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Veradermics, Inc

MANE · Health care (pharmaceutical preparations) · 3 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

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On the accounting screens, it passes 2 of 6 Piotroski tests and its Altman Z'' of -13.54 is in the distress zone; 2 of the six cross-checks between its statements fire.

Revenue, fiscal 2025 —  
Operating margin — gross margin —
Return on invested capital —  
Free cash flow after stock pay -73.1M  
Net debt ÷ EBITDA — net debt —
Piotroski F-score 2/6 tests of improvement passed

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
—
Return on assets
-45.9%
Asset turnover
—

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
16.66 current assets ÷ current liabilities
Cash conversion cycle
—

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

2of 6 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero failed
  • Profitability improvedReturn on assets higher than a year before passed
  • Profit backed by cashOperating cash flow above net income (low accruals) failed
  • Less long-term debtLong-term debt as a share of assets fell — not reported no data
  • More liquidCurrent ratio higher than a year before passed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before — not reported no data
  • Sells more per assetAsset turnover higher than a year before — not reported no data

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

-13.54distress zone
  • Working capital ÷ assets 0.94 × 6.56+6.16
  • Retained earnings ÷ assets -0.81 × 3.26-2.64
  • Operating income ÷ assets -0.47 × 6.72-3.19
  • Equity ÷ liabilities -13.22 × 1.05-13.88

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

The accounts lack too many of the lines it needs.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Reported profit comfortably exceeds the cash generated (-70M against -72M).

Benign

Growth consuming working capital, or the seasonality of the year-end.

Worrying

Profit held up by accounting entries that do not turn into money.

The effective tax rate is -0.0%.

Benign

A favourable geographic mix, or legitimate tax credits.

Worrying

Not sustainable; projecting it forward inflates the valuation.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

no revenue history: 3% assumed

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

no cash flow lines to measure it

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

effective rate in the last fiscal year, -0.0%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Quarterly 2026-08-11
Quarterly report
Results 2026-08-11
Reported results
Shares 2026-08-07
Registering new shares
Event 2026-07-15
Published information for investors; published other information
Quarterly 2026-05-12
Quarterly report
Results 2026-05-12
Reported results
Event 2026-05-01
Signed a material agreement; sold shares outside a registration
Shares 2026-04-27
Registering new shares
Estimatein 41d
Results for the period ending 2026-09-28

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 9 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$103.1M15 sale(s) by 4 insider(s)
Under pre-arranged plans67%of the sales followed a 10b5-1 plan set months earlier
Other lines51 awards · 4 option exercises · 0 tax withholdings
DateWhoWhatSharesPriceValueHolds after
1 Sep 2026 Hollander DavidChief R&D Officer Received as an award 9,650 — — 9,650
20 Aug 2026 Montanova Capital, LlcDirector Exercised options · indirect 149,000 — — 3.1M
20 Aug 2026 Montanova Capital, LlcDirector Exercised options · indirect 151,000 — — 612,033
19 Aug 2026 Montanova Capital, LlcDirector Sold on the open market · indirect 59,399 $107.25 $6.4M 461,033
19 Aug 2026 Montanova Capital, LlcDirector Sold on the open market · indirect 690,601 $107.25 $74.1M 3.0M
17 Aug 2026 Waldman Reid AlexanderChief Executive Officer Sold on the open market · pre-arranged plan 11,527 $106.72 $1.2M 226,797
17 Aug 2026 Waldman Reid AlexanderChief Executive Officer Sold on the open market · pre-arranged plan 25,234 $107.53 $2.7M 201,563
17 Aug 2026 Waldman Reid AlexanderChief Executive Officer Sold on the open market · pre-arranged plan 27,490 $108.45 $3.0M 174,073
17 Aug 2026 Waldman Reid AlexanderChief Executive Officer Sold on the open market · pre-arranged plan 3,000 $109.38 $328,140 171,073
17 Aug 2026 Waldman Reid AlexanderChief Executive Officer Sold on the open market · pre-arranged plan 249 $111.28 $27,709 170,824
17 Aug 2026 Durso Timothy AugustChief Technical Officer Sold on the open market · pre-arranged plan 161 $111.28 $17,916 78,142
17 Aug 2026 Durso Timothy AugustChief Technical Officer Exercised options 3,452 $12.19 $42,080 121,642
17 Aug 2026 Durso Timothy AugustChief Technical Officer Sold on the open market · pre-arranged plan 7,918 $106.71 $844,930 113,724
17 Aug 2026 Durso Timothy AugustChief Technical Officer Sold on the open market · pre-arranged plan 16,306 $107.52 $1.8M 97,418
17 Aug 2026 Durso Timothy AugustChief Technical Officer Sold on the open market · pre-arranged plan 16,767 $108.38 $1.8M 80,651
17 Aug 2026 Durso Timothy AugustChief Technical Officer Sold on the open market · pre-arranged plan 2,348 $109.34 $256,730 78,303
17 Aug 2026 Waldman Reid AlexanderChief Executive Officer Exercised options 3,452 $12.19 $42,080 238,324
12 Aug 2026 Childs John WDirector Sold on the open market · indirect 15,000 $106.14 $1.6M 279,117
12 Aug 2026 Childs John WDirector Sold on the open market · indirect 80,000 $107.23 $8.6M 199,117
12 Aug 2026 Childs John WDirector Sold on the open market · indirect 5,000 $108.24 $541,200 194,117

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
Viking Global 30 Jun 2026 1.6M $192.0M 0.5% Reduced
Maverick Capital 30 Jun 2026 789,980 $97.1M 0.9% New

All the funds and what they reported ›

Companies like this one

Same SEC industry (pharmaceutical preparations) first, then the rest of health care.

LLY ELI Lilly & CoJNJ Johnson & JohnsonABBV AbbVie Inc.MRK Merck & Co., Inc.ABT Abbott LaboratoriesPFE Pfizer IncVRTX Vertex Pharmaceuticals Inc / MABMY Bristol Myers Squibb Co

Every figure, year by year

3 fiscal years · 30 measures
202320242025
Size
Revenue———
Revenue growth———
Operating income—-26.8M-72.3M
Net income—-26.5M-70.0M
Margins
Gross margin———
Operating margin———
Net margin———
Free cash flow margin———
R&D ÷ revenue———
SG&A ÷ revenue———
Cash
Free cash flow—-23.7M-71.6M
Stock-based pay—250,0001.4M
Free cash flow after stock pay—-23.9M-73.1M
Free cash flow to the firm———
Free cash flow ÷ net income—0.9×1.0×
Capex ÷ revenue———
Returns
Return on invested capital———
Return on equity———
Return on assets—-47.7%-45.9%
Asset turnover———
Economic profit———
Per share
Earnings per share—$-35.94$-93.95
Free cash flow per share—$-32.14$-96.14
Dividend per share———
Payout ratio———
Book value per share—$-65.79$-161.40
Diluted shares—736,933744,991
Balance sheet
Net debt———
Net debt ÷ EBITDA———
Interest coverage—-45.8×—
Current ratio—11.8×16.7×
Cash conversion cycle (days)———
Scores
Piotroski F-score—12
Altman Z''—-10.92-13.54
Beneish M———

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.