Liquidity & Solvency: Dermata Therapeutics (DRMA) exhibits severe liquidity constraints, with a current ratio of 1.79 and quick ratio of 1.60 in 2024. Cash reserves have declined from $7.44B in 2023 to $3.16B in 2024, while operating cash flow remains negative at -$11.16B. Zero long-term debt reduces solvency risk, but reliance on financing activities (e.g., $6.2M warrant exercise in March 2025) highlights structural fragility.
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