New Haven-based biotech Veradermics is increasing its workforce and spending to prepare for the potential launch of its lead hair-loss drug, as the recently public company enters a key stage of its growth.
Veradermics said its payroll and personnel costs increased during the second quarter as it added employees to support drug development and other operations. The company also reported increased spending to prepare for the potential commercialization of VDPHL01, an experimental oral treatment for male and female pattern hair loss.
The company, led by CEO Reid Waldman, did not disclose its current employee count or how many workers it has added. In an annual report published in March, Veradermics said it employed 21 full-time workers at the end of 2025.
The increased spending comes as Veradermics moves closer to potentially bringing its first product to market. The company has no drugs currently approved for commercial sale.
VDPHL01 is an extended-release oral version of minoxidil, a drug used to promote hair growth. Veradermics is developing the treatment for both men and women with pattern hair loss, which the company estimates affects about 80 million people in the United States.
If approved, Veradermics says the drug could become the first FDA-approved oral non-hormonal treatment for pattern hair loss in both men and women.
The company recently completed enrollment of 556 women in a late-stage clinical trial, with results expected during the first half of 2027. Veradermics is also conducting late-stage studies involving men, with additional results expected during the second half of this year.
Those studies will help determine whether the drug can ultimately advance toward federal regulatory approval and commercialization.
Veradermics has raised significant capital to finance that effort.
The company raised about $472 million in gross proceeds in May through a follow-on stock offering and private placement, following its initial public offering in February. It ended June with $819.9 million in cash, cash equivalents and marketable securities, up from $141.9 million at the end of 2025.
Veradermics said that funding is expected to support its operations into 2030, including continued clinical trials and preparations for a potential commercial launch.
The company’s expenses are increasing as it builds out those operations. Research and development spending rose to $18.6 million in the second quarter, from $14.3 million a year earlier, driven partly by increased clinical development activity and additional employees.
General and administrative expenses jumped to $10.9 million from $1.7 million, reflecting higher personnel costs, increased headcount, commercial preparations and other professional expenses.
Veradermics reported a second-quarter net loss of $23.5 million, compared with a $15.6 million loss a year earlier.
