Longitude Capital Partners V, LLC 4
4 · Veradermics, Inc · Filed Feb 5, 2026
Research Summary
AI-generated summary of this filing
Veradermics (MANE) 10% Owner Longitude Capital Buys Shares
What Happened Longitude Capital Partners V, LLC (a reported 10% owner) acquired common stock of Veradermics (MANE) on February 5, 2026 through automatic conversions of convertible preferred and through cash purchases. The filing shows conversions totaling 3,578,873 common shares (from Series B and Series C convertible preferred) and two purchases totaling 1,075,000 shares bought at $17.00 per share for a cash outlay of $18,275,000. In aggregate, the transactions resulted in ~4,653,873 common shares being received by the Longitude entities; the conversions are shown as derivative conversions (no cash paid) and the purchases are recorded as open market/private purchases (code P).
Key Details
- Transaction date: February 5, 2026.
- Cash purchases: 192,647 shares and 882,353 shares at $17.00 each; total cash = $3,274,999 + $15,000,001 = $18,275,000.
- Conversions (derivative, price N/A): three conversion entries of 1,236,631; 1,171,121; and 1,171,121 shares (total 3,578,873) from Series B and Series C preferred into common on a 10.067-for-1 basis.
- Total shares acquired on the date (conversions + purchases): ~4,653,873 shares.
- Shares owned after transaction: not disclosed in the filing.
- Footnotes: conversions occurred automatically immediately prior to the issuer’s IPO closing; converted shares had no expiration; holdings are held through funds (Longitude Venture Partners V, L.P. and Longitude 103.8 East, L.P.) for which Longitude Capital Partners V, LLC is general partner. Juliet Tammenoms Bakker and Patrick Enright are managing members of the GP entities; Patrick Enright is a company director. Each disclaims beneficial ownership except for pecuniary interests.
- Filing timeliness: no late filing flag noted (filing date = transaction date).
Context
- These filings reflect institutional activity by a reported 10% owner, not routine insider selling by company executives. The convertible-preferred entries are automatic conversions into common stock tied to the company’s IPO structure (not exercised options requiring cash).
- Purchases at $17 could reflect the IPO/offer price or related private purchases, but the filing itself only reports the $17 per-share price and total cash paid. Purchases are generally taken as a stronger signal than sales, but filings do not state motivation.
Insider Transaction Report
Form 4
Veradermics, IncMANE
Longitude Capital Partners V, LLC
10% 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][F2]2026-02-05−1,236,631→ 0 total(indirect: See Footnote)→ Common Stock (1,236,631 underlying) - Conversion
Series C Convertible Preferred Stock
[F3][F2]2026-02-05−1,171,121→ 0 total(indirect: See Footnote)→ Common Stock (1,171,121 underlying) - Conversion
Series C Convertible Preferred Stock
[F3][F4]2026-02-05−1,171,121→ 0 total(indirect: See Footnote)→ Common Stock (1,171,121 underlying)
Footnotes (4)
- [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 Patrick Enright, 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 Patrick Enright 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 Patrick Enright, 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 Patrick Enright disclaims beneficial ownership of such shares except to the extent of their respective pecuniary interests therein.