MANEVeradermics, Inc

Pharmaceutical Preparations

Revenue: —
Operating margin: —
EBITDA: −$72M; 170% YoY
Market cap: $5.8B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 0.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 24th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$49M net
Net sales over $10M in 12 months

Financials

Metric	FY2024	FY2025	YoY	Trend
Operating income	−$27M	−$72M	170%
Net income	−$26M	−$70M	164%
Operating cash flow	−$24M	−$72M	202%
Capex	$0	$24K
Stock-based comp	$250K	$1M	476%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 21, 2026	MONTANOVA CAPITAL, LLC	SCHEDULE 13D/A	17.8%	Passive
Aug 14, 2026	SR ONE CAPITAL MANAGEMENT, LLC	SCHEDULE 13D/A	4.9%	Passive
May 5, 2026	Longitude Capital Partners V, LLC	SCHEDULE 13D/A	6.3%	Passive
May 5, 2026	Seven Fleet Capital Management LP	SCHEDULE 13D	0.2%	Passive
May 5, 2026	SUVRETTA CAPITAL MANAGEMENT, LLC	SCHEDULE 13D/A	9.9%	Passive
Feb 12, 2026	Longitude Capital Partners V, LLC	SCHEDULE 13D	7.0%	Passive
Feb 11, 2026	SUVRETTA CAPITAL MANAGEMENT, LLC	SCHEDULE 13D	11.9%	Passive
Feb 11, 2026	SR ONE CAPITAL MANAGEMENT, LLC	SCHEDULE 13D	6.4%	Passive

Insider trading

Open-market buys, 12 mo: $54M · 26
Open-market sells, 12 mo: $103M · 15
Net: −$49M

Pay vs performance

No pay-versus-performance disclosure yet.