Slide 1: Study '207' Phase 2 Topline Open Label Data in Females
Study ‘207’ Phase 2 Topline Open Label Data in Females with Mild-to-Moderate Pattern Hair Loss July 2026
Slide 2: Agenda
agenda MANE Speakers Joined by 1 Opening Remarks 2 Study ‘207’ results 3 KOL Discussion 4 VDPHL01 Commercial Reid Waldman, Mark Neumann Dominic Carrano Jerry Shapiro, Opportunity M.D. M.D.* Chief Executive Officer, Chief Commercial & Chief Financial Officer, NYU Langone Health 5 Closing Remarks Vera
Slide 3: Disclaimer
Disclaimer This presentation contains forward-looking statements that involve substantial risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may All statements other than historical factual information are forward-looking stateme
Slide 4: Study '207' achieved endpoints supporting upcoming Phase 2/3 readout
Study ‘207’ achieved endpoints supporting upcoming Phase 2/3 readout Positive efficacy signals Rapid onset of hair First positive Phase 2 outcome for an oral PHL treatment in females in the on both TAHC and PRO growth U.S. 63.2% of participants High rate of consistency across Increases convictio
Slide 5: Pattern hair loss impacts ~80 million people in the U.S.
Pattern hair loss impacts ~80 million people in the U.S.1 60 ~80 Million U.S. patients: ~50M men without a new oral treatment in ~30 years; 50 ~30M women without FDA-approved oral treatment options Patients Affected in the U.S.1 (M) 50 50 M Men 40 with PHL 30 32 30 M Women 20 with PHL 16 10 8 0 3 PH
Slide 6: Female pattern hair loss patients are impacted by current treatment gap
Female pattern hair loss patients are impacted by current treatment gap and are seeking better options High Impacted Actively High Unmet Quality Seeking Treatment Need of Life Treatment Cycling 30M women in the Patient surveys Females are more 86% of topical U.S. with PHL with no indicate women like
Slide 7: VDPHL01's proprietary extended-release technology designed to optimize efficacy and safety
VDPHL01’s proprietary extended-release technology was designed to optimize efficacy and safety First and only minoxidil extended-release tablet and only oral minoxidil tablet positioned for 30 potential approval for the treatment of PHL 25 Plasma Concentration (ng/mL) 10x difference between minoxidi
Slide 8: Minoxidil mechanism of action is capacity-limited and time dependent
Minoxidil mechanism of action is capacity-limited and time dependent PARENT DRUG ACTIVE DRUG VDPHL01 is 1 2 designed to increase the duration of Minoxidil Minoxidil Sulfate exposure to metabolized minoxidil sulfate at the hair follicle 1 Hair follicles contain the SULT1A1 2 Hair growth is stimulated
Slide 9: Study '207' in females: Phase 2 open-label study
Study ‘207’ in females: Phase 2 open-label study Screening Open Label Study (24 weeks) Follow-Up Period n=28 Period Key Efficacy Endpoints*: Female Group 1: VDPHL01 4.5 mg BID • Changes from baseline in non-vellus TAHC using digital image analysis at Month 6 Female Group 2: VDPHL01 4.5 mg QD • Propo
Slide 10: Study '207' clinical trial endpoints
Study ‘207’ clinical trial endpoints Target area hair count (TAHC) Patient-reported outcome (PRO) Patient tattooed for location replicability Baseline Month 2 Screening Month 2 Month 4 TAHC endpoint leverages the only measurement methodology used for FDA PRO endpoint is evaluated using the Androgene
Slide 11: Existing studies of treatment options for female PHL show modest hair count changes
Existing studies of treatment options for female PHL show modest hair count changes TAHC Increase in Females 35 absolute; from baseline; represents results from female populations participating in applicable studies Hair Count Increase (Placebo/Control*) 30 Hair Count Increase (Active) 25 Non-Vellus
Slide 12: Both female doses showed objective improvements in TAHC at Month 6
Both female doses in Study ‘207’ showed objective improvements in Target Area Hair Count (TAHC) at Month 6 Non-Vellus TAHC Increase absolute; from baseline at Month 6 35 30 Non-Vellus TAHC Increase ∆=25.8 25 ∆=23.1 20 22.7 23.3 15 10 5 0 VDPHL01 VDPHL01 4.5mg QD VDPHL01 VDPHL01 8.5mg BID 4.5mg QD 4.
Slide 13: VDPHL01 has the potential to set a new bar for female PHL treatments
VDPHL01 has the potential to set a new bar for female pattern hair loss treatments TAHC Increase in Females 35 absolute; from baseline; represents results from female populations participating in Hair Count Increase (Placebo/Control*) applicable studies Hair Count Increase (Active) 30 25 Non-Vellus
Slide 14: PRO: both female doses demonstrated positive patient reported outcomes
PRO: both female doses in Study ‘207’ demonstrated positive patient reported outcomes VDPHL01 4.5mg QD & BID 100% PRO +2 at Month 6 AAIRS 7-Point Scale 90% 80% 88.9% 90.0% 3 = MUCH IMPROVED 70% 2 = IMPROVED % Response 60% 1 = A LITTLE IMPROVED 50% 0 = NO CHANGE 40% -1 = A LITTLE WORSE 30% -2 = WORSE
Slide 15: Investigator global assessment underscored consistency of response
Investigator global assessment underscored consistency of response in female participants VDPHL01 4.5mg QD & BID % Responders with any observable improvement at Month 6 100% IGA 7-Point Scale 90% 100.0% 3 = GREATLY INCREASED 80% 90.0% 2 = MODERATELY 70% INCREASED % IGA Responder 60% 1 = SLIGHTLY INC
Slide 16: Study '207' Before and After Photos: Savin I-4 Responder
Study ‘207’ Before and After Photos: Savin I-4 Responder Baseline Month 6 Images represent a responder defined by a response of 'Improved' or 'Much Improved' on the AAIRS Patient Reported Outcome, assessed to have Grade I-4 pattern hair loss on the Savin scale. Individual results may vary. 16 JULY 2
Slide 17: Study '207' Before and After Photos: Savin II-1 Responder
Study ‘207’ Before and After Photos: Savin II-1 Responder Baseline Month 6 Images represent a responder defined by a response of 'Improved' or 'Much Improved' on the AAIRS Patient Reported Outcome, assessed to have Grade II-1 pattern hair loss on the Savin scale. Individual results may vary. 17 JULY
Slide 18: Study '207' Before and After Photos: Savin II-2 Responder
Study ‘207’ Before and After Photos: Savin II-2 Responder Baseline Month 6 Images represent a responder defined by a response of 'Improved' or 'Much Improved' on the AAIRS Patient Reported Outcome, assessed to have Grade II-2 pattern hair loss on the Savin scale. Individual results may vary. 18 JULY
Slide 19: Eyebrow Assessments
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Slide 20: Eyebrow hypotrichosis can have a significant impact on identity and self-esteem
Eyebrow hypotrichosis can have a significant impact on identity and self-esteem Eyebrows are Eyebrow thinning Eyebrow Eyebrows can be important to impacts self- thinning is a sign assessed on a 4- facial identity1 esteem2 of aging3 pt clinical scale4 Studies demonstrate Patient surveys indicate Redu
Slide 21: Study '207' Before and After Photos: Sparse Eyebrow Responder
Baseline Study ‘207’ Before and After Photos: Month 6 “Sparse” Eyebrow Responder Images represent a responder defined by at least a one-point increase on the GEBA scale for eyebrow fullness, assessed to have “sparse” eyebrows at baseline. Individual results may vary. 21 JULY 2026
Slide 22: Study '207' Before and After Photos: Sparse Eyebrow Responder
Baseline Study ‘207’ Before and After Photos: Month 6 ”Sparse” Eyebrow Responder Images represent a responder defined by at least a one-point increase on the GEBA scale for eyebrow fullness, assessed to have “sparse” eyebrows at baseline. Individual results may vary. 22 JULY 2026
Slide 23: Study '207': Female Safety and Tolerability
Study ‘207’: Female Safety and Tolerability 23
Slide 24: Study '207' demonstrated a well-tolerated safety profile
Study ‘207' demonstrated a well-tolerated safety profile • Overall safety and tolerability similar to prior trials with VDPHL01 with no new safety signals identified • No SAEs • No adverse events of special interest (AESI) of cardiac origin • No clinically significant changes in heart rate, blood pr
Slide 25: Study '207' adverse event overview
Study ‘207’ adverse event overview Adverse Event Overview VDPHL01 4.5 mg n(%) (Pooled QD + BID) Any Treatment Emergent Adverse Events (TEAE) 15 (53.6) Any Treatment-Related TEAE 9 (32.1) TEAEs Leading to Study Discontinuation 1 (3.6)* Serious Adverse Events (SAE) 0 TEAE Severity Mild 9 (32.1) Modera
Slide 26: VDPHL01 profile has potential for differentiation across key product characteristics
VDPHL01 profile has the potential for differentiation across multiple key product characteristics ✓ Fast 63.2% of female participants reported improvement in hair coverage as early as Month 2 (QD+BID) ✓ Consistent ~90% of participants reported ‘improved’ or ‘much improved’ at Month 6 (QD+BID) ✓ Inte
Slide 27: KOL Discussion
KOL Discussion Jerry Shapiro NYU Langone Health* 27 *Dr. Jerry Shapiro is a paid consultant for Veradermics. JULY 2026
Slide 28: VDPHL01 Phase 2 FPHL Clinical Topline: FPHL Market Opportunity
VDPHL01 Phase 2 FPHL Clinical Topline: FPHL Market Opportunity Presented by: Mark Neumann, Chief Commercial and Strategy Officer July 2026
Slide 29: Insights on FPHL market opportunity refined through engagement with 500+ Patients and HCPs
Insights on FPHL market opportunity have been refined through engagement with 500+ Patients and HCPs 342 272 Female Patients HCPs Four market research studies, both qualitative and quantitative, conducted over last ~18 months provide a solid foundation on which to understand the opportunity for fema
Slide 30: FPHL impacts ~30 million women in the US and is poorly served
FPHL impacts ~ 30 million1 women in the US and is poorly served by existing treatment options 35 30 32 30 No FDA-approved oral Patients Affected in the U.S.1 (M) 25 treatment options for FPHL 20 15 FPHL patients are left to treat their hair loss 16 with the existing assortment of off-label, unproven
Slide 31: FPHL has a negative emotional effect that profoundly impacts quality of life
FPHL has a negative emotional effect that profoundly impacts patient quality of life How Women Feel About PHL1 Women report that PHL has a high degree of negative daily impact on their lives2 Two-thirds of women reported that PHL is challenging to manage1 Women often feel devastated, sad, and anxiou
Slide 32: FPHL patients are highly motivated treatment seekers with high willingness to pay
FPHL patients are highly motivated and active treatment seekers with a high willingness to pay Significant Unmet Need 30M women in the U.S. with PHL with no oral FDA- approved treatment options High HCP Willingness to Prescribe D R IVE S 73% of HCPs expressed that they were highly likely to prescrib
Slide 33: FPHL patient journey suggests multiple opportunities to intervene
FPHL patient journey suggests multiple opportunities to intervene with a novel prescription treatment option POPULATION SIZE: POPULATION SIZE: (OTC ONLY) ~4.2M1 (RX +/- OTC) ~0.8M1 HCP visit; Acceptance of Frequent, Rx Initiation Suboptimal Early OTC (off-label) Tx Outcome or Cycling +/- OTC Discont
Slide 34: FPHL patient satisfaction is low due to limitations of current treatment options
FPHL patient satisfaction is low due to the limitations of current treatment options Key limitations of current treatments: • No FDA-approved oral options • Limited hair regrowth • Slow onset of action • Cumbersome topical application <20% <20% of Female • Side effects (Cardiac fears, shedding, leg
Slide 35: Women are looking for an efficacious, safe, oral treatment
Women are looking for an efficacious, safe, oral treatment to address their FPHL Well- Characterized Safety Profile Demonstrated Ideal Profile Rapid Onset of Efficacy for a FPHL Action Treatment 1 Oral FDA Approval Administration 1Commercial Opportunity Assessment (102 HCPs ,134 female patients), Ma
Slide 36: Emerging VDPHL01 clinical profile demonstrated strong potential
Emerging VDPHL01 clinical profile from Phase 2 trial in FPHL demonstrated strong potential to deliver the attributes women are seeking Rapid onset of effect • 63.2% of female participants reported improvement in hair coverage as early as Month 2 Robust increase in hair count • Average non-vellus hai
Slide 37: Closing Remarks
Closing Remarks 37
Slide 38: Study '207' results build conviction in VDPHL01 opportunity in FPHL
Study ‘207’ results build conviction in VDPHL01 opportunity in FPHL ahead of registration-directed readout Study ‘207’ signals The female PHL Female PHL patients HCPs recognize need potential for VDPHL01 market is large, show dissatisfaction for better treatments as a first FDA- underserved, and wit
Slide 39: Patient voices highlight the unique impact of female pattern hair loss
Patient voices highlight the “The scalp being exposed unique impact of female “If I knew this worked, I is so embarrassing, pattern hair loss would eat bologna and it’s hard for me to be sandwiches for a month… happy. I hate how people whatever it takes to pay look at me and think I’m a for it.” 2 m
Slide 40: Meaningful Study '207' results position VDPHL01 as a foundational PHL treatment
Meaningful Study ‘207’ results position VDPHL01 as a potential foundational treatment for PHL in females Upcoming Milestones Veradermics anticipates: Phase 2 proof of concept data support ongoing • Male confirmatory Phase 3 Phase 2/3 registrational clinical trial in women, data (Study ‘304’) in the
Slide 41: verulermics ; wad
verulermics ; wad