Veradermics (MANE) Registration filing summary

Company overview and business model

• Dermatologist-founded, late clinical-stage biopharma focused on innovative therapies for prevalent aesthetic and dermatological conditions, initially targeting pattern hair loss (PHL) in men and women.

• Lead candidate VDPHL01 is an oral, non-hormonal, extended-release minoxidil formulation designed to maximize hair growth efficacy while minimizing cardiac side effects.

• Registration-directed clinical program includes three pivotal, multi-center, randomized, double-blind, placebo-controlled trials: two in males and one in females with PHL.

• Commercialization strategy includes multi-channel efforts: patient identification, physician education, direct-to-consumer advertising, social media, telehealth, and customer care.

• Intellectual property portfolio protects key innovations, with earliest patent expiration in 2043.

Financial performance and metrics

• Preliminary unaudited cash, cash equivalents, and marketable securities of approximately $390.8 million as of March 31, 2026.

• Aggregate net proceeds from the offering and PIPE estimated at $212.9 million (or $244.9 million if underwriters exercise their option in full), assuming a public offering price of $67.84 per share.

• Pro forma as adjusted net tangible book value after the offering would be $626.1 million, or $15.39 per share, resulting in immediate dilution of $52.45 per share to new investors.

Use of proceeds and capital allocation

• Proceeds intended for general corporate purposes, including commercial launch activities, commercialization infrastructure, manufacturing expansion, research, clinical and process development, working capital, and potential acquisitions or investments.

• Current capital expected to fund operating expenses and capital requirements into 2030, but not sufficient to fund VDPHL01 through regulatory approval and commercialization.