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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 14, 2024
DERMTECH, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3811884-2870849
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
12340 El Camino Real
San Diego, CA 92130
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code (858) 450-4222
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock,
par value $0.0001 per share
DMTK Nasdaq
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02.    Results of Operations and Financial Condition.
On May 14, 2024, the Company issued a press release announcing its financial results for the quarter ended March 31, 2024 and certain other information. This press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information set forth under this Item 2.02 and in Exhibit 99.1 is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section. The information contained herein and in the accompanying exhibit is not to be incorporated by reference in any filing of the Company under the Exchange Act or the Securities Act of 1933, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01.    Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
No.
Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DERMTECH, INC.
Date: May 14, 2024
By:/s/ Kevin Sun
Name:Kevin Sun
Title:Chief Financial Officer

Exhibit 99.1
screenshot2022-07x07150100.jpg

DERMTECH REPORTS FIRST-QUARTER 2024 FINANCIAL RESULTS

-Average selling price (ASP) for the DermTech Melanoma Test (DMT) increased 24 percent year-over-year
-Test revenue increased 7 percent versus the first quarter of 2023

SAN DIEGO – May 14, 2024 – DermTech, Inc. (NASDAQ: DMTK) (DermTech or the Company), a leader in precision dermatology enabled by a non-invasive skin genomics technology, today reported its first-quarter 2024 financial results.

First-Quarter 2024 Financial Results
•Billable sample volume declined 14 percent from the first quarter of 2023 to approximately 15,360.
•Test revenue was $3.7 million, up 7 percent from the first quarter of 2023, primarily due to a higher ASP for the DMT.
•Total revenue was $3.8 million, an 11 percent increase from the first quarter of 2023, driven by higher test revenue.
•Cost of test revenue was $3.1 million, a 19 percent decrease from the first quarter of 2023, yielding a test gross margin of 16 percent, compared to negative 11 percent for the first quarter of 2023. Cost of test revenue decreased primarily because of lower employee-related costs.
•Sales and marketing expenses were $7.8 million, a 49 percent decrease from the first quarter of 2023. The decrease was primarily attributable to lower employee-related and marketing expenditures.
•Research and development expenses were $3.3 million, a 26 percent decrease from the first quarter of 2023, largely due to lower employee-related and clinical study costs.
•General and administrative expenses were $10.1 million, a 15 percent decrease from the first quarter of 2023. The decrease was driven primarily by lower employee-related costs. The first quarter of 2024 also included an approximately $1.3 million non-recurring restructuring charge.
•Net loss was $20.0 million, or ($0.58) per share, which included $2.7 million of non-cash stock-based compensation expense, as compared to $31.3 million, or ($1.02) per share, for the first quarter of 2023, which included $4.7 million of non-cash stock-based compensation expense.


•Cash, cash equivalents, restricted cash and short-term marketable securities were $42.4 million as of March 31, 2024.
About DermTech

DermTech is a leading genomics company in dermatology and is creating a new category of medicine, precision dermatology, enabled by its non-invasive skin genomics technology. DermTech’s mission is to improve the lives of millions by providing non-invasive precision dermatology solutions that enable individualized care. DermTech provides genomic analysis of skin samples collected using its Smart StickersTM. DermTech develops and markets products that facilitate the assessment of melanoma. For additional information, please visit www.dermtech.com.



Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of DermTech may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “explore,” “estimate,” “project,” “budget,” “forecast,” ”aim,” “runway,” "outlook," “anticipate,” “intend,” “plan,” “strive," “may,” “will,” “sustain,” “remain," “continue,” “could,” “should,” “believe,” “predict,” “potential,” and similar expressions are intended to identify such forward‑looking statements. These forward-looking statements include, without limitation, expectations, evaluations and other statements with respect to: the performance, patient benefits, cost-effectiveness, commercialization and adoption of DermTech’s products and the market opportunity for these products; expectations regarding DermTech’s, future financial performance and ability to reduce cost, expenses and cash burn, including as a result of DermTech’s restructuring plan; and the prospects for DermTech’s review and evaluation of potential strategic alternatives; and the terms, timing, structure, benefits and costs of any strategic transaction and whether one will be consummated at all. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of DermTech and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against DermTech; (2) DermTech’s ability to obtain additional capital when and as needed or on acceptable terms or its ability to complete a strategic transaction, the failure of which may result in DermTech having to further curtail its operations, liquidate or otherwise dispose of assets, wind-down or cease operations entirely, any of which may result in stockholders receiving limited or no value for their investment; (3) the existence of favorable or unfavorable clinical guidelines for DermTech’s tests; (4) the reimbursement of DermTech’s tests by government payers (including Medicare) and commercial payers; (5) the ability of patients or healthcare providers to obtain coverage of or sufficient reimbursement for DermTech’s products; (6) DermTech’s ability to manage its existing and potential future operations (including with respect to processing test orders), retain its key employees, maintain or improve its operating efficiency and reduce operating expenses, including, in each case, after the restructuring actions are complete; (7) changes in applicable laws or regulations; (8) the market adoption and demand for DermTech’s products and services together with the possibility that DermTech may be adversely affected by other economic, business, and/or competitive factors; (9) the potential outcome and timing of DermTech’s announced process to explore strategic alternatives, including the potential that no such transaction will be completed in a timely manner or at all or that such a transaction will result in significant or any value to stockholders; (10) DermTech’s ability to continue as a going concern and (11) other risks and uncertainties included in the “Risk Factors” section of the most recent Annual Report on Form 10-K filed by DermTech with the Securities and Exchange Commission (the “SEC”), and other documents filed or to be filed by DermTech with the SEC, including subsequently filed reports. DermTech cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward- looking statements, which speak only as of the date made. DermTech does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Contact
Steve Kunszabo
DermTech
(858) 291-1647
steve.kunszabo@dermtech.com


DERMTECH, INC.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31,
20242023
Revenues:
Test revenue $3,677 $3,425 
Contract revenue168 52 
Total revenues3,845 3,477 
Cost of revenues:  
Cost of test revenue3,085 3,791 
Cost of contract revenue47 30 
Total cost of revenues3,132 3,821 
Gross profit/(loss)713 (344)
Operating expenses:  
Sales and marketing7,817 15,417 
Research and development3,266 4,409 
General and administrative10,138 11,875 
Total operating expenses21,221 31,701 
Loss from operations(20,508)(32,045)
Other income:  
Interest income, net498 782 
Change in fair value of warrant liability— (7)
Total other income498 775 
Net loss$(20,010)$(31,270)
Weighted average shares outstanding used in computing net loss per share, basic and diluted34,706,491 30,557,216 
Net loss per share of common stock outstanding, basic and diluted$(0.58)$(1.02)


DERMTECH, INC.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(Unaudited)
March 31, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$27,579 $36,741 
Short-term marketable securities11,400 19,123 
Accounts receivable2,497 2,584 
Inventory831 1,004 
Prepaid expenses and other current assets1,892 2,300 
Total current assets44,199 61,752 
Property and equipment, net4,498 4,988 
Operating lease right-of-use assets50,806 51,722 
Restricted cash3,467 3,468 
Total assets$102,970 $121,930 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accounts payable$1,913 $1,484 
Accrued compensation5,248 6,664 
Accrued liabilities1,943 2,017 
Short-term deferred revenue203 196 
Current portion of operating lease liabilities3,194 3,069 
Current portion of finance lease obligations17 17 
Total current liabilities12,518 13,447 
Long-term finance lease obligations, less current portion34 38 
Operating lease liabilities, long-term50,424 51,270 
Total liabilities62,976 64,755 
Stockholders’ equity:  
Common stock, $0.0001 par value per share; 100,000,000 and 100,000,000 shares authorized as of March 31, 2024 and December 31, 2023, respectively; 34,962,994 and 34,524,677 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
3 3 
Additional paid-in capital483,752 480,929 
Accumulated other comprehensive income184 178 
Accumulated deficit(443,945)(423,935)
Total stockholders’ equity39,994 57,175 
Total liabilities and stockholders’ equity$102,970 $121,930 


v3.24.1.1.u2
Cover Page
May 14, 2024
Nov. 03, 2022
Cover [Abstract]    
Document Type 8-K  
Document Period End Date May 14, 2024  
Entity Registrant Name DERMTECH, INC.  
Entity Incorporation, State or Country Code DE  
Entity File Number 001-38118  
Entity Tax Identification Number 84-2870849  
Entity Address, Address Line One 12340 El Camino Real
Entity Address, City or Town San Diego  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 92130  
City Area Code 858  
Local Phone Number 450-4222  
Written Communications false  
Soliciting Material false  
Pre-commencement Tender Offer false  
Pre-commencement Issuer Tender Offer false  
Title of 12(b) Security Common Stock,par value $0.0001 per share  
Trading Symbol DMTK  
Security Exchange Name NASDAQ  
Entity Emerging Growth Company false  
Amendment Flag false  
Entity Central Index Key 0001651944  
DermTech (NASDAQ:DMTK)
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