$DRMA
Dermata Therapeutics Inc

2022 Q4 Form 10-Q Financial Statement

#000165495422015035 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $822.3K $892.8K
YoY Change -42.94% -2.16%
% of Gross Profit
Research & Development $889.4K $1.553M
YoY Change -20.01% 94.22%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.712M $1.553M
YoY Change -32.95% 94.22%
Operating Profit -$2.446M
YoY Change 42.86%
Interest Expense $42.09K $21.49K
YoY Change 3201.08%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.670M -$2.425M
YoY Change -34.6% 41.55%
Income Tax
% Of Pretax Income
Net Earnings -$1.670M -$2.425M
YoY Change -34.6% 41.55%
Net Earnings / Revenue
Basic Earnings Per Share -$3.16
Diluted Earnings Per Share -$0.14 -$197.5K
COMMON SHARES
Basic Shares Outstanding 12.10M shares 10.10M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.241M $8.067M
YoY Change -42.2% -35.99%
Cash & Equivalents $6.241M $8.067M
Short-Term Investments
Other Short-Term Assets $690.6K $895.2K
YoY Change -16.31% -17.3%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.944M $8.975M
YoY Change -40.26% -34.42%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets -$2.00 -$1.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $6.944M $8.975M
Total Long-Term Assets -$2.00 -$1.00
Total Assets $6.944M $8.975M
YoY Change -40.26% -34.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $496.7K $483.7K
YoY Change -3.6% -37.17%
Accrued Expenses $425.9K $1.021M
YoY Change -57.47% 139.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $922.6K $1.504M
YoY Change -39.17% 25.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $922.6K $1.504M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $922.6K $1.504M
YoY Change -39.17% 25.86%
SHAREHOLDERS EQUITY
Retained Earnings -$45.59M -$43.92M
YoY Change 26.71% 31.39%
Common Stock $1.232K $1.210K
YoY Change 47.9% 45.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.022M $7.471M
YoY Change
Total Liabilities & Shareholders Equity $6.944M $8.975M
YoY Change -40.26% -34.42%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$1.670M -$2.425M
YoY Change -34.6% 41.55%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.826M -$2.561M
YoY Change 1.2% 15.89%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 200.0
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.826M -2.561M
Cash From Investing Activities
Cash From Financing Activities 0.000 200.0
Net Change In Cash -1.826M -2.561M
YoY Change 1.16% -121.03%
FREE CASH FLOW
Cash From Operating Activities -$1.826M -$2.561M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Company’s financial statements are prepared in accordance with GAAP. The preparation of the Company’s financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, and expenses and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. On an ongoing basis, management evaluates these estimates and judgments, including those related to accrued research and development expenses, stock-based compensation, and the estimated fair values of equity instruments. Management evaluates its estimates on an ongoing basis. The Company bases its estimates on various assumptions that it believes are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.</p>
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drma Deemed Dividend Upon Amendment Of The Terms To The Series1 D Convertible Preferred Stock
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2293199 usd
CY2021Q3 drma Net Loss Attributable To Common Stockholders
NetLossAttributableToCommonStockholders
-4275157 usd
us-gaap Net Income Loss
NetIncomeLoss
-7941311 usd
drma Net Loss Attributable To Common Stockholders
NetLossAttributableToCommonStockholders
-7911858 usd
CY2022Q3 drma Earnings Per Share Basics And Diluted
EarningsPerShareBasicsAndDiluted
0.20
CY2021Q3 drma Earnings Per Share Basics And Diluted
EarningsPerShareBasicsAndDiluted
0.86
drma Earnings Per Share Basics And Diluted
EarningsPerShareBasicsAndDiluted
0.75
drma Earnings Per Share Basics And Diluted
EarningsPerShareBasicsAndDiluted
2.69
drma Weighted Average Number Of Share Outstanding Basics And Diluted
WeightedAverageNumberOfShareOutstandingBasicsAndDiluted
2945351 shares
CY2022Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.80
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8050139 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3614856 shares
CY2021Q2 drma Common Stock Shares Available For Issuances
CommonStockSharesAvailableForIssuances
593340 shares
drma Subordinated Convertible Promissory Notes
SubordinatedConvertiblePromissoryNotes
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>4. Subordinated Convertible Promissory Notes</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">In July and October 2020, the Company issued an aggregate of $3,000,000 of subordinated convertible promissory notes (the “Notes”). Notes in the amount of $1,145,000 were issued to existing investors who are also related parties (See Note 11 - Related Parties), $1,730,000 were issued to existing investors who are not related parties and notes in the amount of $125,000 were issued to new investors. The Notes bore interest at 4% per annum and were to mature on July 17, 2021. The Notes were subordinated to the Company’s long-term debt and were convertible into a qualified Series A financing of at least $10 million at a 20% discount to the lowest price per unit paid by investors for that financing. Under authoritative accounting guidance, this contingent beneficial conversion feature was to be measured and recognized when the contingency is resolved. The Notes were recorded upon issuance net of debt discount costs of $28,301. The Company recognized $14,126 of amortized debt discount costs during the nine months ended September 30, 2021. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">On January 27, 2021, the Company amended the terms of the Notes to increase the maximum amount of convertible promissory notes to be issued from $3,000,000 to $5,000,000, to allow for the conversion of the convertible promissory notes into shares of common stock upon a Qualified Initial Public Offering with aggregate gross proceeds to the Company of at least $10,000,000 at a 20% discount to the lowest price per share paid by investors for that financing and to extend the maturity date to December 31, 2021. In connection with this amendment, Notes in the amount of $1,255,000 were issued to existing investors who are also related parties (See Note 11 - Related Parties) and $311,000 were issued to existing investors who are not related parties.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">In March 2021, the Company further amended the terms of the Notes to allow for the conversion of the Notes into Series 1d Preferred Units at the same price as purchasers of Series 1d Preferred Units. As of March 15, 2021, $4,391,000 of the Notes, along with related interest of $73,801, were converted to 5,379,247 Series 1d Preferred Units. Since the Notes did not convert at a discount, there was no beneficial conversion feature.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Company considers the above modification of the Notes in March 2021 to be a substantial modification requiring extinguishment accounting under Accounting Standards Codification (“ASC”) 470-50-40-10. Based upon an independent valuation of the reacquisition price of the Notes, the difference between the reacquisition price and the net carrying amount of the Notes immediately prior to the modification is not material to the financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">In connection with the Company’s IPO in August 2021, the outstanding principal of the Notes and accrued interest totaling $180,434 converted into 32,219 shares of common stock. Upon this conversion, since the conversion contained a 20% discount, the Company measured the beneficial conversion feature and determined that it was not material to the financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">As of December 31, 2021, and September 30, 2022, the Company had no promissory notes outstanding. </p>
CY2020Q4 us-gaap Convertible Subordinated Debt
ConvertibleSubordinatedDebt
3000000 usd
CY2020Q4 us-gaap Notes Payable
NotesPayable
1145000 usd
CY2020Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
1730000 usd
CY2020Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
125000 usd
CY2020Q4 us-gaap Subordinated Borrowing Interest Rate
SubordinatedBorrowingInterestRate
0.04 pure
CY2020Q4 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2021-07-17
CY2021Q1 drma Discount Rate For Preferred Shares
DiscountRateForPreferredShares
10000000 usd
CY2021Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2021-12-31
CY2021Q1 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
1255000 usd
CY2021Q1 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
311000 usd
CY2021Q3 drma Stock Converted
StockConverted
5379247 shares
CY2020Q4 drma Discount
Discount
0.20 pure
CY2021Q1 drma Amendment Fee
AmendmentFee
100000 usd
drma Payments For Its Long Term Debt
PaymentsForItsLongTermDebt
556482 usd
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.00
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2957142 shares
CY2021Q3 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
65823015 shares
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
12102214 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8328629 shares
CY2022Q3 drma Common Stock Share Issued
CommonStockShareIssued
6906244 shares
CY2022Q3 drma Net Consideration
NetConsideration
6833877 usd
CY2022Q3 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
100000 usd
CY2021Q1 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
100000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
12280 usd
CY2021Q1 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
231482 usd
CY2021Q3 drma Common Stock Shares Available For Issuances
CommonStockSharesAvailableForIssuances
1648213 shares
CY2022Q3 drma Evergreen Provision Resulted In Increase
EvergreenProvisionResultedInIncrease
83286 shares
CY2022Q3 drma Increasing Shares Authorized For Issuance
IncreasingSharesAuthorizedForIssuance
1731499 shares
CY2021Q3 drma Difference In Share Description
DifferenceInShareDescription
The Company compared the fair value of the Series 1d Preferred Stock, as amended, to its carrying value and recorded the resulting difference of approximately $2.3 million as a deemed dividend for the Series 1d preferred shareholders.
CY2021Q4 drma Authorized Common Stock Shares
AuthorizedCommonStockShares
90000000 shares
CY2022Q3 drma Authorized Common Stock Shares
AuthorizedCommonStockShares
90000000 shares
CY2021Q3 drma Increasing Shares Authorized For Issuance
IncreasingSharesAuthorizedForIssuance
250000000 shares
drma Warrants Expire Date
WarrantsExpireDate
August 17, 2026
CY2022Q3 drma Fair Value Price Per Share
FairValuePricePerShare
0.52
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
547447 shares
CY2021Q1 drma Class B Common Units Profits Interests Converted Due To The Conversion From An Llc To Ac Corporation
ClassBCommonUnitsProfitsInterestsConvertedDueToTheConversionFromAnLlcToACCorporation
277448 shares
CY2021Q1 drma Class B Common Units Profits Interests Converted Into Options
ClassBCommonUnitsProfitsInterestsConvertedIntoOptions
277448 shares
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1339993 usd
CY2021Q1 drma Stock Based Compensation Expense
StockBasedCompensationExpense
849564 usd
CY2021 drma Stock Based Compensation Expense
StockBasedCompensationExpense
400000 usd
CY2020Q4 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1145000 usd
CY2020Q1 us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
1255000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
163417 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
234983 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
142655 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1416691 usd
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
385 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2022Q3 drma Common Stock Authorized1
CommonStockAuthorized1
80589 shares
CY2021Q3 us-gaap Preferred Units Issued
PreferredUnitsIssued
5221156 shares
CY2020 us-gaap Dividends Preferred Stock
DividendsPreferredStock
230000 usd
CY2021 us-gaap Dividends Preferred Stock
DividendsPreferredStock
120000 usd

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