Veradermics Inc., a New Haven-based biopharmaceutical startup developing an oral treatment for pattern hair loss, has filed for an initial public offering that would list its shares on the New York Stock Exchange.
In a Jan. 9 registration statement filed with the U.S. Securities and Exchange Commission, Veradermics said it has applied to trade under the ticker symbol “MANE.” The company has not yet disclosed the number of shares it plans to sell or a proposed price range.
The company is seeking to enter a large and competitive market, where many consumers pay out of pocket for products that can deliver noticeable results. Pattern hair loss affects an estimated 80 million Americans, and the company is betting there is significant unmet demand for more effective and convenient treatment options.
Veradermics was co-founded by Reid Waldman, a dermatologist who built a hair-loss niche in his clinical practice, and fellow dermatologist Tim Durso. Headquartered at 470 James St. in New Haven, the company had about 20 employees as it ramped up operations.
Veradermics has not discovered a new drug. Instead, it is aiming to improve delivery of a well-known one: minoxidil, a vasodilator first approved as an oral treatment for severe hypertension and later popularized in topical form as Rogaine. Applied to the scalp, minoxidil can stimulate hair regrowth, but results vary and patients often struggle with long-term compliance.
The company’s lead product candidate, VDPHL01, is an oral, extended-release formulation of minoxidil designed to provide more consistent exposure over the course of a day. In its SEC filing, Veradermics said the formulation is intended to support hair restoration while minimizing the risk of cardiac activity.
Last fall, Veradermics closed a $150 million oversubscribed Series C round to move VDPHL01 into Phase 3 clinical trials — one of the largest biotech financings in Connecticut last year.
Veradermics said it is recruiting about 1,500 patients for late-stage clinical trials, including multiple studies in men and one in women, as it seeks to move VDPHL01 through Phase 3 development.
The company reported that it has no products approved for sale and expects to continue posting substantial losses as it invests in development. Veradermics reported a net loss attributable to common stockholders of $55.2 million for the nine months ended Sept. 30, 2025, compared with a net loss of $20.8 million in the year-earlier period.
Veradermics said it plans to use proceeds from the offering to advance its lead drug candidate through the FDA approval process and support physician education, brand awareness and marketing. Funds also would be used for pre-commercial and launch preparation, including building commercialization infrastructure and manufacturing supply.
The remaining proceeds would be used for business development and other general corporate purposes.
Jefferies, Leerink Partners and Citigroup are listed as lead underwriters, with Cantor also participating.
HBJ Staff Writer Harriet Jones contributed to this story.
