Veradermics Inc., the New Haven drug developer working on an oral treatment for hair loss, said it expects to raise about $181.8 million in its planned initial public offering.
Veradermics Inc., the New Haven drug developer working on an oral treatment for hair loss, said it expects to raise about $181.8 million in its planned initial public offering, funds it says will help carry its lead drug through late-stage development and into early commercialization.
The company earlier this month disclosed plans to go public and list its shares on the New York Stock Exchange. In a new Jan. 28 filing with the U.S. Securities and Exchange Commission, Veradermics provided additional details about the offering, including the expected size of the deal.
Reid Waldman
Veradermics, led by co-founder and CEO Reid Waldman, said it plans to sell 13.35 million shares of common stock and has applied to trade under the ticker symbol “MANE.” Underwriters have the option to purchase additional shares, which would increase the total amount raised if exercised.
Veradermics said the $181.8 million estimate assumes an IPO price of $15 per share, the midpoint of its proposed range. If underwriters exercise their option to buy additional shares in full, net proceeds would rise to about $209.8 million.
Veradermics said it will use the IPO proceeds, along with existing cash, to advance its lead product candidate, known as VDPHL01, through the U.S. Food and Drug Administration approval process and into an initial commercial launch in the United States if the drug is approved. Planned spending includes physician education, marketing and brand awareness, building out its commercial operations and manufacturing supply for the treatment.
Any remaining funds would go toward business development and other general corporate purposes, which can include licensing or acquiring technologies or products that complement its pipeline.
Veradermics’ lead product candidate, VDPHL01, is an oral, extended-release formulation of minoxidil, the active ingredient in the topical hair-growth treatment Rogaine. The company is testing whether a pill can provide more consistent exposure, improve convenience for patients with pattern hair loss and reduce certain cardiac risks associated with earlier oral uses of the drug.
Veradermics has no approved products and continues to report losses as it invests in research and development.
It reported a net loss of about $48.1 million for the nine months ended Sept. 30, 2025, compared with a smaller loss the prior year, as it invested in clinical development and operations ahead of the IPO, the company reported.
As of the end of September, Veradermics reported about $15 million in cash and marketable securities. The company also raised $151 million in a Series C financing after that date. It said the IPO proceeds combined with existing cash should fund operations into the second half of 2028, though it expects to need additional capital in the future to carry its drug candidates through full approval and commercialization.
