Veradermics (MANE) shares are up 268% since the company’s February 4 IPO, driven by positive phase 3 data for VDPHL01, an extended-release oral minoxidil. In the trial, 78.8% of patients on the daily dose and 85% on the twice-daily dose reported improved hair coverage, versus 35.3% on placebo. If approved, it would be the first oral minoxidil approved by the FDA and an alternative to finasteride, though the company has not given a timeline for its New Drug Application. The company estimates the pattern hair loss market will be worth more than $30 billion by 2028 and reported $820 million in cash as of Q2, enough to fund operations into 2030. The company has no revenue, and the average analyst price target is $170.
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