Veradermics priced an upsized initial public offering that raised roughly $256 million to fund three pivotal trials of VDPHL‑01, an oral formulation of minoxidil for pattern hair loss. The company will use proceeds to power Phase II/III studies and prepare regulatory filings for a program designed to reduce cardiovascular exposure while delivering systemic hair‑loss efficacy. The IPO signals investor willingness to back specialty dermatology plays with clear path-to-data inflection points. Veradermics’ strategy centers on converting a familiar topical molecule into an oral product with a tailored safety profile — a classic de‑risking approach that appeals to both clinicians and acquirers. Investors and analysts will watch near‑term trial readouts in H1 2026 as the principal value drivers and an indicator of whether the dermatology IPO market remains receptive to indication‑specific, late‑stage assets.