Slide 1: Study 302 Phase 2/3 Topline Data in Males with Mild-to-Moderate Pattern Hair Loss
Study 302 Phase 2/3 Topline Data in Males with Mild-to-Moderate Pattern Hair Loss April 2026
Slide 2: Agenda
agenda MANE Speakers Joined by 1 Opening Remarks 2 Study ‘302’ results 3 KOL Discussion 4 VDPHL01 Commercial Reid Waldman, Mark Neumann Dominic Carrano Maryanne Makredes Opportunity M.D. Senna, M.D. Chief Executive Officer, Chief Commercial & Chief Financial Officer, Veradermics Scientific 5 Closing
Slide 3: Disclaimer
Disclaimer This presentation contains forward-looking statements that involve substantial risks and Forward-looking statements involve known and unknown risks, uncertainties and other factors that uncertainties. All statements other than historical factual information are forward-looking may cause o
Slide 4: VDPHL01 achieved potential best-in-indication hair growth in Study 302 with both QD and BID doses
VDPHL01 achieved potential best-in-indication hair growth in Study ‘302’ with both QD and BID doses High statistical Rapid onset of hair First well-controlled, statistically significance achieved on significant Phase 2/3 outcome for an growth both co-primary oral PHL treatment in the U.S. in Stati
Slide 5: Pattern hair loss impacts million people in the U.S.
Pattern hair loss impacts 80 million people in the U.S.1 ~9% ~46% of Patients of Patients Satisfied with Current Actively Seeking New 90 80 Treatment Options2 Tx2 million total U.S. patients include 50 million men without a 80 new oral treatment in ~30 years and 30 million women with no FDA-approved
Slide 6: VDPHL01's proprietary extended-release technology delivers a differentiated minoxidil formulation
VDPHL01’s proprietary extended-release technology delivers a differentiated formulation of minoxidil intended to optimize efficacy and safety First minoxidil extended-release tablet and only oral minoxidil tablet positioned 30 for potential approval for the treatment of PHL 25 Plasma Concentration (
Slide 7: 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 8: Study 302 trial design
Actual Enrollment Clinical Sites Study Population Study 302 trial design 519 subjects, 44 U.S. sites Male subjects 18-65 years of age randomized 2:2:1:1 (inclusive) with mild-to-moderate PHL Screening Part A: Placebo Controlled Part B: Treatment Extension Follow-Up Period Period (Months 1-6) Period
Slide 9: VDPHL01 achieved highly statistically significant benefit on both co-primary endpoints
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) Patient tattooed for location replicability TAHC co-primary endpoint leverages the only measurement m
Slide 10: Study baseline characteristics
Study 302 baseline characteristics VDPHL01 VDPHL01 Placebo Total 8.5MG QD 8.5MG BID Study Participants 171 175 173 519 Mean (SD), Median 42.1 (10.1), 40 43.0 (10.7), 42 42.6 (9.6), 42 42.5 (10.1), 42 Age Patients age 40+; n (%) 95 (55.6) 106 (60.6) 104 (60.1) 305 (58.8) Minimum, Maximum 21, 63 19, 6
Slide 11: Both active arms showed statistically significant improvements in TAHC at Month 6
Both active arms of Study 302 showed statistically significant improvements in Target Area Hair Count (TAHC) at Month 6 Non-Vellus TAHC Increase absolute; from baseline at Month 6 35 [p<.0001] 30 [p<.0001] 33.0 30.3 Non-Vellus TAHC Increase ∆=25.8 25 ∆=23.1 20 15 10 5 7.3 n=173 n=171 n=175 0 Placebo
Slide 12: VDPHL01 exceeded expectations on TAHC and has potential to establish a new bar
VDPHL01 exceeded expectations on TAHC and has potential to establish a new bar for differentiated PHL treatments TAHC Increase 35 absolute; from baseline at Month 6 [p<.0001] 30 [p<.0001] 33 30.3 ∆=25.8 Hair Count Increase (Placebo) Hair Count Increase (Active) ∆=23.1 25 Non-Vellus TAHC Increase 20
Slide 13: Co-primary PRO: 3.5-4.7x patient benefit over placebo
Co-primary PRO: both doses of Study 302 statistically significant patient reported outcomes with 3.5 - 4.7x patient benefit over placebo VDPHL01 8.5mg QD & BID vs. Placebo 100% PRO +2 at Month 6 AAIRS 7-Point Scale 90% 80% 3 = MUCH IMPROVED 70% 2 = IMPROVED [p<.0001] 60% 1 = A LITTLE IMPROVED 62.9%
Slide 14: Patient reported outcomes of any improvement support clinically meaningful impact
Patient reported outcomes of any improvement support high rates of clinically meaningful impact >80% of study 100% VDPHL01 8.5mg QD & BID vs. Placebo any improvement* from baseline, Month 6 patients** 90% [p<.0001] [p<.0001] said that any improvement* on the 80% 86.0% 70% 79.3% ∆=50.4% PRO would be
Slide 15: Investigators graded 3.7-5.2x of patients as moderately-greatly increased
Investigators graded 3.7 - 5.2x of patients as moderately-greatly increased in active arms vs. placebo 100% VDPHL01 8.5mg QD & BID vs. Placebo % Responders “improved” or “much improved” per IGA assessment at Month 6 90% IGA 7-Point Scale 80% 3 = GREATLY INCREASED 70% 2 = MODERATELY % IGA Responder I
Slide 16: Investigator global assessment underscores consistency of response
Investigator global assessment underscores consistency of response: any improvement VDPHL01 8.5mg QD & BID vs. Placebo 100% % Responders per IGA assessment at Month 6 90% IGA 7-Point Scale [p<.0001] 80% [p<.0001] 84.4% 3 = GREATLY INCREASED 70% ∆=47.8% 2 = MODERATELY 72.0% % IGA Responder INCREASED
Slide 17: Before and After Photos – 25th percentile
Study ‘302’ Before and After Photos – 25th percentile Baseline Month 6 Baseline Month 6 Frontal Vertex 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 percen
Slide 18: Before and After Photos – 50th percentile
Study ‘302’ Before and After Photos – 50th percentile Baseline Month 6 Baseline Month 6 Frontal Vertex 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 percen
Slide 19: Before and After Photos – 75th percentile
Study ‘302’ Before and After Photos – 75th percentile Baseline Month 6 Baseline Month 6 Frontal Vertex 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 percen
Slide 20: Study 302 demonstrated a well-tolerated and safe profile
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 •
Slide 21: Study 302 adverse event overview
Study ‘302’ adverse event overview VDPHL01 8.5 VDPHL01 8.5 Placebo mg QD [n=171] mg BID [n=175] [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) TEAE Serious TEAE 1.8% (3) 1.1% (2) 0.6% (1) Overview Treatment-Related SAEs 0 0 0 AESI o
Slide 22: Research and trials support base target profile for an FDA-approved oral PHL treatment
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: VDPHL01 8.5mg QD VDPHL01 8.5mg BID 15+ +23 +26 TAHC increase TAHC increase TAHC increase >25% 35
Slide 23: VDPHL01 profile establishes a potential new bar for differentiation
VDPHL01 profile establishes a potential new bar for differentiation across multiple key product characteristics ✓ Fast Superiority vs. placebo on TAHC and IGA from Month 2 onwards ✓ Consistent 79.3% - 86.0% of subjects reported improvement in hair coverage at Month 6; 48.4% - 62.9% of subjects repor
Slide 24: KOL Discussion
KOL Discussion Maryanne Makredes Senna, M.D. Beth Israel Lahey Health, Harvard Medical School 24 APRIL 2026
Slide 25: VDPHL01 Phase 2/3 Topline: Results from Market Opinion Study
VDPHL01 Phase 2/3 Clinical Trial Topline: Results from Market Opinion Study Presented by: Mark Neumann, Chief Commercial and Strategy Officer April 2026
Slide 26: VDPHL01 Patient Population Segments
VDPHL01 Patient Population Segments ~80M1 ~6M4-6 PHL Patients in the US in 2023 Not Addressable Current PHL U.S. addressable commercial opportunity is ~15M ~59M ~74M people Actively Treating Not Treating & Other VDPHL01, if approved, has potential to capture share across Tried ~1M2 Rx Patients ~14M3
Slide 27: Double-Blinded Research Captured Early HCP and Patient Reactions
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 Quantitative + Qualitative 15-minute web-based survey* 30-minute web-based interviews* 153 HCPs 190 Patients 73% Derms 61%
Slide 28: VDPHL01 is Seen as Highly Differentiated by both HCPs and Patients
VDPHL01 is Seen as Highly Differentiated by both HCPs and Patients Differentiation 7- HCPs (n=153) Patients (n=186)* Point Scale 7 = Extremely Positively Differentiated 6 = Very Positively 91% 95% Differentiated 5 = Positively Differentiated 4 = No Difference 3 = Negatively Differentiated Of HCPs sa
Slide 29: Highly Differentiated Based on FDA Approval and Strong Efficacy + Safety
VDPHL01 is Seen as Highly Differentiated Based on FDA Approval and Combination of Strong Efficacy + Safety Top 3 Areas of Differentiation for VDPHL01 6 or 7 out of 7-point scale HCPs (n=150)* Patients (n=186)** 72% FDA Approval 77% FDA Approval 71% Primary Efficacy Outcomes 77% Safety Profile 70% Sa
Slide 30: Strong Intent to Adopt VDPHL01 Seen Across both HCPs and Patients
Strong Intent to Adopt VDPHL01 Seen Across both HCPs and Patients HCPs (n=153) Patients (n=190) 73% 71% HCPs Highly Likely to Prescribe Patients Highly Likely to Talk to VDPHL01 Their Doctor About VDPHL01 6 or 7 out of 7-point scale 6 or 7 out of 7-point scale 52% Of Their Patients Would Receive VDP
Slide 31: HCPs Report Consistent Intent to Prescribe Across Treatment Subgroups
HCPs Report Consistent Intent to Prescribe Across Treatment Subgroups Patients Who Would Receive VDPHL01 VDPHL01’s Ability to Address Unmet Need Stated % of patients, base: % of HCPs, 6 or 7 out of 7-point scale, base: HCPs (n=153) HCPs (n=153) 71% 68% 66% Currently on Rx +/- OTC 52% Currently on OT
Slide 32: Majority of Current Rx Patients Expect to Talk to Their Doctor about VDPHL01
Large Majority of Current Rx Patients and Half of Currently Untreated Patients Expect to Talk to Their Doctor about VDPHL01 % of Patients Who Would Talk to Their Doctor About VDPHL01 Ability to Address Unmet Need 6 or 7 out of 7-point scale; 6 or 7 out of 7-point scale; base: Patients (n=190) base:
Slide 33: VDPHL01 Expected to Source Share From All Current Therapies
VDPHL01 Is Expected to Source Share From All Current Therapies, Particularly from Oral IR Minoxidil and Finasteride Tx Share Before VDPHL01 Expected Change With VDPHL01 Available % of treatments given, base: HCPs (n=153) % of treatments given, base: HCPs (n=153) Oral minoxidil 30.5% 15.3% 15.2% (off
Slide 34: Patient/Physician Voice from Interviews Highlight the Unique Opportunity
Patient/Physician Voice from Interviews Highlight the Unique Opportunity for VDPHL01 Patient Patient Dermatologist Dermatologist Impressive Differentiated Differentiated Extended Release / Efficacy Safety Efficacy Mechanism “The big reason I don't use Rx “This is like superpowered “This is a better
Slide 35: Closing Remarks
Closing Remarks 35 APRIL 2026
Slide 36: VDPHL01 profile establishes a potential new bar for differentiation
VDPHL01 profile establishes a potential new bar for differentiation across multiple key product characteristics ✓ Fast Superiority vs. placebo on TAHC and IGA from Month 2 onwards ✓ Consistent 79.3% - 86.0% of subjects reported improvement in hair coverage at Month 6; 48.4% - 62.9% of subjects repor
Slide 37: Study 302 patient quotes
Study ‘302’ patient quotes: “The bald spot or bald area “…it’s very comforting that has decreased in size…. And I don’t have to worry about the rest of my hair, especially [hair coverage], and [do] the front…seems to be fuller less prep [to my hair] and thicker.” before I leave the house” It's thick
Slide 38: Meaningful Study 302 results position VDPHL01 as a potential foundational treatment for PHL
Meaningful Study ‘302’ results position VDPHL01 as a potential foundational treatment for PHL Upcoming Milestones Veradermics anticipates: Phase 2/3 topline data support VDPHL01 as a • Male confirmatory Phase 3 potential best-in-class therapy for PHL data (Study ‘304’) in the second half of 2026; •
Slide 39: verulermics ; wad
verulermics ; wad