{"url_path":"/sec/mane/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1827635/0001827635-26-000019-index.html","accession_number":"0001827635-26-000019","cik":"0001827635","ticker":"MANE","issuer_name":"Veradermics, Inc","edgar_url":"https://www.sec.gov/Archives/edgar/data/1827635/0001827635-26-000019-index.html","primary_entity_key":"0001827635","primary_entity_name":"Veradermics, 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eidWaldmanMember2026-03-310001827635mane:TimothyDursoMember2026-03-31\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n________________________________\n\nFORM 10-Q\n\n________________________________\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ___________ to ___________\n\nCommission file number: 001-43097\n\n________________________________\n\nVeradermics, Incorporated\n\n(Exact name of registrant as specified in its charter)\n\n________________________________\n\nDelaware\n\n84-3304423\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n470 James St., New Haven, CT\n\n06513\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\nRegistrant’s telephone number, including area code: (228) 372 3376\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon stock, par value $0.00001 per shareMANENew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes x   No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes x   No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated\n\nfiler,” “accelerated filer,” “smaller reporting company,” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\no\n\nAccelerated filer\n\no\n\nNon-accelerated filer\n\nx\n\nSmaller reporting company\n\nx\n\nEmerging growth company\n\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\n\no\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\nYes o   No x\n\nThe number of shares of Registrant’s Common Stock outstanding as of May 07, 2026 was 41,778,687.\n\nTable of Contents\n\nPage\n\n[PART I - FINANCIAL INFORMATION](#i71ec17d1658140a98d02af76c219383f_10)\n\n[Item 1.](#i71ec17d1658140a98d02af76c219383f_13)\n\n[Condensed Consolidated Financial Statements (](#i71ec17d1658140a98d02af76c219383f_13)[u](#i71ec17d1658140a98d02af76c219383f_13)[naudited)](#i71ec17d1658140a98d02af76c219383f_13)\n\n[7](#i71ec17d1658140a98d02af76c219383f_13)\n\n[Condensed Consolidated Balance Sheets (unaudited)](#i71ec17d1658140a98d02af76c219383f_16)\n\n[7](#i71ec17d1658140a98d02af76c219383f_16)\n\n[Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)](#i71ec17d1658140a98d02af76c219383f_19)\n\n[9](#i71ec17d1658140a98d02af76c219383f_19)\n\n[Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (unaudited)](#i71ec17d1658140a98d02af76c219383f_22)\n\n[10](#i71ec17d1658140a98d02af76c219383f_22)\n\n[Condensed Consolidated Statements of Cash Flows (unaudited)](#i71ec17d1658140a98d02af76c219383f_25)\n\n[12](#i71ec17d1658140a98d02af76c219383f_25)\n\n[Notes to Financial Statements (unaudited)](#i71ec17d1658140a98d02af76c219383f_28)\n\n[13](#i71ec17d1658140a98d02af76c219383f_28)\n\n[Item 2.](#i71ec17d1658140a98d02af76c219383f_79)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i71ec17d1658140a98d02af76c219383f_79)\n\n[23](#i71ec17d1658140a98d02af76c219383f_79)\n\n[Item 3.](#i71ec17d1658140a98d02af76c219383f_109)\n\n[Quantitative and Qualitative Disclosure About Market Risk](#i71ec17d1658140a98d02af76c219383f_109)\n\n[34](#i71ec17d1658140a98d02af76c219383f_109)\n\n[Item 4.](#i71ec17d1658140a98d02af76c219383f_112)\n\n[Controls and Procedures](#i71ec17d1658140a98d02af76c219383f_112)\n\n[34](#i71ec17d1658140a98d02af76c219383f_112)\n\n[PART II - OTHER INFORMATION](#i71ec17d1658140a98d02af76c219383f_115)\n\n[Item 1.](#i71ec17d1658140a98d02af76c219383f_118)\n\n[Legal Proceedings](#i71ec17d1658140a98d02af76c219383f_118)\n\n[36](#i71ec17d1658140a98d02af76c219383f_118)\n\n[Item 1A.](#i71ec17d1658140a98d02af76c219383f_121)\n\n[Risk Factors](#i71ec17d1658140a98d02af76c219383f_121)\n\n[36](#i71ec17d1658140a98d02af76c219383f_121)\n\n[Item 2.](#i71ec17d1658140a98d02af76c219383f_124)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i71ec17d1658140a98d02af76c219383f_124)\n\n[91](#i71ec17d1658140a98d02af76c219383f_124)\n\n[Item 3.](#i71ec17d1658140a98d02af76c219383f_127)\n\n[Defaults Upon Senior Securities](#i71ec17d1658140a98d02af76c219383f_127)\n\n[91](#i71ec17d1658140a98d02af76c219383f_127)\n\n[Item 4.](#i71ec17d1658140a98d02af76c219383f_130)\n\n[Mine Safety Disclosures](#i71ec17d1658140a98d02af76c219383f_130)\n\n[91](#i71ec17d1658140a98d02af76c219383f_130)\n\n[Item 5.](#i71ec17d1658140a98d02af76c219383f_133)\n\n[Other Information](#i71ec17d1658140a98d02af76c219383f_133)\n\n[91](#i71ec17d1658140a98d02af76c219383f_133)\n\n[Item 6.](#i71ec17d1658140a98d02af76c219383f_136)\n\n[Exhibits](#i71ec17d1658140a98d02af76c219383f_136)\n\n[92](#i71ec17d1658140a98d02af76c219383f_136)\n\n[Signatures](#i71ec17d1658140a98d02af76c219383f_139)\n\n[94](#i71ec17d1658140a98d02af76c219383f_139)\n\n2\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning:\n\nnthe initiation, timing, enrollment, progress, results, and cost of our research and development programs, and our current and future preclinical and clinical studies, including statements regarding the timing of initiation or completion of our clinical trials for VDPHL01 and our other product candidates, and related preparatory work, and the period during which the results of the trials will become available;\n\nnour regulatory strategy and the timing of our planned NDA submission for VDPHL01;\n\nnthe success, cost and timing of our clinical development of VDPHL01 and our other product candidates;\n\nnour ability to initiate, recruit and enroll patients in and conduct our clinical trials at the pace that we project;\n\nnthe timing of and our ability to obtain and maintain regulatory approval of our product candidates, and any related restrictions, limitations or warnings in the label of any of our product candidates, if approved;\n\nnour ability to compete with companies currently selling, marketing or engaged in the development of treatments for diseases that our product candidates are designed to target, including PHL;\n\nnour reliance on third parties to conduct our clinical trials;\n\nnour reliance on third parties to manufacture drug substance for use in our clinical trials;\n\nnour estimates regarding the size and growth potential of the commercial opportunity for VDPHL01 and our current product candidates or other product candidates we may identify and pursue, and our ability to serve those markets;\n\nnour ability to expand our pipeline through collaborations, partnerships and other transactions with third parties;\n\nnour ability to identify and advance through clinical development any additional product candidates;\n\nnthe commercialization of VDPHL01 and our other current product candidates and any other product candidates we may identify and pursue, if approved, including our ability to successfully build commercial infrastructure or enter into collaborations with third parties to market our current product candidates and any other product candidates we may identify and pursue;\n\nnthe effectiveness of physician outreach and education, direct-to-consumer advertising, telehealth engagement and social media campaigns on physician and patient adoption rates;\n\nnour ability to develop and commercialize products that are considered by physicians, patients and payors as medically and/or financially differentiated as compared to competitive products;\n\nnour ability to retain and recruit key personnel;\n\nnour ability to obtain, maintain and successfully enforce adequate intellectual property rights;\n\nnour patent portfolio, including issued, allowed and pending applications, and plans for future applications;\n\nnour expectations about patient willingness to pay, the effect of macroeconomic conditions on discretionary spending and implications of limited or no third-party payor coverage and reimbursement on VDPHL01, if approved;\n\nnour estimates of our expenses, ongoing losses, capital requirements and our needs for or ability to obtain additional financing;\n\nnour expected uses of our existing cash, cash equivalents and marketable securities, including the net proceeds to us from this offering and our IPO, and the sufficiency of such capital resources to fund our future operating expenses and capital expenditure requirements;\n\nnour expectations regarding the time during which we will be an emerging growth company under the JOBS Act;\n\nnour financial performance;\n\nndevelopments and projections relating to our competitors or our industry; and\n\nnother risks and uncertainties, including those listed under the section titled “Risk Factors.”\n\n3\n\nThe forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described under the sections in this Quarterly Report on Form 10-Q titled “Risk Factors” and the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on From 10-Q and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely on these statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as guarantees of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Except as required by applicable law, we are not obligated to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.\n\n4\n\nRisk Factor Summary\n\nOur business is subject to a number of risks that are discussed more fully in the “Risk Factors” section of this Quarterly Report on Form 10-Q. These risks include the following:\n\nnWe are a clinical-stage biopharmaceutical company with a limited operating history and no products approved for commercial sale. We have incurred substantial losses since our inception, and we anticipate incurring substantial and increasing losses for the foreseeable future;\n\nnWe will require substantial additional financing to achieve our goals, and failure to obtain additional capital when needed, or on acceptable terms, would cause us to delay, limit, reduce or terminate our product development or commercialization efforts;\n\nnWe currently anticipate that our success will depend on the approval and successful commercialization of VDPHL01, which is our lead product candidate. If we are unable to obtain regulatory approval for, and successfully commercialize, VDPHL01, or any of our other current or future product candidates, or experience significant delays in doing so, our business will be materially harmed;\n\nnPreclinical and clinical development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future preclinical studies or clinical trial results. We may encounter substantial delays in preclinical and clinical trials, or may not be able to conduct or complete preclinical or clinical trials on the expected timelines, if at all. If our preclinical studies and clinical trials are not sufficient to support regulatory approval of any of our product candidates, we may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development of such product candidate;\n\nnIf the FDA does not conclude that VDPHL01 satisfies the requirements for the Section 505(b)(2) regulatory approval pathway, or if the requirements for VDPHL01 under Section 505(b)(2) are not as we expect, the approval pathway for those product candidates will likely take significantly longer, cost significantly more and entail significantly greater complications and risks than anticipated, and in either case may not be successful;\n\nnAny significant AEs or undesirable side effects caused by our product candidates may delay or prevent regulatory approval or market acceptance of our product candidates, or result in significant negative consequences following marketing approval, if any. Additionally, the clinical profile of VDPHL01 in female patients may differ from the clinical profile in male patients, and the outcomes observed to date in male patients may not be reflective or predictive of future outcomes for female patients;\n\nnWe operate in highly competitive markets and face competition from large, well-established companies with significant resources as well as other entities, and, as a result, we may not be able to compete effectively;\n\nnWe currently have limited marketing, sales or distribution infrastructure. If we are unable to fully develop our sales, marketing and distribution capability on our own or through collaborations with marketing partners, we may not be successful in commercializing our product candidates;\n\nnEven if we obtain regulatory approval for VDPHL01 or any other product candidates, such products may fail to achieve market acceptance which would adversely affect our efforts to commercialize any such product successfully;\n\nnThe commercial opportunity for VDPHL01 and any of our other current or future product candidates we may develop may be smaller than we expect;\n\nnOur strategy of focusing on the cash-pay healthcare market for VDPHL01 may limit our ability to increase sales or achieve profitability;\n\nnIf we fail to effectively maintain, promote, and enhance our reputation and VDPHL01 brand recognition in a cost-effective manner, our business and competitive advantage may be harmed;\n\nnWe are dependent on the services of our senior management and other key personnel, and if we are not able to retain these individuals or recruit additional management or key personnel, our business will suffer;\n\nnWe will need to grow our organization, and we may experience difficulties in managing our growth and expanding our operations, which could adversely affect our business;\n\nnOur commercial success depends on our ability to obtain and maintain sufficient intellectual property protection for VDPHL01 and our other current and any future product candidates and other proprietary technologies;\n\nnIf the scope of any patent protection we obtain is not sufficiently broad, or if we lose any of our patent protection, our ability to prevent our competitors from commercializing similar or identical product candidates would be adversely affected;\n\nnWe may not be able to protect our intellectual property rights throughout the world;\n\n5\n\nnThe regulatory approval process is highly uncertain, and we may be unable to obtain, or may be delayed in obtaining, U.S. regulatory approval and, as a result, unable to commercialize our product candidates or any future product candidates. Even if we believe our current, or planned clinical trials are successful, regulatory authorities may not agree that they provide adequate data on safety or efficacy;\n\nnEven if we receive regulatory approval for any of our product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense. Additionally, our product candidates, if approved, could be subject to labeling and other restrictions and market withdrawal. We may also be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates;\n\nnWe currently rely on third parties for the manufacture of drug or biological substances for our preclinical studies and clinical trials and expect to continue to do so for commercialization of any product candidates that we may develop that are approved for marketing. Our reliance on third parties may increase the risk that we will not have sufficient quantities of such drug substance, product candidates, or any products that we may develop and commercialize, or that such supply will not be available to us at an acceptable cost, which could delay, prevent, or impair our development or commercialization efforts;\n\nnWe have relied and expect to continue to rely on third parties to conduct our preclinical studies and clinical trials. If those third parties do not perform as contractually required, fail to satisfy legal or regulatory requirements, miss deadlines or terminate the relationship, our development programs could be delayed, more costly or unsuccessful, and we may never be able to seek or obtain regulatory approval for or commercialize our product candidates;\n\nnAn active and liquid trading market for our common stock may not be sustained; and\n\nnThe market price of our common stock may be volatile, which could result in substantial losses for investors.\n\nThe foregoing is only a summary of some of our risks. For a more detailed discussion of these and other risks you should consider before making an investment in our common stock, see “Risk Factors.”\n\n6\n\nPART I - FINANCIAL INFORMATION"}