Slide 1: Study '207' Phase 2 Topline Open Label Data in Females with Pattern Hair Loss
Study ‘207’ Phase 2 Topline Open Label Data in Females with Mild-to-Moderate Pattern Hair Loss July 2026
Slide 2: Agenda
agenda 2 1 Opening Remarks 2 Study ‘207’ 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 Jerry
Slide 3: Disclaimer
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 4: First positive Phase 2 outcome for an oral PHL treatment in females in the U.S.
4 First positive Phase 2 outcome for an oral PHL treatment in females in the U.S. Increases conviction in upcoming Study ‘306’ Phase 2/3 registration- directed female PHL readout (anticipated 1H27) Supports potential for VDPHL01 to address large, 30M patient female pattern hair loss market Positions
Slide 5: 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 impacts ~80 million people in the U.S.1 5 M Men with PHL Pa tie nt s Af fe ct ed in th e U .S .1 ( M ) 1American Academy of Dermatology. (n.d.). Skin co
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 6 Actively Seeking Treatment Females are more likely to seek treatment; lack of awareness of Rx options is a primary driver of OTC usage2 Impacted Quality of Life Patient surveys indicate women exp
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 7 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 concentrat
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 '207' in females: Phase 2 open-label study design
Key Efficacy Endpoints*: • Changes from baseline in non-vellus TAHC using digital image analysis at Month 6 • Proportion of participants who achieve treatment benefit, defined as a PRO response of “Improved” or “Much Improved” at Month 6 Study ‘207’ in females: Phase 2 open-label study QD: Daily Dos
Slide 10: Study '207' clinical trial endpoints
Study ‘207’ clinical trial endpoints 10 Patient-reported outcome (PRO)Target area hair count (TAHC) 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 *Efficacy endpoint Baseline Month 2 Screening Month 2 Month 4 Pati
Slide 11: Existing studies of female PHL treatments show modest hair count changes
4.3 -1.3 5.3 13.4 6.1 -1.7 9.5 -5 0 5 10 15 20 25 30 35 N on -V el lu s T A H C In cr ea se Hair Count Increase (Placebo/Control*) Hair Count Increase (Active) Existing studies of treatment options for female PHL show modest hair count changes 11 [n=33] Topical minoxidil 5% female data from Bergfeld
Slide 12: Both female doses showed objective improvements in Target Area Hair Count at Month 6
Both female doses in Study ‘207’ showed objective improvements in Target Area Hair Count (TAHC) at Month 6 12 22.7 23.3 0 5 10 15 20 25 30 35 VDPHL01 4.5mg 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 VDPHL01 4.5mg QD VDPHL01 4.
Slide 13: VDPHL01 has the potential to set a new bar for female PHL treatments
4.3 -1.3 5.3 22.7 23.3 13.4 6.1 -1.7 9.5 -5 0 5 10 15 20 25 30 35 N on -V el lu s T A H C In cr ea se Hair Count Increase (Placebo/Control*) Hair Count Increase (Active) VDPHL01 has the potential to set a new bar for female pattern hair loss treatments 13 [n=33] VDPHL01 Data are presented from femal
Slide 14: PRO: both female doses demonstrated positive patient reported outcomes
PRO: both female doses in Study ‘207’ demonstrated positive patient reported outcomes 14 88.9% 90.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% VDPHL01 8.5mg QD VDPHL01 8.5mg BID % R es po ns e AAIRS 7-Point Scale 3 = MUCH IMPROVED 2 = IMPROVED 1 = A LITTLE IMPROVED 0 = NO CHANGE -1 = A LITTLE WORS
Slide 15: Investigator global assessment underscored consistency of response
Investigator global assessment underscored consistency of response in female participants 15 100.0% 90.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% VDPHL01 8.5mg QD VDPHL01 8.5mg BID % IG A R es po nd er IGA 7-Point Scale 3 = GREATLY INCREASED 2 = MODERATELY INCREASED 1 = SLIGHTLY INCREASED 0 = NO
Slide 16: Before and After Photos: Savin I-4 Responder
Study ‘207’ Before and After Photos: Savin I-4 Responder 16 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. Month 6Baseline JULY 20
Slide 17: Before and After Photos: Savin II-1 Responder
Study ‘207’ Before and After Photos: Savin II-1 Responder 17 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. Month 6Baseline JULY
Slide 18: Before and After Photos: Savin II-2 Responder
Study ‘207’ Before and After Photos: Savin II-2 Responder 18 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. Month 6Baseline JULY
Slide 19: Eyebrow Assessments
Eyebrow Assessnaents | a
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 201. https://pubmed.ncbi.nlm.nih.gov/12729380/ 2. https://link.springer.com/article/10.1007/s13555-023-00925-z; https://pmc.ncbi.nlm.nih.gov/articles/PMC5414776/ 3. https://journals.plos.org/plosone/article?id=10.1371%2F
Slide 21: Before and After Photos: Sparse Eyebrow Responder
Study ‘207’ Before and After Photos: “Sparse” Eyebrow Responder 21 JULY 2026 Month 6 Baseline 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.
Slide 22: Before and After Photos: Sparse Eyebrow Responder
Study ‘207’ Before and After Photos: ”Sparse” Eyebrow Responder 22 JULY 2026 Month 6 Baseline 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.
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
Adverse Event Overview n(%) VDPHL01 4.5 mg (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) Moderate 6 (21.4) Severe 0 Most Common TE
Slide 26: VDPHL01 profile has potential for differentiation across key product characteristics
26 VDPHL01 profile has the potential for differentiation across multiple key product characteristics Fast Consistent Intense Generally Well-Tolerated Convenient Oral Administration ~90% of participants reported ‘improved’ or ‘much improved’ at Month 6 (QD+BID) Average non-vellus hair count change of
Slide 27: KOL Discussion
KOL Discussion Jerry Shapiro NYU Langone Health* 27 JULY 2026 *Dr. Jerry Shapiro is a paid consultant for Veradermics.
Slide 28: FPHL Market Opportunity
VDPHL01 Phase 2 FPHL Clinical Topline: FPHL Market Opportunity July 2026 Presented by: Mark Neumann, Chief Commercial and Strategy Officer
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 29 342 Female Patients 272 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 f
Slide 30: FPHL is poorly served by existing treatment options
FPHL impacts ~ 30 million1 women in the US and is poorly served by existing treatment options 30 32 30 16 8 0 5 10 15 20 25 30 35 Atopic Dermatitis (Eczema) PHL (Women) Rosacea Psoriasis Pa tie nt s Af fe ct ed in th e U .S .1 ( M ) 1American Academy of Dermatology. (n.d.). Skin conditions by the nu
Slide 31: FPHL has a negative emotional effect that impacts quality of life
FPHL has a negative emotional effect that profoundly impacts patient quality of life 31 How Women Feel About PHL1 Women often feel devastated, sad, and anxious; many “cope rather than recover”2 Women said that hair was the single most important aesthetic category compared to things such as weight, s
Slide 32: FPHL patients are motivated treatment seekers with high willingness to pay
FPHL patients are highly motivated and active treatment seekers with a high willingness to pay 32 High Willingness to Use Female patients express similar willingness to use VDPHL01 as males3; High HCP Willingness to Prescribe 73% of HCPs expressed that they were highly likely to prescribe VDPHL012 1
Slide 33: FPHL patient journey suggests multiple opportunities to intervene
Acceptance of Suboptimal Tx Outcome or Discontinue FPHL patient journey suggests multiple opportunities to intervene with a novel prescription treatment option 33 ~MONTHS 0-122 ~MONTHS 6-12+2 POPULATION SIZE: (OTC ONLY) HCP visit; Rx Initiation (off-label) +/- OTC Frequent, Early OTC Cycling ~0.8M1P
Slide 34: FPHL patient satisfaction is low due to limitations of current treatments
FPHL patient satisfaction is low due to the limitations of current treatment options <20% of Female Patients Satisfied with Current Treatment Options Key limitations of current treatments: • No FDA-approved oral options • Limited hair regrowth • Slow onset of action • Cumbersome topical application
Slide 35: Women are looking for an efficacious, safe, oral treatment
Women are looking for an efficacious, safe, oral treatment to address their FPHL 35 JULY 2026 Ideal Profile for a FPHL Treatment1 Demonstrated Efficacy Oral Administration Well- Characterized Safety Profile FDA Approval Rapid Onset of Action 1Commercial Opportunity Assessment (102 HCPs ,134 female p
Slide 36: Emerging VDPHL01 clinical profile delivers attributes women are seeking
Emerging VDPHL01 clinical profile from Phase 2 trial in FPHL demonstrated strong potential to deliver the attributes women are seeking 36 JULY 2026 Consistent response across participants • ~90% of participants reported ‘improved’ or ‘much improved’ at Month 6 (QD+BID) Rapid onset of effect • 63.2%
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 38 Study ‘207’ signals potential for VDPHL01 as a first FDA- approved treatment for female PHL Proof of concept data increases conviction in upcoming Study ‘306’ Ph. 2/3 registration-directed f
Slide 39: Patient voices highlight the impact of female pattern hair loss
39 Patient voices highlight the unique impact of female pattern hair loss JULY 2026 “The scalp being exposed is so embarrassing, and it’s hard for me to be happy. I hate how people look at me and think I’m a monster. I just want to be normal like everyone else.” 1 “If I knew this worked, I would eat
Slide 40: Meaningful Study '207' results position VDPHL01 as potential foundational PHL treatment
Meaningful Study ‘207’ results position VDPHL01 as a potential foundational treatment for PHL in females Upcoming Milestones Veradermics anticipates: • Male confirmatory Phase 3 data (Study ‘304’) in the second half of 2026; • Long-term extension male Ph. 2/3 data (Study ‘302 Part B) in the second h
Slide 41: Veradermics
veradermics aN