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Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted (“U.S. GAAP”) in the United States. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs promulgated by the Financial Accounting Standards Board (“FASB”). In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position and the results of its operations for the interim periods presented. On January 27, 2026, the Company effected a 1-for-10.067 reverse stock split of the Company’s issued and outstanding common stock and adjusted the conversion ratio of the Company’s outstanding convertible preferred stock. Accordingly, all share and per share amounts for all common stock in the periods presented have been retroactively adjusted, where applicable, to reflect the reverse stock split and the adjustment of the preferred stock conversion ratios. Principles of Consolidation The accompanying financial statements include the accounts of the Company and the Company’s subsidiary, which the Company controls. Accordingly, all intercompany balances and transactions between these entities have been eliminated within the financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: valuation of prepaid and accrued expenses related to certain research and development contracts, and share-based compensation expense which includes estimating the fair value of its common stock. Significant accounting policies The significant accounting policies used in preparation of these condensed consolidated financial statements are consistent with those discussed in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements for the year ended December 31, 2025 included in the Company’s 2025 annual report on Form 10-K (the “Annual Report”), except for the following: Stock-Based Compensation Expense Prior to the IPO, the Company did not meet the criteria to apply the simplified method for determining the expected term of stock option grants under the Black-Scholes option pricing model. Following the completion of its IPO in the first quarter of 2026, the Company elected to adopt the simplified method for stock option grants issued subsequent to the IPO. Under this method, the expected term is calculated as the midpoint between the vesting term and the contractual term of the award. Recent Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, (“ASU 2024-03”). ASU 2024-03 requires disclosure of additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with prospective or retrospective application and early adoption permitted. The Company is currently evaluating the impact ASU 2024-03 will have on its financial statements.

Nature of the Business	3 Months Ended
Nature of the Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Nature of the Business Veradermics, Incorporated and its wholly-owned subsidiary (collectively, the “Company” or “Veradermics”) is a dermatologist-founded, late clinical-stage biopharmaceutical company focused on developing innovative therapeutics to address pervasive treatment challenges in highly prevalent aesthetic and dermatological conditions. The Company’s initial focus is developing better treatments for pattern hair loss, or PHL, a condition affecting approximately 50 million men and approximately 30 million women in the United States. Beyond VDPHL01, the Company has created a portfolio utilizing its real-world experience as dermatologists to generate compelling pipeline assets, including VDMN for the treatment of common warts, VDAA for the treatment of alopecia areata, and VDMC for the treatment of molluscum contagiosum. Veradermics began its operations in 2019 as a company incorporated under the laws of the State of Texas. Effective on September 14, 2021, the Company was converted into a company incorporated under the laws of the State of Delaware. The Company is headquartered in New Haven, Connecticut. On February 5, 2026, the Company completed its initial public offering (“IPO”) of 17,339,294 shares of common stock at a public offering price of $17.00 per share, including 2,261,647 shares issued upon the exercise in full of the underwriters’ over-allotment option to purchase additional shares. The Company raised gross proceeds of approximately $294.8 million and net proceeds of approximately $269.1 million after deducting underwriting discounts, commissions, and offering expenses. Upon completion of the IPO, all outstanding shares of convertible preferred stock automatically converted into 19,250,410 shares of common stock. The Company’s common stock is listed on the New York Stock Exchange under the ticker symbol “MANE.” In May 2026, the Company completed its underwritten public offering (the “Follow-On Public Offering”) of 4,420,358 shares of the Company’s common stock, par value $0.00001 per share (the “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. In May 2026, the Company closed a private placement (the “Private Placement”) pursuant to a Securities Purchase Agreement (the “Purchase Agreement”), dated April 29, 2026, among the Company and certain entities affiliated with Suvretta Capital (each, an “Investor” and collectively, the “Investors”), in which the Company sold to the Investors pre-funded warrants (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. The gross proceeds of the Private Placement were approximately $30.0 million, before deducting placement agent fees and other expenses. The exercise price of each Pre-Funded Warrant equals $0.00001 per underlying share of Common Stock. The exercise price and the number of shares of Common Stock issuable upon exercise of each Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends, stock splits, stock combinations, or similar events affecting the Common Stock. The Pre-Funded Warrants are exercisable in cash or by means of a cashless exercise and will not expire until the date the Pre-Funded Warrants are fully exercised. The Pre-Funded Warrants may not be exercised if the aggregate number of shares of Common Stock beneficially owned by the holder thereof (together with its affiliates) immediately following such exercise would exceed 9.99% of the Company’s Common Stock; provided, however, that a holder may increase or decrease the beneficial ownership limitation by giving written notice to the Company, but not to any percentage in excess of 19.99% and any such increase will not be effective until the 61st day after such notice is delivered to the Company. Liquidity and Ability to Continue as a Going Concern The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company has incurred recurring losses since its inception, including net losses of $27.2 million and $12.4 million for the three months ended March 31, 2026 and 2025, as well as incurred negative cash flows from operations of $21.2 million and $13.3 million, respectively. In addition, as of March 31, 2026, the Company had an accumulated deficit of $150.7 million. The Company expects to continue to generate operating losses for the foreseeable future. Through March 31, 2026, the Company has financed its operations primarily from the sale of equity securities. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional capital to fund its operations. The Company completed its IPO in the first quarter of 2026, from which it received gross proceeds of $294.8 million. In May 2026, the Company completed the Follow-On Public Offering and the Private Placement, from which it received gross proceeds of $472.0 million, before deducting underwriting discounts, placement agent fees and other expenses. The net proceeds from the IPO, the Follow-On Public Offering and the Private Placement, together with existing cash on hand, will enable the Company to meet its obligations for at least the twelve-month period from the date the financial statements are available to be issued. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the pharmaceutical industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and those specific to the pharmaceutical industry such as the U.S. Food and Drug Administration (“FDA”), and the ability to secure additional capital to fund operations. Products currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance and reporting capabilities. The Company’s future clinical trials require significant compliance and monitoring by government agencies and there can be no assurances that such agencies will approve procedures followed in the Company’s trials. Another likely scenario is that such agencies would require additional procedures to be performed which would push out commercialization timing. Further, even if the Company's product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. If the Company’s product development efforts are successful, they are subject to significant risks and uncertainties related to product commercialization and launch, including being unable to secure additional funding to make support to Company’s commercial launch efforts. Additionally, the Company’s potential product would compete in the market of medical dermatology. The industry is subject to technology advancements as well as being affected by political conditions which could impact the market’s reimbursement and regulatory policy, and by economic conditions surrounding availability and affordability of health insurance and access to health services. The pharmaceutical industry is heavily regulated by the need for approval in order to sell a product, to reimbursement policy for use of the product, and how companies can and cannot interact and sell to physicians or hospitals.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) to grant option awards to its officers, directors and employees as compensation for their services to the Company. In the fourth quarter of 2025, the Board approved increases to the aggregate shares of common stock available for issuance under the 2021 Plan from 771,832 shares to 4,411,143 shares.

Stock option awards under the 2021 Plan were to be issued at an exercise price of not less than 100% of the fair market value of the voting common stock at the date of the grant. The 2021 Plan was administered by the Board, which had the authority to grant awards, interpret the plan and related agreements, establish rules and regulations, and make all other determinations necessary for its administration. The Board could delegate these powers to a committee. Stock option awards granted under the 2021 Plan generally vest over 36 or 48 months, with 33.3% or 25% vesting one year after the grant date and the remainder vesting in equal monthly installments over the following 24 or 36 months, respectively.

In connection with the IPO in the first quarter of 2026, the Board adopted, and the stockholders approved, the 2026 Plan, which superseded the 2021 Plan. The 2026 Plan had an initial share pool of 4,032,751 shares available to be granted. Additionally, in connection with the IPO, the Board adopted, and the stockholders approved, the 2026 ESPP with an initial share pool of 316,668 shares available to be granted.

During the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense of $5.3 million and $0.2 million, respectively. Stock-based compensation expense for the three months ended March 31, 2026 and 2025 was allocated as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Research and development	$	1,974	$	120
General and administrative	3,285		93
	$	5,259	$	213

Stock option awards grants in 2025 included 543,635 performance-based stock option awards with both a market condition and a performance condition made in the fourth quarter of 2025. The performance-based stock option awards were earned based upon achievement of specified corporate milestones, including a performance condition related to the completion of the Company’s initial public offering and a market condition related to attainment of certain post-IPO market capitalization levels. The weighted average grant date fair value of awards subject to both a market condition and a performance condition was $5.13. The Company achieved these milestones in the first quarter of 2026, resulting in the full vesting of the awards and recognition of $2.8 million in stock-based compensation in the first quarter of 2026.

In connection with the IPO in the first quarter of 2026, stock option awards to purchase an aggregate of 1,705,791 shares of Common Stock with time-based vesting conditions were granted to employees and members of the Company’s Board with a weighted average grant date fair value of $12.58.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the three months ended March 31, 2026 and 2025 was allocated as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Research and development	$	1,974	$	120
General and administrative	3,285		93
	$	5,259	$	213

Prepaid Expenses, Other Current Assets, and Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Professional fees	$ 3,024	$ 4,338
Research and development	2,019	702
Bonus	563	1,939
Accrued expenses	$ 5,606	$ 6,979

Related Party Transaction (Details) - USD ($) $ in Millions	3 Months Ended
Related Party Transaction (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Related Party Transactions [Abstract]
Payments to related party (less than for 2025)	$ 0.2	$ 0.1

Stockholders’ Equity – Common and Preferred Stock - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Feb. 05, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2026 vote $ / shares shares	Dec. 22, 2025 $ / shares shares	Sep. 30, 2025	Nov. 22, 2024 shares	Apr. 13, 2023 shares	Apr. 12, 2023 shares
Class of Stock [Line Items]
Common stock, authorized (in shares)	200,000,000.0	267,466,797	267,466,797	200,000,000	267,466,797		98,774,582	25,500,000	18,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, outstanding (in shares)		749,760	749,760	37,340,290
Preferred stock, authorized (in shares)	25,000,000.0	0	0	25,000,000
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, issued (in shares)		749,760	749,760	37,340,290
Number of votes per share of common stock \| vote				1
Preferred stock, automatic conversion, conversion price multiplier		1.2	1.2
Preferred stock, automatic conversion, minimum public common stock offering proceeds \| $		$ 100.0	$ 100.0
Cumulative undeclared dividends extinguished \| $	$ 17.0
Modification of preferred stock \| $		$ 4.2
2026 Equity Incentive Plan
Class of Stock [Line Items]
Common stock, reserved for granting of stock-based compensation (in shares)				2,269,048
2026 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock, reserved for granting of stock-based compensation (in shares)				316,668
Voting common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)					253,400,000
Non-voting common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)					14,100,000
Common stock, outstanding (in shares)		0	0
Series A preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate			8.00%
Series A-1 preferred stock
Class of Stock [Line Items]
Preferred stock, conversion price (in usd per share) \| $ / shares		$ 28.963	$ 28.963
Series A-2 preferred stock
Class of Stock [Line Items]
Preferred stock, conversion price (in usd per share) \| $ / shares		21.7226	21.7226
Series A-3 preferred stock
Class of Stock [Line Items]
Preferred stock, conversion price (in usd per share) \| $ / shares		28.963	28.963
Series A-4 preferred stock
Class of Stock [Line Items]
Preferred stock, conversion price (in usd per share) \| $ / shares		30.4104	30.4104
Series B preferred stock
Class of Stock [Line Items]
Preferred stock, conversion price (in usd per share) \| $ / shares		$ 12.1297	$ 12.1297
Preferred stock, dividend rate			12.00%
Preferred stock, liquidation preference, original issuance price multiplier		1	1			2
Series C preferred stock
Class of Stock [Line Items]
Preferred stock, conversion price (in usd per share) \| $ / shares		$ 12.8082	$ 12.8082
Preferred stock, dividend rate			12.00%
Common Stock
Class of Stock [Line Items]
Stock issued for conversion (in shares)	19,250,410

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,259	$ 213
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,974	120
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,285	$ 93

Net Loss Per Common Share - Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (27,232)	$ (12,400)
Net loss attributable to common stock, basic	(30,011)	(14,582)
Net loss attributable to common stock, diluted	$ (30,011)	$ (14,582)
Weighted-average number of shares of common stock outstanding, basic (in shares)	22,704,124	736,933
Weighted-average number of shares of common stock outstanding, diluted (in shares)	22,704,124	736,933
Net loss per common share, basic (in usd per share)	$ (1.32)	$ (19.79)
Net loss per common share, diluted (in usd per share)	$ (1.32)	$ (19.79)
Series B preferred stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Less: Cumulative dividends on preferred stock	$ 988	$ 2,182
Series C preferred stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Less: Cumulative dividends on preferred stock	$ 1,791	$ 0

Stockholders’ Equity – Common and Preferred Stock - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	4 Months Ended
	Apr. 30, 2023	Sep. 30, 2021	Nov. 30, 2025	Feb. 28, 2025	Mar. 31, 2026	Dec. 31, 2025
Series A-1
Temporary Equity [Line Items]
Shares Sold (in shares)		6,515,849
Par Value (in usd per share)		$ 0.00001
Sales Price/Share (in usd per share)		$ 2.8770
Total Proceeds		$ 18,700
Liquidation Preference						$ 18,700
Series A-2
Temporary Equity [Line Items]
Shares Sold (in shares)		680,479
Par Value (in usd per share)		$ 0.00001
Sales Price/Share (in usd per share)		$ 2.1578
Total Proceeds		$ 1,500
Liquidation Preference						1,500
Series A-3
Temporary Equity [Line Items]
Shares Sold (in shares)		703,475
Par Value (in usd per share)		$ 0.00001
Sales Price/Share (in usd per share)		$ 2.8770
Total Proceeds		$ 2,000
Liquidation Preference						2,000
Series A-4
Temporary Equity [Line Items]
Shares Sold (in shares)	4,965,572
Par Value (in usd per share)	$ 0.00001
Sales Price/Share (in usd per share)	$ 3.0208
Total Proceeds	$ 15,000
Liquidation Preference						$ 15,000
Series B
Temporary Equity [Line Items]
Shares Sold (in shares)				62,245,805
Par Value (in usd per share)				$ 0.00001	$ 0.00001	$ 0.00001
Sales Price/Share (in usd per share)				$ 1.2049
Total Proceeds				$ 75,000
Liquidation Preference						$ 85,376
Series C
Temporary Equity [Line Items]
Shares Sold (in shares)			118,682,683
Par Value (in usd per share)			$ 0.00001		$ 0.00001	$ 0.00001
Sales Price/Share (in usd per share)			$ 1.2723
Total Proceeds			$ 151,000
Liquidation Preference						$ 154,815

Prepaid Expenses, Other Current Assets, and Accrued Expenses

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Prepaid Expenses, Other Current Assets, and Accrued Expenses

Prepaid expenses and other current assets consist of the following:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Prepaid research and development	$	3,260	$	5,609
Tax credit receivable	1,213		1,255
Prepaid insurance	759		31
Deferred IPO costs	—		3,387
Interest receivable on cash equivalents	438		43
Other	602		307
	$	6,272	$	10,632

Accrued expenses consists of the following:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Professional fees	$	3,024	$	4,338
Research and development	2,019		702
Bonus	563		1,939
	$	5,606	$	6,979

Marketable Securities - By Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Marketable securities	$ 167,223	$ 20,203
Marketable securities
Debt Securities, Available-for-Sale [Line Items]
Marketable securities	$ 222,385	$ 120,097

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Commitments and Contingencies (Details) - Collaborative Arrangement $ in Millions	Jul. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License agreement, maximum development and regulatory milestone payments	$ 3.3
License agreement, maximum commercial and sales milestone payments	$ 16.0

Prepaid Expenses, Other Current Assets, and Accrued Expenses - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid research and development	$ 3,260	$ 5,609
Tax credit receivable	1,213	1,255
Prepaid insurance	759	31
Deferred IPO costs	0	3,387
Interest receivable on cash equivalents	438	43
Other	602	307
Prepaid expenses and other current assets	$ 6,272	$ 10,632

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share was calculated as follows:


	Three Months Ended March 31,
(in thousands except for share and per share amounts)	2026		2025
Net loss	$	(27,232)	$	(12,400)
Less: Cumulative dividends on Series B preferred stock	988		2,182
Less: Cumulative dividends on Series C preferred stock	1,791		—
Net loss attributable to common stock	(30,011)		(14,582)
Weighted-average number of shares of common stock outstanding, basic and diluted	22,704,124		736,933
Net loss per common share, basic and diluted	$	(1.32)	$	(19.79)

Schedule of Antidilutive Shares

The Company reported net losses for each of the three months ended March 31, 2026 and 2025 and therefore excluded all options and convertible preferred stock from the computation of diluted net loss per common share as their inclusion would have had an antidilutive effect, as summarized below:


	Three Months Ended March 31,
	2026	2025
Stock options	5,476,081	720,560
Convertible preferred stock	—	7,461,125
Total potentially dilutive shares	5,476,081	8,181,685

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price, percentage of fair market value at grant date, minimum	100.00%
Stock-based compensation expense	$ 5,259		$ 213
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available to be granted (in shares)		4,411,143		771,832
2026 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available to be granted (in shares)	4,032,751
2026 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available to be granted (in shares)	316,668
Performance-based stock option awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,800
Options granted (in shares)		543,635
Options granted, weighted average grant-date fair value (in usd per share)		$ 5.13
Time-based stock option awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)	1,705,791
Options granted, weighted average grant-date fair value (in usd per share)	$ 12.58
Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	1 year
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	36 months
Vesting percentage	25.00%
Minimum \| Tranche two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	24 months
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	48 months
Vesting percentage	33.30%
Maximum \| Tranche two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	36 months

Related Party Transaction	3 Months Ended
Related Party Transaction	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transaction	Related Party Transaction Agreements with Green Line Talent Group LLC In December 2024, the Company entered into certain talent search agreements with Green Line Talent Group LLC, or Green Line, a related party in accordance with ASC 850, Related Party Disclosures, pursuant to which the Company retained Green Line on an exclusive basis to provide end-to-end recruitment services for various roles. The agreements are considered related party transactions as a Partner at Green Line is the spouse of the Company’s Chief Financial Officer. During the three months ended March 31, 2026 and 2025, the Company paid Green Line $0.2 million and less than $0.1 million, respectively, pursuant to the talent search agreements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Segments (Details) $ in Thousands	3 Months Ended
Segments (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Segment Reporting Information [Line Items]
Research and development expense	$ 20,925	$ 11,447
Net loss	(27,232)	(12,400)
Interest income	2,481	482
Investment accretion	73	13
Reportable Segment
Segment Reporting Information [Line Items]
General and administrative, excluding personnel expenses	4,608	1,050
General and administrative, personnel expenses (including share-based compensation)	4,329	418
Other segment items	(2,630)	(515)
Net loss	(27,232)	(12,400)
Interest income	2,500	500
Investment accretion	100
Reportable Segment \| VDPHL01
Segment Reporting Information [Line Items]
Research and development expense	17,188	9,278
Reportable Segment \| VDMN
Segment Reporting Information [Line Items]
Research and development expense	149	1,118
Reportable Segment \| VDMC
Segment Reporting Information [Line Items]
Research and development expense	26	7
Reportable Segment \| VDAA
Segment Reporting Information [Line Items]
Research and development expense	1	1
Reportable Segment \| Other program candidates and expenses
Segment Reporting Information [Line Items]
Research and development expense	0	80
Reportable Segment \| Personnel expenses (including share-based compensation)
Segment Reporting Information [Line Items]
Research and development expense	3,476	879
Reportable Segment \| Other expenses
Segment Reporting Information [Line Items]
Research and development expense	$ 85	$ 84

Development and Manufacturing Agreement and Master Service Agreement	3 Months Ended
	Mar. 31, 2026
Research and Development [Abstract]
Development and Manufacturing Agreement and Master Service Agreement	Development and Manufacturing Agreement and Master Service Agreement Master Service Agreement In September 2020, the Company entered into a Master Service Agreement (the “MSA”). The MSA provides the terms and conditions upon which the Company may engage for the purpose of managing the preclinical and clinical development of its products in the field of dermatology, and other related services or projects, by executing work orders specifying the details of the service and the related terms and conditions. The MSA automatically renews for additional 1-year terms until the MSA is terminated upon written notice. Either party may terminate a work order for material breach (subject to a cure period) and the Company may terminate any work order for any reason on 90 days’ written notice, subject to payment of fees earned and expenses payable, in addition to a termination fee equal to a low-double-digit percentage of the remaining work order budget. As of March 31, 2026, there are no outstanding work order cancellation fees. During the three months ended March 31, 2026 and 2025, the Company recognized research and development expense of $10.5 million and $8.6 million, respectively, in connection with the MSA. As of March 31, 2026 and December 31, 2025, the Company has deposits with the counterparty of $1.9 million and $4.1 million, respectively, which is included in prepaid expenses on its condensed consolidated balance sheets. Collaboration Agreement In September 2020, the Company entered into a Collaboration Agreement, pursuant to which the counterparty serves as the exclusive provider of certain clinical trial management, regulatory, and related CRO services through completion of Work Order Number One of the MSA noted herein. In connection with the agreement, the Company issued the counterparty an unsecured convertible promissory note with a principal amount of approximately $0.5 million, which was converted into 238,008 shares of Series A-2 Preferred Stock in September 2021. The agreement may be terminated by the Company upon payment of a mid-six-figure liquidated damages amount, subject to reduction based on completed in-human clinical studies. As of March 31, 2026, there are no outstanding termination fees.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-43097
Registrant Name	Veradermics, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3304423
Entity Address, Address Line One	470 James St.
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06513
City Area Code	228
Local Phone Number	372 3376
Title of 12(b) Security	Common stock, par value $0.00001 per share
Trading Symbol	MANE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,778,687
Central Index Key	0001827635
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Amendment Flag	false

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During our fiscal quarter ended March 31, 2026, certain of our directors or “officers,” (as defined in Rule 16a-1(f) under the Exchange Act) entered into a contract, instruction or written plan for the purchase or sale of our securities that is intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information. We refer to these contracts, instructions, and written plans as “Rule 10b5-1 trading plans” and each one as a “Rule 10b5-1 trading plan.”

We describe the material terms of these Rule 10b5-1 trading plans in the table below.

Rule 10b5-1 Trading Plans

Director/Officer

Action and Date of Action

Commencement of Trading Period

Scheduled Termination of Trading Period (1)

Security Covered

Maximum Number of Securities to be Purchased or Sold Pursuant to the Rule 10b5-1 Trading Plan (2)

Covers Purchase or Sale

Reid Waldman

Adoption 03/05/2026

08/17/2026

08/18/2027

Common Stock

135,000

Sale

Timothy Durso

Adoption 03/05/2026

08/17/2026

08/18/2027

Common Stock

87,000

Sale

(1)The plan is subject to earlier termination under certain circumstances specified in the plan, including upon the sale or purchase (as applicable) of all shares subject to the plan and upon either party to a plan giving notice of termination within the time prescribed under the plan.

(2)Subject to adjustments for stock splits, stock combinations, stock dividends and other similar changes to our common stock.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Reid Waldman [Member]

Trading Arrangements, by Individual

Name

Reid Waldman

Title

Director/Officer

Rule 10b5-1 Arrangement Adopted

true

03/05/2026

08/18/2027

366 days

135,000

Timothy Durso [Member]

Trading Arrangements, by Individual

Name

Timothy Durso

Title

Director/Officer

Rule 10b5-1 Arrangement Adopted

true

03/05/2026

08/18/2027

366 days

87,000

Stockholders’ Equity – Common and Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Preferred Stock Outstanding

Preferred stock outstanding as of December 31, 2025 consisted of the following:


Preferred Series Shares	Date Sold	Shares Sold	Par Value		Sales Price/Share		Total Proceeds (in millions)		Liquidation Preference as of December 31, 2025 (in millions)
Series A-1	September 2021	6,515,849	$	0.00001	$	2.8770	$	18.7	$	18.7
Series A-2	September 2021	680,479	0.00001		2.1578		1.5		1.5
Series A-3	September 2021	703,475	0.00001		2.8770		2.0		2.0
Series A-4	April 2023	4,965,572	0.00001		3.0208		15.0		15.0
Series B	November 2024 - February 2025	62,245,805	0.00001		1.2049		75.0		85.4
Series C	October 2025 - November 2025	118,682,683	0.00001		1.2723		151.0		154.8

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Development and Manufacturing Agreement and Master Service Agreement (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Temporary Equity [Line Items]
Research and development expense			$ 20,925	$ 11,447
Prepaid research and development			3,260		$ 5,609
Collaborative Arrangement
Temporary Equity [Line Items]
Master Service Agreement, automatic renewal term		1 year
Master Service Agreement, cancellation notice period		90 days
Research and development expense			10,500	$ 8,600
Prepaid research and development			$ 1,900		$ 4,100
Convertible notes payable \| Collaborative Arrangement
Temporary Equity [Line Items]
Notes face amount		$ 500
Series A-2 preferred stock \| Convertible notes payable \| Collaborative Arrangement
Temporary Equity [Line Items]
Stock issued for debt conversion (in shares)	238,008

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted (“U.S. GAAP”) in the United States. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs promulgated by the Financial Accounting Standards Board (“FASB”).
Principles of Consolidation	Principles of Consolidation The accompanying financial statements include the accounts of the Company and the Company’s subsidiary, which the Company controls. Accordingly, all intercompany balances and transactions between these entities have been eliminated within the financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: valuation of prepaid and accrued expenses related to certain research and development contracts, and share-based compensation expense which includes estimating the fair value of its common stock.
Stock-Based Compensation Expense	Stock-Based Compensation Expense Prior to the IPO, the Company did not meet the criteria to apply the simplified method for determining the expected term of stock option grants under the Black-Scholes option pricing model. Following the completion of its IPO in the first quarter of 2026, the Company elected to adopt the simplified method for stock option grants issued subsequent to the IPO. Under this method, the expected term is calculated as the midpoint between the vesting term and the contractual term of the award.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, (“ASU 2024-03”). ASU 2024-03 requires disclosure of additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with prospective or retrospective application and early adoption permitted. The Company is currently evaluating the impact ASU 2024-03 will have on its financial statements.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Marketable Securities - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 390,131	$ 140,240
Money market funds \| Level 1
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	17,298	12,204
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	17,298	12,204
U.S. treasury securities \| Level 1
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	334,695	78,268
Gross Unrealized Gains	1	46
Gross Unrealized Losses	(458)	0
Fair Value	334,238	78,314
U.S. government agency securities \| Level 2
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	38,138	49,767
Gross Unrealized Gains	0	15
Gross Unrealized Losses	(66)	(1)
Fair Value	$ 38,072	$ 49,781

Stockholders’ Equity – Common and Preferred Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders’ Equity – Common and Preferred Stock

Common Stock

On December 22, 2025, the Company amended its certificate of incorporation, whereby the Company increased shares of common stock it was authorized to issue to 267.5 million shares of common stock, par value $0.00001 per share, of which 253.4 million were designated as voting common stock and 14.1 million were designated as non-voting common stock. Each share of non-voting common stock was convertible, at the option of the holder thereof, at any time, and without the payment of additional consideration by the holder thereof, into one fully paid and nonassessable share of voting common stock. The Company had no outstanding shares of non-voting common stock as of December 31, 2025. Upon the consummation of the IPO, the Company restated its certificate of incorporation, and as of February 5, 2026, the Company was authorized to issue 200.0 million shares of common stock, par value $0.00001 per share, of which no shares were designated as non-voting common stock and 25.0 million shares of preferred stock, par value $0.00001 per share. The voting, dividend and liquidation rights of the holders of the common stock are subject to and qualified by the rights, power, and preferences of the preferred stockholders.

As of March 31, 2026 and December 31, 2025, a total of 37,340,290 and 749,760 shares of common stock were issued and outstanding, respectively. An aggregate of 2,269,048 shares and 316,668 shares of common stock were reserved for the granting of stock-based compensation under the Company’s 2026 Equity Incentive Plan (the”2026 Plan”) and 2026 Employee Stock Purchase Plan (the “2026 ESPP”), respectively, as of March 31, 2026. In addition, the Company has reserved sufficient shares of common stock for issuance upon conversion of convertible preferred stock.

The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders (and written actions in lieu of meetings), and there are no cumulative voting rights. The number of authorized shares of common stock may be increased or decreased by the affirmative vote of the holders of common stock of the Company; however, the issuance of common stock may be subject to the vote of the holders of one or more series of preferred stock that may be required by terms of the Fifth Amended and Restated Certificate of Incorporation.

Preferred Stock

Preferred stock outstanding as of December 31, 2025 consisted of the following:


Preferred Series Shares	Date Sold	Shares Sold	Par Value		Sales Price/Share		Total Proceeds (in millions)		Liquidation Preference as of December 31, 2025 (in millions)
Series A-1	September 2021	6,515,849	$	0.00001	$	2.8770	$	18.7	$	18.7
Series A-2	September 2021	680,479	0.00001		2.1578		1.5		1.5
Series A-3	September 2021	703,475	0.00001		2.8770		2.0		2.0
Series A-4	April 2023	4,965,572	0.00001		3.0208		15.0		15.0
Series B	November 2024 - February 2025	62,245,805	0.00001		1.2049		75.0		85.4
Series C	October 2025 - November 2025	118,682,683	0.00001		1.2723		151.0		154.8

In connection with the Series A4 Preferred Stock Purchase Agreement, the Company increased the number of shares of common stock authorized from 18,000,000 to 25,500,000 under the Second Amended and Restated Certificate of Incorporation dated as of April 13, 2023.

In connection with the Series B Preferred Stock Purchase Agreement, the Company increased the number of shares of common stock authorized from 25,500,000 to 98,774,582 under the Third Amended and Restated Certificate of Incorporation dated as of November 22, 2024.

In connection with the Series C Preferred Stock Purchase Agreement, the Company increased the number of shares of common stock authorized from 98,774,582 to 267,466,797 under the Fourth Amended and Restated Certificate of Incorporation dated as of December 22, 2025.

Immediately prior to the completion of the IPO on February 5, 2026, all outstanding shares of the Company’s Series A1, A2, A3, A4, B and C preferred stock automatically converted into an aggregate of 19,250,410 shares of common stock.

Collectively, the shares of Series A1, A2, A3 and A4 preferred stock are referred to as “Series A preferred stock.” The Series B and C preferred stock are referred to as “Senior preferred stock.” The following terms detailed below for the Series A, B and C preferred stock are documented in the Company’s Fourth Amended and Restated Certificate of Incorporation dated as of December 22, 2025 and other equity-related documents and reflect the rights, preferences and privileges of holders of preferred stock prior to conversion into common stock upon the closing of the IPO:

Conversion

Each share of Series A, Series B and Series C preferred stock, at the option of the holder, was convertible into a number of fully paid and non-assessable common shares as determined by multiplying the number of shares of Series A, Series B and Series C preferred stock being converted by the applicable conversion rate. The conversion rate in effect at any time was determined by dividing the preferred stock issue price by the conversion price in effect at that time. The conversion price applicable (all adjusted for the reverse stock split) to the Series A1 preferred stock was equal to $28.963 per share, the conversion price applicable to the Series A2 preferred stock was equal to $21.7226 per share, the conversion price applicable to the Series A3 preferred stock was equal to $28.963 per share, the conversion price applicable to the Series A4 preferred stock was equal to $30.4104 per share, the conversion price applicable to the Series B preferred stock was equal to $12.1297 per share and the conversion price applicable to the Series C preferred stock was equal to $12.8082 per share. Such initial conversion price, and the rate at which shares of preferred stock may be converted into common stock, was subject to adjustment. See Note 2 for information on the reverse stock split that adjusted the preferred stock conversion ratio.

The Series A, Series B and Series C preferred stock would automatically convert to common stock either upon the closing of a public offering of the Company's common stock at a price of at least 1.2 times the conversion price, noted above, resulting in aggregate proceeds of at least $100.0 million, or upon the written election of a majority of the holders of Senior preferred stock.

Dividends

The Series B and Series C preferred stock contained cumulative dividend rights at the annual rate of 12%, if and when declared by the board of directors (the “Board”), such that the Series B and Series C preferred stockholders, acting as one class, shall first receive, or simultaneously receive, preferential dividends as calculated under the terms of the Company’s Third Amended and Restated Certificate of Incorporation prior to Series A and common stockholders receiving any declared dividend. Since inception, no dividends have been declared or paid on the Series B or Series C preferred stock. In connection with the IPO, all outstanding preferred stock converted into common stock. As a result of the conversion, approximately $17.0 million of cumulative undeclared dividends were extinguished.

The Series A preferred stock contained non-cumulative dividend rights at the annual rate of 8%, if and when declared by the Board, such that the holders of the preferred stock, acting as one class, shall receive, or simultaneously receive, preferential dividends as calculated under the terms of the Company’s certificate of incorporation prior to common stockholders receiving any declared dividend. As of December 31, 2025, no dividends had been declared by the Board.

Deemed Liquidation Event

Certain transactions were defined as Deemed Liquidation Events, unless waived by the holders of a majority of the outstanding preferred stock. These events generally include a merger or consolidation involving the Company, the sale or disposition of all or substantially all of the Company’s assets, a SPAC transaction, or a merger or other business combination with a public company. Transactions in which existing stockholders retain a majority of the voting power of the surviving entity are not considered Deemed Liquidation Events.

Liquidation Preference

In the event of any liquidation, dissolution, or winding up of the Company, the Senior preferred stockholders were entitled to receive prior to, and in preference to, any distribution to the Series A preferred and common stockholders, an amount equal to the greater of the applicable Original Issue Price per share plus accrued but unpaid dividends whether or not declared, or such amount per share as would have been payable had all shares of Senior preferred stock been converted to shares of common stock immediately prior to such event of liquidation, dissolution or winding up. In the event that upon liquidation or dissolution, if the assets and funds of the Company were insufficient to permit the payment to preferred stockholders of the full preferential amounts, then the entire assets and funds of the Company legally available for distribution would be distributed ratably among the Senior preferred stockholders in proportion to the full preferential amount each was otherwise entitled to receive.

Following the completion of the distributions to the Senior preferred stockholders, the Series A preferred stockholders were entitled to receive prior to, and in preference to, any distribution to the common stockholders, an amount equal to the greater of the applicable Original Issue Price per share plus accrued but unpaid dividends declared, or such amount per share as would have been payable had all shares of Series A preferred stock been converted to shares of common stock immediately prior to such event of liquidation, dissolution or winding up. In the event that upon liquidation or dissolution, if the assets and funds of the Company were insufficient to permit the payment to preferred stockholders of the full preferential amounts, then the entire assets and funds of the Company legally available for distribution were to be distributed ratably among the Series A preferred stockholders in proportion to the full preferential amount each was otherwise entitled to receive. After the distributions described above had been paid in full, the remaining assets of the Company available for distribution would be distributed pro-rata to the common stockholders.

Voting Rights

Each Series A, Series B and Series C preferred stockholder was entitled to the number of votes equal to the number of shares of voting common stock into which such holder's shares were convertible.

Series B Preferred Stock Modification

In connection with the closing of the Company’s Series C preferred stock financing in the fourth quarter of 2025, the Company amended the terms of its Series B convertible preferred stock pursuant to the amended and restated certificate of incorporation. The amendment decreased the liquidation preference of the Series B preferred stock from two to one times the original issuance price per share.

The change in liquidation preference represented a modification of the economic rights associated with the Series B preferred stock. The Company determined that the modification was substantive, and accounted for the transaction as an extinguishment and new issuance of the Series B preferred stock at fair value as of the modification date which resulted in an adjustment of approximately $4.2 million. In accordance with ASC 718-20, the Company recorded this amount as a non-cash adjustment to Series B preferred stock within mezzanine equity and retained earnings. The modification did not involve the issuance of additional shares or the receipt or payment of cash by the Company.

Because the modification represented a reallocation of value among the Company’s preferred shareholders and did not represent a distribution to or from common stockholders, the adjustment did not affect net loss attributable to common shareholders. Accordingly, the modification had no impact on basic or diluted net loss per share for the year ended December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 168,412	$ 21,766
Marketable securities at fair value	222,385	120,096
Prepaid expenses and other current assets	6,272	10,632
Total current assets	397,069	152,494
Long-term assets:
Property, plant and equipment, net	21	22
Right-of-use asset and other long-term assets	266	103
Total non-current assets	287	125
Total assets	397,356	152,619
Current liabilities:
Accounts payable	1,071	2,126
Accrued expenses	5,606	6,979
Other current liabilities and lease liabilities	39	47
Total current liabilities	6,716	9,152
Lease liabilities - non-current	0	4
Total liabilities	6,716	9,156
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock:
Subscription receivable	0	(1,849)
Stockholders’ equity (deficit)
Preferred stock, $0.00001 par value, 25,000,000 and 0 shares authorized as of March 31, 2026 and December 31, 2025, respectively and 0 shares issued or outstanding as of March 31, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.00001 par value, 200,000,000 and 267,466,797 shares authorized as of March 31, 2026 and December 31, 2025, respectively and 37,340,290 and 749,760 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	543,044	2,346
Subscription receivable	(1,228)	0
Accumulated other comprehensive income	(524)	60
Accumulated deficit	(150,653)	(123,421)
Total stockholders’ equity (deficit)	390,640	(121,014)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	$ 397,356	$ 152,619
Common stock, authorized (in shares)	200,000,000	267,466,797
Series A preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	$ 0	$ 36,860
Series B preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	0	78,903
Series C preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	$ 0	$ 150,563

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 20,925	$ 11,447
General and administrative	8,937	1,468
Total operating expenses	29,862	12,915
Loss from operations	(29,862)	(12,915)
Other income:
Interest income	2,481	482
Other income	149	33
Total other income, net	2,630	515
Loss before income taxes	(27,232)	(12,400)
Income tax benefit	0	0
Net loss	(27,232)	(12,400)
Net loss attributable to common stock, basic	(30,011)	(14,582)
Net loss attributable to common stock, diluted	$ (30,011)	$ (14,582)
Net loss per share of common stock, basic (in usd per share)	$ (1.32)	$ (19.79)
Net loss per share of common stock, diluted (in usd per share)	$ (1.32)	$ (19.79)
Weighted average common stock outstanding, basic (in shares)	22,704,124	736,933
Weighted average common stock outstanding, diluted (in shares)	22,704,124	736,933
Other comprehensive loss:
Net unrealized losses on marketable securities	$ (584)	$ 0
Total other comprehensive loss	(584)	0
Total comprehensive loss	$ (27,816)	$ (12,400)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, in the ordinary course of business, the Company is subject to litigation and regulatory examinations as well as information gathering requests, inquiries and investigations. As of March 31, 2026 and December 31, 2025, there were no matters which would have a material impact on the Company’s financial results. In July 2022, the Company entered into a license agreement to which the Company was granted intellectual property rights in certain technology, to develop, manufacture and commercialize such technology related to the advancement of its VDMC asset. The Company is required to make development and regulatory milestone payments up to $3.3 million and commercial and sales milestone up to $16.0 million. The Company is also required to pay annual single-digit royalties on net product sales over the term of the license agreement. As of March 31, 2026, it is not practicable to estimate the future payments of any such milestone payments or royalties that may arise due to the clinical stage of development of VDMC.

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Common Share

Basic and diluted net loss per common share was calculated as follows:


	Three Months Ended March 31,
(in thousands except for share and per share amounts)	2026		2025
Net loss	$	(27,232)	$	(12,400)
Less: Cumulative dividends on Series B preferred stock	988		2,182
Less: Cumulative dividends on Series C preferred stock	1,791		—
Net loss attributable to common stock	(30,011)		(14,582)
Weighted-average number of shares of common stock outstanding, basic and diluted	22,704,124		736,933
Net loss per common share, basic and diluted	$	(1.32)	$	(19.79)

Basic net loss per common share is calculated by dividing the net loss, adjusted for the unpaid cumulative Series B and Series C preferred stock dividends, by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. Common share equivalents include shares issuable upon the exercise of stock options and the conversion of preferred stock. During the three months ended March 31, 2026 and 2025, convertible preferred stock on an as if converted basis and unexercised options have been excluded as their effect is antidilutive. There were no other potentially dilutive, unissued shares of common stock for the three months ended March 31, 2026 and 2025. The Company had no outstanding non-voting common stock as of March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026	2025
Stock options	5,476,081	720,560
Convertible preferred stock	—	7,461,125
Total potentially dilutive shares	5,476,081	8,181,685

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Marketable Securities by Type of Security

The amortized cost and fair value of our marketable securities by type of security as of March 31, 2026 are as follows:


(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	Level 1	$	17,298	$	—	$	—	$	17,298
U.S. treasury securities	Level 1	334,695		1		(458)		334,238
U.S. government agency securities	Level 2	38,138		—		(66)		38,072

The amortized cost and fair value of our marketable securities by type of security as of December 31, 2025 are as follows:


(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	Level 1	$	12,204	$	—	$	—	$	12,204
U.S. treasury securities	Level 1	78,268		46		—		78,314
U.S. government agency securities	Level 2	49,767		15		(1)		49,781

Schedule of Fair Values Marketable Securities by Classification

The fair values of marketable securities, by classification, included in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Cash and cash equivalents	$	167,223	$	20,203
Marketable securities	222,385		120,097

Schedule of Available-For-Sale Debt Securities by Contractual Maturity

The fair value of available-for-sale debt securities as of March 31, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:


	As of March 31, 2026				As of December 31, 2025
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	289,398	$	289,301	$	114,003	$	114,047
Due in one year through five years	100,733		100,307		26,237		26,253
Due in five years through ten years	—		—		—		—
Due after ten years	—		—		—		—
Total	$	390,131	$	389,608	$	140,240	$	140,300

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Net Loss Per Common Share - Antidilutive Shares (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	5,476,081	8,181,685
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	5,476,081	720,560
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	0	7,461,125

Marketable Securities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 1.9	$ 0.9
Aggregate fair value of available-for-sale debt securities in an unrealized loss position	$ 267.4	$ 9.6

Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The amortized cost and fair value of our marketable securities by type of security as of March 31, 2026 are as follows:


(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	Level 1	$	17,298	$	—	$	—	$	17,298
U.S. treasury securities	Level 1	334,695		1		(458)		334,238
U.S. government agency securities	Level 2	38,138		—		(66)		38,072

The amortized cost and fair value of our marketable securities by type of security as of December 31, 2025 are as follows:


(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	Level 1	$	12,204	$	—	$	—	$	12,204
U.S. treasury securities	Level 1	78,268		46		—		78,314
U.S. government agency securities	Level 2	49,767		15		(1)		49,781

The fair values of marketable securities, by classification, included in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Cash and cash equivalents	$	167,223	$	20,203
Marketable securities	222,385		120,097

As of March 31, 2026 and December 31, 2025, the amounts shown for marketable securities are inclusive of $1.9 million and $0.9 million of earned interest receivable, respectively.

The fair value of available-for-sale debt securities as of March 31, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:


	As of March 31, 2026				As of December 31, 2025
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	289,398	$	289,301	$	114,003	$	114,047
Due in one year through five years	100,733		100,307		26,237		26,253
Due in five years through ten years	—		—		—		—
Due after ten years	—		—		—		—
Total	$	390,131	$	389,608	$	140,240	$	140,300

The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of March 31, 2026 and December 31, 2025 was $267.4 million and $9.6 million, respectively. The Company had no realized gains or losses during the three months ended March 31, 2026 or 2025. As of March 31, 2026 and December 31, 2025, the Company believes that the cost basis of our marketable securities is recoverable and no allowance for credit losses was recorded.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (27,232)	$ (12,400)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	5,259	213
Non-cash research and development services	621	357
Net accretion of discount/premium on debt securities	(73)	(13)
Other	6	2
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	4,360	79
Interest receivable on marketable securities	(1,499)	0
Accounts payable	(1,055)	(686)
Accrued expenses	(1,373)	(862)
Other long term assets	(174)	0
Other current liabilities and lease liabilities	(8)	(7)
Net cash used in operating activities	(21,168)	(13,317)
Cash flows from investing activities:
Purchase of property, plant and equipment	0	(19)
Purchases of marketable securities	(122,988)	(15,731)
Maturities of marketable securities	21,689	0
Net cash used in investing activities	(101,299)	(15,750)
Cash flows from financing activities:
Issuance of preferred stock	0	8,423
Initial public offering, net of issuance costs paid	269,102	0
Exercise of stock options	11	0
Net cash provided by financing activities	269,113	8,423
Net increase (decrease) in cash and cash equivalents	146,646	(20,644)
Cash and cash equivalents—beginning of period	21,766	53,084
Cash and cash equivalents—end of period	168,412	32,440
Supplemental schedule of noncash activities:
Unrealized loss on marketable securities	(584)	0
Right-of-use asset exchanged for lease liabilities	$ 0	$ 90

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock issuance costs	$ 25,666
Series B preferred stock
Stock issuance costs		$ 10

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	25,000,000	0
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	200,000,000	267,466,797
Common stock, issued (in shares)	37,340,290	749,760
Common stock, outstanding (in shares)	37,340,290	749,760
Series A preferred stock
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)		12,865,375
Redeemable convertible preferred stock, issued (in shares)		12,865,375
Redeemable convertible preferred stock, outstanding (in shares)	0	12,865,375
Redeemable convertible preferred stock, aggregate liquidation preference		$ 37,238
Series B preferred stock
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)		62,245,805
Redeemable convertible preferred stock, issued (in shares)		62,245,805
Redeemable convertible preferred stock, outstanding (in shares)	0	62,245,805
Redeemable convertible preferred stock, aggregate liquidation preference		$ 85,376
Series C preferred stock
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)		118,682,683
Redeemable convertible preferred stock, issued (in shares)		118,682,683
Redeemable convertible preferred stock, outstanding (in shares)	0	118,682,683
Redeemable convertible preferred stock, aggregate liquidation preference		$ 154,815

Summary of Significant Accounting Policies (Details)	Jan. 27, 2026
Accounting Policies [Abstract]
Reverse stock split, conversion ratio	0.0993

Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Significant Segment Expenses

The following table summarizes the significant segment expenses presented on the Company's condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended March 31,
(in thousands)	2026	2025
Direct research and development by program
VDPHL01	17,188	9,278
VDMN	149	1,118
VDMC	26	7
VDAA	1	1
Other program candidates and expenses	—	80
Other unallocated research and development costs
Personnel expenses (including share-based compensation)	3,476	879
Other expenses	85	84
General and administrative, excluding personnel expenses	4,608	1,050
General and administrative, personnel expenses (including share-based compensation)	4,329	418
Other segment items(1)	(2,630)	(515)
Segment net loss	(27,232)	(12,400)

(1)For the three months ended March 31, 2026 other segment items include interest income of $2.5 million and investment accretion of $0.1 million. For the three months ended March 31, 2025, other segment items include interest income of $0.5 million.

Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments

The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker, or CODM, to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is the Chief Executive Officer. The Company manages its operations as a single operating and reportable segment and the measure of segment profit or loss is net loss. The CODM uses net loss in the budget and forecasting process and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources. The following table summarizes the significant segment expenses presented on the Company's condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended March 31,
(in thousands)	2026	2025
Direct research and development by program
VDPHL01	17,188	9,278
VDMN	149	1,118
VDMC	26	7
VDAA	1	1
Other program candidates and expenses	—	80
Other unallocated research and development costs
Personnel expenses (including share-based compensation)	3,476	879
Other expenses	85	84
General and administrative, excluding personnel expenses	4,608	1,050
General and administrative, personnel expenses (including share-based compensation)	4,329	418
Other segment items(1)	(2,630)	(515)
Segment net loss	(27,232)	(12,400)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Nature of the Business (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	May 12, 2026	Feb. 05, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 22, 2025
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in usd per share)		$ 0.00001	$ 0.00001		$ 0.00001	$ 0.00001
Net losses			$ 27,232	$ 12,400
Negative cash flows from operations			21,168	$ 13,317
Accumulated deficit			150,653		$ 123,421
Subsequent event
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.00001
Warrants, exercise price (in usd per share)	$ 0.00001
Warrants, exercise restriction, maximum percentage of outstanding common stock if exercised	9.99%
Warrants, exercise restriction, maximum percentage of outstanding common stock if exercised after 61 day notice period	19.99%
Gross proceeds from offerings	$ 472,000
IPO
Subsidiary, Sale of Stock [Line Items]
Gross proceeds from sale of stock		$ 294,800
Net proceeds from sale of stock		$ 269,100
Follow-On Public Offering \| Subsequent event
Subsidiary, Sale of Stock [Line Items]
Gross proceeds from sale of stock	$ 442,000
Private Placement \| Subsequent event
Subsidiary, Sale of Stock [Line Items]
Common stock issuable for warrants (in shares)	300,000
Warrants, purchase price (in usd per share)	$ 99.99999
Proceeds from sale of warrants	$ 30,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock issued for conversion (in shares)		19,250,410
Common Stock \| IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares)		17,339,294
Sale of stock, price (in usd per share)		$ 17.00
Gross proceeds from sale of stock			$ 294,800
Common Stock \| Underwriters' over-allotment option
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares)		2,261,647
Common Stock \| Underwriters' over-allotment option \| Subsequent event
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares)	576,568
Common Stock \| Follow-On Public Offering \| Subsequent event
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares)	4,420,358
Sale of stock, price (in usd per share)	$ 100.00

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Subscription Receivable	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Series A preferred stock	Series B preferred stock	Series C preferred stock
Beginning balance (in shares) at Dec. 31, 2024							$ 36,860	$ 66,285	$ 0
Beginning balance at Dec. 31, 2024							12,865,375	55,246,971	0
Subscriptions Receivable, beginning balance at Dec. 31, 2024	$ (3,848)
Redeemable Convertible Preferred Stock
Issuance of Redeemable Convertible Preferred Stock, net of issuance costs (in shares)								6,998,834
Issuance of Redeemable Convertible Preferred Stock, net of issuance costs								$ 8,423
Subscription receivable settled through research and development services received	357
Ending balance (in shares) at Mar. 31, 2025							$ 36,860	$ 74,708	$ 0
Ending balance at Mar. 31, 2025							12,865,375	62,245,805	0
Subscriptions Receivable, ending balance at Mar. 31, 2025	(3,491)
Beginning balance (in shares) at Dec. 31, 2024		736,933
Beginning balance at Dec. 31, 2024	(48,480)	$ 1	$ 750		$ 0	$ (49,231)
Stockholders' Equity (Deficit)
Stock-based compensation	213		213
Unrealized loss on marketable securities	0
Net loss	(12,400)					(12,400)
Ending balance (in shares) at Mar. 31, 2025		736,933
Ending balance at Mar. 31, 2025	(60,667)	$ 1	963		0	(61,631)
Beginning balance (in shares) at Dec. 31, 2025							$ 36,860	$ 78,903	$ 150,563
Beginning balance at Dec. 31, 2025							12,865,375	62,245,805	118,682,683
Subscriptions Receivable, beginning balance at Dec. 31, 2025	(1,849)
Redeemable Convertible Preferred Stock
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)							(12,865,375)	(62,245,805)	(118,682,683)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering							$ (36,860)	$ (78,903)	$ (150,563)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	1,849
Ending balance (in shares) at Mar. 31, 2026							$ 0	$ 0	$ 0
Ending balance at Mar. 31, 2026							0	0	0
Subscriptions Receivable, ending balance at Mar. 31, 2026	$ 0
Beginning balance (in shares) at Dec. 31, 2025	749,760	749,760
Beginning balance at Dec. 31, 2025	$ (121,014)	$ 1	2,346	$ 0	60	(123,421)
Stockholders' Equity (Deficit)
Issuance of common stock in connection with initial public offering, net of issuance costs (in shares)		17,339,294
Issuance of common stock in connection with initial public offering, net of issuance costs of $25,666	269,102		269,102
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		19,250,410
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	264,477		266,326	(1,849)
Subscription receivable settled through research and development services received	621			621
Stock-based compensation	5,259		5,259
Stock option exercises (in shares)		826
Stock option exercises	11		11
Unrealized loss on marketable securities	(584)				(584)
Net loss	$ (27,232)					(27,232)
Ending balance (in shares) at Mar. 31, 2026	37,340,290	37,340,290
Ending balance at Mar. 31, 2026	$ 390,640	$ 1	$ 543,044	$ (1,228)	$ (524)	$ (150,653)

Marketable Securities - By Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Due in one year or less	$ 289,398	$ 114,003
Due in one year through five years	100,733	26,237
Due in five years through ten years	0	0
Due after ten years	0	0
Amortized Cost	390,131	140,240
Fair Value
Due in one year or less	289,301	114,047
Due in one year through five years	100,307	26,253
Due in five years through ten years	0	0
Due after ten years	0	0
Fair Value	$ 389,608	$ 140,300

Prepaid Expenses, Other Current Assets, and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Prepaid research and development	$	3,260	$	5,609
Tax credit receivable	1,213		1,255
Prepaid insurance	759		31
Deferred IPO costs	—		3,387
Interest receivable on cash equivalents	438		43
Other	602		307
	$	6,272	$	10,632

Schedule of Accrued Expenses

Accrued expenses consists of the following:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Professional fees	$	3,024	$	4,338
Research and development	2,019		702
Bonus	563		1,939
	$	5,606	$	6,979