8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): February 28, 2017

DERMIRA, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-36668	27-3267680
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

275 Middlefield Road, Suite 150
Menlo Park, California	94025
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (650) 421-7200

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

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 (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On February 28, 2017, Dermira, Inc. (“Dermira”) issued a press release announcing its financial results for the quarter and year ended December 31, 2016. The press release is being furnished as Exhibit 99.1.

The information furnished in this Current Report under the Item 2.02 and Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

Olumacostat Glasaretil (formerly DRM01)

The tables below indicate the absolute and percentage change in inflammatory acne lesion count, absolute and percentage change in non-inflammatory acne lesion count and the Investigator’s Global Assessment (“IGA”) response rate (³2-point improvement) at weeks 4, 8 and 12 for patients who participated in Dermira’s olumacostat glasaretil (“OG”) Phase 2b clinical trials, which were designed to evaluate the safety and efficacy of OG in adult patients with moderate-to-severe facial acne vulgaris.

Absolute and Percent Change in Inflammatory Acne Lesion Count

	Week 4						Week 8								Week 12
Dose	Absolute Change		p-value	Percent Change		p-value	Absolute Change		p-value		Percent Change		p-value		Absolute Change		p-value		Percent Change		p-value
7.5% OG (twice daily) n=101		-9.2	Not significant		-33.7	Not significant		-12.3		0.050		-45.6		0.046		-15.0		0.001		-55.6		<0.001
7.5% OG (once daily) n=110		-8.6	Not significant		-31.8	Not significant		-12.8		0.012		-47.5		0.014		-14.5		0.004		-53.3		0.004
4.0% OG (once daily) n=106		-8.7	Not significant		-32.7	Not significant		-12.3		0.040		-45.9		0.036		-14.6		0.003		-54.8		0.002
Vehicle (combined once/twice daily) n=102		-7.2			-26.7			-9.7				-36.1				-10.7				-40.0

Absolute and Percent Change in Non-Inflammatory Acne Lesion Count

	Week 4						Week 8								Week 12
Dose	Absolute Change		p-value	Percent Change		p-value	Absolute Change		p-value		Percent Change		p-value		Absolute Change		p-value		Percent Change		p-value
7.5% OG (twice daily) n=101		-8.6	Not significant		-22.7	Not significant		-12.5		0.035		-34.6		0.042		-17.5		<0.001		-47.8		<0.001
7.5% OG (once daily) n=110		-7.7	Not significant		-20.8	Not significant		-11.9		Not significant		-31.2		Not significant		-13.4		0.050		-36.6		0.152
4.0% OG (once daily) n=106		-8.3	Not significant		-23.3	Not significant		-13.3		0.012		-35.4		0.029		-15.3		0.004		-42.1		0.014
Vehicle (combined once/twice daily) n=102		-6.8			-16.5			-8.7				-24.4				-9.3				-28.7

IGA Response Rate (³2-Point Improvement)

	Week 4				Week 8				Week 12
Dose	Percent		p-value		Percent		p-value		Percent		p-value
7.5% OG (twice daily) n=101		4.1		Not significant		16.8		0.002		25.9		0.004
7.5% OG (once daily) n=110		2.8		Not significant		9.6		Not significant		19.2		0.063
4.0% OG (once daily) n=106		3.2		Not significant		13.3		0.014		21.6		0.024
Vehicle (combined once/twice daily) n=102		2.3				3.5				9.8

Glycopyrronium Tosylate (formerly DRM04)

The tables below indicate the Axillary Sweating Daily Diary (ASDD) response rate (³4-point improvement) and absolute change in sweat production at weeks 1, 2, 3 and 4 for patients who participated in Dermira’s glycopyrronium tosylate (“GT”) ATMOS-1 and ATMOS-2 Phase 3 clinical trials, which were designed to assess the safety and efficacy of GT relative to vehicle.

ASDD Response Rate (³4-Point Improvement)

	(n=)				Week 1						Week 2						Week 3						Week 4
Dose	ATMOS-1		ATMOS-2		ATMOS-1			ATMOS-2			ATMOS-1			ATMOS-2			ATMOS-1			ATMOS-2			ATMOS-1				ATMOS-2
3.75 GT (once daily)		229		234		22.9	%		29.0	%		47.1	%		53.8	%		53.2	%		61.0	%		52.8	%	p<0.001		66.1	%	p<0.001
Vehicle (once daily)		115		119		5.3	%		4.2	%		19.9	%		18.1	%		26.1	%		26.7	%		28.3	%			26.9	%

Absolute Change in Sweat Production (mg/5 minutes)

	(n=)				Week 1				Week 2				Week 3				Week 4
Dose	ATMOS-1		ATMOS-2		ATMOS-1		ATMOS-2		ATMOS-1		ATMOS-2		ATMOS-1		ATMOS-2		ATMOS-1				ATMOS-2
3.75 GT (once daily)		229		234		-75.5		-108.0		-85.7		-111.4		-88.9		-110.3		-104.9		0.065		-110.3	<0.001
Vehicle (once daily)		115		119		-58.0		-56.8		-71.5		-86.0		-90.8		-85.6		-91.9				-92.2
3.75 GT (once daily)		220																-96.2	*	0.001
Vehicle (once daily)		110																-90.6	*

* The average reduction in sweat production was 104.9 mg in patients treated with GT as compared to 91.9 mg in vehicle-treated patients based on the overall dataset from the intent-to-treat population (p=0.065). As outlined in the pre-specified statistical analysis plan submitted to the U.S. Food and Drug Administration, a sensitivity analysis was conducted that led to the exclusion of an analysis center with extreme outlier data for the gravimetric measurement of sweat. This analysis center consisted of 14 patients, of whom nine were treated with GT and five received vehicle only. Following the exclusion of this analysis center, patients treated with GT demonstrated an average reduction in sweat production of 96.2 mg as compared to 90.6 mg in patients who received the vehicle only (p=0.001).

Cimzia

The table below indicates the proportion of patients achieving an improvement of at least 90% in the clinical grading scale called the Psoriasis Area and Severity Index (PASI 90 response) in Dermira’s Cimzia CIMPASI-1 and CIMPASI-2 Phase 3 clinical trials, which were designed to demonstrate the superiority of treatment with Cimzia relative to placebo, and the change from baseline in the Dermatology Life Quality Index (“DLQI”) for patients who participated in the trials, at week 16.

PASI 90 Response Rate and Change from Baseline in DLQI at Week 16

					PASI 90 Response Rate Percentage								Change from Baseline in DLQI
	CIMPASI-1		CIMPASI-2		CIMPASI-1				CIMPASI-2				CIMPASI-1						CIMPASI-2
Dose	(n=)				Percent		p-value		Percent		p-value		Baseline		(LSM Change ± SE)*		p-value		Baseline		(LSM Change ± SE)*		p-value
Cimzia 400 mg (once every two weeks)		88		87		43.6		<0.0001		55.4		<0.0001		13.1		-10.2		<0.0001		14.2		-10.0		<0.0001
Cimzia 200 mg (loading dose of 400 mg at weeks 0, 2 and 4 followed by 200 mg every two weeks for an additional 12 weeks)		95		91		35.8		<0.0001		52.6		<0.0001		13.3		-9.3		<0.0001		15.2		-10.4		<0.0001
Placebo (once every two weeks)		51		49		0.4				4.5				13.9		-3.3				12.9		-3.8

* Least squares mean ± standard error.

Executive Compensation

The following table provides information regarding all plan and non-plan compensation awarded to, earned by or paid to Dermira’s principal executive officer, principal financial officer and the three other most highly compensated executive officers serving as such at December 31, 2016 (the “Named Executive Officers”) for all services rendered in all capacities during the year ended December 31, 2016:

Name and Principal Position	Salary		Equity Awards(1)		Non-Equity Incentive Plan Compensation(2)		Total
Thomas G. Wiggans Chief Executive Officer and Chairman of the Board of Directors	$	500,000	$	3,685,971	$	312,500	$	4,498,471
Andrew L. Guggenhime Chief Operating Officer and Chief Financial Officer	$	367,430	$	1,458,960	$	183,715	$	2,010,105
Eugene A. Bauer, M.D. Chief Medical Officer and Director	$	360,750	$	1,075,050	$	157,828	$	1,593,628
Luis Peña Chief Development Officer	$	358,719	$	1,389,905	$	156,925	$	1,905,549
Christopher Griffith Senior Vice President, Corporate Development and Strategy	$	284,900	$	441,416	$	106,838	$	833,154

(1) The amounts reported in the “Equity Awards” column represent the grant date fair value of the stock options and restricted stock units granted to the Named Executive Officers during the year ended December 31, 2016 as computed in accordance with Accounting Standards Codification Topic 718. The assumptions used in calculating the grant date fair value of the equity awards reported in this column are set forth in Notes 2 and 12 to the audited consolidated financial statements included in Dermira’s annual report on Form 10-K for the year ended December 31, 2016. Note that the amounts reported in this column reflect the accounting cost for these equity awards, and do not correspond to the actual economic value that may be received by our Named Executive Officers therefrom.

(2) The amounts reported in the “Non-Equity Incentive Plan Compensation” column represent bonuses earned by the Named Executive Officers under Dermira’s incentive compensation guidelines recommended by Dermira’s compensation committee and approved by Dermira’s board of directors for the year ended December 31, 2016. Under the guidelines, Mr. Wiggans was entitled to a target bonus of up to 50% of his base salary, Mr. Guggenhime was entitled to a target bonus of up to 40% of his base salary, Dr. Bauer and Mr. Peña were entitled to a target bonus of up to 35% of their respective base salary and Mr. Griffith was entitled to a target bonus of up to 30% of his base salary. In February 2017, Dermira’s board of directors determined the actual amounts of the incentive bonuses for the year ended December 31, 2016 based on Dermira’s achievement of corporate objectives. Bonuses of approximately 125% of the target bonuses were paid to the Named Executive Officers based on Dermira’s achievement of corporate objectives.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Dermira Inc. Press Release dated February 28, 2017

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.

	DERMIRA, INC.
Date: February 28, 2017	By:	/s/ Andrew L. Guggenhime
	Name:	Andrew L. Guggenhime
	Title:	Chief Operating Officer and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Dermira, Inc. Press Release dated February 28, 2017

EX-99.1

Exhibit 99.1

Dermira Reports Fourth Quarter and Full Year 2016 Financial Results and Provides Corporate Update

• Planned submission of NDA for glycopyrronium tosylate (formerly DRM04) in 2H17 on schedule after pre-NDA meeting with FDA

• Management to host webcast and conference call today at 4:30 p.m. ET / 1:30 p.m. PT

MENLO PARK, Calif., Feb. 28, 2017 – Dermira, Inc. (NASDAQ: DERM), a biopharmaceutical company dedicated to bringing biotech ingenuity to medical dermatology by delivering differentiated, new therapies to the millions of patients living with chronic skin conditions, today reported financial results for the quarter and year ended December 31, 2016 and provided an update on its clinical development programs and financial guidance for 2017.

“I am extremely pleased with the progress Dermira made in 2016, which was a transformational year for our company,” said Tom Wiggans, chairman and chief executive officer of Dermira. “We finished the year on a high note and are off to a strong start in 2017, having started the olumacostat glasaretil Phase 3 program in acne, announced positive data from the final Phase 3 CIMZIA trial in moderate-to-severe chronic plaque psoriasis and held our pre-NDA meeting with the FDA for our glycopyrronium tosylate program in primary axillary hyperhidrosis. These milestones have set the stage for what we hope is another productive year for Dermira. We anticipate submitting marketing applications for CIMZIA and an NDA for glycopyrronium tosylate, continuing enrollment for the olumacostat glasaretil Phase 3 program and establishing an experienced commercial organization that will eventually bring our products, if approved, to the people who need them.”

Clinical Pipeline Update

• Completed glycopyrronium tosylate (formerly DRM04) Pre-NDA Meeting with FDA – In February 2017, Dermira held a meeting with the U.S. Food and Drug Administration (FDA) to discuss Dermira’s planned submission of a New Drug Application (NDA) for glycopyrronium tosylate.

• Announced positive topline results from CIMZIA Phase 3 clinical program – In January 2017, December 2016 and October 2016, Dermira and UCB Pharma S.A. announced positive topline results from the CIMPACT, CIMPASI-1 and CIMPASI-2 Phase 3 clinical trials, respectively, evaluating the efficacy and safety of CIMZIA^® (certolizumab pegol) in adult patients with moderate-to-severe chronic plaque psoriasis. In all three CIMZIA Phase 3 clinical trials, CIMZIA demonstrated statistically significant improvements for all primary or co-primary endpoints compared to placebo at both treatment doses. The safety profile across all three trials appears consistent with the safety profiles observed with CIMZIA for currently approved indications. CIMZIA is not currently approved for the treatment of psoriasis by any regulatory authority worldwide.

• Initiated Phase 3 clinical program in acne – In December 2016, Dermira dosed the first patients in a Phase 3 program evaluating the safety and efficacy of olumacostat

glasaretil (formerly DRM01), a novel, small molecule designed to target sebum production following topical application, in patients with acne vulgaris. The program consists of two Phase 3 trials to assess the safety and efficacy of olumacostat glasaretil and an additional open-label trial to evaluate long-term safety. The two pivotal trials, CLAREOS-1 and CLAREOS-2, are expected to enroll approximately 1,400 patients. The long-term safety trial, CLARITUDE, is expected to enroll approximately 700 patients from the CLAREOS-1 and CLAREOS-2 trials.

• Completed treatment period for ARIDO trial – In December 2016, the open-label ARIDO Phase 3 trial assessing the long-term safety of glycopyrronium tosylate was completed. Based on a preliminary review of the trial data, the safety and tolerability profile for glycopyrronium tosylate appears consistent with what was observed in the ATMOS-1 and ATMOS-2 Phase 3 clinical trials.

Financial Highlights

Fourth Quarter 2016 Financial Results

• For the quarter ended December 31, 2016, Dermira reported a net loss of $7.4 million, compared with a net loss of $31.2 million for the same period in 2015.

• Total revenue for the fourth quarter of 2016 was $22.5 million. During the quarter, Dermira earned and recognized $21.4 million in collaboration revenue from a related party due to the achievement of the final two development milestones pursuant to its agreement with UCB. In addition, the company recognized $1.1 million of the $25.0 million initial license payment received from Maruho Co., Ltd as collaboration and license revenue in connection with the exclusive license agreement for glycopyrronium tosylate in Japan entered into in September 2016. Dermira did not recognize any revenue for the quarter ended December 31, 2015.

• Total operating expenses for the quarter ended December 31, 2016 were $30.4 million, compared to $31.8 million for the fourth quarter of 2015.

• Research and development expenses for the fourth quarter of 2016 were $20.9 million, compared to $24.4 million for the comparable prior-year period. This decrease was primarily due to lower development costs for the company’s product candidates as a result of a reduction in clinical trial activities, partially offset by an increase in personnel-related expenses.

• General and administrative expenses for the fourth quarter of 2016 were $9.5 million, compared to $5.0 million for the comparable prior-year period. This increase was primarily related to higher personnel-related and market research and planning expenses.

• As of December 31, 2016, Dermira had cash and investments of $276.5 million, no debt and 35.7 million common shares outstanding. The cash and investments balances do not include the $21.4 million in milestones payments earned by Dermira in the fourth quarter of 2016. Dermira received half of this amount in January 2017 and expects to receive the remaining half in the second quarter of 2017.

Full Year 2016 Financial Results

• For the year ended December 31, 2016, Dermira reported a net loss of $89.1 million, compared to a net loss of $78.4 million for 2015.

• In 2016, Dermira recognized total revenue of $22.6 million, which included the $21.4 million in collaboration revenue from a related party related to the final two development milestones earned pursuant to the company’s agreement with UCB and $1.2 million in collaboration and license revenue representing the portion of the $25.0 million initial license payment from Maruho recognized during the period. In 2015, Dermira recognized collaboration revenue from a related party of $7.3 million for the achievement of a milestone, completion of patient enrollment in the first CIMZIA Phase 3 clinical trial, pursuant to its agreement with UCB.

• Total operating expenses for 2016 were $113.2 million compared to $86.9 million for 2015.

• Research and development expenses for 2016 were $83.2 million, compared to $66.8 million for the prior year. This increase was primarily due to higher personnel-related expenses and an increase in external costs related to the company’s CIMZIA and glycopyrronium tosylate programs.

• General and administrative expenses for 2016 were $30.0 million, compared to $17.7 million for 2015. This increase was primarily due to higher personnel-related and market planning and research expenses.

Key Milestones and Expectations

• Submit an NDA to the FDA for glycopyrronium tosylate for the treatment of primary axillary hyperhidrosis in the second half of 2017, subject to the completion of registration-enabling activities.

• Submission of marketing applications by UCB in the United States, Europe and Canada for CIMZIA for the treatment of moderate-to-severe chronic plaque psoriasis in the third quarter of 2017. If approved, Dermira would have marketing responsibilities in the United States and Canada.

• Announce topline results from the olumacostat glasaretil CLAREOS-1 and CLAREOS-2 Phase 3 clinical trials in patients with acne vulgaris in the first half of 2018.

• Management estimates collaboration and license revenue for 2017 of approximately $4.3 million. Management estimates operating expenses for 2017 of $165.0 - $175.0 million, including estimated stock-based compensation expense of approximately $20.0 million. The estimated increase in 2017 expenses is primarily due to anticipated investments related to planned regulatory submissions for glycopyrronium tosylate and CIMZIA; preparations for

potential commercial launches of these two product candidates in 2018, including commercial planning and organizational readiness efforts; and activities related to the ongoing olumacostat glasaretil Phase 3 clinical program.

• Management expects a balance of over $145.0 million in cash and investments at December 31, 2017.

Conference Call and Webcast

Dermira management will host a webcast and conference call regarding this announcement at 1:30 p.m. PT / 4:30 a.m. ET today. The live call may be accessed by dialing 877-359-9508 for domestic callers and 224-357-2393 for international callers and using the conference code: 77463468. A live webcast and archive of the call will be available from the investor relations sections of the company website at www.dermira.com. A telephone replay of the call will be available by dialing 855-859-2056 for domestic callers or 404-537-3406 for international callers and entering the conference code: 77463468.

About Dermira

Dermira is a biopharmaceutical company dedicated to bringing biotech ingenuity to medical dermatology by delivering differentiated, new therapies to the millions of patients living with chronic skin conditions. Dermira is committed to understanding the needs of both patients and physicians and using its insight to identify and develop leading-edge medical dermatology clinical programs. Dermira’s product pipeline includes three Phase 3 product candidates that could have a profound impact on the lives of patients: glycopyrronium tosylate, in development for the treatment of primary axillary hyperhidrosis (excessive underarm sweating); CIMZIA^® (certolizumab pegol), in development in collaboration with UCB Pharma S.A. for the treatment of moderate-to-severe chronic plaque psoriasis; and olumacostat glasaretil, in development for the treatment of acne vulgaris. Dermira is headquartered in Menlo Park, Calif. For more information, please visit www.dermira.com.

In addition to filings with the Securities and Exchange Commission (SEC), press releases, public conference calls and webcasts, Dermira uses its website (www.dermira.com) and LinkedIn page (https://www.linkedin.com/company/dermira-inc-) as channels of distribution of information about its company, product candidates, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Such information may be deemed material information and Dermira may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Dermira’s website and LinkedIn page in addition to following its SEC filings, press releases, public conference calls and webcasts.

Forward-Looking Statements

The information in this press release contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements with respect to patient enrollment in Dermira’s CLAREOS-1, CLAREOS-2 and CLARITUDE trials and the successful completion of, and timing expectations for the receipt and announcement of topline results from, such trials; the anticipated safety and tolerability profile for glycopyrronium tosylate based on a preliminary review of data from the ARIDO trial; the timing and

submission of an NDA to the FDA for glycopyrronium tosylate; the timing and submission of marketing applications in the United States, Europe and Canada for CIMZIA; the establishment of an experienced commercial organization in 2017 that will eventually bring Dermira products, if approved, to patients; the potential receipt of regulatory approval for Dermira’s product candidates and the commercial launch of such products; estimates of 2017 collaboration and license revenue, operating expenses, stock-based compensation expense and 2017 year-end cash and investments; anticipated investments in 2017 related to regulatory submissions in 2017, potential product launches in 2018 and the olumacostat glasaretil Phase 3 clinical program; expectations regarding two potential product launches in 2018; and expectations regarding receipt of the $10.7 million final development milestone payment under Dermira’s agreement with UCB. These statements deal with future events and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as those relating to the design, implementation and outcome of Dermira’s clinical trials, including related to further analysis of the results of Dermira’s studies; Dermira’s dependence on third-party clinical research organizations, manufacturers and suppliers; the outcomes of future meetings with regulatory agencies; Dermira’s ability to obtain regulatory approval for its product candidates; Dermira’s ability to attract and retain key employees; Dermira’s ability to obtain necessary additional capital; and Dermira’s ability to continue to stay in compliance with applicable laws and regulations. You should refer to the section entitled “Risk Factors” set forth in Dermira’s Annual Report on Form 10-K, Dermira’s Quarterly Reports on Form 10-Q and other filings Dermira makes with the SEC from time to time for a discussion of important factors that may cause actual results to differ materially from those expressed or implied by Dermira’s forward-looking statements. Furthermore, such forward-looking statements speak only as of the date of this press release. Dermira undertakes no obligation to publicly update any forward-looking statements or reasons why actual results might differ, whether as a result of new information, future events or otherwise, except as required by law.

Contacts:

Media:

Erica Jefferson

Senior Director, Head of Corporate Communications

650-421-7216

erica.jefferson@dermira.com

Investors:

Andrew Guggenhime

Chief Operating Officer and Chief Financial Officer

650-421-7200

investor@dermira.com

Robert H. Uhl

Westwicke Partners

Managing Director

858-356-5932

robert.uhl@westwicke.com

Dermira, Inc.

Selected Consolidated Statements of Operations Data

(in thousands, except share and per share amounts)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2016			2015			2016			2015
Collaboration revenue from a related party	$	21,400		$	—		$	21,400		$	7,300
Collaboration and license revenue		1,066			—			1,185			—
Total revenue		22,466			—			22,585			7,300
Operating expenses:
Research and development (1)		20,860			24,358			83,166			66,831
General and administrative (1)		9,493			5,043			30,043			17,721
Impairment of intangible assets		—			2,394			—			2,394
Total operating expenses		30,353			31,795			113,209			86,946
Loss from operations		(7,887	)		(31,795	)		(90,624	)		(79,646	)
Interest and other income, net		504			178			1,540			896
Interest expense		—			(32	)		—			(147	)
Loss on extinguishment of debt		—			(124	)		—			(124	)
Loss before taxes		(7,383	)		(31,773	)		(89,084	)		(79,021	)
(Benefit) provision for income taxes		—			(622	)		—			(622	)
Net loss	$	(7,383	)	$	(31,151	)	$	(89,084	)	$	(78,399	)
Net loss per share, basic and diluted	$	(0.21	)	$	(1.04	)	$	(2.70	)	$	(2.93	)
Weighted-average common shares used to compute net loss per share, basic and diluted		35,625,856			29,938,543			33,044,849			26,727,392
(1)    Amounts include stock-based compensation expense as follows:
Research and development	$	1,075		$	583		$	4,039		$	1,984
General and administrative		2,008			881			6,964			3,148
Total stock-based compensation expense	$	3,083		$	1,464		$	11,003		$	5,132

Dermira, Inc.

Selected Consolidated Balance Sheets Data

(in thousands)

	December 31, 2016			December 31, 2015
Cash and cash equivalents and investments	$	276,493		$	215,712
Working capital		248,999			191,337
Total assets		312,601			221,932
Additional paid-in capital		497,718			346,590
Accumulated deficit		(250,132	)		(161,048	)
Total stockholders’ equity		247,370			185,475