Veradermics (MANE) major holders convert preferred and buy stock at IPO
Rhea-AI Filing Summary
Veradermics, Inc. reported insider activity by affiliated 10% owners on February 5, 2026. Investment funds Longitude Venture Partners V, L.P. and Longitude 103.8 East, L.P., through their general partner entities, converted existing Series B and Series C Convertible Preferred Stock into common stock in connection with Veradermics’ initial public offering, at a 10.067-for-1 conversion ratio without additional consideration.
The same affiliated entities also made indirect open-market or private purchases of Veradermics common stock at $17 per share, acquiring 192,647 shares in one account and 882,353 shares in another. Following these transactions, they reported multi-million-share indirect common stock holdings, while their managing entities and individuals disclaim beneficial ownership beyond their pecuniary interests.
Positive
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Negative
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Insights
Large 10% owners converted preferred shares and added common stock around Veradermics’ IPO.
The filing shows affiliated Longitude funds converting Series B and Series C Convertible Preferred Stock into Veradermics common stock on February 5, 2026, immediately before the company’s initial public offering. The conversions occurred on a 10.067-for-1 basis without additional cash consideration, reflecting a structural change in their holdings rather than new capital raised.
In addition, the entities reported indirect open-market or private purchases of 192,647 and 882,353 common shares at $17 per share, increasing their reported common stock positions into the multi-million share range. The footnotes clarify these shares are held by partnership vehicles, and managing entities and individuals disclaim beneficial ownership beyond their pecuniary interests, so the economic exposure sits primarily at the fund level.
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 |
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 Patrick Enright, 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 Patrick Enright 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 Patrick Enright, 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 Patrick Enright disclaims beneficial ownership of such shares except to the extent of their respective pecuniary interests therein.
