--- title: "Veradermics raises about $472 million in $100-a-share follow-on and warrant sale" url: "https://aibio.space/news/veradermics-raises-about-472-million-100-share-follow-warrant-sale/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-05-01" section: "Financings" tickers: "NYSE:MANE" source: "https://www.sec.gov/Archives/edgar/data/1827635/000162828026029376/mane-20260501.htm" summary: "Veradermics closed an underwritten sale of 3,843,790 shares at $100.00 and a $30.0 million private placement of pre-funded warrants on May 1. Its pivotal h" --- By the aibio.space news desk. Sources - [SEC EDGAR: Veradermics 8-K](https://www.sec.gov/Archives/edgar/data/1827635/000162828026029376/mane-20260501.htm) - [SEC EDGAR: Veradermics 424B4 (April 2026)](https://www.sec.gov/Archives/edgar/data/1827635/000162828026029027/veradermics-424bxapril2026.htm) - [SEC EDGAR: Veradermics 10-Q](https://www.sec.gov/Archives/edgar/data/1827635/000182763526000030/mane-20260630.htm) - [SEC EDGAR: Veradermics Form D](https://www.sec.gov/Archives/edgar/data/1827635/000182763526000020/xslFormDX01/primary_doc.xml) - [Veradermics Q2 2026 results release](https://www.sec.gov/Archives/edgar/data/1827635/000182763526000028/ex991q226earnings.htm) - [Veradermics, Incorporated 10-K (2026-03-30): business](https://www.sec.gov/Archives/edgar/data/1827635/000182763526000013/mane-20251231.htm) - [Veradermics, Incorporated financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1827635/000182763526000013/) [MANE](https://aibio.space/companies/veradermics/) 2026-05-01 # Veradermics raises about $472 million in $100-a-share follow-on and warrant sale Tickers [MANE](https://aibio.space/companies/veradermics/) Veradermics closed an underwritten sale of 3,843,790 shares at $100.00 and a $30.0 million private placement of pre-funded warrants on May 1. Its pivotal hair-loss trials are still running against $70.0 million of annual losses. ## Key facts - **Company**: Veradermics, Incorporated (NYSE: MANE) - **News type**: Financings - **Primary source**: [SEC EDGAR: Veradermics 8-K](https://www.sec.gov/Archives/edgar/data/1827635/000162828026029376/mane-20260501.htm) *A city skyline in morning haze. CC0, via rawpixel. The picture shows the field, not the companies named.* Veradermics, Incorporated (NYSE: [MANE](https://aibio.space/companies/veradermics/)), a late clinical-stage company developing an extended-release oral minoxidil for pattern hair loss, closed an underwritten public offering of 3,843,790 common shares at $100.00 per share on May 1, 2026. The [8-K filed for the closing](https://www.sec.gov/Archives/edgar/data/1827635/000162828026029376/mane-20260501.htm) says the underwriters also have a 30-day option to purchase 576,568 more shares at the offering price, less discounts. The company's quarterly report for the period ended June 30, 2026 says they exercised it in full, and its second-quarter results release puts aggregate gross proceeds from the follow-on and the private placement at approximately $472.0 million. The stock's last reported sale price before pricing, on April 29, 2026, was $106.55. The same day the company closed a concurrent private placement of 300,000 pre-funded warrants, priced at $99.99999 each, with entities affiliated with Suvretta Capital. Each warrant's exercise price is $0.00001 a share, so holders pay almost nothing to convert. Gross proceeds were about $30.0 million before placement agent fees and expenses. A holder may not exercise if that would take it above 9.99% of the common stock. ## Who ran the deal The [prospectus, dated April 29, 2026](https://www.sec.gov/Archives/edgar/data/1827635/000162828026029027/veradermics-424bxapril2026.htm), lists Jefferies, Leerink Partners, Citigroup and Cantor as joint book-running managers, with LifeSci Capital as passive bookrunner and Needham & Company as lead manager. The underwriters are also the placement agents for the private placement, which carries a placement agent fee of 6.0% of the purchase price. The base offering shows gross proceeds of $384,379,000, underwriting discounts and commissions of $23,062,740, and proceeds before expenses of $361,316,260. If the option is exercised in full, the prospectus puts total proceeds before expenses at $415,513,652. ## The drug and its trials VDPHL01 is an oral extended-release formulation of minoxidil, an established hair-growth agent. The company's annual report says immediate-release oral minoxidil was designed to treat high blood pressure and is used off label for hair loss, at lower doses to limit cardiac effects. Veradermics argues that its extended-release version keeps plasma levels high enough to grow hair without the cardiac activity. That is a claim about a new formulation, and the offering documents give no pivotal results for it. The company describes three pivotal, randomized, double-blind, placebo-controlled trials, two in men and one in women. A Phase 2/3 study enrolls 519 men with mild-to-moderate pattern hair loss, and a Phase 3 study enrolls 536. Each tests two doses over 52 weeks. Both male trials have co-primary endpoints: the change in non-vellus hair count per square centimeter, and the patient's self-assessment of hair coverage benefit after 24 weeks. The company said it was still dosing patients in its pivotal program. The annual report says the company could seek approval in men first and in women later, or in both groups at once, under a 505(b)(2) NDA. The choice depends on when the trials finish. ## The money behind the raise Research and development expense was $62.1 million in 2025, up from $23.3 million in 2024. The net loss was $70.0 million for 2025, against $26.5 million in 2024. Cash used in operations was $71.6 million in 2025, up from $23.7 million. The company has no approved product, and its losses are running at that scale while its trials continue. The pre-funded warrants add exposure that the share count alone does not show, because the holders can convert them into common stock at almost no cost. The pivotal program is the expensive part of the plan, with 52-week study periods and several hundred patients per trial. ## What comes next The company's August 2026 release puts 12-month data from Study '302' and topline data from the confirmatory Phase 3 Study '304' in men in the second half of 2026. Topline data from Study '306' in women are due in the first half of 2027. In April 2026 the company reported what it called positive topline data from Part A of Study '302', and in July positive results from an open-label Phase 2 study in women, a design with no placebo group. Until the registration-directed trials read out, the case for the formulation rests on those company-reported results. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story MANE Veradermics, Incorporated NYSE ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/veradermics-raises-about-472-million-100-share-follow-warrant-sale/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Veradermics raises about $472 million in $100-a-share follow-on and warrant sale", 2026-05-01, https://aibio.space/news/veradermics-raises-about-472-million-100-share-follow-warrant-sale/