Longitude Capital Partners V, LLC 4

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.