## Read-through of the *latest* disclosures: nothing filed on Feb. 20 that explains a “new” drop As of the most recent SEC activity in the days leading into Feb. 20, 2026, Dermata’s disclosures are dominated by (i) ownership updates and (ii) capital-markets plumbing—not a fresh clinical, regulatory, or commercial datapoint that would mechanically re-price the equity overnight. The latest beneficial ownership amendment (filed Feb. 18, 2026) is a year-end update (event date 12/31/2025) and reads as positioning/threshold housekeeping rather than a fundamental catalyst. ["Date of Event… 12/31/2025"](0001172661-26-001308|0) ["Percent of class… 4.99 %"](0001172661-26-001308|0) ## The “between-the-lines” overhang: dilution optionality is *explicitly* live (and small-float mechanics magnify it) The most actionable *recent* corporate action is not a product milestone—it’s the company refreshing incremental at-the-market (ATM) capacity. On Jan. 27, 2026 Dermata filed a prospectus supplement to **increase the maximum aggregate offering amount** under its ATM sales agreement with H.C. Wainwright by **an additional $705,000**, after previously selling **$3,454,390** under prior prospectus supplements. In a stock that can move sharply on sentiment, this matters because it creates a standing “supply lever” management can pull into strength—whether or not they actually do so on any given day. ["increase… by… $705,000"](0001493152-26-003715|0) ["previously sold $3,454,390"](0001493152-26-003715|0) That same Jan. 27 prospectus supplement is also unusually transparent about the constraint regime: it ties eligible sale capacity to **Form S‑3 Instruction I.B.6** and explicitly sizes the **public float at ~$7.49 million** (as calculated by the company), reinforcing how reflexive price/flow can become when the float is this small. ["public float… approximately $7,493,999"](0001493152-26-003706|0) ["in no event will we sell… exceeding one-third of our public float"](0001493152-26-003706|0) **Alpha implication:** when a thin-float name spikes, the “no-news” fade can be rational even without a headline—because the market is implicitly repricing the probability of opportunistic issuance into the move (and the marginal buyer knows the company has a freshly updated mechanism to do it). ["offer and sell… up to $705,000… from time to time"](0001493152-26-003706|0) ## Recent 8‑K was operationally *non-catalytic*—but it reminds you the risk posture is still high The most recent company-filed Form 8‑K (filed Feb. 3, 2026; event date Jan. 30, 2026) is about a **change in independent auditor**, not a business update. It states Baker Tilly was dismissed effective Jan. 31, 2026, and CBIZ CPAs was appointed Feb. 2, 2026. ["dismissed… effective on January 31, 2026"](0001493152-26-004905|0) ["approved… appointment… on February 2, 2026"](0001493152-26-004905|0) However, the same 8‑K also highlights that the prior auditor’s reports included an explanatory paragraph regarding **“substantial doubt about the Company’s ability to continue as a going concern.”** That’s not a same-day trigger by itself—but it is the kind of disclosed fragility that can make sentiment-driven rallies more prone to abrupt air pockets once momentum slows. ["substantial doubt… going concern"](0001493152-26-004905|0) ## The fundamental “story” remains a mid‑2026 execution bet—so price can detach from filings short-term The company has previously disclosed a strategic pivot toward **developing and distributing OTC dermatology products**, with an initial product launch **expected in the middle of 2026**. That timeline inherently leaves a gap where price action can be dominated by positioning, float dynamics, and financing expectations rather than incremental fundamentals. ["strategic pivot… OTC"](0001493152-25-023474|0) ["expect to occur in the middle of 2026"](0001493152-25-023474|0) ## Bottom line (impactful framing) When you strip away tape noise and look only at the latest SEC paper, there’s **no Feb. 20 disclosure** that *causes* a premarket downtick. What *is* plainly visible in the filings is a setup where (1) float is small, (2) ATM capacity has been freshly updated, and (3) the going-concern language remains part of the disclosed backdrop—conditions that routinely convert a momentum surge into a profit-taking fade without requiring a headline “catalyst.” ["public float… approximately $7,493,999"](0001493152-26-003706|0) ["offer and sell… from time to time"](0001493152-26-003706|0) ["going concern"](0001493152-26-004905|0)

## Read-through of the *latest* disclosures: nothing filed on Feb. 20 that explains a “new” drop As of the most recent SEC activity in the days leading into Feb. 20, 2026, Dermata’s disclosures are dominated by (i) ownership updates and (ii) capital-markets plumbing—not a fresh clinical, regulatory, or commercial datapoint that would mechanically re-price the equity overnight. The latest beneficial ownership amendment (filed Feb. 18, 2026) is a year-end update (event date 12/31/2025) and reads as positioning/threshold housekeeping rather than a fundamental catalyst. ["Date of Event… 12/31/2025"](0001172661-26-001308|0) ["Percent of class… 4.99 %"](0001172661-26-001308|0) ## The “between-the-lines” overhang: dilution optionality is *explicitly* live (and small-float mechanics magnify it) The most actionable *recent* corporate action is not a product milestone—it’s the company refreshing incremental at-the-market (ATM) capacity. On Jan. 27, 2026 Dermata filed a prospectus supplement to **increase the maximum aggregate offering amount** under its ATM sales agreement with H.C. Wainwright by **an additional $705,000**, after previously selling **$3,454,390** under prior prospectus supplements. In a stock that can move sharply on sentiment, this matters because it creates a standing “supply lever” management can pull into strength—whether or not they actually do so on any given day. ["increase… by… $705,000"](0001493152-26-003715|0) ["previously sold $3,454,390"](0001493152-26-003715|0) That same Jan. 27 prospectus supplement is also unusually transparent about the constraint regime: it ties eligible sale capacity to **Form S‑3 Instruction I.B.6** and explicitly sizes the **public float at ~$7.49 million** (as calculated by the company), reinforcing how reflexive price/flow can become when the float is this small. ["public float… approximately $7,493,999"](0001493152-26-003706|0) ["in no event will we sell… exceeding one-third of our public float"](0001493152-26-003706|0) **Alpha implication:** when a thin-float name spikes, the “no-news” fade can be rational even without a headline—because the market is implicitly repricing the probability of opportunistic issuance into the move (and the marginal buyer knows the company has a freshly updated mechanism to do it). ["offer and sell… up to $705,000… from time to time"](0001493152-26-003706|0) ## Recent 8‑K was operationally *non-catalytic*—but it reminds you the risk posture is still high The most recent company-filed Form 8‑K (filed Feb. 3, 2026; event date Jan. 30, 2026) is about a **change in independent auditor**, not a business update. It states Baker Tilly was dismissed effective Jan. 31, 2026, and CBIZ CPAs was appointed Feb. 2, 2026. ["dismissed… effective on January 31, 2026"](0001493152-26-004905|0) ["approved… appointment… on February 2, 2026"](0001493152-26-004905|0) However, the same 8‑K also highlights that the prior auditor’s reports included an explanatory paragraph regarding **“substantial doubt about the Company’s ability to continue as a going concern.”** That’s not a same-day trigger by itself—but it is the kind of disclosed fragility that can make sentiment-driven rallies more prone to abrupt air pockets once momentum slows. ["substantial doubt… going concern"](0001493152-26-004905|0) ## The fundamental “story” remains a mid‑2026 execution bet—so price can detach from filings short-term The company has previously disclosed a strategic pivot toward **developing and distributing OTC dermatology products**, with an initial product launch **expected in the middle of 2026**. That timeline inherently leaves a gap where price action can be dominated by positioning, float dynamics, and financing expectations rather than incremental fundamentals. ["strategic pivot… OTC"](0001493152-25-023474|0) ["expect to occur in the middle of 2026"](0001493152-25-023474|0) ## Bottom line (impactful framing) When you strip away tape noise and look only at the latest SEC paper, there’s **no Feb. 20 disclosure** that *causes* a premarket downtick. What *is* plainly visible in the filings is a setup where (1) float is small, (2) ATM capacity has been freshly updated, and (3) the going-concern language remains part of the disclosed backdrop—conditions that routinely convert a momentum surge into a profit-taking fade without requiring a headline “catalyst.” ["public float… approximately $7,493,999"](0001493152-26-003706|0) ["offer and sell… from time to time"](0001493152-26-003706|0) ["going concern"](0001493152-26-004905|0)