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 and Speakers
agenda 2 1 Opening Remarks 2 Study ‘302’ 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 Maryan
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 statistically significant Phase 2/3 outcome for an oral PHL treatment in nearly 30 years
4 First well-controlled, statistically significant Phase 2/3 outcome for an oral PHL treatment in the U.S. in nearly 30 years Potentially differentiated profile for dermatology specialists, generalist physicians, and patients: Rapid onset Robust and consistent hair growth Well-tolerated, single digi
Slide 5: Pattern hair loss impacts 80 million people in the U.S.
50 50 32 30 16 8 3 80 0 10 20 30 40 50 60 70 80 90 PHL Acne (All Ages) Atopic Dermatitis (Eczema) PHL (Women) Rosacea Psoriasis Vitiligo Pattern hair loss impacts 80 million people in the U.S.1 5 million total U.S. patients include 50 million men without a new oral treatment in ~30 years and 30 mill
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 6 10x difference between minoxidil hair growth threshold and minoxidil cardiac activity threshold VDPHL01 is designed to deliver nearly twice the total amount
Slide 7: Minoxidil mechanism of action is capacity-limited and time dependent
Minoxidil mechanism of action is capacity-limited and time dependent 7 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 8: Study 302 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 302 trial design QD: Daily Dosing BID: 2x/day Dosing *
Slide 9: TAHC co-primary endpoint leverages the only measurement methodology used for FDA approval in PHL
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. • in diameter are counted as being non-vellus. • Digital analysis algorithm discerns both increases in n
Slide 10: Baseline demographics and characteristics
VDPHL01 8.5MG QD VDPHL01 8.5MG BID Placebo Total Study Participants 171 175 173 519 Age Mean (SD), Median 42.1 (10.1), 40 43.0 (10.7), 42 42.6 (9.6), 42 42.5 (10.1), 42 Patients age 40+; n (%) 95 (55.6) 106 (60.6) 104 (60.1) 305 (58.8) Minimum, Maximum 21, 63 19, 65 22, 65 19, 65 Race n (%) American
Slide 11: Both active arms showed significant improvements in Target Area Hair Count at Month 6
Both active arms of Study 302 showed statistically significant improvements in Target Area Hair Count (TAHC) at Month 6 11 7.3 30.3 33.0 0 5 10 15 20 25 30 35 Placebo VDPHL01 8.5mg 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 [p
Slide 12: VDPHL01 exceeded expectations on TAHC and has potential to establish a new bar
7.3 7.3 4.7 6.7 30.3 33 20.9 21.1 14.6 10 0 5 10 15 20 25 30 35 VDPHL01 8.5mg QD VDPHL01 8.5mg BID 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 A H C In cr ea se Hair Count Increase (Placebo) Hair Count Increase (A
Slide 13: Co-primary PRO: statistically significant patient reported outcomes
Co-primary PRO: both doses of Study 302 statistically significant patient reported outcomes with 3.5 - 4.7x patient benefit over placebo 13 13.4% 48.4% 62.9% 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
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 patients** said that any improvement* on the PRO would be clinically meaningful to them 14 35.6% 79.3% 86.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Placebo VDPHL01 8.5mg QD VDPHL01 8.5m
Slide 15: Investigators graded patients as moderately-greatly increased vs. placebo
Investigators graded 3.7 - 5.2x of patients as moderately-greatly increased in active arms vs. placebo 15 10.7% 39.5% 56.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID % IG A R es po nd er [p<.0001] IGA 7-Point Scale 3 = GREATLY INCREASED 2 = MODERATELY INC
Slide 16: Investigator global assessment underscores consistency of response
Investigator global assessment underscores consistency of response: any improvement 16 36.6% 72.0% 84.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Placebo VDPHL01 8.5mg QD VDPHL01 8.5mg BID % IG A R es po nd er [p<.0001] [p<.0001] IGA 7-Point Scale 3 = GREATLY INCREASED 2 = MODERATELY INCREASED 1
Slide 17: Study 302 Before and After Photos – 25th percentile
Study ‘302’ Before and After Photos – 25th percentile 17 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 18: Study 302 Before and After Photos – 50th percentile
Study ‘302’ Before and After Photos – 50th percentile 18 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 19: Study 302 Before and After Photos – 75th percentile
Study ‘302’ Before and After Photos – 75th percentile 19 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 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
VDPHL01 8.5 mg QD [n=171] VDPHL01 8.5 mg BID [n=175] Placebo [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) Serious TEAE 1.8% (3) 1.1% (2) 0.6% (1) Treatment-Related SAEs 0 0 0 AESI of Cardiac Origin 0 0 0 Peripheral Edema 5.3% (9)
Slide 22: Target profile for an FDA-approved oral treatment for PHL
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: 15+ TAHC increase >25% Patients +2 PRO No treatment-related SAEs or AESIs of cardiac origin +23
Slide 23: VDPHL01 profile establishes a potential new bar for differentiation
23 VDPHL01 profile establishes a potential new bar for differentiation across multiple key product characteristics Fast Consistent Intense Generally Well-Tolerated Convenient Oral Administration 79.3% - 86.0% 48.4% - 62.9% Average non-vellus hair count change of 30.3 - 33.0 hairs/cm2 (QD/BID) No tre
Slide 24: KOL Discussion
KOL Discussion Maryanne Makredes Senna, M.D. Beth Israel Lahey Health, Harvard Medical School 24 APRIL 2026
Slide 25: Results from Market Opinion Study
VDPHL01 Phase 2/3 Clinical Trial Topline: Results from Market Opinion Study April 2026 Presented by: Mark Neumann, Chief Commercial and Strategy Officer
Slide 26: VDPHL01 Patient Population Segments
Veradermics | Internal Use Only – Proprietary and Confidential VDPHL01 Patient Population Segments Current PHL U.S. addressable commercial opportunity is ~74M people VDPHL01, if approved, has potential to capture share across four addressable segments 26 1. https://medlineplus.gov/genetics/condition
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 27 Quantitative 15-minute web-based survey* 262 Avg. Androgenetic Alopecia Patient Volume in the Past Year 3% 37% 53% 7% 1
Slide 28: VDPHL01 is Seen as Highly Differentiated by both HCPs and Patients
VDPHL01 is Seen as Highly Differentiated by both HCPs and Patients 28 HCPs (n=153) Patients (n=186)* 91% Differentiation 7- Point Scale 7 = Extremely Positively Differentiated 6 = Very Positively Differentiated 5 = Positively Differentiated 4 = No Difference 3 = Negatively Differentiated 2 = Very Ne
Slide 29: Differentiated Based on FDA Approval and Strong Efficacy and Safety
VDPHL01 is Seen as Highly Differentiated Based on FDA Approval and Combination of Strong Efficacy + Safety 29 Top 3 Areas of Differentiation for VDPHL01 6 or 7 out of 7-point scale HCPs (n=150)* Patients (n=186)** FDA Approval FDA Approval Primary Efficacy Outcomes Safety Profile Safety Profile Prim
Slide 30: Strong Intent to Adopt VDPHL01 Across HCPs and Patients
Strong Intent to Adopt VDPHL01 Seen Across both HCPs and Patients 30 HCPs (n=153) Patients (n=190) 71% Patients Highly Likely to Talk to Their Doctor About VDPHL01 6 or 7 out of 7-point scale 73% HCPs Highly Likely to Prescribe VDPHL01 6 or 7 out of 7-point scale 52% Of Their Patients Would Receive
Slide 31: HCPs Report Consistent Intent to Prescribe Across Treatment Subgroups
HCPs Report Consistent Intent to Prescribe Across Treatment Subgroups 31 Patients Who Would Receive VDPHL01 Stated % of patients, base: HCPs (n=153) 52% 58% 47% VDPHL01’s Ability to Address Unmet Need % of HCPs, 6 or 7 out of 7-point scale, base: HCPs (n=153) 71% 68% 66% More FDA- approved treatment
Slide 32: 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 32 % of Patients Who Would Talk to Their Doctor About VDPHL01 6 or 7 out of 7-point scale; base: Patients (n=190) Ability to Address Unmet Need 6 or 7 out of 7-point scale; bas
Slide 33: VDPHL01 Expected to Source Share From All Current Therapies
15.3% 13.1% 14.7% 9.2% 15.2% 14.6% 10.8% 7.2% VDPHL01 Is Expected to Source Share From All Current Therapies, Particularly from Oral IR Minoxidil and Finasteride 33 Tx Share Before VDPHL01 % of treatments given, base: HCPs (n=153) 30.5% 27.6% 25.5% 16.4% Oral minoxidil (off-label) Oral finasteride T
Slide 34: Patient/Physician Voice from Interviews Highlight the Opportunity
Patient/Physician Voice from Interviews Highlight the Unique Opportunity for VDPHL01 34 Impressive Efficacy Patient “This is like superpowered minoxidil, maybe it's even to the 3rd degree because there's already topical oral minoxidil and now this one. I would say it's like a super powered Minoxidil
Slide 35: Closing Remarks
Closing Remarks 35 APRIL 2026
Slide 36: VDPHL01 profile establishes a potential new bar for differentiation
36 VDPHL01 profile establishes a potential new bar for differentiation across multiple key product characteristics Fast Consistent Intense Generally Well-Tolerated Convenient Oral Administration 79.3% - 86.0% 48.4% - 62.9% Average non-vellus hair count change of 30.3 - 33.0 hairs/cm2 (QD/BID) No tre
Slide 37: Patient quotes from Study 302
“So definitely on the top of my head, my hair has gotten a lot thicker. It is covering a lot more. And like, I have noticed it, but others have noticed it as well. I'm – I'm getting compliments about my hair.” It's thicker. You can't see my hair thinness as easily as you used to.… Because I used to
Slide 38: Meaningful Study 302 results position VDPHL01 as potential foundational treatment
Meaningful Study ‘302’ results position VDPHL01 as a potential foundational treatment for PHL Upcoming Milestones Veradermics anticipates: • Male confirmatory Phase 3 data (Study ‘304’) in the second half of 2026; • Study 302 Part B data in the second half of 2026 • Additional Study ‘207’ data in 20
Slide 39: veradermics aN
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