vVARDIS Holding (VVVV) Registration filing summary

Company overview and business model

• Curodont is a peptide-enabled platform for non-invasive treatment of early-stage cavities; its formulations aim to arrest or reverse lesions while preserving natural tooth structure. Treatment takes five minutes or less and is intended for ICDAS 1–2 lesions.

• Curodont Repair Fluoride Plus is sold in the U.S. and generates most revenue; Curodont Repair is sold in select other markets. U.S. sales use Henry Schein distribution alongside direct sales, clinical education and marketing teams; orders are fulfilled through distributors.

• By June 30, 2026, products had treated over 3.5 million teeth and reached over 20,000 of ~110,000 U.S. general dental practices; recurring buying practices reached 11,158 in Q3 2026.

Financial performance and metrics

• FY2025 net revenue was $30.2 million, up 148.5% YoY; gross profit was $22.4 million and gross margin 74.2%. H1 2026 revenue was $28.6 million, up 214.2% YoY; gross profit was $24.7 million and gross margin 86.4%.

• Net loss was $56.4 million in FY2025 and $27.8 million in H1 2026; accumulated deficit was $256.3 million as of June 30, 2026. Adjusted EBITDA was $(23.4) million in FY2025 and $(10.6) million in H1 2026.

• Preliminary 9M 2026 revenue is estimated at $47.7–$49.2 million versus $22.3 million in 9M 2025; estimated gross profit $41.1–$42.3 million, net loss $(39.7)–$(41.3) million and Adjusted EBITDA $(9.2)–$(9.4) million.

• Preliminary cash and equivalents were $19.4 million at September 30, 2026, versus $17.5 million at December 31, 2025. Total loans were $84.2 million at June 30, 2026; management expects offering proceeds and available cash to cover needs for at least 12 months after closing.

Use of proceeds and capital allocation

• Estimated net proceeds are $166.2 million at the $22.50 midpoint, or $192.3 million if the 1.25 million-share over-allotment is exercised in full, after discounts, commissions and estimated expenses.

• Proceeds are intended for general corporate purposes, including working capital, operating expenses and capital expenditures; a portion may fund acquisitions or strategic investments, with no material commitments currently in place.

• Pending deployment, proceeds are intended for short-term, interest-bearing investment-grade securities, certificates of deposit or government securities; management has broad discretion over allocation.