Dermata Therapeutics, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of provision for income taxes

		Years Ended December 31,
(in thousands)		2021				2020
U.S. Federal statutory income tax rate		$	(1,659	)		$	-
Permanent and other differences			38				-
Stock-based compensation expense			110				-
Research and development credits			(118	)			-
Valuation allowance			1,629				-
Total tax provision		-					-

Schedule of net deferred tax assets

		As of December 31,
(in thousands)		2021				2020
Net operating loss carryforwards		$	1,049			$	-
Research and development carryforwards			118				-
Stock-based compensation expense			274				-
Intangible assets			110				-
Other, net			78				-
Total deferred tax assets			1,629				-
Less: valuation allowance			(1,629	)			-
Deferred tax assets		$	-			$	-

Schedule of unrecognized tax benefits

		Years Ended December 31,
(in thousands)		2021				2020
Beginning balance of unrecognized tax benefits		$	-			$	-
Additions based on tax positions related to the current year			41				-
Additions for tax positions of prior years			-				-
Reductions for tax positions in prior years			-				-
Ending balance of unrecognized tax benefits		$	41			$	-