Earnings Releases·Nov 10, 2026, 8:54 AM ET

Veradermics — Third Quarter 2026 Earnings Summary

Cash, cash equivalents, and marketable securities increased to $798.4 million as of September 30, 2026, from $141.9 million at year-end 2025, while total assets rose to $807.2 million from $152.6 million; net loss widened to $21.0 million for Q3 2026 from $20.1 million in the prior year period.
Operating expenses rose to $28.8 million in Q3 2026 from $20.3 million in 2025, driven by a $12.7 million increase in G&A expenses (from $2.3 million) which offset a $2.0 million decrease in R&D expenses.
Enrollment for Phase 2/3 Study '306' in women was completed in August 2026, with topline data expected in the first half of 2027, supporting a funding runway into 2030.
Management highlighted robust clinical results across Studies '302' and '304' involving over 1,000 male participants, noting VDPHL01 is generally well tolerated with no cardiac-related safety signals.
The company anticipates substantial and increasing losses for the foreseeable future as it advances toward a potential commercial launch of VDPHL01, the first FDA-approved oral non-hormonal treatment for pattern hair loss in nearly 30 years.