Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Veradermics, Inc (MANE)
A forensic read on Veradermics, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Clean
Earnings quality
3
Forensic signals
$5.3B
Market cap
Veradermics, Inc earns a D (Weak — demands caution) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+207.6%Accruals ratio. Net operating assets grew +207.6% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by +3% of net operating assets.
-47%Return on invested capital. Return on invested capital is -47% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.1%/yrShare-count dilution. Diluted share count changed +1% over the last 1 years to FY2025 (+1.1%/yr). The count is GROWING — existing holders are being diluted. That's ~1.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~1%.
Key fundamentals
Free Cash Flow$-71.6M
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.