Dermata Therapeutics, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of provision for income taxes

		Years Ended December 31,
(in thousands)		2024				2023
U.S. Federal statutory income tax rate		$	(2,580	)		$	(1,637	)
Permanent and other differences			(65	)			55
Stock-based compensation expense			440				86
Research and development credits			(346	)			(259	)
Valuation allowance			2,551				1,755
Total tax provision		$	-			$	-

Schedule of net deferred tax assets

		As of December 31,
(in thousands)		2024				2023
Net operating loss carryforwards		$	4,270			$	2,980
Research and development carryforwards			942				596
Capitalized research and development			2,616				1,508
Stock-based compensation expense			10				246
Intangible assets			4				5
Other, net			173				129
Gross deferred tax assets			8,015				5,464
Less: valuation allowance			(8,015	)			(5,464	)
Total deferred tax assets		$	-			$	-

Schedule of unrecognized tax benefits

		Years Ended December 31,
(in thousands)		2024				2023
Beginning balance of unrecognized tax benefits		$	645			$	557
Additions based on tax positions related to the current year			119				64
Additions for tax positions of prior years			-				24
Reductions for tax positions in prior years			-				-
Ending balance of unrecognized tax benefits		$	764			$	645