Veradermics (NYSE: MANE) reports positive Phase 2/3 VDPHL01 hair-loss results
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Veradermics, Inc. reported positive topline results from its Phase 2/3 Study ‘302’ of oral VDPHL01 in 519 men with mild-to-moderate pattern hair loss. The trial met all primary and key secondary endpoints, with once-daily and twice-daily doses showing significantly greater hair growth than placebo.
At Month 6, non‑vellus target area hair count increased by 30.3 hairs/cm² with once-daily VDPHL01 and 33.0 hairs/cm² with twice-daily dosing, versus 7.3 hairs/cm² for placebo. Patient-reported ‘improved’ or ‘much improved’ outcomes reached 48.4% and 62.9% in the active arms compared with 13.4% on placebo.
Any improvement in hair coverage was reported by 79.3% and 86.0% of VDPHL01 patients versus 35.6% on placebo, and investigators graded 72.0% and 84.4% of active-arm patients as improved. VDPHL01 was generally well tolerated, with no treatment-related serious adverse events or cardiac adverse events of special interest and treatment-emergent adverse event rates similar to placebo.
Positive
- Robust efficacy versus placebo: At Month 6, non‑vellus target area hair count increased by 30.3 and 33.0 hairs/cm² in VDPHL01 once‑daily and twice‑daily arms, respectively, compared with 7.3 hairs/cm² for placebo, with p<0.0001 for both active doses.
- Strong patient-reported and investigator outcomes: Up to 62.9% of treated patients reported ‘improved’ or ‘much improved’ hair coverage and up to 84.4% were graded as improved by investigators, far exceeding placebo responses.
- Favorable safety profile: No treatment-related serious adverse events or cardiac adverse events of special interest were observed, and overall treatment-emergent adverse event rates and discontinuations were similar to or better than placebo.
- Strategic positioning in a large market: Pattern hair loss affects about 80 million people in the U.S. and the aesthetics market is projected to reach roughly $30 billion by 2028, giving VDPHL01 a sizable potential opportunity if later-stage results and approvals are achieved.
Negative
- None.
Insights
Strong Phase 2/3 hair-loss data de-risk Veradermics’ lead asset.
The Phase 2/3 Study ‘302’ of VDPHL01, an extended-release oral minoxidil, met all primary and key secondary endpoints in 519 men with pattern hair loss. Hair-count gains of 30.3 and 33.0 hairs/cm² versus 7.3 hairs/cm² for placebo, with p<0.0001, indicate a robust efficacy signal.
Patient and investigator assessments align with the objective data: up to 62.9% of patients reported ‘improved’ or ‘much improved’ coverage, and investigators graded up to 84.4% as improved at Month 6. Safety appears favorable, with no treatment-related SAEs, no cardiac AESIs, and treatment-emergent adverse event rates comparable to placebo.
For a company centered on pattern hair loss, these results materially advance the program toward potential approval, especially alongside ongoing male Study ‘304’ and female Study ‘306’ trials. Actual long-term impact will depend on confirmatory data expected in the second half of 2026 and future regulatory review.
8-K Event Classification
3 items: 7.01, 8.01, 9.01
3 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Study ‘302’ enrollment: 519 patients
Hair count increase QD: 30.3 hairs/cm²
Hair count increase BID: 33.0 hairs/cm²
+5 more
8 metrics
Study ‘302’ enrollment
519 patients
Males with mild-to-moderate pattern hair loss randomized to VDPHL01 or placebo
Hair count increase QD
30.3 hairs/cm²
Mean non‑vellus TAHC increase at Month 6, once-daily VDPHL01, p<0.0001
Hair count increase BID
33.0 hairs/cm²
Mean non‑vellus TAHC increase at Month 6, twice-daily VDPHL01, p<0.0001
Placebo hair count increase
7.3 hairs/cm²
Mean non‑vellus TAHC increase at Month 6 in placebo arm
Patient PRO ‘improved’ or better
48.4% / 62.9%
Once-daily and twice-daily VDPHL01 vs 13.4% placebo at Month 6
Any patient-reported improvement
79.3% / 86.0%
Once-daily and twice-daily VDPHL01 vs 35.6% placebo at Month 6
Investigator-rated improvement
72.0% / 84.4%
QD and BID VDPHL01 patients graded improved on IGA at Month 6
Pattern hair loss prevalence US
80 million people
Estimated U.S. population with pattern hair loss, men and women
Key Terms
Target Area Hair Count, Androgenetic Alopecia Impact Rating Scale, treatment-emergent adverse event, extended-release minoxidil formulation, +2 more
6 terms
Target Area Hair Count clinical
"In the study, VDPHL01 achieved superior hair growth compared with placebo... on the co‑primary endpoints of non-vellus Target Area Hair Count (“TAHC”)"
Androgenetic Alopecia Impact Rating Scale clinical
"co‑primary endpoints of... patient reported outcome (“PRO”) benefit... on the Androgenetic Alopecia Impact Rating Scale (“AAIRS”)"
treatment-emergent adverse event clinical
"Treatment with VDPHL01 was generally well tolerated... with overall treatment-emergent adverse event (“TEAE”) rates similar between VDPHL01 and placebo"
An event is called a treatment-emergent adverse event when a new or worsening unwanted health effect appears after a person starts a drug or medical treatment, typically measured from the first dose onward in clinical studies. Investors watch these events because they can stop or slow product approval, raise development costs, or undermine market confidence—like a widely reported defect in a new gadget that triggers recalls and damages sales.
extended-release minoxidil formulation clinical
"VDPHL01, a novel orally-administered extended-release minoxidil formulation, met all primary and all key secondary endpoints"
Phase 2/3 clinical trial clinical
"positive topline data from the Phase 2/3 clinical trial, Study ‘302’ evaluating VDPHL01 in males with mild-to-moderate pattern hair loss"
A phase 2/3 clinical trial is a single, combined study that first tests whether a treatment works and is safe in a modest number of patients, then expands seamlessly into a larger, confirmatory stage if early results are promising. Think of it like a prototype test that can quickly move into full production without starting over; for investors, it concentrates risk and time, because positive results can speed regulatory approval while negative results can be a major setback.
adverse events of special interest clinical
"no treatment-related serious adverse events (“SAEs”) and no adverse events of special interest (“AESIs”) of cardiac origin"
A predefined list of medical side effects or safety issues that regulators and drug developers watch especially closely during clinical trials and post-market monitoring. Think of them as dashboard warning lights for a treatment: they may be rare but could signal serious health risks or regulatory concern. Investors track these because their occurrence can delay approvals, trigger extra testing, harm public confidence, and materially affect a company’s valuation.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 27, 2026
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Item 7.01. Regulation FD Disclosure.
On April 27, 2026, the Company issued a press release announcing positive topline data from the Phase 2/3 clinical trial, Study ‘302’ evaluating VDPHL01 in males with mild-to-moderate pattern hair loss.
A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and the presentation the Company presented on the conference call and webcast is furnished as Exhibit 99.2 to this Current Report on Form 8-K, and both are incorporated by reference herein. The information contained in Item 7.01 of this Current Report on Form 8-K and the Exhibits 99.1 and 99.2 furnished under Item 7.01 of this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act, regardless of any general incorporation language in such filing.
Item 8.01 Other Events.
On April 27, 2026, the Company announced positive topline data from the Phase 2/3 clinical trial, Study ‘302’ evaluating VDPHL01 in males with mild-to-moderate pattern hair loss. Study ‘302’ is a multi-center, randomized, placebo-controlled study evaluating the clinical efficacy, safety, and tolerability in 519 enrolled patients who were randomized to receive either VDPHL01 8.5mg once daily (“QD”), VDPHL01 8.5mg twice daily (“BID”) or placebo. The trial met all primary and all key secondary endpoints with statistical significance, demonstrating a potentially differentiated clinical profile defined by rapid onset of activity, consistent response across patients, and robust increases in hair count while being generally well tolerated with no treatment-related serious adverse events (“SAEs”) and no adverse events of special interest (“AESIs”) of cardiac origin.
In the study, VDPHL01 achieved superior hair growth compared with placebo (p<0.0001) on the co‑primary endpoints of non-vellus Target Area Hair Count (“TAHC”) and patient reported outcome (“PRO”) benefit of ‘improved’ or ‘much improved’ on the Androgenetic Alopecia Impact Rating Scale (“AAIRS”) at Month 6. Patients achieved an average increase in non-vellus TAHC of 30.3 hairs/cm² (p<0.0001) and 33.0 hairs/cm² (p<0.0001) in QD and BID VDPHL01 treatment arms, respectively. Those receiving placebo only showed a 7.3 hairs/cm² increase from baseline at Month 6.
Following 6 months of treatment with VDPHL01, 79.3% of patients in the QD dose arm (p<0.0001) and 86.0% of patients in the BID dose arm (p<0.0001) reported improvement in hair coverage on the AAIRS versus 35.6% of placebo patients. Additionally, 48.4% of patients in the QD dose arm (p<0.0001) and 62.9% of patients in the BID dose arm (p<0.0001) achieved ‘improved’ or ‘much improved’ hair coverage on the AAIRS compared to only 13.4% of placebo patients.
In addition to meeting the co-primary endpoints, the study also met the key secondary endpoints. Investigator perception was measured with investigators grading 72.0% (QD; p<0.0001) and 84.4% (BID; p<0.0001) of male patients as having improved hair coverage at Month 6 (p<0.0001). Rapid onset of hair growth was also observed at the earliest measured time point measured in the trial, with statistically significant separation from placebo on TAHC and IGA as early as Month 2.
Treatment with VDPHL01 was generally well tolerated through Month 6 with overall treatment-emergent adverse event (“TEAE”) rates similar between VDPHL01 and placebo, and with an overall safety profile consistent with Phase 2. VDPHL01 demonstrated lower discontinuation rates than placebo, and the adverse event-related discontinuation rate was similar between active and placebo. No treatment-related SAEs and no AESIs of cardiac origin were observed in the study. The most common TEAEs occurring in greater than 5% of patients vs. placebo included peripheral edema (5.3% QD, 6.3% BID) and hypertrichosis (3.5% QD, 6.3% BID). These TEAEs resulted in approximately 1% discontinuation for both QD and BID dosing groups for peripheral edema and no discontinuations occurred related to hypertrichosis in either the QD or the BID dosing groups.
Forward Looking Statements
This Current Report on Form 8-K contains forward-looking statements, which involve risks, uncertainties and contingencies, many of which are beyond the control of Veradermics, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements other than statements of historical facts contained in this Current Report on Form 8-K are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. You are cautioned not to place undue reliance on these forward-looking statements, including statements regarding the perceived efficacy of VDPHL01; the clinical profile of VDPHL01, including safety profile; the perceived benefits of VDPHL01; the treatment landscape for PHL and the timing of reporting additional clinical results. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements, including: Veradermics’ limited operating history with no products approved for commercial sale; Veradermics’ incurrence of substantial losses since its inception, anticipation of incurring substantial and increasing losses for the foreseeable future and need for substantial additional financing to achieve its goals; Veradermics’ anticipation that its success will depend on the approval and successful commercialization of VDPHL01, which is its lead product candidate, and if Veradermics is unable to obtain regulatory approval for, and successfully commercialize, VDPHL01, or any other current or future product candidates, or experience significant delays in doing so, its business will be materially harmed; the risk that adverse events or undesirable side effects are caused by Veradermics’ product candidates; competition from other companies; and other risks and uncertainties identified in the “Risk Factors” section of Veradermics’ Annual Report on Form 10-K, for the period ended December 31, 2025, and subsequent filings with the U.S. Securities and Exchange Commission. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond Veradermics’ control, these forward-looking statements should not be relied upon as guarantees of future events. Moreover, Veradermics operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. These forward-looking statements speak only as of the date of this Current Report on Form 8-K, and Veradermics undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press release issued by the Company on April 27, 2026 | |||||||
| 99.2 | Investor Presentation dated April 27, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VERADERMICS, INCORPORATED | ||||||||
| By: | /s/ Reid Waldman, M.D. | |||||||
Name: Reid Waldman, M.D. | ||||||||
Title: Chief Executive Officer | ||||||||
Date: April 27, 2026
Exhibit 99.1
Veradermics’ Oral VDPHL01 Achieved Early, Consistent, and Robust Hair Growth in Positive Phase 2/3 ‘302’ Clinical Trial in Male Pattern Hair Loss
VDPHL01, a novel orally-administered extended-release minoxidil formulation, met all primary and all key secondary endpoints with high statistical significance in both active treatment arms evaluating once-daily (QD) and twice-daily (BID) administration of VDPHL01
Rapid and robust hair growth was achieved with VDPHL01 treatment as demonstrated by a mean increase in non-vellus target area hair count (TAHC) of 30.3 hairs/cm² (once daily dosing; p<0.0001) and 33.0 hairs/cm² (twice daily dosing; p<0.0001) versus 7.3 hairs/cm² for placebo at Month 6
Approximately 79.3% (QD) and 86.0% (BID) of patients reported any improvement in patient-reported outcomes (PRO) versus 35.6% of placebo patients; 48.4% (QD; p<0.0001) and 62.9% (BID; p<0.0001) of patients reported ‘improved’ or ‘much improved’ outcomes at Month 6 versus 13.4% of placebo patients
Statistically significant improvement in hair growth was observed at Month 2, the earliest time point evaluated
VDPHL01 demonstrated a favorable safety and tolerability profile with overall adverse event rates similar to placebo
VDPHL01 has the potential to become the first FDA-approved non-hormonal oral treatment for the approximately 80 million men and women with pattern hair loss in the U.S.
Conference call and webcast scheduled for 8:00 a.m. ET today
NEW HAVEN, Conn., April 27, 2026 -- Veradermics, Incorporated (NYSE: MANE), a dermatologist-founded, late-stage biopharmaceutical company focused on developing innovative therapeutics for pattern hair loss today announced positive topline results from Part A of its randomized, double-blind, placebo-controlled Phase 2/3 clinical trial (Study ‘302’) evaluating VDPHL01, a proprietary extended-release oral minoxidil formulation, in over 500 males with mild-to-moderate pattern hair loss. Veradermics believes these results position VDPHL01 to potentially become the first FDA-approved oral pill in nearly 30 years for pattern hair loss and a potential best-in-indication treatment option for the 50 million men with pattern hair loss in the U.S.
Study ‘302’ enrolled 519 patients who were randomized to receive either VDPHL01 8.5mg once daily (QD), VDPHL01 8.5mg twice daily (BID), or placebo. The trial met all primary and all key secondary endpoints with statistical significance, demonstrating a potentially differentiated clinical profile defined by rapid onset of activity, consistent response across patients, and robust increases in hair count while being generally well tolerated with no treatment-related serious adverse events (SAEs) and no adverse events of special interest (AESIs) of cardiac origin.
In the study, VDPHL01 achieved superior hair growth compared with placebo (p<0.0001) on the co-primary endpoints of non-vellus Target Area Hair Count (TAHC) and patient reported outcome (PRO) benefit of ‘improved’ or ‘much improved’ on the Androgenetic Alopecia Impact Rating Scale (AAIRS) at Month 6. Patients achieved an average increase in non-vellus hair count of 30.3 hairs/cm² (p<0.0001) and 33.0 hairs/cm² (p<0.0001) in once daily and twice daily VDPHL01 treatment arms, respectively. Those receiving placebo only showed a 7.3 hairs/cm² increase from baseline at Month 6.
Following 6 months of treatment with VDPHL01, 79.3% of patients in the once daily dose arm (p<0.0001) and 86.0% of patients in the twice daily dose arm (p<0.0001) reported improvement in hair coverage on the AAIRS versus 35.6% of placebo patients. Additionally, 48.4% of patients in the once daily dose arm (p<0.0001) and 62.9% of patients in the twice daily dose arm (p<0.0001) achieved ‘improved’ or ‘much improved’ hair coverage on the AAIRS compared to only 13.4% of placebo patients.
“Based on the results of the ‘302’ trial, VDPHL01, if approved, has the potential to transform how physicians and patients approach pattern hair loss for men,” said Dr. Maryanne Makredes Senna, board-certified dermatologist at Beth Israel Lahey Health, Assistant Professor of Dermatology at Harvard Medical School, and member of Veradermics’ scientific advisory board. “I believe that an oral therapy that has improved hair loss in the eyes of nearly 80% of patients and investigators, was generally well tolerated in trials and sits in a class that dermatologists are already comfortable prescribing, has the potential to transform the treatment landscape for male pattern hair loss.”
The consistency of clinically meaningful hair growth reported by patients was further supported by investigator perception of hair growth, with investigators grading 72.0% (QD; p<0.0001) and 84.4% (BID; p<0.0001) of male patients as having improved hair coverage at Month 6 (p<0.0001). Rapid onset of hair growth was also observed at the earliest measured time point measured in the trial, with statistically significant separation from placebo on TAHC and IGA as early as Month 2.
“Dermatology has been treating hair loss with a drug borrowed from cardiology, in a formulation never intended for our patients, at doses we arrived at informally,” said Michael Gold, M.D., Study '302’ trial investigator and board-certified dermatologist. “VDPHL01 is the first oral minoxidil formulation developed specifically for pattern hair loss, and now the first to generate positive Phase 3 results of efficacy and safety.”
Treatment with VDPHL01 was generally well tolerated through Month 6 with overall treatment-emergent adverse event (TEAE) rates similar between VDPHL01 and placebo, and with an overall safety profile consistent with Phase 2. VDPHL01 demonstrated lower discontinuation rates than placebo, and the adverse event-related discontinuation rate was similar between active and placebo. No treatment-related SAEs and no AESIs of cardiac origin were observed in the study.
“Our proprietary, extended-release VDPHL01 formulation delivered marked increases in hair growth as assessed by objective assessments as well as physician and patient reports in Study ‘302’. These Phase 2/3 clinical study results support our belief that Veradermics' novel formulation in VDPHL01 can optimize oral minoxidil for significant hair growth while minimizing side effects and cardiac risk,” said Reid Waldman, M.D., Chief Executive Officer of Veradermics. “With a formulation designed to deliver more consistent exposure and avoid peak concentrations associated with dose-limiting cardiac side effects, we believe VDPHL01 has a potentially differentiated, generally well tolerated clinical profile with rapid, consistent, and robust hair growth. We are optimistic that these results represent a defining milestone for the hair loss community, our company and investors as we advance this foundational, non-hormonal treatment approach to the clinic for the millions of people with pattern hair loss.”
Study ‘302’ is part of an extensive pivotal development program designed to support the approval of VDPHL01 in both male and female pattern hair loss. In February, Veradermics announced enrollment completion in its second Phase 3 male trial, Study ‘304’, with topline results anticipated in the second half of 2026. Veradermics is actively recruiting female participants for its female pattern hair loss Phase 2/3 trial, Study ‘306’.
Veradermics will host a conference call and live webcast today at 8:00 a.m. ET to discuss the Study ‘302’ results and development plans. A live webcast will be available on the Events page in the Investors section of the company’s website. A replay will be available following the call.
About VDPHL01
VDPHL01 (extended-release minoxidil tablet) is a proprietary investigational, orally available non-hormonal drug in Phase 3 development for pattern hair loss in both women and men. VDPHL01 leverages extended-release technology to deliver a minoxidil product with the potential for improved efficacy and safety. The proprietary extended-release formulation utilizes a gel matrix designed to deliver long-lasting, steady
release of minoxidil for sustained absorption. VDPHL01 has been shown to avoid the high peak concentrations of immediate-release oral minoxidil, while extending time above the minimum hair growth threshold to increase time for hair to grow. If approved, VDPHL01 would be the only FDA-approved oral non-hormonal treatment for pattern hair loss in both male and female patients. VDPHL01 is protected by a broad library of patents and patent applications related to the key innovations of VDPHL01. The earliest expiring patent term is 2043.
About Pattern Hair Loss
Pattern hair loss, also known as androgenetic alopecia, affects an estimated 80 million people in the United States (30 million women and 50 million men). Pattern hair loss can have a significant impact on quality of life, affecting an individual’s mental health and relationships. People with pattern hair loss often experience depression, low self-esteem and social withdrawal. There have been no new FDA-approved prescription medicines for pattern hair loss in nearly 30 years. In addition to prescription medicines, current treatments include over-the-counter “nutraceuticals” that produce inconsistent results and contribute to high dissatisfaction among patients and healthcare providers. The prevalence of pattern hair loss and the market demand for new treatments contribute to making it the largest aesthetics market worldwide, projected to reach approximately $30 billion by 2028.
About Veradermics, Inc.
Veradermics is a dermatologist-founded, late clinical-stage biopharmaceutical company focused on developing innovative therapeutics for pattern hair loss. Veradermics aims to develop a focused portfolio of aesthetic dermatology product candidates targeting high-prevalence dermatologic conditions, with potential selective development of medical dermatology product candidates. Its lead program, VDPHL01, is being developed as an oral, non-hormonal treatment for men and women with pattern hair loss, to reduce the barriers to wide adoption of chronic hair loss therapy and potentially transform pattern hair loss treatment. VDPHL01 is an oral, extended-release proprietary formulation of minoxidil, a proven hair growth agent, designed to maximize minoxidil’s impact on hair restoration while minimizing the risk of cardiac activity. For additional information, visit www.veradermics.com and follow us on LinkedIn and Instagram.
Forward-Looking Statements
This press release contains forward-looking statements, which involve risks, uncertainties and contingencies, many of which are beyond the control of Veradermics, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements regarding the perceived efficacy of VDPHL01; the clinical profile of VDPHL01, including safety profile; the perceived benefits of VDPHL01; VDPHL01’s use as the preferred treatment for PHL; the treatment landscape for PHL; the timing of reporting additional clinical results, including anticipated data from Study ‘304’; the enrollment progress in Study ‘306’; VDPHL01’s potential to become the first FDA-approved non-hormonal oral treatment for PHL; and the projected size of the market for PHL. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements, including: Veradermics’ limited operating history with no products approved for commercial sale; Veradermics’ incurrence of substantial losses since its inception, anticipation of incurring substantial and increasing losses for the foreseeable future and need for substantial additional financing to achieve its goals; Veradermics’
anticipation that its success will depend on the approval and successful commercialization of VDPHL01, which is its lead product candidate, and if Veradermics is unable to obtain regulatory approval for, and successfully commercialize, VDPHL01, or any other current or future product candidates, or experience significant delays in doing so, its business will be materially harmed; the risk that adverse events or undesirable side effects are caused by Veradermics’ product candidates; competition from other companies; and other risks and uncertainties identified in the “Risk Factors” section of Veradermics’ Annual Report on Form 10-K, for the period ended December 31, 2025, and subsequent filings with the U.S. Securities and Exchange Commission. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond Veradermics’ control, these forward-looking statements should not be relied upon as guarantees of future events. Moreover, Veradermics operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. These forward-looking statements speak only as of the date of this press release, and Veradermics undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Media:
Mike Beyer, Sam Brown Healthcare Communications
312-961-2502
mikebeyer@sambrown.com
Investors:
Jon Nugent, THRUST
205-566-3026
jon@thrustsc.com
Study 302 Phase 2/3 Topline Data in Males with Mild-to-Moderate Pattern Hair Loss April 2026
agenda 2 1 Opening Remarks 2 Study ‘302’ results 3 KOL Discussion 4 VDPHL01 Commercial Opportunity 5 Closing Remarks 6 Q&A Reid Waldman, M.D. Chief Executive Officer, Veradermics Mark Neumann Chief Commercial & Strategy Officer, Veradermics Dominic Carrano Chief Financial Officer, Veradermics Maryanne Makredes Senna, M.D. Veradermics Scientific Advisory Board Member Beth Israel Lahey Health, Harvard Medical School MANE Speakers Joined by APRIL 2026
This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding our product development activities for VDPHL01 and ongoing clinical trials; the ability of clinical trials to demonstrate safety and efficacy of VDPHL01; the beneficial characteristics, and the potential safety, efficacy and therapeutic effects of VDPHL01; our ability to develop and advance our potential future product candidates and programs; our ability to pursue and execute our strategy for our indications, business, programs and technology; our ability to leverage existing programs and to progress additional programs, the timing of investigational new drug application submissions; the timing of and our ability to obtain and maintain regulatory approval of our product candidates; our ability to compete with companies currently selling, marketing or engaged in the development of treatments for diseases that our product candidates are designed to target, including pattern hair loss (PHL); our estimates regarding the size and growth potential of the commercial opportunity for VDPHL01 and our current product candidates or other product candidates we may identify and pursue, and our ability to serve those markets; our and our collaborators’ ability to protect our intellectual property for our products; our ability to enter into future license agreements and collaborations; regulatory developments; objectives for future operations and other estimates contained herein. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar expressions that concern our expectations, strategy, plans or intentions, although not all forward-looking statements are accompanied by such words. Forward-looking statements are based on assumptions and assessments made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate, and speak only as of the date of this presentation. Disclaimer 3 Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or other events to be materially different from any future results, performance or other events expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Our actual future results, performance or other events may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward- looking statements, even if new information becomes available in the future. Market data and industry information used throughout this presentation are based on management’s knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management’s review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable as of their respective dates, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products. This presentation discusses potential future product candidates that are investigational only and have not yet been approved for marketing by the U.S. Food and Drug Administration. No representation is made as to the safety or effectiveness of these potential future product candidates for the use for which such potential future product candidates are being studied. APRIL 2026
4 First well-controlled, statistically significant Phase 2/3 outcome for an oral PHL treatment in the U.S. in nearly 30 years Potentially differentiated profile for dermatology specialists, generalist physicians, and patients: Rapid onset Robust and consistent hair growth Well-tolerated, single digit individual AE profile VDPHL01 achieved potential best-in-indication hair growth in Study ‘302’ with both QD and BID doses High statistical significance achieved on both co-primary endpoints (p<.0001) Consistent treatment effect High rate of PRO and IGA response punctuates consistency of response Rapid onset of hair growth Statistically significant separation from placebo on TAHC and IGA as early as Month 2 Generally well-tolerated Safety profile consistent with Phase 2 results APRIL 2026
50 50 32 30 16 8 3 80 0 10 20 30 40 50 60 70 80 90 PHL Acne (All Ages) Atopic Dermatitis (Eczema) PHL (Women) Rosacea Psoriasis Vitiligo Pattern hair loss impacts 80 million people in the U.S.1 5 million total U.S. patients include 50 million men without a new oral treatment in ~30 years and 30 million women with no FDA-approved oral treatment options M Men with PHL Pa tie nt s Af fe ct ed in th e U .S .1 ( M ill io ns ) 1American Academy of Dermatology. (n.d.). Skin conditions by the numbers. https://www.aad.org/media/stats/conditions/hair-loss 2 Source: Market research conducted November 2024; HCP n=150 patient n=410 Current Treatment Limitations: M Women with PHL 30 of Patients Actively Seeking New Tx2 ~46% of Patients Satisfied with Current Treatment Options2 ~9% Slow onset of hair growth Clinically significant results not anticipated for 4-12 months Inconsistent results Can lead to treatment cycling Insufficient density of hair growth Tolerability issues Related to hormonal, mood, and cardiac side effects Inconvenient administration Limited FDA approved treatment options No FDA-approved oral options for women APRIL 2026
VDPHL01’s proprietary extended-release technology delivers a differentiated formulation of minoxidil intended to optimize efficacy and safety 6 10x difference between minoxidil hair growth threshold and minoxidil cardiac activity threshold VDPHL01 is designed to deliver nearly twice the total amount of minoxidil over 12h and maintains concentrations above the hair growth threshold twice as long vs. a 2.5 mg IR tablet* First minoxidil extended-release tablet and only oral minoxidil tablet positioned for potential approval for the treatment of PHL 10x Blunted maximum observed concentration (Cmax) below FDA recognized cardiac activity threshold achieved by extended release is designed to avoid cardiac adverse effects compared to immediate release *As per pharmacokinetics data from average plasma concentrations for male patients (n=10) from Study QSC300720 evaluating males taking VDPHL01 8.5mg and minoxidil 2.5 mg IR 0 5 10 15 20 25 30 Pl as m a C on ce nt ra tio n (n g/ m L) C a r d i a c A c t i v i t y T h r e s h o l d ( 2 0 n g / m L ) H a i r g r o w t h t h r e s h o l d ( 1 . 6 2 n g / m L ) I d e a l M i n o x i d i l P l a s m a T a r g e t C o n c e n t r a t i o n APRIL 2026
Minoxidil mechanism of action is capacity-limited and time dependent 7 Minoxidil Hair follicles contain the SULT1A1 sulfotransferase enzyme that locally converts minoxidil to its active metabolite, minoxidil sulfate Hair growth is stimulated at low plasma levels of minoxidil because of its local metabolism to minoxidil sulfate at the hair bulb 2 VDPHL01 is designed to increase the duration of exposure to metabolized minoxidil sulfate at the hair follicle PARENT DRUG ACTIVE DRUG 1 1 2 Minoxidil Sulfate VDPHL01 is designed to optimize the consistency and duration of exposure to active minoxidil sulphate APRIL 2026
Co-Primary Efficacy Endpoints: • Changes from baseline in non-vellus TAHC using digital image analysis at Month 6 • Proportion of subjects who achieve treatment benefit, defined as a PRO response of “Improved” or “Much Improved” at Month 6 Study 302 trial design QD: Daily Dosing BID: 2x/day Dosing *All patients take investigational product or matched placebo twice daily (2x VDPHL01; VDPHL01 + placebo; 2x placebo) **List of other efficacy endpoints is not exhaustive but is representative of the defined per-protocol secondary efficacy endpoints TAHC: Target Area Hair Count TAHW: Target Area Hair Width TAHD: Target Area Hair Darkness PRO: Proprietary patient reported outcomes (PRO) scale designed for the VDPHL01 clinical trials Other Efficacy Endpoints** • Change from baseline in non-vellus TAHC using digital image analysis at Months 2 and 4 • Proportion of subjects who achieve treatment benefit, defined as a self-reported score of ‘Improved’ or ‘Much Improved’ at Months 2 and 4. • Proportion of subjects graded by investigators as achieving a response category of, defined as achieving a response category of “a little improved”, “moderately improved”, or “greatly improved” at Months 2, 4 and 6 • Changes from baseline in non-vellus TAHW using digital image analysis at Months 2, 4 and 6 • Proportion of subjects satisfied with treatment, defined as achieving a response category of “a little satisfied”, “moderately satisfied”, or “Very satisfied” at Months 2, 4 and 6 Actual Enrollment 519 subjects, randomized 2:2:1:1 Clinical Sites 44 U.S. sites Study Population Male subjects 18-65 years of age (inclusive) with mild-to-moderate PHL Screening Period Part A: Placebo Controlled Period (Months 1-6) Part B: Treatment Extension Period (Months 7-12) Group 1: VHPHL01 8.5 mg BID Group 2: VHPHL01 8.5 mg QD* Group 3: Placebo BID Group 1: VHPHL01 8.5 mg BID Group 2: VHPHL01 8.5 mg QD Group 3: VHPHL01 8.5 mg BID Group 4: VHPHL01 8.5 mg QD Follow-Up Period 8 APRIL 2026
TAHC co-primary endpoint leverages the only measurement methodology used for FDA approval in PHL since 1997 • Digital analysis lines up consecutive images to ensure the same location is captured. • in diameter are counted as being non-vellus. • Digital analysis algorithm discerns both increases in number and thickness of hairs. • Accuracy of analysis is ensured by utilizing counts from 2 separate technicians. VDPHL01 achieved highly statistically significant and highly clinically meaningful benefit on both co-primary endpoints in trials to date Target area hair count (TAHC) Patient-reported outcome (PRO) 9 Patient tattooed for location replicability PRO co-primary endpoint is evaluated using the Androgenetic Alopecia Impact Rating Score (AAIRS) • All photography is standardized and undergoes quality control to ensure consistent imagery and parting • Patients are shown full-size photographs at baseline and evaluated time points to directly assess changes to the severity of their PHL on a 7-point scale from ‘Much Worsened’ to ‘Much Improved’ AAIRS 7-Point Scale 3 = MUCH IMPROVED 2 = IMPROVED 1 = A LITTLE IMPROVED 0 = NO CHANGE -1 = A LITTLE WORSE -2 = WORSE -3 = MUCH WORSE *Co-primary endpoint APRIL 2026
VDPHL01 8.5MG QD VDPHL01 8.5MG BID Placebo Total Study Participants 171 175 173 519 Age Mean (SD), Median 42.1 (10.1), 40 43.0 (10.7), 42 42.6 (9.6), 42 42.5 (10.1), 42 Patients age 40+; n (%) 95 (55.6) 106 (60.6) 104 (60.1) 305 (58.8) Minimum, Maximum 21, 63 19, 65 22, 65 19, 65 Race n (%) American Indian/ Alaska Native 3 (1.8) 3 (1.7) 4 (2.3) 10 (1.9) Asian 13 (7.6) 9 (5.1) 12 (6.9) 34 (6.6) Black or African American 12 (7.0) 12 (6.9) 25 (14.5) 49 (9.4) Native Hawaiian or Pacific Islander 0 0 0 0 White 143 (83.6) 147 (84.0) 131 (75.7) 421 (81.1) Multiple 0 4 (2.3) 1 (0.6) 5 (1.0) Baseline Norwood Hamilton Severity n (%) Type IIIv 87 (50.9) 79 (45.1) 91 (52.6) 257 (49.5) Type IV 46 (26.9) 55 (31.4) 46 (26.6) 147 (28.3) Type V 38 (22.2) 41 (23.4) 36 (20.8) 115 (22.2) Additional Baseline Characteristics Baseline Non-Vellus Hair Count; mean (SD), median 157.8 (49.7), 157 151.6 (50.7), 151 147.9 (58.3), 145 - Hypertensive at Baseline; n (%) 98 (57.3) 84 (48.0) 96 (55.5) 278 (53.6) Study 302 baseline characteristics 10 APRIL 2026
Both active arms of Study 302 showed statistically significant improvements in Target Area Hair Count (TAHC) at Month 6 11 7.3 30.3 33.0 0 5 10 15 20 25 30 35 Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID N on -V el lu s T A H C In cr ea se Non-Vellus TAHC Increase absolute; from baseline at Month 6 [p<.0001] [p<.0001] Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID n=171 n=175n=173 APRIL 2026
7.3 7.3 4.7 6.7 30.3 33 20.9 21.1 14.6 10 0 5 10 15 20 25 30 35 VDPHL01 8.5mg QD VDPHL01 8.5mg BID Rogaine 5% Foam (Males; Month 4) Oral Finasteride IR Oral Minoxidil 5mg (JAMA Derm) IR Oral Minoxidil 5mg (JAAD) N on -V el lu s T A H C In cr ea se Hair Count Increase (Placebo) Hair Count Increase (Active) VDPHL01 exceeded expectations on TAHC and has potential to establish a new bar for differentiated PHL treatments 12 [n=33] VDPHL01 Data are presented from active study arms of Study ‘302’. Rogaine 5% foam data are presented from Olsen et al. (2007). Oral finasteride data are presented from Piraccini et al. (2022). IR oral minoxidil JAMA Derm data are presented from Pehna (2024). IR oral minoxidil JAAD data are presented from Fonseca et al. (2026). Note: No head-to-head studies comparing VDPHL01 to finasteride or other forms of minoxidil have been conducted. The results of this retrospective post hoc cross-trial comparison may not be directly comparable. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across unrelated studies. [n=180*] [p<.0001] [p<.0001] N/A N/An=173 n=173 n=97n=172 [n=50][n=33]n=171 n=175 n=175 n=48 VDPHL01 8.5mg QD VDPHL01 8.5mg BID ine 5% Foam (Males; Month 4) Oral Finasteride 1mg IR Oral Minoxidil 5mg (JAMA Derm) IR Oral Minoxidil 5mg (JAAD) TAHC Increase absolute; from baseline at Month 6 APRIL 2026
Co-primary PRO: both doses of Study 302 statistically significant patient reported outcomes with 3.5 - 4.7x patient benefit over placebo 13 13.4% 48.4% 62.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID % R es po ns e AAIRS 7-Point Scale 3 = MUCH IMPROVED 2 = IMPROVED 1 = A LITTLE IMPROVED 0 = NO CHANGE -1 = A LITTLE WORSE -2 = WORSE -3 = MUCH WORSE [p<.0001] [p<.0001] *Co-primary endpointn=173 Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID VDPHL01 8.5mg QD & BID vs. Placebo PRO +2 at Month 6 n=171 n=175 APRIL 2026
Patient reported outcomes of any improvement support high rates of clinically meaningful impact >80% of study patients** said that any improvement* on the PRO would be clinically meaningful to them 14 35.6% 79.3% 86.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID % R es po ns e *“Any improvement” represents all patients that determined their hair growth to represent +1 (“a little improved), +2 (“improved”) or +3 (“much improved”) on the AAIRS PRO scale at Month 6 AAIRS 7-Point Scale 3 = MUCH IMPROVED 2 = IMPROVED 1 = A LITTLE IMPROVED 0 = NO CHANGE -1 = A LITTLE WORSE -2 = WORSE -3 = MUCH WORSE Captured in PRO secondary endpoint [p<.0001] **surveyed during in-trial interviews [p<.0001] n=173 n=171 n=175 VDPHL01 8.5mg QD & BID vs. Placebo any improvement* from baseline, Month 6 Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID APRIL 2026
Investigators graded 3.7 - 5.2x of patients as moderately-greatly increased in active arms vs. placebo 15 10.7% 39.5% 56.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID % IG A R es po nd er [p<.0001] IGA 7-Point Scale 3 = GREATLY INCREASED 2 = MODERATELY INCREASED 1 = SLIGHTLY INCREASED 0 = NO CHANGE -1 = SLIGHTLY DECREASED -2 = MODERATELY DECREASED -3 = GREATLY DECREASED Captured in IGA secondary endpoint [p<.0001] VDPHL01 8.5mg QD & BID vs. Placebo % Responders “improved” or “much improved” per IGA assessment at Month 6 Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID APRIL 2026
Investigator global assessment underscores consistency of response: any improvement 16 36.6% 72.0% 84.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID % IG A R es po nd er [p<.0001] [p<.0001] IGA 7-Point Scale 3 = GREATLY INCREASED 2 = MODERATELY INCREASED 1 = SLIGHTLY INCREASED 0 = NO CHANGE -1 = SLIGHTLY DECREASED -2 = MODERATELY DECREASED -3 = GREATLY DECREASED Captured in IGA secondary endpoint VDPHL01 8.5mg QD & BID vs. Placebo % Responders per IGA assessment at Month 6 Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID APRIL 2026
Study ‘302’ Before and After Photos – 25th percentile 17 Images represent responders whose increase in TAHC represents the 25th percentile of all responders from a subset of treatment group-blinded patient photos organized by increase in TAHC. The percentile was determined by selecting the two thirds of evaluated patients with the greatest increase in TAHC to represent the estimated treatment group and randomly selecting 6-10 patents at each displayed percentile of the subset. Final images for display have been selected from these samples based on overall image quality. The images used in this presentation will remain treatment group-blinded while the extension phase of Study ‘302’ is ongoing, so images cannot be linked to a particular treatment group at this time. Individual results may vary. Frontal Month 6Baseline Month 6Baseline Vertex APRIL 2026
Study ‘302’ Before and After Photos – 50th percentile 18 Images represent responders whose increase in TAHC represents the 50th percentile of all responders from a subset of treatment group-blinded patient photos organized by increase in TAHC. The percentile was determined by selecting the two thirds of evaluated patients with the greatest increase in TAHC to represent the estimated treatment group and randomly selecting 6-10 patents at each displayed percentile of the subset. Final images for display have been selected from these samples based on overall image quality. The images used in this presentation will remain treatment group-blinded while the extension phase of Study ‘302’ is ongoing, so images cannot be linked to a particular treatment group at this time. Individual results may vary. Frontal Month 6Baseline Month 6Baseline Vertex APRIL 2026
Study ‘302’ Before and After Photos – 75th percentile 19 Images represent responders whose increase in TAHC represents the 75th percentile of all responders from a subset of treatment group-blinded patient photos organized by increase in TAHC. The percentile was determined by selecting the two thirds of evaluated patients with the greatest increase in TAHC to represent the estimated treatment group and randomly selecting 6-10 patents at each displayed percentile of the subset. Final images for display have been selected from these samples based on overall image quality. The images used in this presentation will remain treatment group-blinded while the extension phase of Study ‘302’ is ongoing, so images cannot be linked to a particular treatment group at this time. Individual results may vary. Frontal Month 6Baseline Month 6Baseline Vertex APRIL 2026
Study '302' demonstrated a well-tolerated and safe profile • No treatment-related SAEs • No adverse events of special interest (AESI) of cardiac origin • Overall TEAE rates in active treatment arms were similar to placebo, generally tolerable, and occurred at low to mid single digit rates at most • No clinically significant differences in heart rate, blood pressure, or ECG changes compared to placebo • Lack of observed shedding 20 APRIL 2026
VDPHL01 8.5 mg QD [n=171] VDPHL01 8.5 mg BID [n=175] Placebo [n=173] Any TEAE 45.6% (78) 40.6% (71) 42.2% (73) TEAE leading to study discontinuation 4.7% (8) 3.4% (6) 3.5% (6) Serious TEAE 1.8% (3) 1.1% (2) 0.6% (1) Treatment-Related SAEs 0 0 0 AESI of Cardiac Origin 0 0 0 Peripheral Edema 5.3% (9) 6.3% (11) 0 Peripheral edema leading to study discontinuation 1.2% (2) 1.1% (2) 0 Hypertrichosis 3.5% (6) 6.3% (11) 0.6% (1) Hypertrichosis leading to study discontinuation 0 0 0 TEAE Overview TEAE >5% Study ‘302’ adverse event overview 21 Note: One SAE occurring in subjects taking VDPHL01 resulted in study discontinuation, an urticaria flare in a patient with a history of chronic spontaneous urticaria which was not deemed drug-related. In the placebo group, the study's only death was observed. APRIL 2026
Quantitative research and contemporary PHL trials support base target profile for an FDA-approved, oral treatment for PHL All figures placebo-adjusted Base-Case: Study ‘302’ Outcome: Study ‘302’ Outcome: 15+ TAHC increase >25% Patients +2 PRO No treatment-related SAEs or AESIs of cardiac origin +23 TAHC increase 35% Patients +2 PRO +26 TAHC increase 49% patients +2 PRO Established, minimized risk of cardiac SAEs Key secondary endpoint data available for topline analysis supports rapid onset and consistency of response to VDPHL01 22Base-Case data are presented from Rogaine 5% foam from Olsen et al. (2007). APRIL 2026
23 VDPHL01 profile establishes a potential new bar for differentiation across multiple key product characteristics Fast Consistent Intense Generally Well-Tolerated Convenient Oral Administration 79.3% - 86.0% 48.4% - 62.9% Average non-vellus hair count change of 30.3 - 33.0 hairs/cm2 (QD/BID) No treatment-related SAEs; no AESIs of cardiac origin; AE-related discontinuation rates favorable vs. existing oral PHL therapies Favorable vs. topical alternatives1 Superiority vs. placebo on TAHC and IGA from Month 2 onwards 1Supported by third-party research Potential for the first oral PHL approval in males in the U.S. ~30 years APRIL 2026
KOL Discussion Maryanne Makredes Senna, M.D. Beth Israel Lahey Health, Harvard Medical School 24 APRIL 2026
VDPHL01 Phase 2/3 Clinical Trial Topline: Results from Market Opinion Study April 2026 Presented by: Mark Neumann, Chief Commercial and Strategy Officer
Veradermics | Internal Use Only – Proprietary and Confidential VDPHL01 Patient Population Segments Current PHL U.S. addressable commercial opportunity is ~74M people VDPHL01, if approved, has potential to capture share across four addressable segments 26 1. https://medlineplus.gov/genetics/condition/androgenetic- alopecia/ (last updated July 2023). 2. Symphony Health Data on Rx Oral Minoxidil, Finasteride, etc., November 2023. 3. Global News Wire – The Insight Partners projections. 4. Prevalence and Patterns of Male Androgenetic Alopecia in Tarauni, Kano, Nigeria 5. https://pmc.ncbi.nlm.nih.gov/articles/PMC4533555/. 6. https://pmc.ncbi.nlm.nih.gov/articles/PMC2684510/. ~80M1 PHL Patients in the US in 2023 ~15M Actively Treating ~59M Not Treating & Other ~1M2 Rx Patients ~14M3 OTC Treatment Naïve Tried Treatment but Discontinued ~6M4-6 Not Addressable APRIL 2026
Double-Blinded Research Captured Early HCP and Patient Reactions to VDPHL01 Topline Data Double-Blinded Research Captured Early HCP and Patient Reactions to VDPHL01 Topline Data 27 Quantitative 15-minute web-based survey* 262 Avg. Androgenetic Alopecia Patient Volume in the Past Year 3% 37% 53% 7% 18-25 yrs. 26-39 yrs. 40-59 yrs. 60-65 yrs. 153 HCPs 190 Patients 14 Average # of Years in Practice since Residency (MDs only) *Fielded on Saturday, April 25th, 2026 Quantitative Sample: 153 HCPs and 190 Patients Qualitative Sample: 10 HCPs and 10 Patients Qualitative 30-minute web-based interviews* + 56% Male | 44% Female APRIL 2026
VDPHL01 is Seen as Highly Differentiated by both HCPs and Patients 28 HCPs (n=153) Patients (n=186)* 91% Differentiation 7- Point Scale 7 = Extremely Positively Differentiated 6 = Very Positively Differentiated 5 = Positively Differentiated 4 = No Difference 3 = Negatively Differentiated 2 = Very Negatively Differentiated 1 = Extremely Negatively Differentiated Of HCPs say VDPHL01 is Positively Differentiated vs. Currently Available Options for Androgenetic Alopecia 95% Of Patients say VDPHL01 is Positively Differentiated vs. Currently Available Options for Androgenetic Alopecia 63% of HCPs say VDPHL01 is Very or Extremely Positively Differentiated 71% of patients say VDPHL01 is Very or Extremely Positively Differentiated *Removed unsure (n=4) APRIL 2026
VDPHL01 is Seen as Highly Differentiated Based on FDA Approval and Combination of Strong Efficacy + Safety 29 Top 3 Areas of Differentiation for VDPHL01 6 or 7 out of 7-point scale HCPs (n=150)* Patients (n=186)** FDA Approval FDA Approval Primary Efficacy Outcomes Safety Profile Safety Profile Primary Efficacy Outcomes 72% 71% 70% 77% 77% 73% **Removed unsure (n=4)*Removed unsure (n=3) APRIL 2026
Strong Intent to Adopt VDPHL01 Seen Across both HCPs and Patients 30 HCPs (n=153) Patients (n=190) 71% Patients Highly Likely to Talk to Their Doctor About VDPHL01 6 or 7 out of 7-point scale 73% HCPs Highly Likely to Prescribe VDPHL01 6 or 7 out of 7-point scale 52% Of Their Patients Would Receive VDPHL01 Out of all male Androgenetic Alopecia patients they see APRIL 2026
HCPs Report Consistent Intent to Prescribe Across Treatment Subgroups 31 Patients Who Would Receive VDPHL01 Stated % of patients, base: HCPs (n=153) 52% 58% 47% VDPHL01’s Ability to Address Unmet Need % of HCPs, 6 or 7 out of 7-point scale, base: HCPs (n=153) 71% 68% 66% More FDA- approved treatments Greater overall efficacy Treatment options without hormonal/sexual effects Currently on Rx +/- OTC Currently on OTC Only Not Currently Treated APRIL 2026
Large Majority of Current Rx Patients and Half of Currently Untreated Patients Expect to Talk to Their Doctor about VDPHL01 32 % of Patients Who Would Talk to Their Doctor About VDPHL01 6 or 7 out of 7-point scale; base: Patients (n=190) Ability to Address Unmet Need 6 or 7 out of 7-point scale; base: Patients (n=190) 83% Hair growth results 80% More FDA-approved treatments 85% No hormonal/sexual side effects 75% Hair growth results 67% Hair growth results 64% Greater overall efficacy Currently on Rx +/- OTC Currently on OTC Only Not Currently Treated 53% 74% 85% APRIL 2026
15.3% 13.1% 14.7% 9.2% 15.2% 14.6% 10.8% 7.2% VDPHL01 Is Expected to Source Share From All Current Therapies, Particularly from Oral IR Minoxidil and Finasteride 33 Tx Share Before VDPHL01 % of treatments given, base: HCPs (n=153) 30.5% 27.6% 25.5% 16.4% Oral minoxidil (off-label) Oral finasteride Topical minoxidil Other Rx/OTC Expected Change With VDPHL01 Available % of treatments given, base: HCPs (n=153) VDPHL01 Share 47.8%
Patient/Physician Voice from Interviews Highlight the Unique Opportunity for VDPHL01 34 Impressive Efficacy Patient “This is like superpowered minoxidil, maybe it's even to the 3rd degree because there's already topical oral minoxidil and now this one. I would say it's like a super powered Minoxidil.” - Oral Minoxidil / Oral Dutasteride Patient Patient Dermatologist Dermatologist Differentiated Safety Differentiated Efficacy Extended Release / Mechanism “The big reason I don't use Rx treatments is avoiding scary side effects, which is why I've mostly gone the topical route… [Product X side effects] seem mild compared to finasteride, which seemed pretty scary and are the reason I haven't tried it.” –Current OTC user “This is a better version of the current oral minoxidil that is more effective as monotherapy while also maintaining or even reducing some of the important side effects... I would describe it as a game changer.” – Community Dermatologist “I really like the extended release because usually that means it's better tolerated. The efficacy is better as with a lot of other conditions...” – Community Dermatologist
Closing Remarks 35 APRIL 2026
36 VDPHL01 profile establishes a potential new bar for differentiation across multiple key product characteristics Fast Consistent Intense Generally Well-Tolerated Convenient Oral Administration 79.3% - 86.0% 48.4% - 62.9% Average non-vellus hair count change of 30.3 - 33.0 hairs/cm2 (QD/BID) No treatment-related SAEs; no AESIs of cardiac origin; AE-related discontinuation rates favorable vs. existing oral PHL therapies Favorable vs. topical alternatives1 Superiority vs. placebo on TAHC and IGA from Month 2 onwards 1Supported by third-party research Potential for the first oral PHL approval in males in the U.S. ~30 years APRIL 2026
“So definitely on the top of my head, my hair has gotten a lot thicker. It is covering a lot more. And like, I have noticed it, but others have noticed it as well. I'm – I'm getting compliments about my hair.” It's thicker. You can't see my hair thinness as easily as you used to.… Because I used to be able to – if I'm standing for a mirror in the sunlight, you can see right through it, where now it's – it looks a lot thicker.” “The bald spot or bald area has decreased in size…. And the rest of my hair, especially the front…seems to be fuller and thicker.” “I would say just not thinking about it quite as much. So like I definitely have like gotten out of the shower, dried my hair, and then just like left the house, like went to the store, went to wherever and just decided not to care about it because I think I was like, Okay, like it's better than it was six months ago” …I definitely…wear [a hat] more for…casual comfort nature…versus… the need to wear it… because I enjoy wearing hats now versus the need to wear a hat” “…it’s very comforting that I don’t have to worry about [hair coverage], and [do] less prep [to my hair] before I leave the house” 37 Study ‘302’ patient quotes: Quoted patients are treatment group-blinded while the extension phase of Study ‘302’ is ongoing, so quotes cannot be linked to a particular treatment group at this time. Individual results may vary. APRIL 2026
Meaningful Study ‘302’ results position VDPHL01 as a potential foundational treatment for PHL Upcoming Milestones Veradermics anticipates: • Male confirmatory Phase 3 data (Study ‘304’) in the second half of 2026; • Study 302 Part B data in the second half of 2026 • Additional Study ‘207’ data in 2026 38 Phase 2/3 topline data support VDPHL01 as a potential best-in-class therapy for PHL Results delivered robust hair growth to patients who have grown accustomed to limitations when seeking to treat pattern hair loss Speed and consistency of effect further differentiate profile from current treatment options characterized by slow onset and varied outcomes APRIL 2026
FAQ
What did Veradermics (MANE) announce in its latest 8-K about VDPHL01?
Veradermics reported positive topline results from its Phase 2/3 Study ‘302’ of VDPHL01 in 519 men with mild-to-moderate pattern hair loss. The trial met all primary and key secondary endpoints with statistically significant improvements in hair count, patient-reported outcomes, and investigator ratings versus placebo.
How effective was VDPHL01 in increasing hair growth in Study ‘302’?
VDPHL01 produced mean non‑vellus target area hair count increases of 30.3 hairs/cm² with once-daily dosing and 33.0 hairs/cm² with twice-daily dosing at Month 6. Placebo patients showed a 7.3 hairs/cm² increase, and both active arms achieved p<0.0001, indicating strong statistical significance and clinically meaningful hair growth.
What patient-reported outcomes were seen with VDPHL01 in Veradermics’ trial?
At Month 6, 48.4% of once-daily and 62.9% of twice-daily VDPHL01 patients reported ‘improved’ or ‘much improved’ hair coverage on the AAIRS scale, versus 13.4% on placebo. Any level of improvement was reported by 79.3% and 86.0% of VDPHL01 patients, compared with 35.6% for placebo.
What safety profile did VDPHL01 show in the Phase 2/3 Study ‘302’?
Treatment with VDPHL01 was generally well tolerated through Month 6, with overall treatment-emergent adverse event rates similar to placebo. No treatment-related serious adverse events and no cardiac adverse events of special interest were observed. Common events included peripheral edema and hypertrichosis at low single-digit rates.
How large is the potential market Veradermics (MANE) is targeting with VDPHL01?
Pattern hair loss affects an estimated 80 million people in the United States, including 50 million men and 30 million women. The broader aesthetics market tied to hair loss treatments is cited as potentially reaching about $30 billion by 2028, underscoring a sizeable commercial opportunity.
What are Veradermics’ next clinical milestones for VDPHL01 after Study ‘302’?
Veradermics notes that Study ‘302’ is part of a pivotal program for VDPHL01 in male and female pattern hair loss. The company anticipates topline results from its second male Phase 3 trial, Study ‘304’, and Part B of Study ‘302’ in the second half of 2026, along with additional Study ‘207’ data.