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, 2022

Income Taxes

Schedule of provision for income taxes

		Years Ended December 31,
(in thousands)		2022				2021
U.S. Federal statutory income tax rate		$	(2,018	)		$	(1,659	)
Permanent and other differences			68				38
Stock-based compensation expense			89				110
Research and development credits			(219	)			(118	)
Valuation allowance			2,080				1,629
Total tax provision			-				-

Schedule of net deferred tax assets

		As of December 31,
(in thousands)		2022				2021
Net operating loss carryforwards		$	1,927			$	1,049
Research and development carryforwards			337				118
Capitalized research and development			1,068				-
Stock-based compensation expense			311				274
Intangible assets			49				110
Other, net			17				78
Gross deferred tax assets			3,709				1,629
Less: valuation allowance			(3,709	)			(1,629	)
Total deferred tax assets		$	-			$	-

Schedule of unrecognized tax benefits

		Years Ended December 31,
(in thousands)		2022				2021
Beginning balance of unrecognized tax benefits		$	41			$	-
Additions based on tax positions related to the current year			81				41
Additions for tax positions of prior years			435				-
Reductions for tax positions in prior years			-				-
Ending balance of unrecognized tax benefits		$	557			$	41