MANE 10-K & 10-Q changes, risk factors and insider trading
Veradermics, Inc · NYSE · Pharmaceutical Preparations · CIK 1827635 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare (only one so far)..
What changed in the latest 10-Q
Risk Factors
Removed heading “A significant portion of our total outstanding shares are, as of the date of filing this Quarterly Report on Form 10-Q, 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.”
Largest changes
“A significant portion of our total outstanding shares are, as of the date of filing this Quarterly Report on Form 10-Q, 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.”see in full comparison
“Sales of a substantial number of shares of our common stock in the public market could occur at any time. These sales upon the expiration of the lock-up agreements entered into by holders of substantially all of our common stock outstanding immediately prior to our IPO, or the perception in the market that the holders of a large number of shares of common stock intend to sell shares, could reduce the market price of our common stock. As of May 7, 2026, we had 41,778,687 shares of common stock outstanding. …”see in full comparison
“Additionally, holders of an aggregate of approximately 23,594,826 shares of our common stock, excluding shares purchased by non-affiliates in or after the IPO, will have rights, subject to conditions, to require us to file registration statements covering their shares or to include their shares in registration statements that we may file for ourselves or other stockholders. We have registered all shares of common stock that we may issue under our equity compensation plans or that are issuable upon exercise of outstanding options. …”see in full comparison
We completed our IPO for gross proceeds of $294.8 million in the first quarter of 2026.see in full comparisonAsIn the second quarter ofMarch 31, 2026, we had $390.8 million in cash, cash equivalents and marketable securities. Subsequent to March 31,2026, we completed the Follow-On Public Offering and the Private Placement, from which we received gross proceeds of $472.0 million, before deducting underwriting fees and discounts, and placement agent fees and other expenses. As of June 30, 2026, we had $819.9 million in cash, cash equivalents and marketable securities. We expect our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements into 2030, based on our current operating plans. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our capital resources sooner than we expect. We expect to attempt to raise additional cash in advance of exhausting our available capital resources.
We have incurred, and will continue to incur, significant expenses related to the clinical development of VDPHL01 and our other current and any future product candidates and ongoing operations. Our net losses for thesee in full comparisonthreesix months endedMarchJune31,30, 2026 and 2025 were$27.2$50.7 million and$12.4$28.0 million, respectively. As ofMarchJune31,30, 2026, we had an accumulated deficit of$150.7$174.2 million. Substantially all of our operating losses have resulted from expenses incurred in connection with development of VDPHL01 and our other product candidates and from general and administrative costs associated with our operations. We expect to incur significant losses for the foreseeable future, and we expect these losses to increase as we advance VDPHL01 in our ongoing Phase 3 trials and, if results are positive, prepare for the commercialization of VDPHL01, if approved.
From time to time, we also may disclose interim data from our preclinical studies and clinical trials. Interim data from clinical trials are subject to the risk that one or more of the clinical outcomes may materially change as participant enrollment continues and more participant data become available or as participants from our clinical trials continue other treatments for their disease. For example, in April 2026, we reported topline data in male patients from Study ‘302’ and in July 2026, we announced positive topline results from Study ‘207’; however, these results may not ultimately be reproducible or durable.see in full comparison
Full comparison: every changed paragraph (10)
We have incurred, and will continue to incur, significant expenses related to the clinical development of VDPHL01 and our other current and any future product candidates and ongoing operations. Our net losses for the threesix months ended MarchJune 31,30, 2026 and 2025 were $27.2$50.7 million and $12.4$28.0 million, respectively. As of MarchJune 31,30, 2026, we had an accumulated deficit of $150.7$174.2 million. Substantially all of our operating losses have resulted from expenses incurred in connection with development of VDPHL01 and our other product candidates and from general and administrative costs associated with our operations. We expect to incur significant losses for the foreseeable future, and we expect these losses to increase as we advance VDPHL01 in our ongoing Phase 3 trials and, if results are positive, prepare for the commercialization of VDPHL01, if approved.
We completed our IPO for gross proceeds of $294.8 million in the first quarter of 2026. AsIn the second quarter of March 31, 2026, we had $390.8 million in cash, cash equivalents and marketable securities. Subsequent to March 31, 2026, we completed the Follow-On Public Offering and the Private Placement, from which we received gross proceeds of $472.0 million, before deducting underwriting fees and discounts, and placement agent fees and other expenses. As of June 30, 2026, we had $819.9 million in cash, cash equivalents and marketable securities. We expect our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements into 2030, based on our current operating plans. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our capital resources sooner than we expect. We expect to attempt to raise additional cash in advance of exhausting our available capital resources.
From time to time, we also may disclose interim data from our preclinical studies and clinical trials. Interim data from clinical trials are subject to the risk that one or more of the clinical outcomes may materially change as participant enrollment continues and more participant data become available or as participants from our clinical trials continue other treatments for their disease. For example, in April 2026, we reported topline data in male patients from Study ‘302’ and in July 2026, we announced positive topline results from Study ‘207’; however, these results may not ultimately be reproducible or durable.
As of MarchJune 31,30, 2026, we had 2437 full-time employees. We expect to experience significant growth in the number of our employees and the scope of our operations, particularly in the areas of regulatory affairs and sales, marketing and distribution, as well as to support our public company operations. Our ability to manage our operations and future growth will require us to continue to improve our operational, financial and management controls, reporting systems and procedures, and we may not be able to implement improvements in an efficient or timely manner or may discover deficiencies in existing systems and controls. Our management may need to devote a significant amount of our attention to managing these growth activities. Due to our limited financial resources and the limited experience of our management team in managing a company with such anticipated growth, we may not be able to effectively manage the expansion or relocation of our operations, retain key employees, or identify, recruit and train additional qualified personnel. Our inability to manage the expansion or relocation of our operations effectively may result in weaknesses in our infrastructure, give rise to operational mistakes, loss of business opportunities, loss of employees and reduced productivity among remaining employees. Our expected growth, in particular in connection with the potential commercial launch of VDPHL01, if approved, will also require significant capital expenditures and may divert financial resources from other product candidates or business initiatives. If we are unable to effectively manage our expected growth, our expenses may increase more than expected, our ability to generate revenues could be reduced and we may not be able to implement our business strategy, including the successful commercialization of VDPHL01 or any other current or future product candidates, which could adversely affect our business, financial condition, results of operations and prospects.
Since shares of our common stock were sold in our IPO in February 2026 at a price of $17.00 per share and through MayAugust 1,6, 2026, the per share price of our common stock has ranged from $17.00 to $114.50.$108.65. Some of the factors that may cause the market price of our common stock to fluctuate include:
A significant portion of our total outstanding shares are, as of the date of filing this Quarterly Report on Form 10-Q, 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.
Sales of a substantial number of shares of our common stock in the public market could occur at any time. These sales upon the expiration of the lock-up agreements entered into by holders of substantially all of our common stock outstanding immediately prior to our IPO, or the perception in the market that the holders of a large number of shares of common stock intend to sell shares, could reduce the market price of our common stock. As of May 7, 2026, we had 41,778,687 shares of common stock outstanding. Of these shares, 17,339,294 shares sold in our IPO and 4,420,358 shares sold in the Public Offering may be resold in the public market immediately, unless held by our affiliates. The remaining shares are currently restricted under securities laws or other agreements, subject in some cases to applicable volume limitations under Rule 144 beginning after the close of trading on August 2, 2026.
Additionally, holders of an aggregate of approximately 23,594,826 shares of our common stock, excluding shares purchased by non-affiliates in or after the IPO, will have rights, subject to conditions, to require us to file registration statements covering their shares or to include their shares in registration statements that we may file for ourselves or other stockholders. We have registered all shares of common stock that we may issue under our equity compensation plans or that are issuable upon exercise of outstanding options. These shares can be freely sold in the public market upon issuance and once vested, subject to volume limitations applicable to affiliates and the lock-up agreements entered into in connection with our IPO. If any of these additional shares are sold, or if it is perceived that they will be sold, in the public market, the market price of our common stock could decline.
Our directors, executive officers and greater than 5% stockholders and their affiliates, in the aggregate, beneficially own shares representing approximately 43%46% of our outstanding common stock as of MayAugust 7,6, 2026. As a result, these stockholders, if they act together, will be able to influence our management and affairs and all matters requiring stockholder approval, including the election of directors and approval of significant corporate transactions. The interests of these holders may not always coincide with our corporate interests or the interests of other stockholders, and they may act in a manner with which you may not agree or that may not be in the best interests of our other stockholders. This concentration of ownership may have the effect of delaying or preventing a change in control of our company and might affect the market price of our common stock.
As of MarchJune 31,30, 2026, we had federal and state NOL carryforwards of approximately $180.3 million. Federal NOL carryforwards generated in taxable years beginning after December 31, 2017, may be carried forward indefinitely but are permitted to be used in any taxable year to offset only up to 80% of taxable income in such taxable year, if any. It is uncertain if and to what extent various states will conform to federal law. There also may be periods during which the use of state NOL carryforwards is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed. Certain of the state NOL carryforwards will begin to expire in 2040.
Management's Discussion & Analysis (MD&A)
New heading “Study ‘207’ Data”
New heading “General and Administrative Expenses”
New heading “Total Other Income, Net”
New heading “Comparison of the six months ended June 30, 2026 and 2025”
New heading “Operating Expenses”
Removed heading “Research and Development Expenses”
Removed heading “Research and Development Expenses”
Removed heading “Research and Development Expenses”
Largest changes
“Among female participants who received either VDPHL01 4.5 mg once daily or VDPHL01 4.5 mg twice daily for 6 months, VDPHL01 demonstrated a potentially differentiated clinical profile defined by rapid onset of activity, consistent response across participants, and increases in hair count while being generally well tolerated with no treatment-related serious adverse events and no adverse events of special interest of cardiac origin. The most common adverse events were hypertrichosis and peripheral edema.”see in full comparison
Full comparison: every changed paragraph (46)
The following milestones have been achieved to date through the firstsecond quarter of 2026:
ncompletion of our underwritten public offering, or the Follow-On Public Offering, pursuant to which we issued and sold an aggregate of 4,420,358 shares of common stock at a public offering price of $100.00 per share, including 576,568 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares. We received aggregate net proceeds of $414.3 million after deducting underwriting discounts, commissions and offering expenses.
Subsequent to the first quarter of 2026, the following milestones have been achieved:
nIn May 2026, we completed our underwritten public offering, or the Follow-On Public Offering, of 4,420,358 shares of our common stock, par value $0.00001 per share, or Common Stock, at a public offering price of $100.00 per share, including 576,568 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares. The gross proceeds from the Follow-On Public Offering were approximately $442.0 million, before deducting underwriting fees and discounts. ConcurrentlynConcurrently with the Follow On Public Offering, on May 1, 2026, we closed a private placement, or the Private Placement, pursuant to a Securities Purchase Agreement, or the Purchase Agreement, dated April 29, 2026, among us and certain entities affiliated with Montanova Capital (formerly known as Suvretta Capital,Capital), or each, an Investor, and collectively, the Investors, in which we sold to the Investors pre-funded warrants, or the Pre-Funded Warrants, to purchase an aggregate of 300,000 shares of Common Stock, at an offering price of $99.99999 per Pre-Funded Warrant. TheWe grossreceived aggregate net proceeds of the$28.1 Privatemillion Placement were approximately $30.0 million, beforeafter deducting placement agent fees and other expenses.
Subsequent to the second quarter of 2026, the following milestones have been achieved:
ncompletion of enrollment in our registration-directed Phase 2/3 trial, Study ‘306’, of VDPHL01 in female patients with mild-to-moderate PHL. We expect to report topline data from this study in the first half of 2027.
Study ‘207’ Data
On July 15, 2026, we announced positive topline results from Study ‘207’ evaluating VDPHL01 in females with mild-to-moderate pattern hair loss. Study '207' is a multicenter Phase 2 open label study in adult 21 male and 28 adult female pattern hair loss patients to obtain proof of concept for the safety and efficacy of twelve months of treatment with VDPHL01 8.5 mg twice daily in male patients and VDPHL01 4.5 mg either once or twice daily in female patients with PHL.
Among female participants who received either VDPHL01 4.5 mg once daily or VDPHL01 4.5 mg twice daily for 6 months, VDPHL01 demonstrated a potentially differentiated clinical profile defined by rapid onset of activity, consistent response across participants, and increases in hair count while being generally well tolerated with no treatment-related serious adverse events and no adverse events of special interest of cardiac origin. The most common adverse events were hypertrichosis and peripheral edema.
In the study, VDPHL01 achieved consistent hair growth on the endpoint of non-vellus TAHC and patient reported outcome benefit of ‘improved’ or ‘much improved’ on the AAIRS at Month 6. Participants achieved an average increase in non-vellus hair count of 22.7 hairs/cm² and 23.3 hairs/cm² in once daily and twice daily VDPHL01 treatment arms, respectively. Additionally, 88.9% of participants in the once daily dose arm and 90.0% of participants in the twice daily dose arm achieved ‘improved’ or ‘much improved’ hair coverage on the AAIRS.
The consistency of clinically meaningful hair growth reported by participants was further supported by investigator perception of hair growth, with investigators grading 100% (once daily dosing arm) and 90% (twice daily dosing arm) of female participants as having ‘improved’ or ‘much improved’ hair coverage at Month 6. Fast onset of hair growth was also observed by investigators and patients as early as Month 2, the earliest measured time point measured in the trial, with 67.2% of participants graded by investigators as demonstrating improvement and 63.2% of participants reporting improvement in hair coverage at Month 2.
Additionally, the Company expects to release 12-month data from this 302 study and additional Phase 2 data in 2026.
Since our inception we have devoted substantially all of our time and efforts to performing research and development activities, raising capital and recruiting management and technical staff to support our operations. We have never obtained regulatory approval for, or commercialized, a pharmaceutical product. We currently generate no revenue from sales of any products, and we may never be able to develop or commercialize a marketable product. To date, we have financed our operations primarily with proceeds from the sales of our redeemable convertible preferred stock and proceeds from our IPO.public offerings.
We have incurred recurring net losses since inception, including net losses of $27.2$50.7 million and $12.4$28.0 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. We have incurred negative cash flows from operations of $21.2$35.7 million and $13.3$29.0 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. In addition, as of MarchJune 31,30, 2026, the Company had an accumulated deficit of $150.7$174.2 million. Substantially all of our operating losses have resulted from expenses incurred in connection with development of VDPHL01 and our other product candidates and from general and administrative costs associated with our operations. We expect to incur significant losses for the foreseeable future, as we advance VDPHL01 or any of our other current and future product candidates through clinical development, seek regulatory approval for such product candidates, maintain and expand our intellectual property portfolio, hire additional research and development and business personnel, conduct pre-commercial launch activities and infrastructure building, and operate as a public company.
Research and Development Expenses
General and administrative expenses consist primarily of salaries, benefits and stock-based compensation for our personnel in executive, legal, finance and accounting, commercial, and other administrative functions. General and administrative expenses also include legal fees relating to intellectual property and corporate matters, professional fees paid for accounting, auditing, tax and consulting services, pre-launch planning, insurance costs, travel expenses and direct facility costs not otherwise included in research and development expenses.
Comparison of the three months ended MarchJune 31,30, 2026 and 2025
Research and Development Expenses
Research and development expenses were $20.9$18.6 million for the three months ended MarchJune 31,30, 2026, compared to $11.4$14.3 million for the three months ended MarchJune 31,30, 2025. The increase of $9.5$4.3 million was primarily due to:
na $7.9$2.7 million increase in costs related to VDPHL01 primarily due to a $2.4$1.5 million increase in clinical trial expenses, including investigator fees, pass-through costs,marketing and programrecruitment management fees which resulted from expanded registration-directedcosts and confirmatory clinical trial activity in the first quarter of 2026 compared to the prior period, as well as a $1.7$1.2 million increase in clinicalcosts trialassociated recruitmentwith costs.medical educational activities. The increase in VDPHL01 costs also includeincludes additional medical education activities as compared to the prior year. The remainingan increase in VDPHL01professional fees supporting development activities. These increased costs iswere offset by a decrease in costs related to chemistry, manufacturing and controls activities, including costs associated with GMP manufacturing and clinical materials to support ongoing and planned clinical studiesstudies, and a slight decrease in clinical trial expenses, including investigator fees, pass-through costs, and program management fees; and na $1.2 million increase in personnel-related costs, including a $0.6 million increase in stock-based compensation expense, primarily due to an increase in the fair value of awards granted as well as an increase in research and development related headcount as compared to the same period in the prior year; and;year.
General and Administrative Expenses
General and administrative expenses were $10.9 million for the three months ended June 30, 2026, compared to $1.7 million for the three months ended June 30, 2025. The increase of $9.2 million was primarily due to:
na $2.6$3.9 million increase in payroll and personnel-related costs, including a $2.8 million increase in stock-based compensation expense,compensation, primarily due to expensean recognized on performance stock optionsincrease in the firstfair quartervalue of 2026awards granted as well as an increase in researchgeneral and developmentadministrative related headcount as compared to the same period in the prior year;
na $2.3 million increase in costs related to pre-commercial preparation activities for the potential launch of VDPHL01; and na $2.2 million increase in costs associated with operating as a public company, including professional fees, subsequent to our IPO.
Total Other Income, Net
Total other income, net, was $6.1 million for the three months ended June 30, 2026, compared to $0.4 million for the three months ended June 30, 2025. The increase of $5.6 million is primarily attributable to a $4.7 million increase in interest income on greater average cash and investment balances during the period.
Comparison of the six months ended June 30, 2026 and 2025
The following table summarizes our results of operations:
Operating Expenses
The following table summarizes our research and development costs for each of the periods presented:
Research and development expenses were $39.5 million for the six months ended June 30, 2026, compared to $25.8 million for the six months ended June 30, 2025. The increase of $13.8 million was primarily due to:
na $10.6 million increase in costs related to VDPHL01 primarily due to a $4.8 million increase in clinical trial marketing and recruitment costs and a $1.9 million increase in costs associated with medical educational activities. Clinical trial related expenses also increased from the expanded registration-directed and confirmatory clinical trial activity during the six months ended June 30, 2026 as compared to the prior period. The remaining increase in VDPHL01 costs is related to chemistry, manufacturing and controls activities, including costs associated with GMP manufacturing and clinical materials to support ongoing and planned clinical studies as compared to the prior year; and na $3.8 million increase in personnel-related costs, including a $2.5 million increase in stock-based compensation expense, primarily due to expense recognized on performance stock options in the first quarter of 2026, an increase in the fair value of awards granted, and an increase in research and development related headcount as compared to the same period in the prior year;
na decrease in costs related to VDMN and other program candidates and expenses of $1.0$0.7 million and $0.1 million respectively.million. These decreases were primarily attributable to the Company’s decision to pause activities related to these programs to focus efforts on VDPHL01, which resulted in decreases in chemistry, manufacturing, and control activities as well as clinical trial expenses for VDMN and other program candidates.
General and administrative expenses were $8.9$19.9 million for the threesix months ended MarchJune 31,30, 2026, compared to $1.5$3.2 million for the threesix months ended MarchJune 31,30, 2025. The increase of $7.5$16.7 million was primarily due to:
na $3.9$7.8 million increase in payroll and personnel-related costs, including a $6.0 million increase in stock-based compensation, as a result of expense recognized on performance stock options in the first quarter of 20262026, asan wellincrease asin the fair value of awards granted, and an increase in general and administrative related headcount;
na $2.3$4.6 million increase in commercial readiness costs related to pre-commercial preparation activities for the potential launch of VDPHL01; and na $0.8$3.2 million increase in other professional feescosts associated with preparations for becoming a public company and operating as a public companycompany, including professional fees, subsequent to our IPO.
Total other income, net, was $2.6$8.7 million for the threesix months ended MarchJune 31,30, 2026, compared to $0.5$0.9 million for the threesix months ended MarchJune 31,30, 2025. The increase of $2.1$7.7 million is primarily attributable to a $2.0$6.7 million increase in interest income on greater average cash and investment balances during the period.
Since our inception, we have funded our operations primarily through equity financings. Through MarchJune 31,30, 2026, we had received proceeds of approximately $263.2 million, net of issuance costs of $1.1 million, from the sale of our Series A, Series B and Series C redeemable convertible preferred stock and proceeds of approximately $269.1 million, net of issuance costs of $25.7 million, from our IPO. In May 2026, we completed the Public Offering and the Private Placement, from which we received gross proceeds of $472.0approximately $442.5 million net of issuance costs of $29.5 million. As of MarchJune 31,30, 2026, we had $390.8$819.9 million of cash, cash equivalents and marketable securities.
We completedbelieve our IPO in the first quarter of 2026, from which we received gross proceeds of $294.8 million. In May 2026, we completed the Public Offering and the Private Placement, from which we received gross proceeds of $472.0 million. The net proceeds from the IPO, the Public Offering and the Private Placement, together withthat our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements into 2030, based on our current operating plans. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our capital resources sooner than we expect.
Net cash used in operating activities was $21.2$35.7 million for the threesix months ended MarchJune 31,30, 2026 and primarily consisted of a net loss of $27.2$50.7 millionmillion, adjusted for non-cash items, including stock-based compensation expense of $5.3$8.8 million, non-cash research and development services of $0.6$1.3 million, and net accretion on discount/premium of debt securities of $0.1 million, as well as the change in our net working capital. The net loss for the period was primarily driven by research and development spend related to VDPHL01, employee-related payroll and benefits costs, and professional fees related to operating as a public company.
Net cash used in operating activities $13.3was $29.0 million for the threesix months ended MarchJune 31,30, 2025, and primarily consisted of a net loss of $12.4$28.0 million adjusted for non-cash items, including stock-based compensation expense of $0.2$0.3 million and non-cash research and development services of $0.4$0.8 million, as well as the change in our net working capital. The net loss for the period was primarily driven by research and development spend related to VDPHL01, employee-related payroll and benefits costs, and general and administrative professional fees.
Net cash used in investing activities was $101.3$378.6 million for the threesix months ended MarchJune 31,30, 2026 as compared to $15.8$24.1 million for the threesix months ended MarchJune 31,30, 2025. The increase was primarily driven by the purchase of investment securities partially offset by maturities of short-term investments during the period.
Net cash provided by financing activities was $269.1$711.8 million for the threesix months ended MarchJune 31,30, 2026 as compared to $8.4$8.6 million for the threesix months ended MarchJune 31,30, 2025. The increase was primarily attributable to proceeds of $269.1 million from our initial public offering,offering and $442.5 million from the follow-on offering and PIPE compared to proceeds of $8.4 million from the issuance of our Series B financing in the prior year.
In February 2025, we entered into an office lease agreement in New Haven, Connecticut for a total of 1,202 square feet. This lease agreement provided the option to move to a larger space within the building during the term of the lease agreement, which we chose to do in April 2026. The new leased space is 6,336 square feet and the revised lease agreement expires in April 2029, with an option to extend the lease for an additional two years after initial expiration. We believe our existing facilities are sufficient for our current needs. To meet the future needs of our business, we expect to lease additional or alternate office space, and we believe suitable additional or alternative space will be available in the future on commercially reasonable terms. Remaining lease payments from MarchJune 31,30, 2026 through the end of the lease term are approximately $0.6 million.
We enter contracts in the normal course of business with CROs and other third-party vendors for clinical trials and testing and manufacturing services. Most contracts do not contain minimum purchase commitments and are cancellable by us upon written notice. Payments that may be due upon cancellation consist of payments for services provided or expenses incurred. As of MarchJune 31,30, 2026 and December 31, 2025 there were no amounts accrued related to termination charges.
Research and Development Expenses
MANE insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 4 filings (4 insiders, 3 trade dates, 961,000 shares, about $103.1M; 2 of these filings say the sales were made under a Rule 10b5-1 trading plan). Net open-market shares: -961,000 (purchases minus sales); net value about -$103.1M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-01 | Hollander David |
Grant/award | 9,650 | — | — |
| 2026-08-20 | Averill Master Fund, Ltd. |
Option exercise | 151,000 | — | — |
| 2026-08-20 | Averill Master Fund, Ltd. |
Option exercise | 149,000 | — | — |
| 2026-08-19 | Averill Master Fund, Ltd. |
Open-market sale | 690,601 | $107.25 | $74.1M |
| 2026-08-19 | Averill Master Fund, Ltd. |
Open-market sale | 59,399 | $107.25 | $6.4M |
| 2026-08-17 | Durso Timothy August |
Open-market sale |
161 | $111.28 | $17.9K |
| 2026-08-17 | Durso Timothy August |
Option exercise |
3,452 | $12.19 | $42.1K |
| 2026-08-17 | Durso Timothy August |
Open-market sale |
7,918 | $106.71 | $844.9K |
| 2026-08-17 | Durso Timothy August |
Open-market sale |
16,306 | $107.52 | $1.8M |
| 2026-08-17 | Durso Timothy August |
Open-market sale |
16,767 | $108.38 | $1.8M |
| 2026-08-17 | Durso Timothy August |
Open-market sale |
2,348 | $109.34 | $256.7K |
| 2026-08-17 | Waldman Reid Alexander |
Option exercise |
3,452 | $12.19 | $42.1K |
| 2026-08-17 | Waldman Reid Alexander |
Open-market sale |
11,527 | $106.72 | $1.2M |
| 2026-08-17 | Waldman Reid Alexander |
Open-market sale |
25,234 | $107.53 | $2.7M |
| 2026-08-17 | Waldman Reid Alexander |
Open-market sale |
27,490 | $108.45 | $3.0M |
| 2026-08-17 | Waldman Reid Alexander |
Open-market sale |
3,000 | $109.38 | $328.1K |
| 2026-08-17 | Waldman Reid Alexander |
Open-market sale |
249 | $111.28 | $27.7K |
| 2026-08-12 | Childs John W |
Open-market sale | 15,000 | $106.14 | $1.6M |
| 2026-08-12 | Childs John W |
Open-market sale | 5,000 | $108.24 | $541.2K |
| 2026-08-12 | Childs John W |
Open-market sale | 80,000 | $107.23 | $8.6M |
Well-known investors holding MANE (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 1,877,775 | $230.9M | 0.13% | Added 3% |
| Viking Global Investors (Andreas Halvorsen) | 2026-06-30 | 1,561,494 | $192.0M | 0.55% | Reduced 8% |
| D. E. Shaw & Co. | 2026-06-30 | 1,013,643 | $124.6M | 0.08% | Added 655% |
| Renaissance Technologies | 2026-06-30 | 81,852 | $10.1M | 0.01% | New position |
| Millennium Management (Israel Englander) | 2026-06-30 | 50,008 | $6.1M | 0.0% | Reduced 59% |