Veradermics, Inc

Previous wording

The following milestones have been achieved to date through the second quarter of 2026:

Current wording

The following milestones have been achieved to date through the third quarter of 2026:

Previous wording

ncompletion of enrollment in our confirmatory registration-directed Phase 3 trial in male patients with mild-to-moderate PHL; and

Current wording

n We reported positive topline data from our registration-directed Phase 2/3 trial, Study ‘302’, of VDPHL01 in male patients with mild-to-moderate PHL in April 2026.

Previous wording

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 wording

n We announced positive topline results from Study ‘207’ evaluating VDPHL01 in females with mild-to-moderate pattern hair loss in July 2026.

Previous wording

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 wording

n 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. 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.

Previous wording

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 wording

n Completion 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.

Previous wording

ncompletion of our initial public offering, or IPO, pursuant to which we issued and sold an aggregate of 17,339,294 shares of common stock at a price to the public of $17.00 per share, including 2,261,647 shares issued upon the exercise in full of the underwriters’ over-allotment option to purchase additional shares. We received aggregate net proceeds of $269.1 million after deducting underwriting discounts, commissions and offering expenses.

Current wording

n Completion of our initial public offering, or IPO, pursuant to which we issued and sold an aggregate of 17,339,294 shares of common stock at a price to the public of $17.00 per share, including 2,261,647 shares issued upon the exercise in full of the underwriters’ over-allotment option to purchase additional shares. We received aggregate net proceeds of $269.1 million after deducting underwriting discounts, commissions and offering expenses.

Previous wording

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 wording

n Completion 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.

Previous 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.

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. In August 2026, the Investors exercised the Pre-Funded Warrants, purchasing 300,000 shares of common stock at an exercise price of $0.00001 per share.

Previous wording

On April 27, 2026, we announced positive topline data from the Phase 2/3 clinical trial, or Study ‘302’, evaluating VDPHL01 in males with mild-to-moderate PHL. Study ‘302’ is a multi-center, randomized, placebo-controlled study evaluating the clinical efficacy, safety, and tolerability in 519 enrolled patients who were randomized to receive either VDPHL01 8.5mg once daily, or QD, VDPHL01 8.5mg twice daily, or BID, or placebo. The trial met all primary and all key secondary endpoints with statistical significance, demonstrating a potentially differentiated clinical profile defined by rapid onset of activity, consistent response across patients, and robust increases in hair count while being generally well tolerated with no treatment-related serious adverse events, or SAEs, and no adverse events of special interest, or AESIs, of cardiac origin.

Current wording

In October 2026, we announced positive topline data from our Phase 3 clinical trial, Study ‘304’ evaluating VDPHL01 in males with mild-to-moderate PHL. Study ‘304’ is a multi-center, randomized, placebo-controlled study evaluating clinical efficacy, safety, and tolerability in 536 enrolled patients who were randomized to receive either VDPHL01 8.5mg QD, VDPHL01 8.5mg BID or placebo. The trial met all primary and secondary endpoints with high statistical significance, demonstrating a potentially differentiated clinical profile defined by rapid onset of activity, consistent response across patients, and robust increases in hair count while being generally well tolerated with no treatment-related SAEs and no AESIs of cardiac origin.

Previous wording

In the study, VDPHL01 achieved superior hair growth compared with placebo (p<0.0001) on the co‑primary endpoints of non-vellus Target Area Hair Count, or TAHC, and patient reported outcome, or PRO, benefit of ‘improved’ or ‘much improved’ on the Androgenetic Alopecia Impact Rating Scale, or AAIRS, at Month 6. Patients achieved an average increase in non-vellus TAHC of 30.3 hairs/cm² (p<0.0001) and 33.0 hairs/cm² (p<0.0001) in QD and BID VDPHL01 treatment arms, respectively. Those receiving placebo only showed a 7.3 hairs/cm² increase from baseline at Month 6.

Current wording

In the study, VDPHL01 achieved superior hair growth compared with placebo (p<0.0001) on the co‑primary endpoints of non-vellus Target Area Hair Count (“TAHC”) and patient reported outcome (“PRO”) benefit of ‘improved’ or ‘much improved’ on the Androgenetic Alopecia Impact Rating Scale (“AAIRS”) at Month 6. Patients achieved an average increase in non-vellus TAHC of 28.6 hairs/cm² (p<0.0001) and 36.4 hairs/cm² (p<0.0001) in QD and BID VDPHL01 treatment arms, respectively. Those receiving placebo showed a 6.6 hairs/cm² increase from baseline at Month 6.

Previous wording

Following 6 months of treatment with VDPHL01, 79.3% of patients in the QD dose arm (p<0.0001) and 86.0% of patients in the BID dose arm (p<0.0001) reported improvement in hair coverage on the AAIRS versus 35.6% of placebo patients. Additionally, 48.4% of patients in the QD dose arm (p<0.0001) and 62.9% of patients in the BID dose arm (p<0.0001) achieved ‘improved’ or ‘much improved’ hair coverage on the AAIRS compared to only 13.4% of placebo patients.

Current wording

Following 6 months of treatment with VDPHL01, 78.8% of patients in the QD dose arm (p<0.0001) and 85.0% of patients in the BID dose arm (p<0.0001) reported improvement in hair coverage on the AAIRS versus 35.3% of placebo patients. Additionally, 55.7% of patients in the QD dose arm (p<0.0001) and 68.7% of patients in the BID dose arm (p<0.0001) achieved ‘improved’ or ‘much improved’ hair coverage on the AAIRS compared to 15.0% of placebo patients.

Previous wording

In addition to meeting the co-primary endpoints, the study also met the key secondary endpoints. Investigator perception was measured with investigators grading 72.0% (QD; p<0.0001) and 84.4% (BID; p<0.0001) of male patients as having improved hair coverage at Month 6 (p<0.0001). Rapid onset of hair growth was also observed at the earliest measured time point measured in the trial, with statistically significant separation from placebo on TAHC and IGA as early as Month 2.

Current wording

In addition to meeting the co-primary endpoints, the study also met all secondary endpoints. Investigator perception was measured with investigators grading 78.4% (QD; p<0.0001) and 82.7% (BID; p<0.0001) of male patients as having improved hair coverage at Month 6 (p<0.0001) using the Investigator Global Assessment, or IGA, scale. Rapid onset of hair growth was also observed at the earliest time point measured in the trial, with statistically significant separation from placebo on TAHC, PRO and IGA as early as Month 2.

Previous wording

Treatment with VDPHL01 was generally well tolerated through Month 6 with overall treatment-emergent adverse events, or TEAEs, rates similar between VDPHL01 and placebo, and with an overall safety profile consistent with Phase 2. VDPHL01 demonstrated lower discontinuation rates than placebo, and the adverse event-related discontinuation rate was similar between active and placebo. No treatment-related SAEs and no AESIs of cardiac origin were observed in the study. The most common TEAEs occurring in greater than 5% of patients vs. placebo included peripheral edema (5.3% QD, 6.3% BID) and hypertrichosis (3.5% QD, 6.3% BID). These TEAEs resulted in approximately 1% discontinuation for both QD and BID dosing groups for peripheral edema and no discontinuations occurred related to hypertrichosis in either the QD or the BID dosing groups.

Current wording

Treatment with VDPHL01 was generally well tolerated through Month 6, with an overall safety profile consistent with topline findings from Part A of the Company’s Phase 2/3 clinical trial, Study ‘302’ evaluating VDPHL01 in males with mild-to-moderate PHL. No treatment-related SAEs and no AESIs of cardiac origin were observed in the study. The only TEAE occurring in greater than 5% of patients with an imbalance between active and placebo was hypertrichosis (2.2% QD, 9.0% BID).

Previous 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.

Current wording

We have incurred recurring net losses since inception, including net losses of $71.7 million and $48.1 million for the nine months ended September 30, 2026 and 2025, respectively. We have incurred negative cash flows from operations of $58.6 million and $48.0 million for the nine months ended September 30, 2026 and 2025, respectively. In addition, as of September 30, 2026, the Company had an accumulated deficit of $195.2 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

Research and development expenses consist primarily of costs incurred in connection with our research and development activities, these can include drug discovery efforts and the development of our product candidates. We expense research and development costs as incurred, which include:

Current wording

Research and development expenses consist primarily of costs incurred in connection with our research and development activities, which can include drug discovery efforts and the development of our product candidates. We expense research and development costs as incurred, which include:

Previous wording

Total other income, net, includes interest income earned on cash and cash equivalents and other income and expense items.

Current wording

Total other income includes interest income earned on cash equivalents and marketable securities and accretion on investments.

Previous 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

Current wording

na $3.5 million decrease in costs related to VDPHL01 primarily due to a $4.9 million decrease in clinical trial expenses, including investigator fees, pass-through costs, and program management fees, and a $1.7 million decrease in clinical trial marketing and recruitment costs, as all on-going clinical trials were fully enrolled by September 30, 2026. The decreased costs were offset by a $1.7 million increase 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 $0.8 million increase in costs associated with medical educational activities; and

Previous wording

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 wording

na $1.8 million increase in personnel-related costs, including a $0.8 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.

Previous wording

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 wording

na $4.8 million increase in payroll and personnel-related costs, including a $3.1 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;

Previous wording

na $2.2 million increase in costs associated with operating as a public company, including professional fees, subsequent to our IPO.

Current wording

na $2.5 million increase in costs associated with operating as a public company, including legal, accounting, audit, and other professional fees, subsequent to our IPO.

Previous 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.

Current wording

Total other income, which includes interest and accretion income on investments, was $7.8 million for the three months ended September 30, 2026, compared to $0.2 million for the three months ended September 30, 2025. The $7.5 million increase is primarily attributable to greater average cash and investment balances during the period.

Previous wording

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 wording

na $7.1 million increase in costs related to VDPHL01 primarily due to a $3.1 million increase 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 as compared to the prior year. The increase was also attributable to a $3.0 million increase in clinical trial marketing and recruitment costs and a $2.7 million increase in costs associated with medical educational activities. These increases were partially offset by an overall decrease in clinical trial expenses, including investigator fees, pass-through costs, and program management fees; and

Previous 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;

Current wording

na $5.6 million increase in personnel-related costs, including a $3.3 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 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.

Current wording

na decrease in costs related to other program candidates and expenses of $0.8 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 $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;

Current wording

na $12.6 million increase in payroll and personnel-related costs, including a $9.1 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

na $3.2 million increase in costs associated with operating as a public company, including professional fees, subsequent to our IPO.

Current wording

na $6.1 million increase in costs associated with operating as a public company, including legal, accounting, audit, and other professional fees, subsequent to our IPO.

Previous wording

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.

Current wording

Total other income, which includes interest and accretion income on investments, was $16.5 million for the nine months ended September 30, 2026, compared to $1.2 million for the nine months ended September 30, 2025. The $15.3 million increase is primarily attributable to greater average cash and investment balances during the period.

Previous 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.

Current wording

Since our inception, we have funded our operations primarily through equity financings. Through September 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 September 30, 2026, we had $798.4 million of cash, cash equivalents and marketable securities.

Previous 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.

Current wording

Net cash used in operating activities was $58.6 million for the nine months ended September 30, 2026 and primarily consisted of a net loss of $71.7 million, adjusted for non-cash items, including stock-based compensation expense of $12.9 million, non-cash research and development services of $1.8 million, and net accretion on discount/premium of debt securities of $1.6 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, costs related to pre-commercial preparation activities for the potential launch of 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 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.

Current wording

Net cash used in operating activities was $48.0 million for the nine months ended September 30, 2025, and primarily consisted of a net loss of $48.1 million adjusted for non-cash items, including stock-based compensation expense of $0.5 million and non-cash research and development services of $1.4 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 $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.

Current wording

Net cash used in investing activities was $544.1 million for the nine months ended September 30, 2026 as compared to $9.1 million for the nine months ended September 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 $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.

Current wording

Net cash provided by financing activities was $713.1 million for the nine months ended September 30, 2026 as compared to $9.6 million for the nine months ended September 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.