Veradermics, Incorporated · NYSE:MANE
Veradermics — Corporate Update (October 2026)
50 slides from Veradermics's corporate update, Oct 19, 2026
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Slide 2: Study '304' Part A Phase 3 Topline Data in Males with Pattern Hair Loss
Study ‘304’ Part A Phase 3 Topline Data in Males with Mild-to-Moderate Pattern Hair Loss October 2026 OCTOBER 2026
Slide 3: Agenda
agenda 3 1 Opening Remarks 2 Study ‘304’ 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 Michae
Slide 4: Forward-looking statements
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 ongoin
Slide 5: Positive Study '304' results reinforce VDPHL01's differentiated profile
Positive Study ‘304’ results reinforce VDPHL01’s differentiated profile with both QD and BID dosing in males with pattern hair loss 5 High statistical significance on both co- primary and all secondary endpoints (p<.0001); demonstrates reproducibility at non-overlapping treatment sites with Study ‘3
Slide 6: Pattern hair loss impacts ~80 million people in the U.S.
50 50 32 30 16 8 30 10 20 30 40 50 60 PHL (Men) Acne (All Ages) Atopic Dermatitis (Eczema) PHL (Women) Rosacea Psoriasis Vitiligo Pattern hair loss (PHL) impacts ~80 million people in the U.S. 6 M Men with PHL Pa tie nt s Af fe ct ed in th e U .S .1 ( M ) American Academy of Dermatology. Skin condit
Slide 7: VDPHL01's proprietary extended-release technology
VDPHL01’s proprietary extended-release technology delivers a differentiated formulation of minoxidil intended to optimize efficacy and safety 7 10x difference between minoxidil hair growth threshold and minoxidil cardiac activity threshold VDPHL01 is designed to deliver nearly twice the total amount
Slide 8: Minoxidil mechanism of action is capacity-limited and time dependent
Minoxidil mechanism of action is capacity-limited and time dependent 8 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 met
Slide 9: VDPHL01 represents a late-stage opportunity in PHL
VDPHL01 represents a late-stage opportunity in PHL 9 • Phase 3 registration-directed study in females • Parallel in-trial Phase 2 component to further assess PRO endpoints in the Phase 3 portion of the study. • Fully enrolled; Part A topline data readout anticipated in 1H27 • Second Phase 3 registra
Slide 10: Study '304' trial design
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 ‘304’ trial design QD: Daily Dosing BID: 2x/day Dosing
Slide 11: TAHC co-primary endpoint methodology
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. • Hairs ≥30 μm in diameter are counted as being non-vellus. • Digital analysis algorithm discerns both i
Slide 12: Baseline demographics
VDPHL01 8.5MG QD VDPHL01 8.5MG BID Placebo Total Study Participants 178 177 181 536 Age Mean (SD), Median 43.8 (11.0), 45 43.2 (10.5), 43 44.4 (10.5), 43 43.8 (10.7), 44 Patients age 40+; n (%) 114 (64.0) 109 (61.6) 124 (68.5) 347 (64.7) Minimum, Maximum 22, 65 20, 65 19, 65 19, 65 Race n (%) Americ
Slide 13: Significant improvements in Target Area Hair Count at Month 6
Both active arms of Study ‘304’ showed statistically significant improvements in Target Area Hair Count (TAHC) at Month 6 13 6.6 28.6 36.4 0 5 10 15 20 25 30 35 40 Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID N on -V el lu s T AH C In cr ea se Non-Vellus TAHC Increase absolute; from baseline at Month
Slide 14: Study 304 and 302 similar outcomes on TAHC
6.6 7.3 28.6 30.3 36.4 33.0 0 5 10 15 20 25 30 35 40 Study '304' Part A Study '302' Part A N on -V el lu s T AH C In cr ea se Placebo VDPHL01 8.5 mg QD VDPHL01 8.5mg BID Study ‘304’ and Study ‘302’ have demonstrated similar outcomes on TAHC co- primary endpoint 14 VDPHL01 in Males TAHC Increase; fro
Slide 15: VDPHL01 results in context of male PHL treatment landscape
4.7 6.7 20.9 21.1 14.6 10.0 0 5 10 15 20 25 30 35 40 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 AH C In cr ea se Hair Count Increase (Placebo) Hair Count Increase (Active) VDPHL01 6-month results in context of th
Slide 16: Co-primary PRO: statistically significant patient reported outcomes
Co-primary PRO: Study ‘304’ showed statistically significant patient reported outcomes in both dose groups 16 15.0% 55.7% 68.7% 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 IMPROV
Slide 17: Study 304 and 302 similar outcomes on PRO
15.0% 13.4% 55.7% 48.4% 68.7% 62.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Study '304' Part A Study '302' Part A % R es po ns e Placebo VDPHL01 8.5 mg QD VDPHL01 8.5mg BID Study ‘304’ and Study ‘302’ have demonstrated similar outcomes on PRO co-primary endpoint 17 VDPHL01 in Males PRO +2 at Mon
Slide 18: PRO demonstrated clinically meaningful impact
Study ‘304’ PRO demonstrated clinically meaningful impact from treatment with VDPHL01 In Study ‘302’* >80% of study patients said that any improvement on the PRO would be clinically meaningful to them 18 35.3% 78.8% 85.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Placebo VDPHL01 8.5mg QD VDPHL01 8
Slide 19: Investigator global assessment: any improvement
Investigator global assessment underscores consistency of response: any improvement 19 38.9% 78.4% 82.7% 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 ∆=43.7% ∆=39.4% [p<.0001] [p<.0001] IGA 7-Point Scale 3 = GREATLY INCREASED 2 = MODERATELY IN
Slide 20: Before and after photos – 25th percentile
Study ‘304’ before and after photos – 25th percentile 20 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 third
Slide 21: Before and after photos – 50th percentile
Study ‘304’ before and after photos – 50th percentile 21 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 third
Slide 22: Before and after photos – 75th percentile
Study ‘304’ before and after photos – 75th percentile 22 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 third
Slide 23: Independent Frontal Photographic Review (IPR-IFA)
Independent Frontal Photographic Review (IPR-IFA) 23 OCTOBER 2026
Slide 24: Independent photo review provides a blinded, expert view
Independent photo review provides a blinded, expert view of visible frontal improvement 24 Images represent a subject in Study ‘304’ at baseline and Month 6 in a random order, emulating the display of photos to independent experts for the IPR-IFA endpoint. The images used in this presentation will r
Slide 25: Independent photo review addresses unmet need in frontal hair loss
5.5% 5.0% 35.1% 32.7% 48.6% 38.5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Study '304' Part A Study '302' Part A % IF A R es po ns e Placebo VDPHL01 8.5 mg QD VDPHL01 8.5mg BID Independent photo review demonstrated potential for VDPHL01 to address unmet need for males with frontal hair loss 25 VD
Slide 26: Study '304' Safety and Tolerability Overview
Study ‘304’ Safety and Tolerability Overview 26 OCTOBER 2026
Slide 27: VDPHL01 was generally well-tolerated
Study ‘304’ demonstrated that VDPHL01 was generally well-tolerated, similar to Study ‘302’ results • No treatment-related SAEs • No adverse events of special interest (AESI) of cardiac origin • Overall TEAE rates in active treatment arms were similar to Study ‘302’; generally tolerable and occurred
Slide 28: Study '304' adverse event overview
VDPHL01 8.5 mg QD [n=178] VDPHL01 8.5 mg BID [n=177] Placebo [n=181] Any TEAE 42.1% (75) 42.9% (76) 28.2% (51) TEAE leading to study discontinuation 2.2% (4) 2.8% (5) 1.1% (2) Serious TEAE 0 0.6% (1) 1.1% (2) Treatment-Related SAEs 0 0 0 AESI of Cardiac Origin 0 0 0 TEAE Overview Study ‘304’ adverse
Slide 29: Similar rates of peripheral edema and hypertrichosis
Study ‘302’ Part A VDPHL01 8.5 mg QD [n=171] VDPHL01 8.5 mg BID [n=175] Placebo [n=173] 5.3% (9) 6.3% (11) 0 1.2% (2) 1.1% (2) 0 3.5% (6) 6.3% (11) 0.6% (1) 0 0 0 Study ‘304’ Part A VDPHL01 8.5 mg QD [n=178] VDPHL01 8.5 mg BID [n=177] Placebo [n=181] Peripheral Edema 2.8% (5) 4.5% (8) 0.6% (1) Perip
Slide 30: VDPHL01 clinical profile supports a potential new standard of care
VDPHL01 clinical profile demonstrated in Study ‘304’ supports a potential new standard of care for pattern hair loss 30 Fast Consistent Intense Generally Well-Tolerated Convenient Oral Administration 78.8% - 85% of subjects reported improvement in hair coverage at Month 6; 55.7% - 68.7% of subjects
Slide 31: KOL Discussion
KOL Discussion Michael Payette, M.D., M.B.A. Co-Founder, Central Connecticut Dermatology 31 OCTOBER 2026
Slide 32: Results from Market Opinion Study
Study '304' Clinical Trial Topline: Results from Market Opinion Study October 2026 Presented by: Mark Neumann, Chief Commercial and Strategy Officer OCTOBER 2026
Slide 33: Market opinion study objective
33 Objective: understand whether the VDPHL01 Phase 3 male PHL profile will substantially grow the prescription market by expanding and deepening the prescriber base. OCTOBER 2026
Slide 34: Prior market research: positively differentiated
Prior Market Research Using Study '302' Results Found Core Prescribers Saw VDPHL01 as Positively Differentiated 34 Source: VDPHL01 Rapid Response (Study '302' Part A profile), fielded April 2026 | US HCPs (112 Derms, 41 APPs) and men with PHL | HCPs n=153; patients n=186 VDPHL01 Seen as Positively D
Slide 35: Prior market research: strong intent to adopt
Prior Market Research Using Study '302' Results Showed Strong Intent to Adopt VDPHL01 Across Both HCPs and Patients 35 HCPs (n=153) Patients (n=190) 91% Patients Are Likely to Talk to Their Doctor About VDPHL01 5 - 7 out of 7-point scale 91% HCPs Are Likely to Prescribe VDPHL01 5 - 7 out of 7-point
Slide 36: High-prescribing derms and PCPs show confidence
High-Prescribing Derms and PCPs Continue to Show Confidence in VDPHL01 36 A BREAKTHROUGH OPTION –Derm, High Prescribing CLEAR DIFFERENTIATION –PCP, High Prescribing MARKET EXPANSION –PCP, High Prescribing Source: 10 qualitative interviews with higher-prescribing HCPs as part of market research using
Slide 37: Surveyed HCPs hesitant to use prescription therapy for PHL
We Surveyed 198 HCPs Who See Meaningful Volumes of PHL Patients, But Hesitate to Use Prescription Therapy to Treat PHL 37 n=198 HCPs Completed an Online Quantitative Survey 93 Derms 105 PCPs Derms: 53 MDs, 40 APPs | PCPs: 89 MDs, 16 APPs Who we talked to: • PHL Treaters: Actively treat or manage ave
Slide 38: HCPs expect VDPHL01 to grow the PHL market
These HCPs Communicated a Positive Sentiment That VDPHL01 Will Grow the PHL Market and Transform Treatment Practices 38 Source: 10 qualitative interviews with HCPs conducted as part of market research using Study '304' Part A results; Fielded the weekend before the Monday 304 data release | Directio
Slide 39: About 64% of PHL patients not treated with Rx
HCPs Report That About 2 Out of 3 of Their PHL Patients Are Currently Not Treated with Rx 39 Male PHL Patients by Treatment Status Avg % of patients 49% of their male PHL patients use topical minoxidil (e.g., Rogaine) Among Rx-Treated Patients: Split Across Orals and Topicals Avg % of Rx-treated pat
Slide 40: HCPs lack confidence in current treatments
HCPs Lack Confidence that Current Treatments Deliver and Are Looking for More Efficacious, FDA-Approved Treatments 40 Confidence Current Treatments Deliver Each Outcome % of HCPs rating 6 or 7 out of 7; only showing <25% Regrowth of frontal hairline 12% Regrowth of lost hair 14% Meaningful results i
Slide 41: VDPHL01 profile positively differentiated vs. current treatments
HCPs See the VDPHL01 Profile as Positively Differentiated vs. Current Treatments 41 88% rate the VDPHL01 profile positively differentiated from current treatments 5–7 out of 7 70% view it as positively/very positively differentiated Differentiation vs. Each Current Treatment % of HCPs rating 5–7 out
Slide 42: If approved, most HCPs would prescribe in Year 1
If Approved, Most HCPs Say They Would Prescribe the VDPHL01 Profile in Year 1 42 If Approved: Likely Actions in the First 12 Months % of HCPs rating 5 - 7 out of 7 Prescribe VDPHL01 to at least 1 patient 86% Prescribe it as a first-line Rx 66% Put a higher share of PHL patients on Rx 70% Make it the
Slide 43: HCPs expect Rx use to double
If VDPHL01 Is Approved, HCPs Expect Rx Use to Double, With VDPHL01 Capturing ~79% of Male Rx Volume 43 Male PHL Patients on Any Rx Treatment Avg % of patients, today vs. expected first 12 months if VDPHL01 is approved 36% 15% 57% Today With VDPHL01 Other Rx VDPHL01 36% → 72% of men on any Rx 79% of
Slide 44: HCPs anticipate seeing more PHL patients
If Approved, HCPs Say They Anticipate Seeing More PHL Patients and Prescribing VDPHL01 for 8 in 10 of Patients Who Ask for It 44 +22% expected growth in the men with PHL they see in the first 12 months with VDPHL01 8 of 10 patients asking for VDPHL01 by name would get a prescription Avg of the next
Slide 45: VDPHL01 addresses barriers with oral IR minoxidil
HCPs Say the VDPHL01 Profile Addresses The Current Barriers They Face with Oral IR Minoxidil 45 Oral IR Minoxidil Barriers: Impact Today vs. Addressed by the VDPHL01 Profile % of HCPs rating 5 - 7 out of 7 (addressed: base = HCPs who rated the barrier above 1) 58% 55% 51% 48% 46% 41% 81% 79% 70% 73%
Slide 46: 75% of future oral minoxidil patients would receive VDPHL01
If VDPHL01 Is Approved, HCPs Estimate That 75% of Their Future Oral Minoxidil Patients Would Receive It on Account of Greater Efficacy 46 Future State of Oral Minoxidil Patients Avg % of patients 75% 38% of current oral IR minoxidil patients would switch to VDPHL01 Top 5 Reasons to Prescribe VDPHL01
Slide 47: VDPHL01 may expand the male PHL Rx market
Research Suggests VDPHL01's Phase 3 Profile May Expand the Male PHL Rx Market by Engaging More Clinicians 47 Key Takeaway: based on the VDPHL01 profile, respondents indicated it would increase their willingness to actively treat more hair loss patients, and reported greater confidence in treating PH
Slide 48: Closing Remarks
Closing Remarks 48 OCTOBER 2026
Slide 49: Studies 302 and 304 address patient and physician unmet needs
Studies ‘302’ and ‘304’ demonstrated potential to address the core of patient and physician unmet needs 49 PROFILE ATTRIBUTE STUDY ‘302’STUDY ‘304’ Meaningful, visible improvement✓ Robust clinical efficacy Up to +33.0 hairs/cm2 increase in non-vellus hair count, 63% of patients “improved” or “much i
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