Veradermics (MANE)


Market Price (9/25/2026): $114.1 | Market Cap: $4.6 BilSector: Health Care | Industry: Biotechnology

Veradermics (MANE)


Market Price (9/25/2026): $114.1
Market Cap: $4.6 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18%

Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, Personalized Diagnostics, and Biopharmaceutical R&D.

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -102 Mil

Stock price has recently run up significantly
12M Rtn12 month market price return is 207%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2%

Key risks
MANE key risks include [1] potential clinical trial failure or regulatory disapproval for its lead drug candidate, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, Personalized Diagnostics, and Biopharmaceutical R&D.
2 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -102 Mil
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 207%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2%
6 Key risks
MANE key risks include [1] potential clinical trial failure or regulatory disapproval for its lead drug candidate, Show more.

MANE in ETFs

Weight = MANE's share of each fund

VTI0.00%
ITOT0.00%
IWM0.07%
IWO0.10%
VTWO0.07%
SCHA0.05%
IWN0.01%
SCHB0.00%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/22/2026

Veradermics (MANE) stock has gained about 15% since 5/31/2026 because of the following key factors:

1. Continued positive clinical trial results for its lead candidate VDPHL01, an oral treatment for pattern hair loss, significantly advanced the company's pipeline.

In July 2026, Veradermics announced positive topline results from its open-label Phase 2 Study '207' evaluating VDPHL01 in women with female pattern hair loss, demonstrating rapid onset and consistent hair growth with a favorable safety profile. Additionally, data from a subgroup analysis of the positive Phase 2/3 Study '302' in males were presented in July 2026, further supporting the drug's efficacy. The company also completed enrollment in the pivotal Phase 2/3 Study '306' for females, with topline data anticipated in the first half of 2027.

2. A substantial capital raise in May 2026 significantly strengthened Veradermics' balance sheet, providing a long cash runway.

Veradermics raised approximately $472.0 million in aggregate gross proceeds through a follow-on offering and concurrent private placement in May 2026. This financing boosted the company's cash, cash equivalents, and marketable securities to $819.9 million as of the end of fiscal Q2 2026 (June 30, 2026). The company expects this capital to fund operations into 2030, supporting multiple Phase 3 readouts and a potential commercial launch of VDPHL01.

Show more
Updated on 9/22/2026

Veradermics (MANE) stock has gained about 15% since 5/31/2026 because of the following key factors:

1. Continued positive clinical trial results for its lead candidate VDPHL01, an oral treatment for pattern hair loss, significantly advanced the company's pipeline.

In July 2026, Veradermics announced positive topline results from its open-label Phase 2 Study '207' evaluating VDPHL01 in women with female pattern hair loss, demonstrating rapid onset and consistent hair growth with a favorable safety profile. Additionally, data from a subgroup analysis of the positive Phase 2/3 Study '302' in males were presented in July 2026, further supporting the drug's efficacy. The company also completed enrollment in the pivotal Phase 2/3 Study '306' for females, with topline data anticipated in the first half of 2027.

2. A substantial capital raise in May 2026 significantly strengthened Veradermics' balance sheet, providing a long cash runway.

Veradermics raised approximately $472.0 million in aggregate gross proceeds through a follow-on offering and concurrent private placement in May 2026. This financing boosted the company's cash, cash equivalents, and marketable securities to $819.9 million as of the end of fiscal Q2 2026 (June 30, 2026). The company expects this capital to fund operations into 2030, supporting multiple Phase 3 readouts and a potential commercial launch of VDPHL01.

3. Favorable analyst sentiment and multiple price target upgrades throughout the period indicated growing Wall Street confidence.

Numerous equities research analysts commented positively on Veradermics shares, with Needham & Company LLC raising its price target from $136.00 to $164.00 and UBS Group setting a $170.00 price target in July 2026. Citigroup also reaffirmed a "buy" rating in September 2026. The consensus rating for Veradermics is a "Moderate Buy" or "Strong Buy" with an average price target ranging from $153.00 to $163.50, implying a significant potential upside from current trading levels.

4. Significant institutional investor accumulation demonstrated strong market conviction, coinciding with a broader recovery in the biotech sector.

During fiscal Q2 2026, institutional investors notably increased their positions, with Montanova Capital LLC purchasing a new stake valued at over $512 million and Bamco Inc. NY increasing its holdings by 284.8% (adding 169,913 shares) worth $28.2 million. This institutional confidence occurred despite an insider sale by Director Montanova Capital, LLC, amounting to $80,437,500 in August 2026. This also aligns with a general recovery in the broader biopharmaceutical sector during fiscal Q2 2026, which saw increased M&A activity and a 23.9% rise in the XBI (S&P Biotechnology Select Industry Index).

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 14.7% change in MANE stock from 5/31/2026 to 9/23/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)53120269232026Change
Stock Price ($)100.91115.7814.7%
Change Contribution By: 
Total Revenues ($ Mil)��0.0%
Net Income Margin (%)��0.0%
P/E Multiple��0.0%
Shares Outstanding (Mil)2035-43.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/23/2026
ReturnCorrelation
MANE14.7% 
Market (SPY)1.8%21.9%
Sector (XLV)13.4%15.2%

Fundamental Drivers

The 152.5% change in MANE stock from 2/28/2026 to 9/23/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)22820269232026Change
Stock Price ($)45.85115.78152.5%
Change Contribution By: 
Total Revenues ($ Mil)��0.0%
Net Income Margin (%)��0.0%
P/E Multiple��0.0%
Shares Outstanding (Mil)2035-43.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/23/2026
ReturnCorrelation
MANE152.5% 
Market (SPY)12.5%16.5%
Sector (XLV)6.3%2.9%

Fundamental Drivers

null
null

Market Drivers

8/31/2025 to 9/23/2026
ReturnCorrelation
MANE  
Market (SPY)20.3%13.9%
Sector (XLV)25.0%4.8%

Fundamental Drivers

null
null

Market Drivers

8/31/2023 to 9/23/2026
ReturnCorrelation
MANE  
Market (SPY)77.0%13.9%
Sector (XLV)33.2%4.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MANE Return-----213%213%
Peers Return22%-27%31%53%21%-4%108%
S&P 500 Return27%-19%24%23%16%13%107%

Monthly Win Rates [3]
MANE Win Rate-----75% 
Peers Win Rate57%48%47%52%53%44% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
MANE Max Drawdown------ 
Peers Max Drawdown-44%-58%-50%-49%-50%-37% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRCA, ARQT, ABBV, EOLS, BHC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/23/2026 (YTD)

How Low Can It Go

MANE has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

EventXLVS&P 500
2025 US Tariff Shock
  % Loss-11.7%-18.8%
  % Gain to Breakeven13.3%23.1%
  Time to Breakeven142 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-13.8%-24.5%
  % Gain to Breakeven15.9%32.4%
  Time to Breakeven166 days427 days
2020 COVID-19 Crash
  % Loss-27.9%-33.7%
  % Gain to Breakeven38.8%50.9%
  Time to Breakeven77 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.0%-19.2%
  % Gain to Breakeven17.6%23.8%
  Time to Breakeven191 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-15.9%-12.2%
  % Gain to Breakeven18.9%13.9%
  Time to Breakeven165 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-15.8%-17.9%
  % Gain to Breakeven18.8%21.8%
  Time to Breakeven153 days123 days

Compare to VRCA, ARQT, ABBV, EOLS, BHC

In The Past

State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

MANE has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

EventXLVS&P 500
2020 COVID-19 Crash
  % Loss-27.9%-33.7%
  % Gain to Breakeven38.8%50.9%
  Time to Breakeven77 days140 days
2008-2009 Global Financial Crisis
  % Loss-37.9%-53.4%
  % Gain to Breakeven61.1%114.4%
  Time to Breakeven767 days1085 days

Compare to VRCA, ARQT, ABBV, EOLS, BHC

In The Past

State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Veradermics (MANE)

Veradermics (MANE) is a late clinical-stage biopharmaceutical company focused on developing innovative therapeutics for pervasive aesthetic and dermatological conditions. Its primary focus is on addressing the significant unmet needs in pattern hair loss (PHL), a condition impacting an estimated 80 million men and women in the United States. The company aims to overcome the common drawbacks of existing PHL treatments, which include slow results, inconsistent efficacy, tolerability issues, inconvenient administration, and a scarcity of FDA-approved oral options, particularly for women.

The company's lead product candidate is VDPHL01, an oral, non-hormonal, extended-release (ER) formulation of minoxidil. While immediate-release oral minoxidil is used off-label for hair loss, VDPHL01 is specifically designed to maximize minoxidil's hair growth potential. Its proprietary ER profile delivers higher total plasma concentrations over a longer duration, aiming for enhanced follicular saturation and hair growth, while carefully managing peak concentrations to minimize potential cardiac side effects. This optimization seeks to provide a more effective and safer treatment experience than current options.

VDPHL01 is currently in registration-directed Phase 2/3 and Phase 3 clinical trials for both male and female PHL patients, with topline data from the first male trial expected in the first half of 2026. Preliminary data suggest VDPHL01 can drive rapid and consistent hair growth with a favorable safety profile. Veradermics targets the substantial U.S. PHL market, valued at approximately $9 billion annually, and plans a multi-channel commercialization strategy if approved. With a broad patent library protecting VDPHL01 until at least 2043, the company aims to establish its product as a transformative, first-in-class oral, non-hormonal FDA-approved therapy for hair loss.

AI Analysis | Feedback

Here are 1-2 brief analogies to describe Veradermics:

  1. Like a pharmaceutical 'Tesla' for hair loss, taking a known hair growth ingredient (minoxidil) and re-engineering it into a superior, convenient, and safer oral treatment.
  2. Imagine the 'iPhone' of hair loss treatments: Veradermics is developing a premium, convenient oral solution that aims to dramatically improve user satisfaction over current options.

AI Analysis | Feedback

  • VDPHL01: An investigational oral, extended-release (ER) formulation of minoxidil designed as a non-hormonal treatment for pattern hair loss (PHL) in both men and women.

AI Analysis | Feedback

Veradermics (MANE) sells primarily to individuals. The company is developing VDPHL01, an oral, non-hormonal treatment for pattern hair loss (PHL), which, if approved, will be a prescribed therapy for patients. Its commercial strategy involves direct-to-consumer (DTC) advertising and physician education to reach these end-users.

The up to three categories of customers Veradermics aims to serve are:

  1. Men with Pattern Hair Loss (PHL): Specifically, men suffering from mild-to-moderate PHL, for whom VDPHL01 is designed to offer a more effective, convenient, and safe oral treatment option compared to existing therapies.
  2. Women with Pattern Hair Loss (PHL): Women affected by mild-to-moderate PHL, who currently have limited FDA-approved oral treatment options and often face tolerability issues with existing hormonal or topical treatments.
  3. Patients seeking improved treatment options for PHL: This category includes both men and women who are dissatisfied with the shortcomings of current PHL treatments (e.g., slow onset, inconsistent results, insufficient hair density, tolerability issues, inconvenience) or are currently untreated but are motivated to address their hair loss with a potentially transformative and well-tolerated oral therapy.

AI Analysis | Feedback

null

AI Analysis | Feedback

Reid Waldman, MD, Chief Executive Officer and Board Member

Dr. Waldman is a co-founder of Veradermics, established in October 2019. As CEO, he has led the company through significant equity financings, including a $150 million Series C round, and advanced VDPHL01, their lead asset, into Phase 3 trials. He is a board-certified dermatologist with over a decade of clinical experience. Before founding Veradermics, Dr. Waldman was an active researcher, authoring more than 100 publications and a textbook. He has received the American Academy of Dermatology's “Excellence in Patient Care” award and was recognized in Forbes 30 under 30 list.

Dominic Carrano, CPA, Chief Financial Officer and Treasurer

Mr. Carrano brings over 15 years of experience in financial leadership, technical accounting, and strategic planning within the life sciences sector, overseeing Veradermics' financial strategy and operations. Prior to his role as CFO, he served as the Vice President of Finance at Veradermics. His previous experience includes finance leadership positions at Rallybio and Alexion, and he began his career at Deloitte.

Tim Durso, MD, Chief Technical Officer

Dr. Durso also serves as President of Veradermics, where he spearheads the company's research and development efforts. He is a board-certified dermatologist with over 10 years of clinical experience, and he played a key role in progressing VDPHL01 from its conceptual stage to clinical testing. Dr. Durso is recognized for his expertise in dermatology drug and device innovation. He previously served as the Chief of Dermatology at Malcolm Grow Medical Clinics.

Mark Neumann, Chief Commercial and Strategy Officer

Mr. Neumann possesses over three decades of leadership experience in biopharmaceutical commercialization. He previously held the position of Executive Vice President and Chief Commercial Officer at Intra-Cellular Therapies (ITCI), where he established the commercial function and successfully launched CAPLYTA®. Mr. Neumann was instrumental in ITCI's acquisition by Johnson & Johnson in 2025 for approximately $14.6 billion. His career also includes senior commercial roles at Amgen and Bristol-Myers Squibb.

Michael Greco, JD, General Counsel

Mr. Greco serves as the General Counsel for Veradermics. His background includes in-house leadership roles and practicing as a corporate and transactional attorney at Bingham McCutchen LLP and Wiggin and Dana LLP. He has also held prior senior legal positions at Rallybio, SpringWorks, and Alexion.

AI Analysis | Feedback

Clinical Trial Failure and Regulatory Approval: The most significant risk to Veradermics is the failure of its ongoing pivotal clinical trials for VDPHL01 to demonstrate efficacy and safety, or the inability to obtain regulatory approval from the U.S. Food and Drug Administration (FDA). The company's future hinges on the successful completion of its three registration-directed Phase 2/3 and Phase 3 trials and subsequent approval of VDPHL01 as an oral, non-hormonal treatment for pattern hair loss. Any setbacks, such as unexpected adverse events, failure to meet primary endpoints, or delays in trial completion, could significantly impact the company's prospects.

Market Adoption and Commercialization: Even if VDPHL01 receives FDA approval, Veradermics faces the risk that the product may not achieve significant market adoption and commercial success. Despite identifying a substantial unmet need and dissatisfaction with current treatments for pattern hair loss, the company will need to effectively compete in a market with existing treatment options, including topical minoxidil and finasteride. The success of its multi-channel commercialization plan, including physician education, direct-to-consumer advertising, and telehealth engagement, will be crucial in driving patient awareness and demand for VDPHL01.

AI Analysis | Feedback

null

AI Analysis | Feedback

```html

The addressable market for Veradermics' main product, VDPHL01, for PHL treatments for men and women in the U.S. is approximately $9 billion annually.

```

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Veradermics (MANE)

  1. Successful FDA Approval and Commercial Launch of VDPHL01 for Male Pattern Hair Loss: Veradermics anticipates topline data from its pivotal Phase 2/3 trial in male patients in the first half of 2026 and from its confirmatory Phase 3 trial in male patients in the second half of 2026. This is expected to lead to a New Drug Application (NDA) submission and subsequent regulatory approval, making VDPHL01 available for a significant segment of the pattern hair loss market.
  2. Expansion into the Female Pattern Hair Loss Market: The company is conducting a registrational-directed Phase 2/3 trial for female patients with pattern hair loss. Securing FDA approval for this indication, potentially through a supplemental NDA or simultaneously with male patients, would significantly expand the addressable patient population and unlock a substantial portion of the estimated $9 billion annual U.S. commercial opportunity.
  3. Market Penetration through a Differentiated Product Profile: VDPHL01 is positioned as a potentially first-in-class oral, non-hormonal FDA-approved therapy for pattern hair loss, offering attributes such as speed of hair growth, consistency, intensity, and a favorable safety profile compared to existing options. This differentiated profile is expected to address high unmet needs and patient dissatisfaction, driving significant adoption in a large and motivated patient population.
  4. Execution of a Comprehensive Multi-Channel Commercialization Strategy: In anticipation of potential NDA submission, Veradermics is developing a robust commercialization plan. This strategy will integrate patient identification, physician education, direct-to-consumer (DTC) advertising, social media, and telehealth engagement. Effective execution of these commercial pillars, particularly a dermatology-focused field force and DTC advertising, is crucial to driving patient awareness, demand, and ultimately, revenue growth for VDPHL01.

AI Analysis | Feedback

null

Peer Outperformance in Biotechnology

null
Share of Biotechnology constituents that MANE has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
—
insufficient peer history
3Y
—
insufficient peer history
5Y
—
insufficient peer history
null
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is MANE's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 11.6%44.3%89.1% CAH 382% · MCK 344% · COR 169%
Managed Health Care 8 33.1%-7.9%-0.7% OSCR 80% · HQY 37% · ELV 12%
Health Care Services 20 18.1%34.7%-2.4% HIMS 250% · RDNT 151% · DGX 68%
Health Care Facilities 24 5.4%11.5%-4.7% NHC 271% · THC 259% · ENSG 135%
Health Care Equipment 50 -1.9%-1.3%-20.7% POCI 11788% · UFPT 362% · GKOS 203%
Health Care Supplies 12 20.3%-6.4%-38.9% LNTH 271% · HAE 54% · MMSI 20%
Pharmaceuticals 63 -9.2%9.6%-40.4% LQDA 2252% · INDV 1097% · ETON 1010%
Life Sciences Tools & Services 113 4.7%-9.1%-68.4% SNWV 1820% · NTRA 231% · MEDP 211%
Health Care Technology 21 -26.8%-50.0%-78.6% SPOK 71% · HSTM 1% · VEEV -10%
Biotechnology ← 378 -4.0%-21.9%-79.0% CELZ 1291% · DNTH 1151% · ELVN 997%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

MANEVRCAARQTABBVEOLSBHCMedian
NameVeraderm.Verrica .Arcutis .AbbVie Evolus Bausch H. 
Mkt Price115.784.6226.38265.088.005.7117.19
Mkt Cap4.70.13.4468.90.52.12.8
Rev LTM03046464,38631610,853390
Op Inc LTM-102-263421,850-212,7617
FCF LTM-78-133918,210-221,39313
FCF 3Y Avg--42-7318,076-301,136-30
CFO LTM-78-133919,507-151,80013
CFO 3Y Avg--42-6819,143-251,523-25

Growth & Margins

MANEVRCAARQTABBVEOLSBHCMedian
NameVeraderm.Verrica .Arcutis .AbbVie Evolus Bausch H. 
Rev Chg LTM-106.2%76.1%10.4%13.9%10.1%13.9%
Rev Chg 3Y Avg-57.8%402.8%4.9%23.9%9.1%23.9%
Rev Chg Q--53.8%59.3%10.2%21.2%12.7%12.7%
QoQ Delta Rev Chg LTM--18.4%11.6%2.5%4.9%3.1%3.1%
Op Inc Chg LTM-31.6%139.9%59.5%49.7%46.4%49.7%
Op Inc Chg 3Y Avg--50.5%78.4%11.2%20.4%26.2%20.4%
Op Mgn LTM--87.2%7.4%33.9%-6.5%25.4%7.4%
Op Mgn 3Y Avg--304.4%-53.8%27.5%-11.9%21.1%-11.9%
QoQ Delta Op Mgn LTM--50.8%6.6%0.8%3.9%2.2%2.2%
CFO/Rev LTM--44.0%8.5%30.3%-4.9%16.6%8.5%
CFO/Rev 3Y Avg--279.3%-50.1%32.4%-9.0%15.2%-9.0%
FCF/Rev LTM--44.0%8.5%28.3%-6.9%12.8%8.5%
FCF/Rev 3Y Avg--280.0%-52.1%30.6%-10.9%11.3%-10.9%

Valuation

MANEVRCAARQTABBVEOLSBHCMedian
NameVeraderm.Verrica .Arcutis .AbbVie Evolus Bausch H. 
Mkt Cap4.70.13.4468.90.52.12.8
P/S-3.27.47.31.70.23.2
P/Op Inc-46.0-3.7100.521.5-25.60.8-1.5
P/EBIT-46.7-3.679.840.4-30.22.4-0.6
P/E-50.5-3.2120.774.3-15.4-2.0-2.6
P/CFO-59.8-7.487.624.0-34.31.2-3.1
Total Yield-2.0%-31.7%0.8%3.9%-6.5%-51.3%-4.2%
Dividend Yield0.0%0.0%0.0%2.6%0.0%0.0%0.0%
FCF Yield 3Y Avg--382.1%-6.3%5.2%-5.3%51.9%-5.3%
D/E0.00.00.00.20.39.70.1
Net D/E-0.2-0.1-0.00.10.28.90.1

Returns

MANEVRCAARQTABBVEOLSBHCMedian
NameVeraderm.Verrica .Arcutis .AbbVie Evolus Bausch H. 
1M Rtn17.6%-5.1%6.5%0.2%-8.9%-14.5%-2.5%
3M Rtn-1.3%-21.0%-3.6%13.7%14.8%14.4%6.2%
6M Rtn76.6%0.0%16.0%29.9%83.1%12.4%23.0%
12M Rtn206.7%7.2%49.9%22.8%29.2%-14.9%26.0%
3Y Rtn206.7%-87.8%390.3%92.5%-12.9%-30.5%39.8%
1M Excs Rtn16.9%-5.8%5.8%-0.5%-9.6%-15.2%-3.2%
3M Excs Rtn-6.0%-25.8%-8.3%8.9%10.1%9.7%1.5%
6M Excs Rtn64.8%-14.4%3.3%13.6%63.1%-3.1%8.5%
12M Excs Rtn191.6%-11.5%36.7%7.7%11.7%-31.3%9.7%
3Y Excs Rtn133.7%-161.2%237.2%18.0%-87.7%-104.8%-34.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20242023
Single Segment00
Total00


Net Income by Segment
$ Mil202520242023
Single Segment-70-26-16
Total-70-26-16


Price Behavior

null
MANE Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta1.961.301.051.090.100.95
Up Beta0.970.07-0.14-0.43-1.26-0.02
Down Beta1.68-0.632.601.820.54-0.84
Up Capture160%105%84%271%118%11%
Bmk +ve Days10213268138427
Stock +ve Days102135707979
Down Capture416%347%103%65%-1%-0%
Bmk -ve Days11213259113324
Stock -ve Days112129576464

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MANE
MANE208.1%94.3%2.27-
Sector ETF (XLV)25.2%16.1%1.204.8%
Equity (SPY)16.2%13.0%0.8813.9%
Gold (GLD)13.9%29.3%0.440.9%
Commodities (DBC)46.6%20.7%1.75-6.6%
Real Estate (VNQ)4.5%13.7%0.084.9%
Bitcoin (BTCUSD)-23.2%44.8%-0.462.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MANE
MANE25.1%94.3%2.27-
Sector ETF (XLV)6.6%15.2%0.254.8%
Equity (SPY)12.9%17.2%0.5713.9%
Gold (GLD)18.6%18.8%0.800.9%
Commodities (DBC)10.5%19.5%0.41-6.6%
Real Estate (VNQ)0.8%18.9%-0.064.9%
Bitcoin (BTCUSD)12.5%52.6%0.412.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MANE
MANE11.9%94.3%2.27-
Sector ETF (XLV)10.8%16.7%0.534.8%
Equity (SPY)15.5%17.9%0.7313.9%
Gold (GLD)12.1%16.4%0.600.9%
Commodities (DBC)8.5%18.1%0.38-6.6%
Real Estate (VNQ)4.9%20.7%0.204.9%
Bitcoin (BTCUSD)64.2%66.2%1.042.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity4.0 Mil
Short Interest: % Change Since 81520260.3%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest6.6 days
Basic Shares Quantity40.4 Mil
Short % of Basic Shares10.0%

Earnings Returns History

Updated 9/14/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/2026-1.6%-2.3%-10.0%
5/12/2026-3.9%-7.2%-14.0%
SUMMARY STATS   
# Positive000
# Negative222
Median Positive   
Median Negative-2.8%-4.7%-12.0%
Max Positive   
Max Negative-3.9%-7.2%-14.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/2026-1.6%-2.3%-10.0%
5/12/2026-3.9%-7.2%-14.0%
SUMMARY STATS   
# Positive000
# Negative222
Median Positive   
Median Negative-2.8%-4.7%-12.0%
Max Positive   
Max Negative-3.9%-7.2%-14.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/11/202610-Q
03/31/202605/12/202610-Q
12/31/202503/30/202610-K
09/30/202502/04/2026424B4
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/11/202610-Q
03/31/202605/12/202610-Q
12/31/202503/30/202610-K
09/30/202502/04/2026424B4

Insider Activity

Updated 9/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Montanova, Capital, Llc See footnotesSell8212026107.25750,00080,437,50049,445,789Form
2Durso, Timothy AugustChief Technical OfficerDirectSell8182026107.8243,5004,690,0058,424,974Form
3Waldman, Reid AlexanderChief Executive OfficerDirectSell8182026107.8667,5007,280,71318,425,488Form
4Childs, John W See FootnoteSell8142026107.12100,00010,711,70020,793,231Form
5Suvretta, Capital Management, Llc See footnotesBuy209202636.3430,5211,109,05618,911,954Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Montanova, Capital, Llc See footnotesSell8212026107.25750,00080,437,50049,445,789Form
2Durso, Timothy AugustChief Technical OfficerDirectSell8182026107.8243,5004,690,0058,424,974Form
3Waldman, Reid AlexanderChief Executive OfficerDirectSell8182026107.8667,5007,280,71318,425,488Form
4Childs, John W See FootnoteSell8142026107.12100,00010,711,70020,793,231Form
5Suvretta, Capital Management, Llc See footnotesBuy209202636.3430,5211,109,05618,911,954Form
6Suvretta, Capital Management, Llc See footnotesBuy209202637.9996,2003,655,07918,614,762Form
7Suvretta, Capital Management, Llc See footnotesBuy209202637.05155,9535,778,342135,184,969Form
8Coric, Vlad See FootnoteBuy205202617.00117,6461,999,9825,429,766Form
9Childs, John W See FootnoteBuy205202617.00294,1174,999,98937,434,102Form
10Longitude, Capital Partners V, Llc See FootnoteBuy205202617.001,075,00018,275,00044,206,783Form
11Enright, Patrick G See FootnoteBuy205202617.001,075,00018,275,00044,206,783Form

Investor Activity (13F)

Updated Sep 25, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SR One Capital Management, LP$151.7 Mil16.6%14New13F
Infinitum Asset Management, LLC$46.2 Mil5.8%21New13F
Catalio Capital Management, LP$11.0 Mil2.3%41New13F
Vivo Capital, LLC$18.9 Mil1.6%46New13F
Jones Hill Capital LP$6.4 Mil1.4%26New13F
Masters Capital Management LLC$6.3 Mil0.9%44New13F
Paradigm Biocapital Advisors LP$33.2 Mil0.7%35New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SR One Capital Management, LP$151.7 Mil16.6%14New13F
Infinitum Asset Management, LLC$46.2 Mil5.8%21New13F
Paradigm Biocapital Advisors LP$33.2 Mil0.7%35New13F
Vivo Capital, LLC$18.9 Mil1.6%46New13F
Catalio Capital Management, LP$11.0 Mil2.3%41New13F
Jones Hill Capital LP$6.4 Mil1.4%26New13F
Masters Capital Management LLC$6.3 Mil0.9%44New13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SR One Capital Management, LP$151.7 Mil16.6%14New13F
Infinitum Asset Management, LLC$46.2 Mil5.8%21New13F
Paradigm Biocapital Advisors LP$33.2 Mil0.7%35New13F
Vivo Capital, LLC$18.9 Mil1.6%46New13F
Catalio Capital Management, LP$11.0 Mil2.3%41New13F
Jones Hill Capital LP$6.4 Mil1.4%26New13F
Masters Capital Management LLC$6.3 Mil0.9%44New13F
Core Cache Last Updated: 9/23/2026