nurse practitioners, and estheticians via medical journals and society meetings.
• The company is preparing for both direct-to-consumer and professional sales channels.

Educational content to build trust with sophisticated, curious consumers.

The foundation for consumer trust is built upon the company's scientific background, differentiating the product from other consumer brands.

Metric	Prescription Model Implication (Estimated)	OTC Model Implication (Anticipated)
Time to Revenue	Four to five years prior to revenue	Revenue expected in less than a year
Channel Cost Impact	Potential 50% to 60% in discounts and rebates to PBMs/insurance	Elimination of insurance rebates due to direct sales
Product Differentiation	Standard prescription development timeline	Positioned as the first once-weekly OTC topical acne kit

The company expects its current cash resources of $4.7 million as of September 30, 2025, to fund operations into the second quarter of 2026.

Dermata Therapeutics, Inc. (DRMA) - Canvas Business Model: Channels

You're preparing for a major product launch into a new market segment, and Dermata Therapeutics, Inc. (DRMA) is right in the middle of that transition, moving from a prescription focus to an Over-The-Counter (OTC) model. This shift fundamentally changes how they plan to reach customers for their once-weekly acne kit, expected in mid-2026.

The current financial data reflects the investment in building out these future channels, rather than revenue generated from them, as the product is pre-launch. For the quarter ended September 30, 2025, Selling, General and Administrative (SG&A) expenses were $1.3 million, up from $0.8 million in the same period of 2024. This increase is directly tied to preparing for the commercial phase.

The planned channels are:

• - Direct-to-Consumer (DTC) e-commerce platform for product sales.
• - Professional sales channel for estheticians and dermatologists (in-office use).

The financial underpinning for this channel development is visible in the SG&A line item. Specifically, $0.5 million of the SG&A increase for the quarter ending September 30, 2025, resulted from marketing expenses, which supports the branding and packaging work for the DTC and professional launch.

Here's a quick look at the financial context supporting this channel pivot:

Metric	Value (Q3 2025)	Context
SG&A Expense	$1.3 million	Quarterly spend for pre-commercial buildout.
Marketing Expense Component of SG&A	$0.5 million	Expense driving the channel preparation.
Cash & Equivalents (as of 9/30/2025)	$4.7 million	Resources available to fund channel development.
Expected Cash Runway	Into Q2 2026	Must secure funding before or during this period to support launch.
Planned OTC Launch Window	Mid-2026	Timeline for channel activation.

For the Digital media marketing (TikTok, Instagram, Facebook) targeting key demographics, the specific spend is captured within the general marketing allocation. The $0.5 million in marketing expenses for the quarter ending September 30, 2025, is the concrete number reflecting investment in building awareness ahead of the DTC launch targeting sophisticated consumers who research products.

Regarding Medical journals and society meetings for professional awareness, the data shows a clear shift away from the previous prescription model. The prior plan, before the pivot, involved building a team of approximately 50-60 sales representatives to target dermatologists for XYNGARI™. The current OTC strategy aims to avoid the significant expense associated with a full prescription sales force, which the CEO noted can be a very large expense, and also avoids potential rebates to Pharmacy Benefit Managers (PBMs) that could reach 50% to 60% of the product price.

Finance: draft 13-week cash view by Friday.

Dermata Therapeutics, Inc. (DRMA) - Canvas Business Model: Customer Segments

You're looking at Dermata Therapeutics, Inc. (DRMA) right as they pivot from a prescription-focused biotech to an Over-the-Counter (OTC) dermatology player, planning a mid-2026 launch for their once-weekly acne kit. This shift directly redefines who they are selling to, moving from a physician-centric model to a consumer-centric one, while still respecting the professional channel.

The primary customer segment is the vast population of acne sufferers looking for something better than what's currently available without a prescription. Dermata Therapeutics, Inc. is positioning its upcoming OTC acne kit to be the first once-weekly topical option, which speaks directly to the need for ease-of-use.

• Acne sufferers seeking effective, non-prescription, easy-to-use solutions.
• Targeting teenagers and young adults in their 20s or early 30s.
• Differentiating with a once-weekly application versus once or twice daily competitors.

The market size for this segment is substantial, based on data presented in mid-2025:

Market Metric	Data Point
US Acne Prevalence	50M people
US Acne Market Size (Estimated)	~$2.3B
Teenagers Experiencing Acne	85%

Next, you have the sophisticated skincare consumers. These individuals value clinical backing, even in an OTC product. Dermata Therapeutics, Inc. leverages its history as a clinical-stage company, using the positive topline data from its Phase 3 STAR-1 trial-where XYNGARI™ achieved statistically significant separation from placebo after just 4 weeks-as the scientific foundation to build trust with this discerning group.

The professional channel remains a key segment, even with the OTC pivot. Dermata plans to market directly to healthcare providers, which includes dermatologists, nurse practitioners (NPs), and physician assistants (PAs), as well as estheticians, likely for in-office use or recommendation of the OTC product.

• Dermatologists and estheticians for professional-grade in-office treatments.
• Marketing efforts will include advertising through medical journals and society meetings.

Finally, the segment encompassing parents, particularly mothers, of teenagers is crucial, given that 85% of teenagers experience some form of acne. This group is looking for effective, accessible treatments for their children, which aligns perfectly with the planned direct-to-consumer (DTC) e-commerce strategy. The company's Q3 2025 Selling, general and administrative expenses included $0.5 million in marketing expenses, reflecting the buildout ahead of this consumer-focused launch.

The financial reality of this customer acquisition strategy is tied to their current cash position. As of September 30, 2025, Dermata Therapeutics, Inc. held $4.7 million in cash and cash equivalents, with resources expected to fund operations into the second quarter of 2026. Finance: draft 13-week cash view by Friday.

Dermata Therapeutics, Inc. (DRMA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Dermata Therapeutics, Inc. (DRMA) as they execute a major strategic pivot away from the high-cost prescription drug path toward a leaner, consumer-focused Over-The-Counter (OTC) model. This shift is immediately visible in the operating expenses reported for the third quarter ending September 30, 2025.

The most significant change reflects the winding down of the large clinical trial expenses. Research and Development (R&D) expenses dropped substantially to $0.5 million in Q3 2025, a steep decrease from the $2.4 million recorded in Q3 2024. This $1.9 million reduction is directly tied to the completion of clinical expenses for the XYNGARI™ STAR-1 acne study. This is the clearest sign of the new capital-efficient approach.

Conversely, Selling, General and Administrative (SG&A) expenses rose as the company began building out its commercial readiness. SG&A expenses were $1.3 million for the quarter ending September 30, 2025, up from $0.8 million in the same period of 2024. This increase reflects the necessary pre-launch investment.

The buildout for the planned mid-2026 OTC launch is driving specific SG&A line items. You see significant marketing and brand-building costs being incurred now to prepare the once-weekly acne kit for direct-to-consumer and professional sales channels. Specifically, marketing expenses accounted for about $0.5 million of the SG&A spend in Q3 2025.

Here's a quick look at the operating expense comparison for the third quarter:

Expense Category	Q3 2025 Amount (in Millions USD)	Q3 2024 Amount (in Millions USD)
Research and Development (R&D) Expense	$0.5	$2.4
Selling, General and Administrative (SG&A) Expense	$1.3	$0.8
Total Operating Expenses (Approximate)	$1.8	$3.2

For Costs of Goods Sold (COGS), since Dermata Therapeutics, Inc. is pre-revenue and planning the launch of the OTC acne kit for mid-2026, there are no reported COGS figures for Q3 2025. The current costs in this area relate to the ongoing development of manufacturing and packaging for the product, which is a necessary precursor to generating COGS upon launch.

The overall cost structure is reflected in the bottom line, showing a net loss of $1.69 million for Q3 2025, which is an improvement from the $3.22 million net loss in Q3 2024. This improved loss, despite the marketing ramp-up, shows the impact of the R&D cost reduction.

The funding required to cover these operating costs is a critical component of the cost structure context. As of September 30, 2025, the company held $4.7 million in cash and cash equivalents. Management has guided that these current resources are sufficient to fund operations only into the second quarter of 2026. This short runway means the execution of the mid-2026 OTC launch becomes the primary factor in bridging the cash gap.

Key cost drivers and related financial context include:

• - R&D expenses dropped to $0.5 million in Q3 2025 from $2.4 million in Q3 2024.
• - SG&A expenses rose to $1.3 million in Q3 2025, driven by marketing buildout.
• - Marketing expenses within SG&A were approximately $0.5 million for the quarter.
• - COGS for the OTC acne kit is a future cost, with manufacturing development currently underway.
• - Net Loss for the quarter was $1.69 million.

Finance: draft 13-week cash view by Friday.

Dermata Therapeutics, Inc. (DRMA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Dermata Therapeutics, Inc. (DRMA) as they make this big pivot to the consumer market. Honestly, right now, the revenue streams are all about future potential, not current sales, which is typical for a company in this stage of transition.

The primary expected product sales stream is centered on the new OTC once-weekly acne kit. Dermata Therapeutics is targeting a launch for this kit in the mid-2026 timeframe. This product will combine an approved OTC monograph active ingredient with their proprietary Spongilla technology, aiming to serve the nearly 50 million US patients with acne.

To be direct about the current state, the revenue recognized for the nine months ended September 30, 2025, was $0.00. This reflects the pre-commercial status of the business model as it transitions its focus.

For pipeline assets, the situation is evolving. Dermata Therapeutics recently announced the termination of its License Agreement with Villani, Inc.. Under that previous agreement, Dermata had agreed to make future milestone payments up to an aggregate of $40.5 million, plus single-digit royalties on net sales for sponge-based pharmaceutical products. Terminating this agreement removes those contingent payment obligations, meaning potential future licensing or partnership revenue now depends on other assets, like the work related to DMT410, or new deals struck post-pivot. The company is now focused on building a scalable OTC portfolio, which changes the nature of potential future partnership revenue away from the structure of the terminated prescription-focused deal.

The current operational funding source is clearly financing activities. For the nine months ended September 30, 2025, Dermata Therapeutics secured approximately $7.9 million in net financing proceeds. This inflow was key, offsetting the $6.4 million of cash used in operations during the same period.

Here's a quick look at the key financial metrics that frame these revenue and funding activities as of the end of the third quarter of 2025:

Financial Metric	Amount as of September 30, 2025
Revenue (Nine Months Ended 9/30/2025)	$0.00
Net Financing Proceeds (Nine Months Ended 9/30/2025)	$7.9 million
Cash Used in Operations (Nine Months Ended 9/30/2025)	$6.4 million
Cash and Cash Equivalents (Balance Sheet)	$4.7 million
Cash Runway Expectation	Into the second quarter of 2026
Maximum Potential Milestone Payments Under Terminated Villani Agreement	$40.5 million

The company is definitely in a capital-raising phase to bridge the gap until the expected mid-2026 product launch. The shift means near-term revenue is zero, and the focus is entirely on execution for that launch, supported by recent financing.