Signal Note — MANE (Veradermics, Inc.)

Deep Track Capital initiated a new $31.6M position (500K shares) in Veradermics, a meaningful opening stake from a $5B+ life sciences specialist with a strong track record in dermatology-adjacent bets. The core catalyst is a Phase 3 readout for VDPHL01 in Androgenetic Alopecia (male pattern baldness) expected February 2026, with additional Phase 3 and Phase 2 data points staggered through mid-2027, creating a multi-year catalyst ladder.

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Short Interest

Short Shares

2.49M

Change

+21.6%

Days to Cover

5.5

% of Float

9.2%

Settlement

Jun 15, 2026

Short interest over 7 periods

Catalysts

Phase 2Q1 2025VDMN-21 Patch Low DoseVerruca Vulgaris, Warts, Common WartNCT05799157

Phase 3Q1 2026VDPHL01Androgenetic Alopecia, AGA, Male Pattern BaldnessNCT06724614

Phase 2Q3 2026VDPHL01Androgenetic Alopecia, AGA, Male Pattern BaldnessNCT06527365

Phase 3Q4 2026VDPHL01Androgenetic Alopecia, AGA, Male Pattern BaldnessNCT06972264

Phase 3Q2 2027VDPHL01 QDAndrogenetic Alopecia (AGA), Androgenetic Alopecia, AGANCT07146022

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Position Details

Deep Track CapitalNEW POSITIONMay 15, 2026

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PHGE1 fund ACAD1 fund AHCO1 fund ALEC1 fund ALNY1 fund ANNX1 fund ARWR1 fund SPRY1 fund

Research Links

Yahoo Finance →SEC EDGAR →ClinicalTrials.gov →

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