Veradermics (NYSE: MANE) boosts cash with $766.8M raise, advances VDPHL01
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Veradermics, Inc. reported a larger net loss for the first quarter of 2026 as it accelerated late-stage development of its lead hair-loss drug VDPHL01 and strengthened its balance sheet. Net loss was $27.2 million, compared with $12.4 million a year earlier, driven by higher R&D and G&A spending.
Cash, cash equivalents and marketable securities were $390.8 million as of March 31, 2026, reflecting proceeds from an upsized IPO in February. A follow-on offering completed after quarter-end raised an additional $472.0 million in gross proceeds, contributing to an aggregate $766.8 million raised in 2026 and a projected cash runway into 2030.
The company highlighted positive topline results from Part A of Phase 2/3 Study ‘302’ of oral, extended-release minoxidil tablet VDPHL01 in male pattern hair loss, completion of enrollment in confirmatory Phase 3 Study ‘304’, and ongoing enrollment in Phase 2/3 Study ‘306’ in women, positioning VDPHL01 as a potential first-in-class non-hormonal oral treatment.
Positive
- Robust financing and long runway: Approximately $766.8 million in 2026 gross proceeds from an upsized IPO, follow-on offering and private placement, with cash expected to fund operations into 2030 through multiple Phase 3 readouts and a potential VDPHL01 launch, if approved.
- Encouraging late-stage clinical data: Positive topline results from Part A of Phase 2/3 Study ‘302’ for VDPHL01 showed early, consistent and robust hair growth with a favorable safety profile and placebo-like adverse event rates in male pattern hair loss.
Negative
- Significantly higher operating loss: Net loss widened to $27.2 million in Q1 2026 from $12.4 million in Q1 2025, driven by substantial increases in R&D and G&A expenses as the company scales clinical development and commercial readiness.
Insights
Strong trial data and major financing extend runway despite higher losses.
Veradermics combined positive late-stage data with a substantial capital raise. Part A of Phase 2/3 Study ‘302’ for VDPHL01 in male pattern hair loss showed robust hair growth and placebo-like safety, supporting a potentially differentiated profile in a large aesthetic market.
The company raised about $766.8 million in 2026 via an upsized IPO, follow-on offering and private placement. Cash, cash equivalents and marketable securities of $390.8 million as of March 31, 2026, plus the follow-on proceeds, are expected to fund operations into 2030, covering multiple Phase 3 readouts and possible launch.
Operating expenses increased as development and commercialization work scaled. R&D rose to $20.9 million and G&A to $8.9 million, more than doubling year over year, leading to a net loss of $27.2 million. Future filings may detail regulatory interactions and later-stage trial outcomes, which will be key for assessing approval and commercialization timing.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net loss Q1 2026: $27.2M
Net loss Q1 2025: $12.4M
Cash and securities: $390.8M
+5 more
8 metrics
Net loss Q1 2026
$27.2M
Net loss for the quarter ended March 31, 2026
Net loss Q1 2025
$12.4M
Net loss for the quarter ended March 31, 2025
Cash and securities
$390.8M
Cash, cash equivalents and marketable securities as of March 31, 2026
2026 gross proceeds
$766.8M
Aggregate gross proceeds from upsized IPO, follow-on and private placement in 2026
Follow-on gross proceeds
$472.0M
Gross proceeds from follow-on offering completed after March 31, 2026
R&D expenses Q1 2026
$20.9M
Research and development expenses for quarter ended March 31, 2026
G&A expenses Q1 2026
$8.9M
General and administrative expenses for quarter ended March 31, 2026
Total assets
$397.4M
Total assets as of March 31, 2026
Key Terms
Phase 2/3 clinical trial, pattern hair loss, extended-release minoxidil tablet, non-hormonal oral treatment, +2 more
6 terms
Phase 2/3 clinical trial medical
"a four-arm, multicenter, randomized, double-blinded, placebo-controlled, Phase 2/3 clinical trial evaluating VDPHL01"
A phase 2/3 clinical trial is a single, combined study that first tests whether a treatment works and is safe in a modest number of patients, then expands seamlessly into a larger, confirmatory stage if early results are promising. Think of it like a prototype test that can quickly move into full production without starting over; for investors, it concentrates risk and time, because positive results can speed regulatory approval while negative results can be a major setback.
pattern hair loss medical
"a late clinical-stage biopharmaceutical company focused on developing innovative therapeutics for pattern hair loss"
extended-release minoxidil tablet medical
"VDPHL01 (extended-release minoxidil tablet) is an investigational, orally available non-hormonal drug"
non-hormonal oral treatment medical
"the first-ever FDA-approved non-hormonal oral treatment for pattern hair loss to both men and women"
forward-looking statements regulatory
"This press release contains forward-looking statements, which involve risks, uncertainties and contingencies"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
initial public offering financial
"raised approximately $766.8 million in aggregate gross proceeds in 2026 through its upsized initial public offering"
An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.
Earnings Snapshot
Net loss: $27.2M · Guidance included
Q1 2026
Net loss
$27.2M
R&D expenses
$20.9M
G&A expenses
$8.9M
Cash, cash equivalents and marketable securities
$390.8M
Guidance
The company expects existing cash, cash equivalents, marketable securities and 2026 financing proceeds to fund operations into 2030, including multiple Phase 3 readouts and a potential VDPHL01 commercial launch, if approved.
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 12, 2026
(Exact name of registrant as specified in its charter)
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(Registrant’s telephone number, including area code): (228 ) 372-3376
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)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
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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 x
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 12, 2026, Veradermics, Incorporated issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press release issued by the Company on May 12, 2026 regarding financial results for the quarter ended March 31, 2026 | |||||||
| 104 | Cover 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.
| VERADERMICS, INCORPORATED | ||||||||
| By: | /s/ Reid Waldman, M.D. | |||||||
Name: Reid Waldman, M.D. | ||||||||
Title: Chief Executive Officer | ||||||||
Date: May 12, 2026
Exhibit 99.1
Veradermics Reports First Quarter 2026 Financial Results and
Highlights Recent Corporate and Clinical Progress
Positive topline results from Phase 2/3 Study ‘302’ position VDPHL01 to potentially become the first FDA-approved oral treatment for pattern hair loss in nearly 30 years
Upsized IPO and follow-on financing generated approximately $766.8 million in aggregate gross proceeds; pro forma cash expected to fund operations into 2030 through multiple Phase 3 readouts and potential launch
NEW HAVEN, Conn. – May 12, 2026 – Veradermics, Incorporated (NYSE: MANE), a dermatologist-founded, late clinical-stage biopharmaceutical company focused on developing innovative therapeutics for pattern hair loss, today reported financial results for the first quarter ended March 31, 2026, and highlighted recent corporate and clinical progress.
“The announcement of positive Phase 2/3 topline results from Study ‘302’ in April 2026 was an inflection point for Veradermics and supports our belief that VDPHL01 can become a foundational treatment for pattern hair loss,” said Reid Waldman, M.D., Chief Executive Officer of Veradermics. “We are working with urgency to deliver multiple data milestones in the second half of 2026. Following our successful IPO and subsequent financing activities, we are well capitalized to execute on these milestones and advance our mission to provide the first-ever FDA-approved non-hormonal oral treatment for pattern hair loss to both men and women.”
Recent Business Highlights and 2026 Anticipated Milestones
VDPHL01 Registrational Program for Men and Women with Pattern Hair Loss (“PHL”)
•Positive Topline Results from Part A in Study ‘302’ Support Potential Best-in-Indication Profile. In April 2026, Veradermics reported positive topline data from Part A of Study ‘302’, a four-arm, multicenter, randomized, double-blinded, placebo-controlled, Phase 2/3 clinical trial evaluating VDPHL01 8.5 mg in males with mild-to-moderate PHL. VDPHL01 achieved early, consistent, and robust hair growth, and demonstrated a favorable safety and tolerability profile and adverse event rates comparable to placebo. These results support the potential for VDPHL01 to become the first FDA-approved oral treatment for pattern hair loss in nearly 30 years. Twelve-month data from Study ‘302’ is anticipated in the second half of 2026.
•Enrollment Completed in Study ‘304’. In February 2026, Veradermics announced completion of enrollment in Study ‘304’, a confirmatory Phase 3 trial evaluating the safety and efficacy of VDPHL01 in the treatment of male PHL. Across Study ‘302’ and
Exhibit 99.1
Study ‘304’, more than 1,000 male participants received VDPHL01 or placebo, representing one of the largest registrational programs conducted to date in PHL. Topline data from Study ‘304’ are expected in the second half of 2026.
•Enrollment Ongoing in Study ‘306’ in Females with PHL. Veradermics is actively enrolling patients into Study ‘306’, a Phase 2/3 clinical trial evaluating VDPHL01 in female PHL. The trial is expected to enroll more than 500 patients in the United States and represents the first non-hormonal oral therapy studied in a registrational-directed trial specifically for women with PHL.
•Additional Clinical and Patient Experience Data Presented at American Academy of Dermatology Annual Meeting (AAD 2026). In March 2026, Veradermics presented three abstracts at AAD 2026 including analyses of investigator-assessed efficacy and patient experience insights highlighting the limitations of currently available treatment options.
Corporate
•Strengthened Balance Sheet Through Successful Capital Markets Execution. Veradermics raised approximately $766.8 million in aggregate gross proceeds in 2026 through its upsized initial public offering and subsequent follow-on offering and concurrent private placement. These proceeds, together with existing cash, cash equivalents and marketable securities, are expected to support Veradermics' operating plans into 2030, including multiple anticipated Phase 3 readouts and the potential commercial launch of VDPHL01, if approved.
First Quarter 2026 Financial Results
•Cash Position: Cash, cash equivalents, and marketable securities totaled $390.8 million as of March 31, 2026, reflecting net proceeds from the company’s upsized initial public offering completed in February 2026. Subsequent to March 31, 2026, we completed our follow-on offering, in which the company raised gross proceeds of approximately $472.0 million, before deducting underwriting discounts and commissions and other offering expenses.
•R&D Expenses: Research and development (R&D) expenses were $20.9 million for the quarter ended March 31, 2026 as compared with $11.4 million for the quarter ended March 31, 2025. The increase in R&D expenses of $9.5 million was primarily due to increases in clinical development and other development expenses of VDPHL01 and an increase in payroll and personnel-related costs, including stock-based compensation and increased headcount, as compared to the same period in the prior year.
•G&A Expenses: General and administrative (G&A) expenses were $8.9 million for the quarter ended March 31, 2026 as compared with $1.5 million for the quarter ended March 31, 2025. The increase in G&A expenses of $7.5 million was primarily due to an increase in payroll and personnel-related costs, including stock-based compensation and increased headcount, commercial readiness costs related to VDPHL01 and other professional fees, as compared to the same period in the prior year.
•Net Loss: Net loss was $27.2 million, for the first quarter of 2026, as compared to a net loss of $12.4 million for the first quarter of 2025.
Exhibit 99.1
About VDPHL01
VDPHL01 (extended-release minoxidil tablet) is an investigational, orally available non-hormonal drug in Phase 3 development for pattern hair loss in both women and men. VDPHL01 leverages extended-release technology designed to deliver a minoxidil product with the potential for improved efficacy and safety. The proprietary extended-release formulation utilizes a gel matrix designed to deliver long-lasting, steady release of minoxidil for sustained absorption. VDPHL01 has been shown to avoid the high peak concentrations of immediate-release oral minoxidil, while extending time above the minimum hair growth threshold to increase time for hair to grow. If approved, VDPHL01 would be the only FDA-approved oral non-hormonal treatment for PHL in both male and female patients. VDPHL01 is protected by a broad library of patents and patent applications related to the key innovations of VDPHL01. The earliest expiring patent term is 2043.
About Veradermics, Inc.
Veradermics is a dermatologist-founded, late clinical-stage biopharmaceutical company focused on developing innovative therapeutics to address pervasive treatment challenges in pattern hair loss. Veradermics aims to develop a focused portfolio of aesthetic dermatology product candidates targeting high-prevalence dermatologic conditions, with potential selective development of medical dermatology product candidates. Its lead program, VDPHL01, is being developed as an oral, non-hormonal treatment for men and women with pattern hair loss, to reduce the barriers to wide adoption of chronic hair loss therapy and potentially transform pattern hair loss treatment. VDPHL01 is an oral, extended-release proprietary formulation of minoxidil, a proven hair growth agent, designed to maximize minoxidil’s impact on hair restoration while minimizing the risk of cardiac activity. For additional information, visit www.veradermics.com and follow us on LinkedIn and Instagram.
Forward-Looking Statements
This press release contains forward-looking statements, which involve risks, uncertainties and contingencies, many of which are beyond the control of Veradermics, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements regarding the timing of reporting additional clinical results, including anticipated data from Study ‘304’; the enrollment progress in Study ‘306’; VDPHL01’s potential to become the first FDA-approved non-hormonal oral treatment for PHL; and the company’s cash runway. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements, including: Veradermics’ limited operating history with no products approved for commercial sale; risks related to preclinical and clinical development and that results of earlier studies and trials may not be predictive of future preclinical studies or clinical trial results; the
Exhibit 99.1
risk that Veradermics may encounter substantial delays in preclinical and clinical trials, or may not be able to conduct or complete preclinical or clinical trials on the expected timelines, if at all; competition from other companies; risks related to Veradermics’ need to grow its organization; the ability of Veradermics to successfully execute its intellectual property strategy for VDPHL01; global macroeconomic conditions and related volatility; and other risks and uncertainties identified in the “Risk Factors” section of Veradermics’ Annual Report on Form 10-K, for the period ended December 31, 2025, and subsequent filings with the U.S. Securities and Exchange Commission. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond Veradermics’ control, these forward-looking statements should not be relied upon as guarantees of future events. Moreover, Veradermics operates in an evolving environment.
New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. These forward-looking statements speak only as of the date of this press release, and Veradermics undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Media:
Mike Beyer, Sam Brown, Inc.
312-961-2502
mikebeyer@sambrown.com
Investors:
Jon Nugent, THRUST
205-566-3026
jon@thrustsc.com
Exhibit 99.1
VERADERMICS, INC.
Condensed Statements of Operations
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| (in thousands, except share and per share amounts) | 2026 | 2025 | |||||||||
Operating expenses: | |||||||||||
Research and development | $ | 20,925 | $ | 11,447 | |||||||
General and administrative | 8,937 | 1,468 | |||||||||
Total operating expenses | 29,862 | 12,915 | |||||||||
Loss from operations | (29,862) | (12,915) | |||||||||
Other income: | |||||||||||
Interest income | 2,481 | 482 | |||||||||
Other income | 149 | 33 | |||||||||
Total other income, net | 2,630 | 515 | |||||||||
Loss before income taxes | (27,232) | (12,400) | |||||||||
Income tax benefit | — | — | |||||||||
Net loss | $ | (27,232) | $ | (12,400) | |||||||
Exhibit 99.1
VERADERMICS, INC.
Condensed Balance Sheets
(Unaudited)
| As of March 31, | As of December 31, | |||||||
| (in thousands) | 2026 | 2025 | ||||||
| Cash, cash equivalents, and marketable securities | $ | 390,797 | $ | 141,862 | ||||
| Total assets | 397,356 | 152,619 | ||||||
| Total liabilities | 6,716 | 9,156 | ||||||
| Total stockholders' equity and redeemable convertible preferred stock | 390,640 | 143,463 | ||||||
FAQ
What were Veradermics (MANE) first quarter 2026 financial results?
Veradermics reported a net loss of $27.2 million for the first quarter of 2026, compared with a $12.4 million net loss a year earlier. Operating expenses rose to $29.9 million, reflecting higher R&D and G&A spending to advance VDPHL01 and build commercial capabilities.
How much cash does Veradermics (MANE) have after its recent offerings?
As of March 31, 2026, Veradermics had $390.8 million in cash, cash equivalents and marketable securities. A subsequent follow-on offering raised about $472.0 million in additional gross proceeds, contributing to approximately $766.8 million raised in 2026 and an expected cash runway into 2030.
What clinical progress did Veradermics (MANE) report for VDPHL01?
Veradermics reported positive topline results from Part A of Phase 2/3 Study ‘302’ in male pattern hair loss, completed enrollment in confirmatory Phase 3 Study ‘304’, and continued enrolling women in Phase 2/3 Study ‘306’. These trials support VDPHL01’s potential as a non-hormonal oral treatment for pattern hair loss.
How did Veradermics’ research and development expenses change year over year?
Research and development expenses were $20.9 million for the quarter ended March 31, 2026, up from $11.4 million in the same period of 2025. The $9.5 million increase mainly reflected higher clinical development costs for VDPHL01 and increased payroll, personnel, and stock-based compensation.
Why did Veradermics (MANE) general and administrative expenses increase sharply?
General and administrative expenses rose to $8.9 million in the first quarter of 2026 from $1.5 million a year earlier. The $7.5 million increase was primarily due to higher payroll and personnel costs, stock-based compensation, commercial readiness spending for VDPHL01, and additional professional fees.
What is VDPHL01 and why is it important for Veradermics (MANE)?
VDPHL01 is an investigational oral, extended-release minoxidil tablet in Phase 3 development for pattern hair loss in men and women. It is designed to improve efficacy and safety versus immediate-release oral minoxidil. If approved, it could become the first FDA-approved non-hormonal oral treatment for pattern hair loss.