Veradermics (MANE) Q4 2025 earnings summary

Executive summary

• Completed enrollment in two pivotal Phase 3 trials (Study 302 and Study 304) of VDPHL01 for male pattern hair loss; topline data expected in 2026.

• Enrollment ongoing in Study 306, the first Phase 2/3 trial of an oral treatment for female pattern hair loss.

• Closed an upsized IPO in February 2026, raising $294.8 million to fund operations into 2029.

• Appointed Mark Neumann as Chief Commercial and Strategy Officer, bringing extensive biopharma commercialization experience.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $141.9 million as of December 31, 2025, prior to the IPO.

• R&D expenses were $62.1 million for 2025, up from $23.3 million in 2024, driven by increased clinical development and headcount.

• G&A expenses were $10.3 million for 2025, up from $3.5 million in 2024, mainly due to higher payroll and professional fees.

• Net loss was $21.8 million for Q4 2025 (vs. $5.7 million Q4 2024) and $70.0 million for full year 2025 (vs. $26.5 million in 2024).

Outlook and guidance

• Cash runway expected to fund operations into 2029, supporting multiple Phase 3 readouts and potential commercial launch of VDPHL01.

• Topline data from Study 302 expected in 1H 2026 and from Study 304 in 2H 2026.