New Haven-based Veradermics Inc. said Tuesday it has raised $766.8 million this year, giving the biotech company enough cash to fund its operations into 2030 as it advances a late-stage experimental hair-loss treatment.
New Haven-based Veradermics Inc. said Tuesday it has raised $766.8 million this year, giving the biotech company enough cash to fund its operations into 2030 as it advances a late-stage experimental hair-loss treatment.
The company filed its first-quarter earnings report and corporate update with federal regulators.
Veradermics reported having $390.8 million in cash, cash equivalents and marketable securities as of March 31, including
net proceeds from its initial public offering in February. The figure does not include roughly $472 million in additional funds raised in a follow-on stock offering that closed after the quarter ended.
The company also raised money through a concurrent private placement. Its shares trade on the Nasdaq under the ticker symbol “MANE.”
Veradermics is developing VDPHL01, an oral extended-release minoxidil tablet intended to treat pattern hair loss. The therapy could become the first U.S. Food and Drug Administration-approved non-hormonal oral treatment for the condition in both men and women, the company said.
In its earnings report, Veradermics highlighted positive topline results from a late-stage Phase 3 clinical trial known as Study 302, which evaluated the treatment in men with pattern hair loss.
Veradermics also said it completed enrollment in another Phase 3 study, known as Study 304, involving more than 1,000 male participants across its clinical program. The company expects topline data from that trial in the second half of 2026.
Meanwhile, enrollment continues in a separate Phase 2/3 study evaluating the treatment in women.
The company’s quarterly loss widened as it accelerated clinical development and prepared for potential commercialization.
Veradermics reported a net loss of $27.2 million, or 80 cents per share, for the quarter ended March 31, compared to a loss of $12.4 million, or $2.09 per share, in the same period last year. Research and development expenses increased to $20.9 million from $10.1 million a year ago.
