Dermata Therapeutics' Warrants Delisted by Nasdaq

What happened

On August 17, 2026, the Nasdaq Stock Market filed a Form 25 with the SEC to remove Dermata Therapeutics, Inc.'s warrants from listing and registration. The filing specifies the class of securities as 'Warrant' and cites a rule provision under which the exchange struck the warrants from listing.

The company's common stock, trading under the ticker DRMA, was not part of this delisting. On the same day, DRMA shares closed at $1.63, up 14.79% from the previous close of $1.42.

The Form 25 does not state why the warrants were delisted. It only indicates that Nasdaq, as the exchange, took the action.

The company

Dermata Therapeutics, Inc. is a pharmaceutical company headquartered in San Diego, California. It focuses on developing treatments for skin conditions, according to its filings with the SEC.

What this means

A Form 25 is the notification a stock exchange files to remove a security from listing and registration under Section 12(b) of the Securities Exchange Act of 1934. It is the formal mechanism for ending a security's status as a publicly traded instrument on that exchange.

Warrants are financial instruments that give the holder the right to buy a company's common stock at a set price before a specified expiration date. They are often issued alongside common stock in fundraising deals, giving investors a way to participate in future share appreciation.

This delisting applies only to the warrants, not the common stock. As of the filing, DRMA shares remain listed and continue to trade, as evidenced by the price data. The filing does not explain the reason for the delisting, so it is unclear whether the warrants expired, were redeemed, or were removed for another reason. Investors should look to subsequent company announcements for clarity.