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MANE on NYSE

Veradermics, Inc

American pharmaceutical preparations company based in New Haven1

In its 2026 annual report the company says: “We are a dermatologist-founded, late clinical-stage biopharmaceutical company, or the “Company,” “we,” “us,” or “our”, focused on developing innovative therapeutics to address pervasive treatment challenges in highly prevalent aesthetic and dermatological conditions. Our initial focus is developing better treatments for PHL, a condition affecting approximately 50 million men and 30 million women in the United States.”3 Its shares trade on NYSE under the symbol MANE.1

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Last updated Oct 21, 2026.

Overview

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  • TickerMANE on NYSE1
  • IndustryPharmaceutical Preparations1
  • HeadquartersNew Haven, Connecticut1
  • Incorporated inDE2
  • Business address470 James Street, New Haven, Ct 065132
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2
  • Legal formCorporation

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We are a dermatologist-founded, late clinical-stage biopharmaceutical company, or the “Company,” “we,” “us,” or “our”, focused on developing innovative therapeutics to address pervasive treatment challenges in highly prevalent aesthetic and dermatological conditions. Our initial focus is developing better treatments for PHL, a condition affecting approximately 50 million men and 30 million women in the United States. Current PHL treatment options are limited and therefore are consistently plagued with high rates of treatment failure, patient dissatisfaction and treatment discontinuation. Patients and healthcare providers routinely identify the following shortcomings with currently available treatment options:3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income4-$72.3M in 2025+170% since 2024
-$80.0M-$60.0M-$40.0M-$20.0M02024: -$26.8M-$26.8M20242025: -$72.3M-$72.3M2025+170%
Net income4-$70.0M in 2025+164% since 2024
-$80.0M-$60.0M-$40.0M-$20.0M02024: -$26.5M-$26.5M20242025: -$70.0M-$70.0M2025+164%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Research and development$62.1M$23.3M
General and administrative$10.3M$3.5M
Total operating expenses$72.3M$26.8M
Loss from operations-$72.3M-$26.8M
Interest income$1.6M$481.0K
Other income$790.0K$394.0K
Interest expense$0-$585.0K
Total other income, net$2.4M$290.0K
Loss before income taxes-$70.0M-$26.5M
Income tax benefit$0$0
Net loss-$70.0M-$26.5M
Net loss attributable to common stock, basic-$83.4M-$27.3M
Net loss attributable to common stock, diluted-$83.4M-$27.3M
Net loss per share of common stock, basic (in usd per share)-$111.91-$37.05
Net loss per share of common stock, diluted (in usd per share)-$111.91-$37.05
Weighted average common stock outstanding, basic (in shares)745.0K shares736.9K shares
Weighted average common stock outstanding, diluted (in shares)745.0K shares736.9K shares
Net unrealized gains on marketable securities$60.0K$0
Total other comprehensive income$60.0K$0
Total comprehensive loss-$69.9M-$26.5M

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Corporate structure

Veradermics, Inc sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Veradermics, Inc

  • Veradermics, Inc New Haven, Connecticut

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Veradermics, Inc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$22.0K4 Dec 31, 2025$04 Dec 31, 2024
Operating-lease assets (leased space)$103.0K4 Dec 31, 2025$04 Dec 31, 2024

Real estate and locations

ItemLatestA year beforeChange
Area of real estate1,202 sq ft4 Mar 31, 2025

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$21.8M4 Dec 31, 2025$53.1M4 Dec 31, 2024−59.0%
Marketable securities, current$120.1M4 Dec 31, 2025$04 Dec 31, 2024

Properties, in its own words

Our corporate headquarters is located at 470 James St, New Haven, CT 06513, where we lease and occupy approximately 1,200 square feet of office space. The term of this lease commenced in February 2025. To meet the future needs of our business, we entered into a new lease on the same premises at 470 James St., where we lease and will occupy approximately 6,300 square feet of office space. The lease will commence in the second quarter of 2026 and expires in 2029 and we have the option to extend the lease for an additional two years after the initial expiration. We believe our existing facilities are sufficient for our current needs.

Item 2 of the 10-K filed Mar 30, 2026.3

Leadership

Who has led Veradermics, Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Reid Alexander Waldman2026–now

Chief financial officer

  1. Dominic Gabriel Carrano2026–now
Board members and other officers (10)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorJOHN CHILDS named Oct 7, 2021 to May 15, 202618
  • DirectorAmanda Birdsey-Benson named Dec 10, 2024 to Oct 28, 202519
  • DirectorChristopher W. Eklund named Dec 10, 202420

Timeline

  1. Aug 11, 20268-K Results of operations21
  2. Jul 15, 20268-K Regulation FD disclosure; Other events22
  3. May 12, 20268-K Results of operations23
  4. May 1, 20268-K Entered a material agreement; Unregistered sale of shares24
  5. Apr 27, 20268-K Regulation FD disclosure; Other events25
  6. Apr 27, 20268-K Results of operations26
  7. Mar 30, 20268-K Results of operations27
  8. Feb 5, 20268-K Bylaws or fiscal year changed28
  9. Feb 3, 2026New chief executive Reid Alexander Waldman becomes CEO7

Calendar

Coming up

  1. Nov 10, 2026Reports results for the quarter ending Sep/202629

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results21
  2. May 12, 2026Reported quarterly or annual results23
  3. Apr 27, 2026Reported quarterly or annual results26
  4. Mar 30, 2026Reported quarterly or annual results27

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

95 filings to the SEC since October 2021: 1 annual reports, 2 quarterly reports, 8 major events, 35 insider forms, 13 large holders, 6 private raises, 30 other. The latest 20:

  1. Oct 13, 2026SCHEDULE 13G EDGAR
  2. Sep 3, 20264 EDGAR
  3. Aug 21, 2026SCHEDULE 13D/A EDGAR
  4. Aug 21, 20264 EDGAR
  5. Aug 20, 20263 EDGAR
  6. Aug 19, 2026144 EDGAR
  7. Aug 19, 2026144 EDGAR
  8. Aug 18, 20264 EDGAR
  9. Aug 18, 20264 EDGAR
  10. Aug 17, 2026144 EDGAR
  11. Aug 17, 2026144 EDGAR
  12. Aug 14, 2026EFFECT EDGAR
  13. Aug 14, 2026144/A EDGAR
  14. Aug 14, 20264 EDGAR
  15. Aug 14, 2026424B3 EDGAR
  16. Aug 14, 2026SCHEDULE 13D/A EDGAR
  17. Aug 12, 2026144 EDGAR
  18. Aug 12, 2026144 EDGAR
  19. Aug 11, 202610-Q EDGAR
  20. Aug 11, 20268-K EDGAR

The 95 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 8 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 19, 2026Averill Master Fund, Ltd.DirectorSale750,000$107.25$80.4MForm 4
Aug 17, 2026Durso Timothy AugustChief Technical OfficerSale43,500$107.82$4.7MForm 4
Aug 17, 2026Waldman Reid AlexanderChief Executive OfficerSale67,500$107.86$7.3MForm 4
Aug 12, 2026CHILDS JOHN WDirectorSale100,000$107.12$10.7MForm 4
Feb 6, 2026SUVRETTA CAPITAL MANAGEMENT, LLCDirectorBuy30,521$36.34$1.1MForm 4
Feb 5, 2026Coric VladDirectorBuy117,646$17.00$2.0MForm 4
Feb 5, 2026CHILDS JOHN WDirectorBuy294,117$17.00$5.0MForm 4
Feb 5, 2026Longitude Venture Partners V, L.P.10% ownerBuy1,075,000$17.00$18.3MForm 4
Feb 5, 2026ENRIGHT PATRICK GDirectorBuy1,075,000$17.00$18.3MForm 4
Feb 5, 2026CHILDS JOHN WDirectorBuy294,117$17.00$5.0MForm 4
Feb 5, 2026SUVRETTA CAPITAL MANAGEMENT, LLCDirectorBuy96,200$37.99$3.7MForm 4
Feb 4, 2026SUVRETTA CAPITAL MANAGEMENT, LLCDirectorBuy155,953$37.05$5.8MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. May 1, 2026Raised $30 million in a private offering of securities Form D: 2 investors so far Form D
  2. Oct 14, 2025Raised $135 million in a private offering of equity Form D: $150 million offered in all Form D
  3. Nov 25, 2024Raised $66.6 million in a private offering of equity Form D: $75 million offered in all Form D
  4. Apr 25, 2023Raised $15 million in a private offering of equity Form D: 16 investors so far Form D
  5. Sep 22, 2021Raised $22.2 million in a private offering of equity Form D: 41 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Montanova Capital, LLC4,168,970$512.5M10.8%No change
Fmr LLC3,204,981$394.0M0.0%+1,412,072
SR One Capital Management, LP2,401,868$295.3M28.4%No change
Deep Track Capital, LP2,000,000$245.9M3.6%+1,500,000
Citadel Advisors LLC1,877,775$230.9M0.1%+52,103
Siren, L.L.C.1,655,374$203.5M4.1%+150,000
BlackRock, Inc.1,593,791$195.9M0.0%+1,311,180
Viking Global Investors LP1,561,494$192.0M0.5%−129,061
Jpmorgan Chase & Co1,165,584$144.2M0.0%+189,418
Aberdeen Group plc1,096,642$134.8M0.2%+41,982
D. E. Shaw & Co., Inc.1,013,643$124.6M0.1%+879,424
Vanguard Capital Management LLC869,212$106.9M0.0%+169,567
Maverick Capital Ltd789,980$97.1M0.9%New
Jennison Associates LLC748,678$92.0M0.1%+606,897
Infinitum Asset Management, LLC731,149$89.9M9.1%No change
UBS Group AG670,727$82.5M0.0%+323,652
Marshall Wace, Llp585,560$72.0M0.1%−69,041
Adage Capital Partners Gp, L.l.c.549,706$67.6M0.1%−550,294
State Street Corp544,369$66.9M0.0%+469,969
Geode Capital Management, LLC508,067$62.5M0.0%+329,861
Woodline Partners LP501,590$61.7M0.2%+944
Bank of New York Mellon Corp346,585$42.6M0.0%+342,917
Stifel Financial Corp294,117$36.2M0.0%No change
Kalehua Capital Management LLC291,390$35.8M11.4%+42,816
Emerald Advisers, LLC288,370$35.5M0.8%+155,834

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Veradermics, Inc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVeradermics, Inc1
  • CIK0001827635
  • Employer ID (EIN)84-33044233
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address470 James Street, New Haven, CT 065131
  • Phone228.372.33761
  • Shares outstanding41,780,136 as of Aug 6, 20265
  • Public float$0 as of Jun 30, 20254
  • AuditorDeloitte & Touche LLP, Hartford, Connecticut PCAOB ID 34; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceOct 9, 20201
  • Filings96 in all: 4 (19), 3 (15), 8-K (8), 144 (6), D (6), SCHEDULE 13D (4), SCHEDULE 13D/A (4), SCHEDULE 13G (4)1
    All 27 form types

    EFFECT (3), FWP (3), S-1 (3), 10-Q (2), 424B4 (2), CORRESP (2), DRS (2), S-1MEF (2), 10-K (1), 144/A (1), 4/A (1), 424B3 (1), 8-A12B (1), CERT (1), D/A (1), S-1/A (1), S-8 (1), SCHEDULE 13G/A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Latest 8-K (8-K) Aug 11, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $.00001 per shareMANENew York Stock Exchange

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Veradermics, Inc names in Item 1A of its 10-K filed Mar 30, 2026: 72 risks under these headings, as written.3

  • Risks Related to Our Financial Position and Need for Capital
  • We 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.
  • We 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.
  • Raising additional capital may cause dilution to our stockholders which may impose restrictions on our operations or require us to relinquish rights to our product candidates.
  • Risks Related to the Development of Our Product Candidates
  • We currently anticipate that our success will substantially 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.
  • If 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.
  • Any 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.
  • We 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.
  • Delays or difficulties in the enrollment and dosing of patients in clinical trials may delay or prevent receipt of necessary regulatory approvals.
  • As an organization, we have only recently initiated registration-directed clinical trials, and may be unable to complete such trials for any product candidates we may develop, including VDPHL01.
  • Interim, initial, “top-line” and preliminary data from our clinical trials that we announce or publish from time to time are subject to audit and verification procedures and may differ materially from final data as more patient data become available.
The other 62 risks
  • We intend to expend our resources to pursue VDPHL01 and therefore may fail to capitalize on, or identify product candidates that may be more profitable or for which there is a greater likelihood of success.
  • The increasing use of social media platforms presents new risks and challenges.
  • We may not be successful in our efforts to build a pipeline of additional product candidates.
  • If we do not achieve our projected development goals in the timeframes we announce and expect, the commercialization of our products may be delayed.
  • Product liability lawsuits against us or any of our licensing and collaboration partners could divert our resources and attention, cause us to incur substantial liabilities and limit commercialization of VDPHL01 or any of our other current or future product candidates.
  • Risks Related to Commercialization of Our Product Candidates
  • We 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.
  • Even 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.
  • If we fail to generate sufficient market acceptance of our product candidates, if approved, our ability to obtain an appropriate return on investment on such products will be impacted.
  • The commercial opportunity for VDPHL01 and any of our other current or future product candidates we may develop may be smaller than we expect.
  • Our strategy of focusing on the cash-pay healthcare market for VDPHL01 may limit our ability to increase sales or achieve profitability
  • If 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.
  • Our products rely on consumer discretionary spending and the purchasing decisions of our customers, both of which are sensitive to difficult to predict global economic conditions, including the imposition of tariffs, or changes in consumer or customer sentiment.
  • Coverage and reimbursement by third-party payors may not be available or may be difficult to obtain for any product candidates for which we receive marketing approval. Failure to obtain or maintain coverage and adequate reimbursement for any such approved products could limit our ability to market those products and would decrease our ability to generate revenue.
  • Risks Related to Our Business Operations, Employee Matters and Managing Growth
  • We 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.
  • We 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.
  • Misconduct or other improper actions, including noncompliance with regulatory standards and requirements, by our employees, independent contractors, consultants, commercial partners and vendors exposes us to potential noncompliance with regulatory standards and requirements.
  • If our information technology systems or data, or those of third parties with whom we work, are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, loss of revenue or profits and other adverse consequences.
  • Risks Related to Our Intellectual Property
  • Our 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.
  • If 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.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Changes in patent law in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated as a result of noncompliance with these requirements.
  • Patent terms may be inadequate to protect our competitive position on products or product candidates for an adequate amount of time.
  • Patent rights relating to inventions described and claimed in our pending patent applications may not issue and patents based on our patent applications may be challenged and rendered invalid and/or unenforceable.
  • Issued patents covering our product candidates, or the method of use of our product candidates, could be found invalid or unenforceable if challenged in court or before administrative bodies in the United States or abroad.
  • We may not identify relevant third-party patents or may incorrectly interpret the relevance, scope or expiration of a third-party patent which might adversely affect our ability to develop and market VDPHL01 or any of our other current and any future product candidates.
  • If we are sued for infringing intellectual property rights of third parties, such litigation could be costly and time consuming and could prevent or delay us from developing or commercializing VDPHL01 or any of our other current and any future product candidates.
  • We may be involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time-consuming and unsuccessful.
  • VDPHL01, or any of our other current or future product candidates, may face competition sooner than expected, and our patents may be challenged.
  • We may become subject to claims challenging the inventorship or ownership of our or our licensors’ patents and other intellectual property.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • We may be subject to claims asserting that our employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what we regard as our own intellectual property.
  • If we fail to comply with our obligations under our intellectual property licenses with third parties, we could lose license rights that are important to our business.
  • We may not be successful in obtaining or maintaining necessary rights to third party patents for our product candidates through acquisitions and in-licenses.
  • Certain intellectual property which we have in-licensed may have been discovered through government funded programs and thus may be subject to federal regulations such as “march-in” rights, certain reporting requirements, and a preference for U.S. industry. Compliance with such regulations may limit our exclusive rights, and limit our ability to contract with non-U.S. manufacturers.
  • Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
  • Risks Related to Government Regulation
  • The 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.
  • Even 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.
  • Disruptions at the FDA, SEC or comparable foreign regulatory authorities caused by funding shortages or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel necessary for the review, approval and commercialization of new products in a timely manner or otherwise prevent those authorities from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • If we fail to comply with broad and complex healthcare and other laws, we could face substantial penalties and our business, operations, and financial condition could be adversely affected.
  • Legislative, regulatory, and executive healthcare and other reform initiatives aimed at reducing healthcare costs may have a material adverse effect on our business and results of operations.
  • We are or may become subject to stringent and evolving U.S. and foreign laws, regulations, rules, contractual obligations, industry standards and policies related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse business consequences.
  • We are subject to U.S. and certain foreign export and import controls, sanctions, embargoes, anti-corruption laws, and anti-money laundering laws and regulations as well as U.S. and certain foreign export controls, trade sanctions, and import laws and regulations. Compliance with these legal standards could impair our ability to compete in domestic and international markets. We can face criminal liability and other serious consequences for violations, which can harm our business.
  • Risks Related to Our Dependence on Third Parties
  • We 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.
  • If our third-party manufacturer of VDPHL01 is unable to increase the scale of its production or we are not able to qualify additional manufacturers, then commercialization may be delayed or interrupted.
  • We depend on third-party suppliers for materials used in the manufacture of our product candidates, and the loss of these third-party suppliers or their inability to supply us with adequate materials could harm our business.
  • The operations of our supplier for minoxidil API for VDPHL01 are located outside of the United States and are subject to additional risks that are beyond our control and that could harm our business, financial condition, results of operations and prospects.
  • Risks associated with the in-licensing or acquisition of product candidates could cause substantial delays in the preclinical and clinical development of our product candidates.
  • We may seek to enter into collaborations, licenses and other similar arrangements for VDPHL01 or any of our other current or future product candidates and may not be successful in doing so, and even if we are, we may relinquish valuable rights and may not realize the benefits of such relationships.
  • Our reliance on third parties requires us to share our trade secrets, know-how and other proprietary information, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • Changes in methods of product candidate manufacturing or formulation may result in additional costs or delay.
  • Risks Related to Ownership of Our Common Stock
  • An active and liquid trading market for our common stock may not be sustained.
  • The market price of our common stock may be volatile, which could result in substantial losses for investors.
  • Our quarterly and annual operating results may fluctuate significantly or may fall below the expectations of investors or securities analysts or any guidance we may publicly provide, each of which may cause our stock price to fluctuate or decline.
  • A significant portion of our total outstanding shares are, as of the date of filing this Annual Report on Form 10-K, restricted from immediate resale but may be sold into the market upon expiration of the lock-up agreement entered into in connection with our IPO, which could cause the market price of our common stock to decline significantly, even if our business is doing well.
  • Insiders have substantial influence over us, which could limit your ability to affect the outcome of key transactions, including a change of control.
  • Because we do not anticipate paying any cash dividends on our common stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • We are an “emerging growth company” and a “smaller reporting company,” and the reduced disclosure requirements applicable to emerging growth and smaller reporting companies may make our common stock less attractive to investors.
  • Provisions in our restated certificate of incorporation, our amended and restated bylaws and Delaware law may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our stockholders, and may prevent attempts by our stockholders to replace or remove our current management.
  • Our restated certificate of incorporation designates specific courts as the sole and exclusive forum for certain claims or causes of action that may be brought by our stockholders, which could discourage lawsuits against us and our directors and officers.
  • If securities or industry analysts do not publish research or reports about our business, or if they publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.

Legal proceedings

From time to time, we may become involved in litigation or other legal proceedings. We are not a party to any litigation or legal proceedings that, in the opinion of our management, are probable to have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on our business, financial condition, results of operations and prospects because of defense and settlement costs, diversion of management resources, negative publicity and reputational harm and other factors.

The opening of Item 3, Legal Proceedings.3

Sources

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