Dermata Therapeutics reports Q1 EPS (47c) vs. ($2.27) last year

Yesterday, the company also announced: “As of March 31, 2024, the Company had $4.7 million in cash and cash equivalents, compared to $7.4 million as of December 31, 2023. The decrease in cash and cash equivalents resulted from $3.1 million of net loss for the quarter ended March 31, 2024, and $0.2 million of decreased accrued liabilities, offset by $0.6 million in stock-based compensation expense. The Company expects its current cash resources to be sufficient to fund operations into the third quarter of 2024.” CEO Gerry Proehl stated: “We are very encouraged by the enrollment numbers to date of our STAR-1 clinical trial in acne and we are on track to complete enrollment by the end of 2024. With very few competing Phase 3 acne studies, we are confident in our team’s ability to get our STAR-1 study fully enrolled this year, with topline data expected in the first quarter of 2025. If positive, we believe this would put us in a strong position to initiate the second Phase 3 study quickly thereafter, while we also explore potential partnership opportunities for DMT310. Based on recent findings in the acne space, we believe if DMT310 is approved as a once-weekly topical acne treatment, it could be a first-line treatment option for the over 32 million diagnosed patients suffering from acne in the U.S.”