ENRIGHT PATRICK G 4
4 · Veradermics, Inc · Filed Feb 5, 2026
Research Summary
AI-generated summary of this filing
Veradermics (MANE) 10% Owner Patrick Enright Buys $18.3M Stock
What Happened
- Patrick G. Enright (reported as a 10% owner and a member of the board) acquired shares in two ways: (1) open-market/private purchases of 1,075,000 common shares at $17.00 each (total $18,275,000) on Feb 5, 2026; and (2) conversion of Series B and Series C convertible preferred holdings into common stock (3,578,873 common shares) that automatically converted immediately prior to the issuer’s IPO closing. The filing also reports a Feb 3, 2026 grant/award of 45,131 shares (derivative/option) that vests on Feb 3, 2027.
Key Details
- Transaction dates: Feb 3, 2026 (award); Feb 5, 2026 (preferred conversions and purchases). Filing date: Feb 5, 2026. No late filing indicated.
- Purchases: 192,647 shares and 882,353 shares acquired at $17.00 per share (total cash outlay $18,275,000).
- Conversions: Series B and Series C preferred automatically converted to common on a 10.067-for-1 basis (footnotes F1, F3); conversion entries show acquisition of 3,578,873 common shares and corresponding disposition of the preferred/derivative instruments.
- Award: 45,131-share option/award reported on Feb 3 (exercise price $0 shown); footnote F5 states the option fully vests on Feb 3, 2027.
- Ownership after transaction: Not specified in the provided filing excerpt.
- Footnotes on ownership/control: Some converted shares are held by affiliated funds (Longitude Venture Partners V, L.P. and Longitude 103.8 East, L.P.); related entities and individuals (including the reporting person and Juliet Tammenoms Bakker) are disclosed as having potential shared voting/investment power per F2 and F4.
Context
- The large cash purchases at $17/share signal a material insider buy (total ≈ $18.3M). The preferred conversions were automatic corporate actions tied to the company’s IPO (conversion ratio 10.067-for-1 immediately prior to IPO closing), not separate market trades.
- As a reported 10% owner and board member, these transactions reflect both institutional/fund-related holdings and direct purchases by or for the reporting person; they should be interpreted as ownership changes rather than routine executive salary-related activity.
Insider Transaction Report
Form 4
Veradermics, IncMANE
ENRIGHT PATRICK G
Director10% Owner
Transactions
- Conversion
Common Stock
[F1][F2]2026-02-05+1,236,631→ 1,236,631 total(indirect: See Footnote) - Conversion
Common Stock
[F3][F2]2026-02-05+1,171,121→ 2,407,752 total(indirect: See Footnote) - Conversion
Common Stock
[F3][F4]2026-02-05+1,171,121→ 1,171,121 total(indirect: See Footnote) - Purchase
Common Stock
[F2]2026-02-05$17.00/sh+192,647$3,274,999→ 2,600,399 total(indirect: See Footnote) - Purchase
Common Stock
[F4]2026-02-05$17.00/sh+882,353$15,000,001→ 2,053,474 total(indirect: See Footnote) - Conversion
Series B Convertible Preferred Stock
[F1]2026-02-05−1,236,631→ 0 total(indirect: See Footnote)→ Common Stock (1,236,631 underlying) - Conversion
Series C Convertible Preferred Stock
[F3]2026-02-05−1,171,121→ 0 total(indirect: See Footnote)→ Common Stock (1,171,121 underlying) - Conversion
Series C Convertible Preferred Stock
[F3]2026-02-05−1,171,121→ 0 total(indirect: See Footnote)→ Common Stock (1,171,121 underlying) - Award
Stock Option (Right to Buy)
[F5]2026-02-03+45,131→ 45,131 totalExercise: $17.00Exp: 2036-02-03→ Common Stock (45,131 underlying)
Footnotes (5)
- [F1]On February 5, 2026, the shares of Series B Convertible Preferred Stock automatically converted into shares of the Issuer's common stock, par value $0.00001 per share ("Common Stock"), on a 10.067-for-1 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The shares have no expiration date.
- [F2]These shares are held by Longitude Venture Partners V, L.P. ("LVPV"). Longitude Capital Partners V, LLC ("LCPV"), is the general partner of LVPV and may be deemed to have voting, investment and dispositive power with respect to these shares. Juliet Tammenoms Bakker and the Reporting Person, a member of the board of directors of the Issuer, are the managing members of LCPV, and may each be deemed to share voting, investment and dispositive power with respect to these shares. Each of LCPV, Ms. Tammenoms Bakker and the Reporting Person disclaims beneficial ownership of such shares except to the extent of their respective pecuniary interests therein.
- [F3]On February 5, 2026, the shares of Series C Convertible Preferred Stock automatically converted into shares of Common Stock on a on a 10.067-for-1 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The shares have no expiration date.
- [F4]These shares are held by Longitude 103.8 East, L.P. ("L103"). Longitude 103.8 East Partners, LLC ("L103P") is the general partner of L103 and may be deemed to have voting, investment and dispositive power with respect to these shares. Juliet Tammenoms Bakker and the Reporting Person, a member of the board of directors of the Issuer, are the managing members of L103P, and may each be deemed to share voting, investment and dispositive power with respect to these shares. Each of L103P, Ms. Tammenoms Bakker and the Reporting Person disclaims beneficial ownership of such shares except to the extent of their respective pecuniary interests therein.
- [F5]This option shall be fully vested and exercisable on February 3, 2027, the first anniversary of the vesting commencement date.
Signature
/s/ Michael Greco, Attorney-in-Fact|2026-02-05