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Veradermics, Incorporated has filed a prospectus covering the potential resale by existing investors of up to 16,772,058 shares of common stock and 300,000 shares issuable upon exercise of pre-funded warrants with a strike price of $0.00001 per share. These are secondary sales by selling stockholders; Veradermics is not selling any shares in this offering and will receive no proceeds from resales, other than any cash paid upon warrant exercise.
The resale shares represent about 40.6% of the company’s outstanding common stock as of August 6, 2026, creating potential stock overhang. Veradermics is a dermatologist-founded, late clinical-stage biopharmaceutical company focused on pattern hair loss, developing VDPHL01, an oral extended-release minoxidil formulation intended to improve hair growth while limiting cardiac side effects. The company is listed on the NYSE under the symbol MANE, with a last reported price of $111.00 on August 13, 2026, and qualifies as both an emerging growth company and a smaller reporting company.
Veradermics, Incorporated reported substantially larger operating losses while transforming its balance sheet with major equity financings for the six months ended June 30, 2026. The company remains a late clinical-stage biopharmaceutical business focused on VDPHL01 for pattern hair loss and other dermatology candidates.
Total operating expenses rose to $59.4 million, driven by research and development of $39.5 million and general and administrative costs of $19.9 million, resulting in a net loss of $50.7 million versus $28.0 million a year earlier. Financing activities included a February IPO with net proceeds of $269.1 million, a May follow-on offering raising $414.3 million, and a concurrent private placement of pre-funded warrants adding $28.1 million.
These transactions increased cash, cash equivalents and marketable securities to $819.9 million as of June 30, 2026, compared with $140.3 million at December 31, 2025. Management states this liquidity is expected to meet obligations for at least twelve months, supporting ongoing Phase 2/3 and Phase 3 programs for VDPHL01 and other pipeline assets.
Veradermics, Incorporated reported second quarter 2026 results and clinical progress for its lead candidate VDPHL01, an extended-release oral minoxidil in Phase 3 development for pattern hair loss. Positive topline data from open-label Phase 2 Study ‘207’ in women showed mean increases in non-vellus target area hair count of 22.7 hairs/cm² (once daily) and 23.3 hairs/cm² (twice daily) at Month 6, with no treatment-related serious cardiac adverse events. Enrollment has been completed in the 556-participant Phase 2/3 registration-directed Study ‘306’ in women, with topline data expected in the first half of 2027, and additional data from male Studies ‘302’ and ‘304’ anticipated in the second half of 2026.
Cash, cash equivalents and marketable securities totaled $819.9 million as of June 30, 2026, supported by approximately $472.0 million in gross proceeds from a May 2026 follow-on offering and concurrent private placement, which the company expects will fund operations into 2030, including multiple Phase 3 readouts and potential launch of VDPHL01, if approved. For the quarter, research and development expenses were $18.6 million, general and administrative expenses were $10.9 million, and net loss was $23.5 million, compared with a net loss of $15.6 million in the prior-year quarter.
Veradermics, Incorporated filed a resale registration covering up to 16,772,058 shares of common stock and up to 300,000 shares issuable upon exercise of pre-funded warrants. All registered shares may be sold from time to time by existing selling stockholders; Veradermics is not selling shares and will not receive proceeds from these resales, other than potential cash from warrant exercises at an exercise price of $0.00001 per share.
The Resale Shares represent approximately 40.6% of the 41,780,136 shares of common stock outstanding as of June 30, 2026, which could materially expand tradable float. Veradermics is a dermatologist‑founded, late clinical‑stage biopharmaceutical company focused on pattern hair loss, led by oral extended‑release minoxidil candidate VDPHL01, and qualifies as an emerging growth and smaller reporting company using reduced disclosure.
FMR LLC and associated person Abigail P. Johnson report a significant passive ownership position in Veradermics Inc. common stock. They disclose beneficial ownership of 3,193,181 shares of common stock, representing 7.6 % of the outstanding class as of June 30, 2026.
FMR LLC reports sole voting power over 3,193,077 shares and sole dispositive power over 3,193,181 shares, with no shared voting or dispositive power. Abigail P. Johnson is reported as having sole dispositive power over 3,193,181 shares and no voting power, reflecting her control position through FMR LLC and its subsidiaries.
The filing notes that one or more other persons have the right to receive dividends or sale proceeds related to these shares, but no such person holds an interest exceeding 5 % of Veradermics Inc. common stock. The securities are held through subsidiaries identified in an accompanying Exhibit 99.
Veradermics, Incorporated reported positive topline Phase 2 data from Study ‘207’ of VDPHL01, an extended-release oral minoxidil tablet, in women with mild-to-moderate pattern hair loss. Female participants receiving 4.5 mg once or twice daily for 6 months showed objective hair growth and high patient-reported benefit.
Average non-vellus Target Area Hair Count increased 22.7 hairs/cm² in the once-daily arm and 23.3 hairs/cm² in the twice-daily arm at Month 6. On the Androgenetic Alopecia Impact Rating Scale, 88.9% (once-daily) and 90.0% (twice-daily) of women reported ‘improved’ or ‘much improved’ hair coverage, while investigators graded 100% and 90% of participants, respectively, as improved. Improvement was already seen at Month 2, with investigators and patients reporting benefits in 67.2% and 63.2% of participants.
VDPHL01 was generally well tolerated through Month 6, with no treatment-related serious adverse events and no cardiac adverse events of special interest; the most common adverse events were hypertrichosis and peripheral edema. Veradermics is running registration-directed Phase 2/3 trials in male and female pattern hair loss, with key topline readouts expected in 2026–2027.
Veradermics, Inc ownership disclosure: Viking Global Investors and affiliated entities report shared beneficial ownership of 1,690,555 shares of Common Stock. The filing states these holdings represent 4.5% of the class based on 37,340,290 shares outstanding as of March 31, 2026.
The schedule details the allocation across affiliated vehicles: VGOP and related GP entities beneficially own 1,014,331 shares (2.7%), while VGOD and related GP entities beneficially own 676,224 shares (1.8%). The amendment also removes David C. Ott as a reporting person effective March 31, 2026.
Veradermics, Incorporated reported a net loss of $27.2 million for the three months ended March 31, 2026, as it increased investment in late-stage dermatology programs. Research and development expenses rose to $20.9 million and general and administrative costs reached $8.9 million, reflecting expanded clinical activity and public-company readiness.
The company strengthened its balance sheet with an IPO in February 2026 generating net proceeds of $269.1 million, bringing cash, cash equivalents and marketable securities to $390.8 million as of March 31, 2026. Subsequent May 2026 follow-on and private offerings added $472.0 million in gross proceeds to support development of lead candidate VDPHL01 and its broader dermatology pipeline.