Veradermics Inc., a late clinical-stage biopharmaceutical company focused on hair restoration, raised $256.3 million in an upsized U.S. initial public offering (IPO), pricing its shares above the top of the marketed range in a sign of renewed investor appetite for selective biotech listings.

For the company, the IPO marks a transition from private to public markets at a critical stage in its development, setting expectations around execution, data delivery, and long-term commercial potential in a field that blends medical need with consumer-driven demand.¹

Founded in 2019, Veradermics is developing a non-hormonal therapy aimed at treating mild-to-moderate pattern hair loss.¹ The company’s lead program is currently in late-stage clinical trials, targeting a large and commercially attractive market where current treatment options remain limited or are associated with tolerability and adherence challenges.¹

The IPO comes amid a notably active week for U.S. equity markets, with eight companies expected to price offerings of at least $100 million.² According to Bloomberg data, this represents the busiest week for IPOs since November 2021, suggesting that public investors may be warming again to new issues after a prolonged slowdown, particularly in healthcare and life sciences.²

Veradermics’ successful pricing above range underscores a cautious but notable shift in market dynamics, as investors remain selective, companies with late-stage assets addressing large patient populations and clear clinical milestones appear better positioned to access public capital.²

What are the financial details of the IPO?

The New Haven, Connecticut, based company sold approximately 15.1 million shares at $17 per share, compared with an initial plan to offer 13.35 million shares at a range of $14 to $16.¹ At the IPO price, Veradermics is valued at about $596 million based on outstanding shares disclosed in its regulatory filings.² The company’s shares are expected to begin trading on the New York Stock Exchange on February 4 under the ticker symbol “MANE,” with the offering slated to close a day later, subject to customary conditions.²

The transaction was led by Jefferies, Leerink Partners, Citigroup, and Cantor Fitzgerald as joint book-running managers. Veradermics has also granted underwriters a 30-day option to purchase up to an additional 2.26 million shares, which could further increase proceeds if fully exercised.

The capital raised is expected to support continued clinical development and operational expansion as Veradermics advances its lead candidate toward potential regulatory submission.¹ As with many late-stage biopharmaceutical companies, the firm is operating at a loss as it invests heavily in research and development.

Veradermics reported a net loss of $48.1 million for nine months ending September 30, compared with a net loss of $20.8 million during the same period a year earlier, reflecting increased spending tied to clinical activity and organizational growth.²

Investor interest in the offering was supported in part by indications from large institutional and strategic participants. Wellington Management disclosed interest in purchasing up to $30 million of shares at the IPO price, while Eli Lilly & Co. indicated it could acquire up to 4.9% of the company’s outstanding shares.² Such participation can provide validation for emerging biopharma companies, particularly those operating in competitive therapeutic categories.

Sources

1. Veradermics Announces Pricing of Upsized Initial Public Offering Veradermics February 3, 2026 https://www.businesswire.com/news/home/20260203127665/en/Veradermics-Announces-Pricing-of-Upsized-Initial-Public-Offering
2. Hair Loss Biopharma Firm Veradermics Raises $256 Million in IPO Bloomberg February 3, 2026 https://finance.yahoo.com/news/hair-loss-biopharma-firm-veradermics-031910770.html?guccounter=1&guce_referrer=aHR0cHM6Ly9zdGF0aWNzLnRlYW1zLmNkbi5vZmZpY2UubmV0Lw&guce_referrer_sig=AQAAAC7MtsAFFp39M0RBeJQquE0llmG3DJD17-xbmLdwWpS07u5U_1M9ItUypAkqQXpajUYmsq884MkM2B-l_HgEDNtZzyIjj729LrUzojbAHxyqqsatc7InlHG8ALG48UumKNwbIgIaouwzrveTHw01_BONJ458gmcXXqgdT7f5fhSF