Director-linked funds at Veradermics (MANE) convert preferred and buy shares
Rhea-AI Filing Summary
Veradermics, Inc. director and 10% owner Patrick G. Enright reported indirect conversions and purchases of common stock. On February 5, 2026, Series B and Series C Convertible Preferred Stock automatically converted into 1,236,631 and 1,171,121 shares of common stock, respectively, on a 10.067-for-1 basis immediately before the closing of the company’s initial public offering, with no additional consideration.
Entities affiliated with Enright then bought 192,647 and 882,353 common shares at $17 per share, held through Longitude Venture Partners V, L.P. and Longitude 103.8 East, L.P., where voting and investment power is shared and beneficial ownership is disclaimed beyond pecuniary interests. On February 3, 2026, Enright also received a direct stock option for 45,131 shares at a $17 exercise price, vesting in full on February 3, 2027.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series B Convertible Preferred Stock | 1,236,631 | $0.00 | -- |
| Conversion | Series C Convertible Preferred Stock | 1,171,121 | $0.00 | -- |
| Conversion | Series C Convertible Preferred Stock | 1,171,121 | $0.00 | -- |
| Conversion | Common Stock | 1,236,631 | $0.00 | -- |
| Conversion | Common Stock | 1,171,121 | $0.00 | -- |
| Conversion | Common Stock | 1,171,121 | $0.00 | -- |
| Purchase | Common Stock | 192,647 | $17.00 | $3.27M |
| Purchase | Common Stock | 882,353 | $17.00 | $15.00M |
| Grant/Award | Stock Option (Right to Buy) | 45,131 | $0.00 | -- |
Footnotes (1)
- On February 5, 2026, the shares of Series B Convertible Preferred Stock automatically converted into shares of the Issuer's common stock, par value $0.00001 per share ("Common Stock"), on a 10.067-for-1 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The shares have no expiration date. These shares are held by Longitude Venture Partners V, L.P. ("LVPV"). Longitude Capital Partners V, LLC ("LCPV"), is the general partner of LVPV and may be deemed to have voting, investment and dispositive power with respect to these shares. Juliet Tammenoms Bakker and the Reporting Person, a member of the board of directors of the Issuer, are the managing members of LCPV, and may each be deemed to share voting, investment and dispositive power with respect to these shares. Each of LCPV, Ms. Tammenoms Bakker and the Reporting Person disclaims beneficial ownership of such shares except to the extent of their respective pecuniary interests therein. On February 5, 2026, the shares of Series C Convertible Preferred Stock automatically converted into shares of Common Stock on a on a 10.067-for-1 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The shares have no expiration date. These shares are held by Longitude 103.8 East, L.P. ("L103"). Longitude 103.8 East Partners, LLC ("L103P") is the general partner of L103 and may be deemed to have voting, investment and dispositive power with respect to these shares. Juliet Tammenoms Bakker and the Reporting Person, a member of the board of directors of the Issuer, are the managing members of L103P, and may each be deemed to share voting, investment and dispositive power with respect to these shares. Each of L103P, Ms. Tammenoms Bakker and the Reporting Person disclaims beneficial ownership of such shares except to the extent of their respective pecuniary interests therein. This option shall be fully vested and exercisable on February 3, 2027, the first anniversary of the vesting commencement date.
