Veradermics IPO: biopharma company goes public - it's cooking up a baldness pill

Preliminary trading in shares of Veradermics Therapeutics, a biopharmaceutical company specializing in hair restoration methods, has begun on the Freedom client trading system. The purpose of the listing is to support the commercialization of the company's alopecia pill, Bloomberg points out, noting Veradermics' experimental non-hormonal hair loss treatment is in late-stage clinical trials. Later on February 4, Veradermics' securities will appear on the New York Stock Exchange (NYSE) under the ticker MANE. To participate, click on the ticker MANE.

Veradermics Therapeutics successfully raised $256.3 million in an IPO. The company placed 15 million shares at $17 per paper, which is above the boundary of the previously announced price range ($14-16). Based on the IPO results, the value of the entire company can be estimated at $596 mln, Bloomberg reports.

The listing was organized by Jefferies, Leerink Partners, Citigroup and Cantor.

The IPO comes after Veradermics raised $150 million in a Series C round of investment last October, Bloomberg writes. It was led by venture capital fund SR One, with participation from Longitude Capital and Suvretta Capital Management, as well as new investors including Viking Global Investors, Marshall Wace and Invus. Veradermics later called the funding round "one of the largest in recent times in aesthetic dermatology," Fierce Pharma wrote.

New Haven, Connecticut-based Veradermics, founded in 2019, is developing, among other things, VDPHL01 in pill form to treat mild to moderate male pattern hair loss. This non-hormonal product is in the final stages of clinical trials and is Veradermics' flagship product, Fierce Pharma and Bloomberg write. Veradermics plans to spend the IPO proceeds to complete trials of the drug before filing paperwork with the U.S. Food and Drug Administration (FDA) to certify the pill.

Preliminary results from a Phase II study of VDPHL01 showed that men who took VDPHL01 twice daily had regrowth of hair in the treatment area, adds Fierce Pharma. Four months after starting the drug, 95% of the 21 participants expressed satisfaction with their hair condition. Data on the female group has not yet been published.

The company could first seek approval for its pill in men and then in women, or it could file for certification in both groups at once if clinical trial timelines allow, Reuters notes.

In a prospectus filed with the U.S. Securities and Exchange Commission (SEC) in early January, Veradermics said it recorded a net loss of $48.1 million for the nine months ended Sept. 30, 2025, compared with a net loss of $20.8 million a year earlier.

At the time of the IPO, Veradermics' valuation looks attractive given the stage of development of its flagship drug, regulatory strategy and market potential, said Donovan Jones, an analyst at investment firm IPO Edge. He recommended the stock at up to $15 apiece for "patient investors" focused on biopharma with strong underwriter support, Seeking Alpha writes. That said, the offering was priced at $17 per share - that is, above the analyst's target estimate by about 13%, and there is no longer any potential upside relative to his benchmark at the time of the IPO.

Veradermics is going public to fund the most expensive phase of clinical trials and prepare for a commercial launch, Jones adds. The company operates in a large and growing market, backed by strong institutional investors and a dedicated management team. At the same time, the risks typical of the biotech sector remain, primarily the possibility of clinical trial failure and limited disclosure, he summarizes.

Freedom Finance analyst Alem Bektemirov said that at the offering price of $17, the growth potential of Veradermics shares is about 7.6%. The main risks for the company he calls competition, disapproval of the drug by regulators or weak research results, which could significantly affect the price of the securities in the future.

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Freedom clients will be able to get access to Veradermics Therapeutics shares before the opening of the main exchange session. Trading will begin in the early pre-market format 2-3 hours before the U.S. exchanges open (15:30-16:30 Astana time). To participate, click on ticker MANE.

This article was AI-translated and verified by a human editor