Indomo replaces an in-office dermatology procedure with a self-administered device: a microneedle pen (ClearPen) that delivers prescription-strength corticosteroid to inflammatory acne lesions at home. The wedge pairs a 50-plus-year-old, well-understood drug (triamcinolone acetonide) with a novel at-home delivery format, sidestepping the dermatologist-access bottleneck rather than betting on a new molecule.
StoryHouse committed $136K via Fund I into the priced $15M B-1 tranche at a $50M post-money valuation, alongside lead Foresite Capital plus Polaris Partners and Atomic; the tranche is the first half of a two-tranche $22M Series B that steps up to a $75M post (per the 2025-03-26 call). The company later emerged from stealth in October 2025 with $25M disclosed and Phase 2 trials underway Web. Company Health is marked Green with roughly 16 months of runway (Airtable).
The global acne treatment market was roughly $10.6B in 2024 and is forecast to reach about $17.1B by 2034, with the injectable/steroid segment growing fastest Web. Indomo's timing thesis rests on a structural dermatologist-access shortage that pushes an in-office corticosteroid procedure into a self-administered, direct-to-consumer format.
| Company | Approach | Positioning vs. Indomo |
|---|---|---|
| Indomo (ClearPen) | At-home microneedle self-injection of triamcinolone acetonide for inflammatory acne lesions | Would be the first and only at-home prescription-strength corticosteroid acne injection if FDA-approved Web |
| In-office cortisone shots | Dermatologist-administered intralesional triamcinolone | Status quo; same drug, gated by clinic access and appointment friction |
| Isotretinoin (Accutane) | Systemic oral therapy for severe acne | Standard of care for severe cases; systemic side effects, iPLEDGE burden |
| Starface / ZitSticka | OTC hydrocolloid patches and micro-dart patches | Consumer, low-efficacy adjacent; overlapping DTC audience, not Rx-strength Web |
| Topical / DTC brands | Proactiv, retinoids, benzoyl peroxide regimens | Mass-market topicals; do not address acute inflamed lesions |
Moat: a proprietary drug-device combination around a de-risked, off-patent active ingredient, first-mover regulatory positioning as the only at-home Rx corticosteroid injection, and founder-controlled consumer distribution via the Atomic and Hims & Hers network.
Indomo is clinical-stage and pre-revenue: value is gated on Phase 2 safety, tolerability, and efficacy data, with positive interim results serving as the trigger for the priced B-2 tranche Web.
The most probable exit is acquisition by a dermatology or aesthetics strategic (for example Galderma, AbbVie/Allergan Aesthetics, Bausch Health, or L'Oréal), with the founders' Hims & Hers ties offering an alternative consumer-health distribution and exit channel. Dermatology and aesthetics M&A remains active, with transaction volume rising year over year and strong buyer appetite for minimally invasive, device-enabled assets Web.
He is at about $400K-$425K. Gary at Polaris was supportive of making this happen in general, and secondary if necessary. Polaris and Rick could guarantee us access at B-2 to split the difference on the $75K-$100K, which changes the average share price cost from 3% to 6% (not a big deal).
Told Rick to keep us posted, that we would like as close to $500K as possible but there is flexibility. I think we should do the full $500K even if slightly more weighted toward B-2 pricing, given the attractiveness of the deal and the modest difference in blended price. Given inflexibility of the wiring timeline, we will need to watch wires come in closely.
Source: Meeting Notes recgPUXJAcumBdwKPSpoke with Goodwin. Thinks that there is $433K available, and asked if we would be okay with that amount. I pushed and said $500K was important, but if necessary $433K might be OK, though it would need discussion with Josh/Matt. Rick shared other options for getting us to $500K (secondaries, waiting on Gaingels / Josh Jones check size).
Confirmed that he would need the capital by May 28. Tight, but I think doable for us. Plan to reconnect Monday when he has more clarity on other checks he is waiting on to fill out the round.
Source: Meeting Notes rec5NwpaC6oZTevS5$22M round led by Foresite, $75M post. Tranched round: $35M pre-money on a $15M tranche for B-1; B-2 is a $68M pre-money based on positive interim data from Phase 2, which will be the trigger for the tranche (this will be end of Q1 2026). Foresite will do 12 of 22; remaining $10M split between insiders. Steven Peterson and Hyung Chung involved; Jim's decision at the end of the day. Hyung Chung will be on the board.
Pro rata: participation in B-1 obligates participation in B-2 at the same percentage; 1.47x step up on Series A, further 1.37x step up on B-1 price. Check sizes of insiders: Foresite in for $12M; Atomic and Polaris on the $10M. StoryHouse has legal pro rata: currently ~1.72% of the business, so our legal pro rata would be ~$378K. B-1 will close mid-April to end of April; Rick wants a sense of interest by the middle of the following week and will send docs once out of editing, fighting for our allocation if we want it.
Source: Meeting Notes recWpBrp6YLTIiUr9