SCHEDULE: Bigger Capital, District 2 Funds Disclose Dermata Stake

A group of investment entities and an individual, led by Michael Bigger, have disclosed beneficial ownership of 7.43% of Dermata Therapeutics, Inc.'s common stock.

Summary

• Bigger Capital Fund L P and its general partner, Bigger Capital Fund GP, LLC, beneficially own 75,000 shares of Dermata Therapeutics, Inc. common stock, representing 2.82% of the class.
• District 2 Capital Fund LP, along with its investment manager District 2 Capital LP, general partner District 2 GP LLC, and managing member District 2 Holdings LLC, beneficially own 122,549 shares, representing 4.61% of the class.
• Michael Bigger, as managing member of Bigger Capital Fund GP, LLC and District 2 Holdings LLC, is deemed to beneficially own an aggregate of 197,549 shares, which constitutes approximately 7.43% of the outstanding common stock.
• The percentages are based on 2,660,110 shares of common stock issued and outstanding immediately after the company's private placement, as described in a Form 8-K filed on December 29, 2025.
• The reported beneficial ownership does not include shares issuable upon exercise of various warrants (Pre-Funded, Series C, and Series D Warrants) due to beneficial ownership limitations and, for Series C and D, the requirement of shareholder approval for exercise.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would inherently indicate positive or negative sentiment regarding the company's performance or prospects.

Future Outlook

NA

Industry Context

This Schedule 13G filing indicates a significant passive investment by a group of funds and an individual in Dermata Therapeutics, Inc. Such filings are standard disclosures required when an investor or group acquires more than 5% beneficial ownership of a company's stock, signaling a notable stake without necessarily implying an intent to influence control.

Stakeholder Impact

• Shareholders: The disclosure of a significant beneficial ownership stake by a group of investors could be viewed as a vote of confidence or could signal potential future engagement, depending on the investors' intentions (though the filing states no intent to change or influence control).

Next Steps

• Shareholder approval is required for the exercise of Series C Warrants and Series D Warrants held by Bigger Capital and District 2 CF.

Key Dates

Keywords

Dermata Therapeutics, Beneficial Ownership, Schedule 13G, Investment Funds, Common Stock, Michael Bigger, Bigger Capital, District 2 Capital