vVARDIS Holding (VVVV) Registration filing summary

Company overview and business model

• Swiss oral-health platform built around Curodont peptide formulations; products target early-stage cavities by supporting enamel mineral repair while preserving natural tooth structure. Curodont Repair Fluoride Plus is sold in the U.S.; Curodont Repair is sold in selected other markets.

• Products are designed for a drill-free, needle-free chairside application in five minutes or less, generally one application per early-stage cavity; sales flow through distributors rather than direct-to-consumer channels.

• U.S. commercialization combines a specialized direct sales and clinical education organization with Henry Schein distribution; the U.S. partnership is exclusive, subject to customer thresholds, with the agreement scheduled to expire December 31, 2029.

• As of September 30, 2026, the U.S. commercial team included 68 key account managers, 9 internal sales representatives, 9 clinical education specialists and 12 marketing staff.

• The business uses an asset-light manufacturing model, relying on specialized third-party manufacturers and suppliers for production, packaging and distribution.

Financial performance and metrics

• FY2025 net revenue was $30.2M, up 148.5% YoY; gross profit was $22.4M and gross margin 74.2%. Net loss was $56.4M versus $34.7M in FY2024.

• H1 2026 net revenue was $28.6M, up 214.2% YoY; gross profit was $24.7M and gross margin 86.4%, versus 51.4% in H1 2025. Net loss was $27.8M versus $32.1M.

• Preliminary 9M 2026 revenue estimate: $47.7M-$49.2M versus $22.3M in 9M 2025; estimated gross profit $41.1M-$42.3M and net loss $39.7M-$41.3M. Estimates are unaudited and subject to revision.

• Preliminary 9M 2026 Adjusted EBITDA estimate was a loss of $9.2M-$9.4M versus a loss of $17.1M in 9M 2025; Adjusted EBITDA is non-GAAP.

• Cash and cash equivalents were $29.0M at June 30, 2026 and preliminarily estimated at $19.4M at September 30, 2026; total loans were $84.2M at June 30, 2026.

Use of proceeds and capital allocation

• Estimated issuer net proceeds are $191.1M at the $22.50 midpoint, after underwriting discounts and estimated issuer expenses; proceeds from selling shareholders’ shares go to those shareholders, not the issuer.

• Proceeds are intended for general corporate purposes, including working capital, operating expenses and capital expenditures; a portion may fund acquisitions or strategic investments in complementary businesses, products, services or technologies.

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

• No material acquisition or investment commitments were in place; expected capital needs include commercial expansion, R&D, inventory, international growth and debt service.