Veradermics, Incorporated · NYSE:MANE
Veradermics — Corporate Update (November 2026)
54 slides from Veradermics's corporate update, Nov 9, 2026
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Slide 2: Study '302' Part B Phase 3 Topline Data in Males with Pattern Hair Loss
Study ‘302’ Part B Phase 3 Topline Data in Males with Mild-to-Moderate Pattern Hair Loss November 2026 NOVEMBER 2026
Slide 3: Agenda
Agenda 3 1 Opening Remarks 2 Study ‘302’ Part B 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
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 '302' Part B 12-month results support long-term safety, tolerability and efficacy
Positive Study ‘302’ Part B 12-month results support long-term safety, tolerability and efficacy of VDPHL01 in males with pattern hair loss 5 Clinically significant responses deepened or maintained at Month 12 Average non-vellus hair count change of 29.7 - 43.9 hairs/cm2; 79.8% - 89.1% of subjects r
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: Study '302' trial design
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) TAHC: Target Area Hair Count PRO: Proprietary patient reported outcomes (PRO) scale designed for the VDPHL01 clinical tr
Slide 10: Baseline demographics
VDPHL01 8.5MG QD (12M Active) VDPHL01 8.5MG BID (12M Active) VDPHL01 8.5MG QD (6M Placebo Cross Over) VDPHL01 8.5MG BID (6M Placebo Cross Over) Total Study Participants 140 145 66 70 421 Age Mean (SD), Median 42.0 (10.3), 40.0 43.1 (10.6), 42.0 41.4 (9.1), 39.0 44.4 (10.3), 44.5 42.7 (10.2), 42.0 Pa
Slide 11: Long-Term Safety
Long-Term Safety Following 12 months of continued treatment with VDPHL01 11
Slide 12: Part B 12-month results support long-term safety and tolerability
Study ‘302’ Part B 12-month results support long-term safety and tolerability of VDPHL01 in males with pattern hair loss 12 NOVEMBER 2026 No treatment-related SAEs✓ No adverse events of special interest (AESI) of cardiac origin✓ No new clinically significant vital sign or ECG signals✓ No new cases o
Slide 13: Long-Term Efficacy
Long-Term Efficacy Following 12 months of continued treatment with VDPHL01 13
Slide 14: 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 15: Part B demonstrated durability of treatment effect at Month 12
Study ‘302’ Part B demonstrated the durability of treatment effect with both QD and BID dosing at Month 12 15 29.7 43.9 0 5 10 15 20 25 30 35 40 45 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 12 ∆=23.1 VDPHL01 8.5mg
Slide 16: Early treatment response durable over 12 months
VDPHL01 delivered early treatment response that is durable over 12 months in Study ‘302’ 16 Data on File. Veradermics, Inc.NOVEMBER 2026 Study ‘302’ TAHC Increase from baseline at Months 2, 6 and 12 28.0 30.3 29.7 35.9 33.0 43.9 0 5 10 15 20 25 30 35 40 45 Month 2 Month 6 Month 12 N on -V el lu s T
Slide 17: 12-month results in context of male PHL treatment landscape
29.7 43.9 0 5 10 15 20 25 30 35 40 45 Study '302' Part B (Month 12) N on -V el lu s T AH C In cr ea se VDPHL01 12-month results in context of the male PHL treatment landscape 17 Data on File. Veradermics, Inc.NOVEMBER 2026 18.6 16.9 0 5 10 15 20 25 30 35 40 45 Topical Minoxidil 5% Finasteride 1mg N
Slide 18: Durability of treatment effect: PRO +2
Study ‘302’ Part B demonstrated the durability of treatment effect with both QD and BID dosing at Month 12: PRO +2 18 48.4% 48.4% 62.9% 68.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Month 6 Month 12 % R es po ns e VDPHL01 8.5mg QD VDPHL01 8.5mg BID AAIRS 7-Point Scale 3 = MUCH IMPROVED 2 = IMPRO
Slide 19: Patient reported outcomes of any improvement
79.3% 79.8%86.0% 89.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MONTH 6 MONTH 12 % R es po ns e VDPHL01 8.5mg QD VDPHL01 8.5mg BID 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 b
Slide 20: Investigator global assessment: any improvement
72.0% 74.4% 84.4% 92.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MONTH 6 MONTH 12 % R es po ns e VDPHL01 8.5mg QD VDPHL01 8.5mg BID Investigator global assessment underscores consistency and durability of response: any improvement 20 IGA 7-Point Scale 3 = GREATLY INCREASED 2 = MODERATELY INCREASE
Slide 21: Placebo Crossed Group
Placebo Crossed Group 6 months of treatment with VDPHL01 following 6 months of placebo 21
Slide 22: Placebo crossed group demonstrated clinically meaningful benefit
24.5 32.1 0 5 10 15 20 25 30 35 40 45 Study '302' Part B (Month 12) N on -V el lu s T AH C In cr ea se Placebo crossed group in Study ‘302’ demonstrated clinically meaningful benefit following 6 months of treatment with VDPHL01 22NOVEMBER 2026 42.9% 60.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Slide 23: Placebo crossed group safety and tolerability
73.2% 82.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% VDPHL01 8.5mg QD VDPHL01 8.5mg BID % R es po ns e VDPHL01 8.5mg QD VDPHL01 8.5mg BID Placebo crossed group demonstrated a consistent safety and tolerability profile, clinically meaningful benefit at Month 6 of treatment 23NOVEMBER 2026 80.0% 83
Slide 24: Month 12 Before and After Photos – PRO +1
Study ‘302’ Month 12 Before and After Photos – PRO +1 24 Fr on ta l Ve rt ex Baseline Month 12 Baseline Month 12 Baseline Month 12 Baseline Month 12 Images represent responders who ranked their hair coverage as “A Little Improved” following 12 Months of treatment with VDPHL01. Individual results may
Slide 25: Month 12 Before and After Photos – PRO +2
Study ‘302’ Month 12 Before and After Photos – PRO +2 25 Fr on ta l Ve rt ex Baseline Month 12 Baseline Month 12 Baseline Month 12 Baseline Month 12 Data on File. Veradermics, Inc. Images represent responders who ranked their hair coverage as “Improved” following 12 Months of treatment with VDPHL01.
Slide 26: Month 12 Before and After Photos – PRO +3
Study ‘302’ Month 12 Before and After Photos – PRO +3 26 Fr on ta l Ve rt ex Baseline Month 12 Baseline Month 12 Baseline Month 12 Baseline Month 12 Data on File. Veradermics, Inc. Images represent responders who ranked their hair coverage as “Much Improved” following 12 Months of treatment with VDP
Slide 27: KOL Discussion
27NOVEMBER 2026 Michael H. Gold, M.D., FAAD* Founder of Gold Skincare, Advanced Aesthetics Medical Spa, The Laser and Rejuvenation Center, and Tennessee Clinical Research Center Clinical Assistant Professor, Vanderbilt University Study ‘302’ Investigator KOL Discussion *Dr. Michael Gold is a paid co
Slide 28: Study subject photos from Dr. Gold's site
NOVEMBER 2026 Month 6Baseline Month 12 Fr on ta l Ve rt ex Michael H. Gold, M.D., FAAD* Founder of Gold Skincare, Advanced Aesthetics Medical Spa, The Laser and Rejuvenation Center, and Tennessee Clinical Research Center Clinical Assistant Professor, Vanderbilt University Study ‘302’ Investigator Mo
Slide 29: KOL Discussion
29NOVEMBER 2026 Michael H. Gold, M.D., FAAD* Founder of Gold Skincare, Advanced Aesthetics Medical Spa, The Laser and Rejuvenation Center, and Tennessee Clinical Research Center Clinical Assistant Professor, Vanderbilt University Study ‘302’ Investigator KOL Discussion *Dr. Michael Gold is a paid co
Slide 30: Full Clinical Results: Results from Market Opinion Study
VDPHL01 ‘302’ Full Clinical Results: Results from Market Opinion Study November 2026 Presented by: Mark Neumann, Chief Commercial and Strategy Officer
Slide 31: Recap of Findings from Previous Blinded Study 302 and 304 Market Research
31 Recap of Findings from Previous Blinded Study ‘302’ and Study ‘304’ Topline Market Research NOVEMBER 2026
Slide 32: Study Topline (April): HCPs and patients ready to act on VDPHL01
Study 302 Topline (April): 9 in 10 High-Volume PHL Treaters and Engaged Patients Were Ready to Act on VDPHL01 Based on Blinded Product Profile 32 High-Volume PHL Treaters* (n=153) Engaged Patients (n=190) Source: VDPHL01 Rapid Response Final Report (Study 302 topline profile), fielded April 25, 2026
Slide 33: Study Topline (October): Rx-hesitant prescribers expect to double Rx use
Study 304 Topline (October): Rx-Hesitant Prescribers Expect to Double Rx Use With VDPHL01 33 Source: Market research using Study 304 Part A results, HCP quant survey, October 2026 | US HCPs: 93 Derms (53 MDs, 40 APPs), 105 PCPs (89 MDs, 16 APPs) | n=198 93 Derms 105 PCPs n=20 qualitative HCP respond
Slide 34: New Market Research Study: Men with PHL Not on Prescription Treatment
34 New Market Research Study: Men with PHL Who Are Not on Prescription Treatment NOVEMBER 2026
Slide 35: We surveyed men with PHL not on prescription therapy
We Surveyed 311 Men With PHL Who Are Not on Prescription Therapy 35 Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | US men with PHL aged 18–65, not on Rx: 101 current OTC-only, 103 previously treated, 107 never treated | n=311 n=311 Men With Pattern Hair Loss, Aged 18–65 Currently tr
Slide 36: Men not on Rx span broad ages and incomes
Men Not on Rx Span a Broad Range of Ages and Incomes, and Two in Three Say Their Hair Is Central to Their Confidence 36 Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | US men with PHL aged 18–65, not on Rx: 101 current OTC-only, 103 previously treated, 107 never treated | n=311 | *U.
Slide 37: Current OTC users spend >$75/month on moderately satisfying products
Current OTC Users Spend > $75 / Month on Products That Only Moderately Satisfy Them, and Some Have Never Heard of Oral Rx Options 37 Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | Base: men with PHL currently using OTC treatment only | n=101 $76 average monthly OTC spend 30% spend $
Slide 38: Men not treating want to treat but many haven't heard of oral options
Men Not Currently Treating Want to Treat Their Hair Loss, but About a Third Have Never Heard of Oral Minoxidil or Finasteride 38 Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | Base: men with PHL not currently treating (103 previously treated, 107 never treated) | n=210 Previously Tr
Slide 39: Efficacy and side effects are top unmet needs
Efficacy and Side Effects Are Patients’ Top Unmet Needs, and Most Would Take an Rx if Their Doctor Recommended It 39 Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | US men with PHL aged 18–65, not on Rx: 101 current OTC-only, 103 previously treated, 107 never treated | n=311 | T3B =
Slide 40: Patients Reviewed a Blinded Profile of VDPHL01
40 Patients Then Reviewed a Blinded Profile of VDPHL01 Based on the Study ‘302’ and ‘304’ Results NOVEMBER 2026
Slide 41: 83% of patients would talk to their doctor about VDPHL01
After Seeing the VDPHL01 Profile, 83% of Patients Would Talk to Their Doctor About It, a Sentiment Consistent Across All Three Segments 41 Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | US men with PHL aged 18–65, not on Rx: 101 current OTC-only, 103 previously treated, 107 never tr
Slide 42: VDPHL01 expected to address unmet needs
42 Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | US men with PHL aged 18–65, not on Rx: 101 current OTC-only, 103 previously treated, 107 never treated | n=311 | C13 bases vary by unmet need (n=214–238) | T3B = % rating 5–7; T2B = % rating 6–7 Top Unmet Needs VDPHL01 Is Expected to
Slide 43: Nearly 80% see VDPHL01 as positively differentiated
Nearly 80% See VDPHL01 Profile as Positively Differentiated versus Current Treatment Options 43 Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | US men with PHL aged 18–65, not on Rx: 101 current OTC-only, 103 previously treated, 107 never treated | n=311 | T3B = % rating 5–7; T2B = %
Slide 44: FDA approval is a top driver of confidence
FDA Approval Is a Top Driver of Confidence Across Every Segment 44 Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | US men with PHL aged 18–65, not on Rx: 101 current OTC-only, 103 previously treated, 107 never treated. | n=311 | T3B = % rating 5–7; T2B = % rating 6–7 | 1 qualitative
Slide 45: Willingness to pay a premium price for VDPHL01
45 Strong Willingness to Pay a Premium Price for VDPHL01 versus a Low-cost Generic Driven by Efficacy, Doctor Recommendation, and Oral ROA Source: VDPHL01 Nov. RRP patient survey, Oct 30 – Nov 7, 2026 | US men with PHL aged 18–65, not on Rx: 101 current OTC-only, 103 previously treated, 107 never tr
Slide 46: In their own words: why patients see value in VDPHL01
In Their Own Words: Why Patients See Value “Worth Paying For” in VDPHL01 46 Source: Patient follow-up interviews, 12 qualitative interviews with men with PHL (2 past OTC users, 2 past prescription users, 2 current OTC users, 4 current prescription users, 2 treatment naïve patients) reviewing the ful
Slide 47: VDPHL01 can activate men not on Rx and grow the PHL market
Research Suggests VDPHL01 Can Activate Men Not on Rx Today and Grow the PHL Market if Approved 47 Survey data suggest that VDPHL01 will activate a meaningful portion of the male untreated and OTC-treated population if approved 83% of men not on Rx are likely to talk to a doctor about VDPHL01 5-7 out
Slide 48: New Market Research Study: Blinded Full Study Results with HCPs and Patients
48 New Market Research Study: Blinded Full Study 302 Topline Results with HCPs and Patients NOVEMBER 2026
Slide 49: Full profile reinforces HCP conviction
Full 302 Profile Reinforces HCP Conviction: 12-Month Data Supports Long- Term Potential and All HCPs Will Recommend VDPHL01 if Approved 49 Source: 10 qualitative interviews with HCPs (4 Derms, 3 Derm PAs, 1 PCP, 2 PCP NPPAs) reviewing the blinded full Study 302 results; fielded the weekend before th
Slide 50: The full profile gave patients hope for a treatment that will work
The Full 302 Profile Gave Patients Hope For a Treatment That Will Work 50 Source: 12 qualitative interviews with men with PHL (2 past OTC users, 2 past prescription users, 2 current OTC users, 4 current prescription users, 2 treatment naïve patients) reviewing the blinded full Study 302 results; fie
Slide 51: Full study profile strengthened HCP and patient confidence
The Full Study 302 Profile Strengthened HCP Conviction and Gave Patients Confidence in VDPHL01 as a Treatment Option if Approved 51 Source: Qualitative interviews with HCPs (n=10) and patients (n=12) reviewing the full Study 302 results fielded the weekend before the Monday 302 data release WHAT WE
Slide 52: Concluding Remarks
Concluding Remarks 52NOVEMBER 2026
Slide 53: Studies 302 and 304 demonstrated potential to address unmet needs
Studies ‘302’ and ‘304’ demonstrated potential to address the core of patient and physician unmet needs 53 PROFILE ATTRIBUTE STUDY ‘302’ (Part A & Part B) STUDY ‘304’ (Part A) Meaningful, visible improvement✓ Robust clinical efficacy Up to +43.9 hairs/cm2 increase in non-vellus hair count, 68% of pa
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