Dermata Therapeutics Inc. (DRMA), a clinical-stage biotechnology company, has surged 8.52% on aftermarket trading session. As a result, DRMA stock is trading at $2.93 at the time of the writing. Analysts have attributed this rise to insider buying as the major owner of the company, Proehl Gerald, picked up 20,000 shares at a common stock price of $2.4 per share. On Friday, DRMA closed the day at $2.70 after declining 3.91% during regular trading hours. For the moment, let’s discuss recent developments of DRMA.
DRMA Q3 2021 Operational Results
On 16th November, DRMA released the operational and financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company had cash of $12.6 million on 30th September 2021. The total operating expenses bore by the company during the period were $1.71 million against $0.54 million for the same period of 2020. The net loss suffered by the company during the three month period stood at $1.71 million against $0.59 million for the same period of 2020. The net loss per basic and diluted share for the period was $0.86 against $0.31 for the same period of 2020.
Corporate Highlights
Alongside the financial results, DRMA also shed a light on its corporate highlights. The company announced positive topline results from phase-1b POC Clinical Trial of DMT310 in Mild-to-moderate Psoriasis in late October. In August, it closed upsized $18 million initial Public Offering on Nasdaq Capital Market. It expanded its board of directors by appointing four experienced life sciences leaders to its BoD. In early September, it expanded its executive team by appointing Kyri Van Hoose as Chief Financial Officer.
Executive Commentary
Gerry Proehl, Chairman, President and Chief Executive Officer of DRMA, while commenting on the results said that the third quarter has proved to be a transformation for the company as it completed its IPO during the period. He hoped that in the future, the company would carry the momentum forward from its brilliantly ongoing studies and from the financial results it has achieved so far.
Future Outlook for DRMA
Analysts have predicted that DRMA is well on the track to achieve financial success in the upcoming quarters, as by then it would be able to achieve meets the targets that it has set for itself. So, a potential investor should closely keep watching the fluctuation of DRMA stock.
