Veradermics, Inc
For the period ended Jun 30, 2026. Filed Aug 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 11, 2026
MANE$138.78+7.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-12.
0001827635-26-000019
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-11.
0001827635-26-000030
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 177 previous paragraphs and 188 current paragraphs.
149 unchanged; 18 reworded; 13 added; 10 removed; 0 previous and 8 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
ncompletion of enrollment in our registration-directed Phase 2/3 trial, Study ‘306’, of VDPHL01 in female patients with mild-to-moderate PHL. We expect to report topline data from this study in the first half of 2027.
Current report
Study ‘207’ Data
Current report
On July 15, 2026, we announced positive topline results from Study ‘207’ evaluating VDPHL01 in females with mild-to-moderate pattern hair loss. Study '207' is a multicenter Phase 2 open label study in adult 21 male and 28 adult female pattern hair loss patients to obtain proof of concept for the safety and efficacy of twelve months of treatment with VDPHL01 8.5 mg twice daily in male patients and VDPHL01 4.5 mg either once or twice daily in female patients with PHL.
Current report
In the study, VDPHL01 achieved consistent hair growth on the endpoint of non-vellus TAHC and patient reported outcome benefit of ‘improved’ or ‘much improved’ on the AAIRS at Month 6. Participants achieved an average increase in non-vellus hair count of 22.7 hairs/cm² and 23.3 hairs/cm² in once daily and twice daily VDPHL01 treatment arms, respectively. Additionally, 88.9% of participants in the once daily dose arm and 90.0% of participants in the twice daily dose arm achieved ‘improved’ or ‘much improved’ hair coverage on the AAIRS.
Current report
The consistency of clinically meaningful hair growth reported by participants was further supported by investigator perception of hair growth, with investigators grading 100% (once daily dosing arm) and 90% (twice daily dosing arm) of female participants as having ‘improved’ or ‘much improved’ hair coverage at Month 6. Fast onset of hair growth was also observed by investigators and patients as early as Month 2, the earliest measured time point measured in the trial, with 67.2% of participants graded by investigators as demonstrating improvement and 63.2% of participants reporting improvement in hair coverage at Month 2.
Current report
Research and development expenses were$18.6 million for the three months ended June 30, 2026, compared to$14.3 million for the three months ended June 30, 2025. The increase of$4.3 million was primarily due to:
Current report
General and administrative expenses were $10.9 million for the three months ended June 30, 2026, compared to $1.7 million for the three months ended June 30, 2025. The increase of $9.2 million was primarily due to:
Current report
na $2.2 million increase in costs associated with operating as a public company, including professional fees, subsequent to our IPO.
Current report
Comparison of the six months ended June 30, 2026 and 2025
Current report
Research and development expenses were $39.5 million for the six months ended June 30, 2026, compared to $25.8 million for the six months ended June 30, 2025. The increase of $13.8 million was primarily due to:
Current report
General and administrative expenses were $19.9 million for the six months ended June 30, 2026, compared to $3.2 million for the six months ended June 30, 2025. The increase of $16.7 million was primarily due to:
Current report
na $4.6 million increase in costs related to pre-commercial preparation activities for the potential launch of VDPHL01; and
Current report
na $3.2 million increase in costs associated with operating as a public company, including professional fees, subsequent to our IPO.
Removed paragraphs (10)
Previous report
Additionally, the Company expects to release 12-month data from this 302 study and additional Phase 2 data in 2026.
Previous report
Operating Expenses
Previous report
General and Administrative Expenses
Previous report
Total Other Income, Net
Previous report
Operating Expenses
Previous report
Research and development expenses were $20.9 million for the three months ended March 31, 2026, compared to $11.4 million for the three months ended March 31, 2025. The increase of $9.5 million was primarily due to:
Previous report
General and Administrative Expenses
Previous report
General and administrative expenses were $8.9 million for the three months ended March 31, 2026, compared to $1.5 million for the three months ended March 31, 2025. The increase of $7.5 million was primarily due to:
Previous report
na $0.8 million increase in other professional fees associated with preparations for becoming a public company and operating as a public company subsequent to our IPO.
Previous report
Total Other Income, Net
Reworded paragraphs (18)
Previous wording
The following milestones have been achieved to date through the first quarter of 2026:
Current wording
The following milestones have been achieved to date through the second quarter of 2026:
Previous wording
n In May 2026, we completed our underwritten public offering, or the Follow-On Public Offering, of 4,420,358 shares of our common stock, par value $0.00001 per share, or Common Stock, at a public offering price of $100.00 per share, including 576,568 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares. The gross proceeds from the Follow-On Public Offering were approximately $442.0 million, before deducting underwriting fees and discounts. Concurrently with the Follow On Public Offering, on May 1, 2026, we closed a private placement, or the Private Placement, pursuant to a Securities Purchase Agreement, or the Purchase Agreement, dated April 29, 2026, among us and certain entities affiliated with Suvretta Capital, or each, an Investor, and collectively, the Investors, in which we sold to the Investors pre-funded warrants, or the Pre-Funded Warrants, to purchase an aggregate of 300,000 shares of Common Stock, at an offering price of $99.99999 per Pre-Funded Warrant. The gross proceeds of the Private Placement were approximately $30.0 million, before deducting placement agent fees and other expenses.
Current wording
n Concurrently with the Follow On Public Offering, on May 1, 2026, we closed a private placement, or the Private Placement, pursuant to a Securities Purchase Agreement, or the Purchase Agreement, dated April 29, 2026, among us and certain entities affiliated with Montanova Capital (formerly known as Suvretta Capital), or each, an Investor, and collectively, the Investors, in which we sold to the Investors pre-funded warrants, or the Pre-Funded Warrants, to purchase an aggregate of 300,000 shares of Common Stock, at an offering price of $99.99999 per Pre-Funded Warrant. We received aggregate net proceeds of $28.1 million after deducting placement agent fees and other expenses.
Previous wording
Subsequent to the first quarter of 2026, the following milestones have been achieved:
Current wording
Subsequent to the second quarter of 2026, the following milestones have been achieved:
Previous wording
Since our inception we have devoted substantially all of our time and efforts to performing research and development activities, raising capital and recruiting management and technical staff to support our operations. We have never obtained regulatory approval for, or commercialized, a pharmaceutical product. We currently generate no revenue from sales of any products, and we may never be able to develop or commercialize a marketable product. To date, we have financed our operations primarily with proceeds from the sales of our redeemable convertible preferred stock and proceeds from our IPO.
Current wording
Since our inception we have devoted substantially all of our time and efforts to performing research and development activities, raising capital and recruiting management and technical staff to support our operations. We have never obtained regulatory approval for, or commercialized, a pharmaceutical product. We currently generate no revenue from sales of any products, and we may never be able to develop or commercialize a marketable product. To date, we have financed our operations primarily with proceeds from the sales of our redeemable convertible preferred stock and proceeds from our public offerings.
Previous wording
We have incurred recurring net losses since inception, including net losses of $27.2 million and $12.4 million for the three months ended March 31, 2026 and 2025, respectively. We have incurred negative cash flows from operations of $21.2 million and $13.3 million for the three months ended March 31, 2026 and 2025, respectively. In addition, as of March 31, 2026, the Company had an accumulated deficit of $150.7 million. Substantially all of our operating losses have resulted from expenses incurred in connection with development of VDPHL01 and our other product candidates and from general and administrative costs associated with our operations. We expect to incur significant losses for the foreseeable future, as we advance VDPHL01 or any of our other current and future product candidates through clinical development, seek regulatory approval for such product candidates, maintain and expand our intellectual property portfolio, hire additional research and development and business personnel, conduct pre-commercial launch activities and infrastructure building, and operate as a public company.
Current wording
We have incurred recurring net losses since inception, including net losses of $50.7 million and $28.0 million for the six months ended June 30, 2026 and 2025, respectively. We have incurred negative cash flows from operations of $35.7 million and $29.0 million for the six months ended June 30, 2026 and 2025, respectively. In addition, as of June 30, 2026, the Company had an accumulated deficit of $174.2 million. Substantially all of our operating losses have resulted from expenses incurred in connection with development of VDPHL01 and our other product candidates and from general and administrative costs associated with our operations. We expect to incur significant losses for the foreseeable future, as we advance VDPHL01 or any of our other current and future product candidates through clinical development, seek regulatory approval for such product candidates, maintain and expand our intellectual property portfolio, hire additional research and development and business personnel, conduct pre-commercial launch activities and infrastructure building, and operate as a public company.
Previous wording
General and administrative expenses consist primarily of salaries, benefits and stock-based compensation for our personnel in executive, legal, finance and accounting, and other administrative functions. General and administrative expenses also include legal fees relating to intellectual property and corporate matters, professional fees paid for accounting, auditing, tax and consulting services, insurance costs, travel expenses and direct facility costs not otherwise included in research and development expenses.
Current wording
General and administrative expenses consist primarily of salaries, benefits and stock-based compensation for our personnel in executive, legal, finance and accounting, commercial, and other administrative functions. General and administrative expenses also include legal fees relating to intellectual property and corporate matters, professional fees paid for accounting, auditing, tax and consulting services, pre-launch planning, insurance costs, travel expenses and direct facility costs not otherwise included in research and development expenses.
Previous wording
na $2.3 million increase in commercial readiness costs related to VDPHL01; and
Current wording
na $2.3 million increase in costs related to pre-commercial preparation activities for the potential launch of VDPHL01; and
Previous wording
Total other income, net, was $2.6 million for the three months ended March 31, 2026, compared to $0.5 million for the three months ended March 31, 2025. The increase of $2.1 million is primarily attributable to a $2.0 million increase in interest income on greater average cash and investment balances during the period.
Current wording
Total other income, net, was $6.1 million for the three months ended June 30, 2026, compared to $0.4 million for the three months ended June 30, 2025. The increase of $5.6 million is primarily attributable to a $4.7 million increase in interest income on greater average cash and investment balances during the period.
Previous wording
na $7.9 million increase in costs related to VDPHL01 primarily due to a $2.4 million increase in clinical trial expenses, including investigator fees, pass-through costs, and program management fees which resulted from expanded registration-directed and confirmatory clinical trial activity in the first quarter of 2026 compared to the prior period, as well as a $1.7 million increase in clinical trial recruitment costs. The increase in VDPHL01 costs also include additional medical education activities as compared to the prior year. The remaining increase in VDPHL01 costs is related to chemistry, manufacturing and controls activities, including costs associated with GMP manufacturing and clinical materials to support ongoing and planned clinical studies as compared to the prior year; and;
Current wording
na $10.6 million increase in costs related to VDPHL01 primarily due to a $4.8 million increase in clinical trial marketing and recruitment costs and a $1.9 million increase in costs associated with medical educational activities. Clinical trial related expenses also increased from the expanded registration-directed and confirmatory clinical trial activity during the six months ended June 30, 2026 as compared to the prior period. The remaining increase in VDPHL01 costs is related to chemistry, manufacturing and controls activities, including costs associated with GMP manufacturing and clinical materials to support ongoing and planned clinical studies as compared to the prior year; and
Previous wording
na $2.6 million increase in personnel-related costs, including stock-based compensation expense, primarily due to expense recognized on performance stock options in the first quarter of 2026 as well as an increase in research and development related headcount as compared to the same period in the prior year;
Current wording
na $3.8 million increase in personnel-related costs, including a $2.5 million increase in stock-based compensation expense, primarily due to expense recognized on performance stock options in the first quarter of 2026, an increase in the fair value of awards granted, and an increase in research and development related headcount as compared to the same period in the prior year;
Previous wording
na decrease in costs related to VDMN and other program candidates and expenses of $1.0 million and $0.1 million respectively. These decreases were primarily attributable to the Company’s decision to pause activities related to these programs to focus efforts on VDPHL01, which resulted in decreases in chemistry, manufacturing, and control activities as well as clinical trial expenses for VDMN and other program candidates.
Current wording
na decrease in costs related to other program candidates and expenses of $0.7 million. These decreases were primarily attributable to the Company’s decision to pause activities related to these programs to focus efforts on VDPHL01, which resulted in decreases in chemistry, manufacturing, and control activities as well as clinical trial expenses for VDMN and other program candidates.
Previous wording
na $3.9 million increase in payroll and personnel-related costs, including stock-based compensation, as a result of expense recognized on performance stock options in the first quarter of 2026 as well as an increase in general and administrative related headcount;
Current wording
na $7.8 million increase in payroll and personnel-related costs, including a $6.0 million increase in stock-based compensation, as a result of expense recognized on performance stock options in the first quarter of 2026, an increase in the fair value of awards granted, and an increase in general and administrative related headcount;
Previous wording
Since our inception, we have funded our operations primarily through equity financings. Through March 31, 2026, we had received proceeds of approximately $263.2 million, net of issuance costs of $1.1 million, from the sale of our Series A, Series B and Series C redeemable convertible preferred stock and proceeds of approximately $269.1 million, net of issuance costs of $25.7 million, from our IPO. In May 2026, we completed the Public Offering and the Private Placement, from which we received gross proceeds of $472.0 million. As of March 31, 2026, we had $390.8 million of cash, cash equivalents and marketable securities.
Current wording
Since our inception, we have funded our operations primarily through equity financings. Through June 30, 2026, we had received proceeds of approximately $263.2 million, net of issuance costs of $1.1 million, from the sale of our Series A, Series B and Series C redeemable convertible preferred stock and proceeds of approximately $269.1 million, net of issuance costs of $25.7 million, from our IPO. In May 2026, we completed the Public Offering and the Private Placement, from which we received proceeds of approximately $442.5 million net of issuance costs of $29.5 million. As of June 30, 2026, we had $819.9 million of cash, cash equivalents and marketable securities.
Previous wording
We completed our IPO in the first quarter of 2026, from which we received gross proceeds of $294.8 million. In May 2026, we completed the Public Offering and the Private Placement, from which we received gross proceeds of $472.0 million. The net proceeds from the IPO, the Public Offering and the Private Placement, together with our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements into 2030, based on our current operating plans. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our capital resources sooner than we expect.
Current wording
We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements into 2030, based on our current operating plans. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our capital resources sooner than we expect.
Previous wording
Net cash used in operating activities was $21.2 million for the three months ended March 31, 2026 and primarily consisted of a net loss of $27.2 million adjusted for non-cash items, including stock-based compensation expense of $5.3 million, non-cash research and development services of $0.6 million, and net accretion on discount/premium of debt securities of $0.1 million, as well as the change in our net working capital.
Current wording
Net cash used in operating activities was $35.7 million for the six months ended June 30, 2026 and primarily consisted of a net loss of $50.7 million, adjusted for non-cash items, including stock-based compensation expense of $8.8 million, non-cash research and development services of $1.3 million, and net accretion on discount/premium of debt securities of $0.1 million, as well as the change in our net working capital. The net loss for the period was primarily driven by research and development spend related to VDPHL01, employee-related payroll and benefits costs, and professional fees related to operating as a public company.
Previous wording
Net cash used in operating activities $13.3 million for the three months ended March 31, 2025, and primarily consisted of a net loss of $12.4 million adjusted for non-cash items, including stock-based compensation expense of $0.2 million and non-cash research and development services of $0.4 million, as well as the change in our net working capital.
Current wording
Net cash used in operating activities was $29.0 million for the six months ended June 30, 2025, and primarily consisted of a net loss of $28.0 million adjusted for non-cash items, including stock-based compensation expense of $0.3 million and non-cash research and development services of $0.8 million, as well as the change in our net working capital. The net loss for the period was primarily driven by research and development spend related to VDPHL01, employee-related payroll and benefits costs, and general and administrative professional fees.
Previous wording
Net cash used in investing activities was $101.3 million for the three months ended March 31, 2026 as compared to $15.8 million for the three months ended March 31, 2025. The increase was primarily driven by the purchase of investment securities partially offset by maturities of short-term investments during the period.
Current wording
Net cash used in investing activities was $378.6 million for the six months ended June 30, 2026 as compared to $24.1 million for the six months ended June 30, 2025. The increase was primarily driven by the purchase of investment securities partially offset by maturities of short-term investments during the period.
Previous wording
Net cash provided by financing activities was $269.1 million for the three months ended March 31, 2026 as compared to $8.4 million for the three months ended March 31, 2025. The increase was primarily attributable to proceeds of $269.1 million from our initial public offering, compared to proceeds of $8.4 million from the issuance of our Series B financing in the prior year.
Current wording
Net cash provided by financing activities was $711.8 million for the six months ended June 30, 2026 as compared to $8.6 million for the six months ended June 30, 2025. The increase was primarily attributable to proceeds of $269.1 million from our initial public offering and $442.5 million from the follow-on offering and PIPE compared to proceeds of $8.4 million from the issuance of our Series B financing in the prior year.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
ncompletion of our underwritten public offering, or the Follow-On Public Offering, pursuant to which we issued and sold an aggregate of 4,420,358 shares of common stock at a public offering price of $100.00 per share, including 576,568 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares. We received aggregate net proceeds of $414.3 million after deducting underwriting discounts, commissions and offering expenses.
Current report — wording carried from elsewhere
Among female participants who received either VDPHL01 4.5 mg once daily or VDPHL01 4.5 mg twice daily for 6 months, VDPHL01 demonstrated a potentially differentiated clinical profile defined by rapid onset of activity, consistent response across participants, and increases in hair count while being generally well tolerated with no treatment-related serious adverse events and no adverse events of special interest of cardiac origin. The most common adverse events were hypertrichosis and peripheral edema.
Current report — wording carried from elsewhere
na $2.7 million increase in costs related to VDPHL01 primarily due to a $1.5 million increase in clinical trial marketing and recruitment costs and a $1.2 million increase in costs associated with medical educational activities. The increase in VDPHL01 costs also includes an increase in professional fees supporting development activities. These increased costs were offset by a decrease in costs related to chemistry, manufacturing and controls activities, including costs associated with GMP manufacturing and clinical materials to support ongoing and planned clinical studies, and a slight decrease in clinical trial expenses, including investigator fees, pass-through costs, and program management fees; and
Current report — wording carried from elsewhere
na $1.2 million increase in personnel-related costs, including a $0.6 million increase in stock-based compensation expense, primarily due to an increase in the fair value of awards granted as well as an increase in research and development related headcount as compared to the same period in the prior year.
Current report — wording carried from elsewhere
na $3.9 million increase in payroll and personnel-related costs, including a $2.8 million increase in stock-based compensation, primarily due to an increase in the fair value of awards granted as well as an increase in general and administrative related headcount;
Current report — wording carried from elsewhere
The following table summarizes our results of operations:
Current report — wording carried from elsewhere
The following table summarizes our research and development costs for each of the periods presented:
Current report — wording carried from elsewhere
Total other income, net, was $8.7 million for the six months ended June 30, 2026, compared to $0.9 million for the six months ended June 30, 2025. The increase of $7.7 million is primarily attributable to a $6.7 million increase in interest income on greater average cash and investment balances during the period.