Veradermics, Incorporated · NYSE:MANE
Veradermics — Investor Presentation (September 2026)
69 slides from Veradermics's investor presentation, September 2026
Slide 1: Pioneering the Next Generation of Pattern Hair Loss Innovation
Pioneering the Next Generation of Pattern Hair Loss Innovation Corporate Presentation September 2026 SEPTEMBER 2026
Slide 2: 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 may cause uncertainties. All statements other than historical factual information are forward-looking o
Slide 3: Pattern hair loss impacts ~80 million people in the U.S.
Pattern hair loss impacts ~80 million people in the U.S.1 60 ~80 Million U.S. patients: ~50M men without a new oral treatment in ~30 years; 50 ~30M women without FDA-approved oral treatment options Patients Affected in the U.S.1 (M) 50 50 M Men 40 with PHL 30 32 30 M Women 20 with PHL 16 10 8 0 3 PH
Slide 4: VDPHL01 is designed to optimize the pharmacokinetic profile of minoxidil
VDPHL01 is designed to optimize the pharmacokinetic Baseline Month 6 profile of minoxidil for pattern hair loss Raise Hair Growth Greater total minoxidil exposure designed for Ceiling fast, consistent, and intense hair growth Male Improve Tolerability at Profile minimizes cardiac side effects by avo
Slide 5: Minoxidil is a validated approach but existing treatments have limitations
Minoxidil is a validated approach to treat hair loss in both males and females, but existing treatment approaches have inherent limitations Topical Minoxidil (Rogaine) Immediate Release (IR) Oral Minoxidil Not Approved for Hair Loss and Off-Label Use Discontinued by ~86% of Users1 Risks Cardiac Adve
Slide 6: Our Solution: VDPHL01
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Slide 7: VDPHL01's proprietary extended-release technology delivers differentiated minoxidil formulation
VDPHL01’s proprietary extended-release technology delivers a differentiated formulation of minoxidil intended to optimize efficacy and safety 25 VDPHL01 8.5 mg First minoxidil extended-release tablet Minoxidil 2.5 mg IR Cardiac Plasma Concentration (ng/mL) and only oral minoxidil tablet positioned 2
Slide 8: 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 9: VDPHL01 represents a late-stage opportunity in PHL
VDPHL01 represents a late-stage opportunity in PHL • Phase 3 registration-directed study in males Study 302 • Parallel in-trial Phase 2 component to further assess patient reported outcome (PRO) endpoints in Studies 302 & 304 Phase 2/3 trial evaluated VDPHL01 in • Positive topline data from Part A o
Slide 10: 2H26 Catalysts: Core Objectives
2H26 Catalysts: Core Objectives Study 304 – Part A Study 302 – Part B • Provide confirmatory evidence of • Characterize chronic administration efficacy of VDPHL01 in male pattern hair safety loss* • Other data points include: • Approximately double the size of • Long-term efficacy safety database fo
Slide 11: VDPHL01 Late-Stage Male Clinical Development Program
VDPHL01 Late-Stage Male Clinical Development Program Study 302 & Study 304 11
Slide 12: Study 302 Part A Topline Data Overview
Study 302 Part A Topline Data Overview 12
Slide 13: VDPHL01 profile in Study 302 Part A has potential to establish a new bar
VDPHL01 profile in Study 302 Part A has the potential to establish a 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
Slide 14: Both active arms showed significant improvements in Target Area Hair Count
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 15: Co-primary PRO: significant patient reported outcomes 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 16: 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 17: VDPHL01 Study 302 Part A results in context of the PHL treatment landscape
VDPHL01 Study 302 Part A results in context of the PHL treatment landscape Study 302 Part A Additional Male PHL Studies TAHC Increase; from baseline at Month 6 TAHC Increase; from baseline at Month 6 35 [p<.0001] 35 Hair Count Increase (Placebo) [p<.0001] 30 33 30 Hair Count Increase (Active) 30.3 ∆
Slide 18: Study 302 adverse event overview
Study 302 adverse event overview VDPHL01 8.5 VDPHL01 8.5 Placebo TEAE Overview mg QD [n=171] mg BID [n=175] [n=173] Study 302 demonstrated a well- Any TEAE 45.6% (78) 40.6% (71) 42.2% (73) tolerated safety profile: TEAE leading to study discontinuation 4.7% (8) 3.4% (6) 3.5% (6) • No treatment-relat
Slide 19: Study 302 Part B Topline Readout Anticipated in 2H26
Study 302 Part B Topline Readout Anticipated in 2H26 19
Slide 20: 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 PART A TOPLINE DATA ANNOUNCED APRIL 2026 PART B TOPLINE DATA ANTICIPATED 2H26 Screening Part A: Placebo Contr
Slide 21: Key objective of Study 302 Part B is to provide male long-term safety data
Key objective of Study 302 Part B is to provide male long-term safety data for regulatory submission OBJECTIVE SIGNIFICANCE Evidence in > 100/dose group potentially Characterize chronic supports probability of technical and administration safety regulatory success and affirms target product profile
Slide 22: Study 304 Part A Readout Anticipated 2H26
Study 304 Part A Readout Anticipated 2H26 22
Slide 23: Study 304 trial design
Actual Enrollment Clinical Sites Study Population Study 304 trial design 536 subjects, 44 U.S. sites Male subjects 18-65 years of age randomized 2:2:1:1 (non-overlapping (inclusive) with mild-to-moderate PHL with Study ‘302’) Screening Part A: Placebo Controlled Part B: Treatment Extension Follow-Up
Slide 24: Study 304 utilizes identical co-primary endpoints to Study 302
Study 304 utilizes identical co-primary endpoints to Study 302 Target area hair count (TAHC) Patient-reported outcome (PRO) Patient tattooed for location replicability TAHC co-primary endpoint leverages the only measurement methodology used for PRO co-primary endpoint is evaluated using the AAIRS 7-
Slide 25: Study 304 is intended to be the Confirmatory Ph. 3 Study for Male Pattern Hair Loss
Study 304 is intended to be the Confirmatory Ph. 3 Study for Male Pattern Hair Loss OBJECTIVE SIGNIFICANCE Potential to increase probability of technical Provide confirmatory evidence and regulatory success through: of efficacy • Successful completion of primary endpoint data anticipated to support
Slide 26: VDPHL01 Study 302 Part A results in context of the PHL treatment landscape
VDPHL01 Study 302 Part A results in context of the PHL treatment landscape Study 302 Part A Additional Male PHL Studies TAHC Increase; from baseline at Month 6 TAHC Increase; from baseline at Month 6 35 [p<.0001] 35 Hair Count Increase (Placebo) [p<.0001] 30 33 30 Hair Count Increase (Active) 30.3 ∆
Slide 27: Safety profile of IR oral minoxidil carries risk of serious cardiac effects
Safety profile of IR oral minoxidil carries risk of serious cardiac effects in addition to commonly-experienced class effects Well-understood minoxidil class effects Currently prescribed doses of LDOM affect >5% of patients on LDOM: further expose patients to risk of: Headache Edema Pericardial Effu
Slide 28: Phase 3 target profile seeks to position VDPHL01 at center of treatment strategy
Phase 3 target profile seeks to position VDPHL01 at the center of PHL patients’ treatment strategy >15 TAHC increase* >25% patients +2 PRO* Cardiac safety profile consistent with VDPHL01 clinical data to date Convenient oral administration *Placebo adjusted in a male treatment population 28 SEPTEMBE
Slide 29: Female Pattern Hair Loss Overview
Female Pattern Hair Loss Overview 29
Slide 30: FPHL impacts ~30 million women in the US and is poorly served
FPHL impacts ~ 30 million1 women in the US and is poorly served by existing treatment options 35 30 32 30 No FDA-approved oral Patients Affected in the U.S.1 (M) 25 treatment options for FPHL 20 FPHL patients are left to treat their hair loss with 15 the existing assortment of off-label, unproven, 1
Slide 31: Key FPHL Market Dynamics: Underserved Today, with Significant Desire for Better Treatments
Key FPHL Market Dynamics: Female PHL Can Be Emotionally Devastating and Is Underserved Today, with Significant Desire for Better Treatments Hair is central to female identity; PHL drives shame, loss of confidence, and social withdrawal, Profound Emotional Impact prompting women to notice loss earlie
Slide 32: Impact of PHL: Distressing for Female Patients
Impact of PHL: PHL Is Distressing for Female Patients, Impacting Their Identity and How They Interact with the World WHAT PATIENTS SAY WHAT DERMATOLOGISTS OBSERVE Hair Is Part of Their Identity PHL can Blindside Women Many described hair as “a crown”; a defining, prideful feature Women often tie hai
Slide 33: Burden of Managing PHL: Many Female Patients Are Highly Motivated
Burden of Managing PHL: Many Female Patients Are Highly Motivated, Doing What They Can to Treat Their PHL The sentiment of I’ve tried everything is consistent throughout patient interviews Women often try multiple OTC and prescription treatments, as well as cosmetic solutions such as wigs, powders,
Slide 34: Top treatment drivers for female patients demonstrate the emotional impact of FPHL
Top treatment drivers for female patients demonstrate the emotional impact of FPHL 1 Hope of regrowing hair or at least slowing loss “As long as I can at least stop the loss and keep the hair I have The prospect of stopping, delaying, or reversing hair loss is a in a healthy state, I’ll actually be
Slide 35: FPHL patient satisfaction is low due to limitations of current treatment options
FPHL patient satisfaction is low due to the limitations of current treatment options Key limitations of current treatments: • No FDA-approved oral options • Limited hair regrowth • Slow onset of action • Cumbersome topical application <20% <20% of Female • Side effects (Cardiac fears, shedding, leg
Slide 36: Ideal Treatment: Both Female Patients and HCPs Seek Improved Efficacy and Safety
Ideal Treatment: Both Female Patients and HCPs Seek Improved Efficacy and Safety, Simple Dosing, and Faster Onset Patients and HCPs identify highly similar characteristics when talking about their ideal treatment… What women are looking for in their ideal PHL treatment What HCPs are looking for in t
Slide 37: VDPHL01 Study 207 Female Phase 2 results in context of PHL treatment landscape
VDPHL01 Study 207 Female Phase 2 results in context of the PHL treatment landscape Additional Female PHL Studies Study 207 (Females) TAHC Increase; from baseline at Month 6 35 TAHC Increase; from baseline at Month 6 35 30 30 Hair Count Increase (Placebo/Control*) 25 25 Hair Count Increase (Active) N
Slide 38: PRO: both female doses in Study 207 demonstrated positive patient reported outcomes
PRO: both female doses in Study 207 demonstrated positive patient reported outcomes VDPHL01 4.5mg QD & BID 100% PRO +2 at Month 6 AAIRS 7-Point Scale 90% 80% 88.9% 90.0% 3 = MUCH IMPROVED 70% 2 = IMPROVED % Response 60% 1 = A LITTLE IMPROVED 50% 0 = NO CHANGE 40% -1 = A LITTLE WORSE 30% -2 = WORSE 2
Slide 39: Study 207 adverse event overview
Study 207 adverse event overview Study 207 demonstrated a well- Adverse Event Overview VDPHL01 4.5 mg tolerated safety profile: n(%) (Pooled QD + BID) • Overall safety and tolerability similar Any Treatment Emergent Adverse Events (TEAE) 15 (53.6) to prior trials with VDPHL01 with no Any Treatment-R
Slide 40: Study 207 clinical trial endpoints
Study 207 clinical trial endpoints Target area hair count (TAHC) Patient-reported outcome (PRO) Patient tattooed for location replicability Baseline Month 2 Screening Month 2 Month 4 TAHC endpoint leverages the only measurement methodology used for FDA PRO endpoint is evaluated using the Androgeneti
Slide 41: Emerging VDPHL01 clinical profile from Phase 2 trial in FPHL
Emerging VDPHL01 clinical profile from Phase 2 trial in FPHL Rapid onset of effect • 63.2% of female participants reported improvement in hair coverage as early as Month 2 Robust increase in hair count • Average non-vellus hair count change of 22.7 / 23.3 hairs/cm2 at Month 6 (QD/BID) Consistent res
Slide 42: Study 306 trial design (Female Phase 2/3)
Study 306 trial design Target Enrollment Clinical Sites Study Population (Female Phase 2/3) ~552 subjects, randomized 2:2:1:1 ~72 U.S. sites Female subjects 18-65 years of age (inclusive) with mild-to-moderate PHL Screening Part A: Placebo Controlled Part B: Treatment Extension Follow-Up Period Peri
Slide 43: Strong Study 306 recruitment driven by digital activation of FPHL patients
Strong Study 306 recruitment driven by digital activation of FPHL patients Study 306 Enrollment Completed Announced August 2026 43 SEPTEMBER 2026
Slide 44: VDPHL01 Potential Market Opportunity
VDPHL01 Potential Market Opportunity 44
Slide 45: Over 20M patients in the U.S. are already treating pattern hair loss or show treatment-seeking behavior
Over 20M patients in the U.S. are already treating pattern hair loss or clearly demonstrate treatment-seeking digital behavior ~80 M Androgenetic Alopecia Patients in the U.S. (2026) ~13.1 M ~66.9 M Latest market research Actively Treating Not Currently Treating suggests a larger VDPHL01 opportunity
Slide 46: The pattern hair loss market is characterized by a high degree of unmet need
The pattern hair loss market is characterized by a high degree of unmet need due to the significant limitations of current treatment options Current Treatment Limitations: Slow onset of hair ~9% growth Inconsistent results Insufficient density of Patients Satisfied with Current Clinically significan
Slide 47: Recent increase in prescribing low-dose oral minoxidil suggests pent-up demand
Recent increase in prescribing low-dose oral minoxidil suggests pent-up demand in the PHL market 600 Monthly Total Minoxidil Prescriptions by Strength (U.S.) 500 Monthly Prescriptions (Thousands) 400 Low-dose oral minoxidil 300 200 100 New York Times article on LDOM (August 2022) 0 Minoxidil 10MG Mi
Slide 48: 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 49: Strong HCP Intent to Adopt VDPHL01 Sourced From Currently Treated Patients
Strong HCP Intent to Adopt VDPHL01 Sourced From Currently Treated Patients (Rx, OTC) and 1L for Patients Not Currently Being Treated HCPs % of patients HCPs would prescribe VDPHL01 to 52% of topical minoxidil (e.g., Rogaine) patients 91% HCPs Likely to Prescribe VDPHL01 5 or 6 or 7 out of 7-point sc
Slide 50: Rapid Adoption Expected Within 3 Months of VDPHL01 Launch
Rapid Adoption Expected Within 3 Months of VDPHL01 Launch Among HCPs and Patients HCPs (n=153) Patients (n=190) 71%* 79%* 3 3 Of HCPs Who Are Likely to Of Patients That Are Likely to Prescribe VDPHL01 Would Talk to Their HCP about Adopt Within: VDPHL01 Would Do So Within: *44% would adopt within 1 m
Slide 51: 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 Before VDPHL01 Profile After VDPHL01 Profile % of treatments given, base: HCPs (n=153) % of treatments given, base: HCPs (n=153) 3% 6% 15% 31% 26% 6% 48% 13% 10% 28% 15% Other OTCs Top
Slide 52: PHL market dynamics align with analog markets that drove explosive growth
PHL market dynamics align with analog market dynamics that drove explosive growth upon entry of a new Rx product Grew Rx Weight-Loss High-prevalence conditions Market ~16x1 Rx treatment landscape lacking innovation Significant latent demand due to lack of compelling treatment options Grew ED Rx Mark
Slide 53: Clinical profile and commercialization efforts will drive market growth and share capture
Clinical profile, paired with comprehensive commercialization efforts, will drive both market growth and market share capture VDPHL01 clinical profile Comprehensive HCP Market Growth: vs. current SoC promotion Overall Tx rates Digitally enabled consumer activation Rx-treated Potential best-in- Marke
Slide 54: Strong Intent to Adopt VDPHL01 Seen Across both HCPs and Patients
Strong Intent to Adopt VDPHL01 Seen Across both HCPs and Patients Adoption 7-Point Scale HCPs (n=153) Patients (n=190) 7 = Extremely Likely to Prescribe/Talk to HCP 6 = Very Likely to Prescribe/Talk to HCP 5 = Likely to Prescribe/Talk to HCP 91% 91% 4 = Neutral Intent to Prescribe/Talk to HCP Of HCP
Slide 55: Intellectual Property
Intellectual Property 55
Slide 56: IP strategy and progress overview
IP strategy and progress overview CORE IP PILLARS Composition of Tablet Methods of Use and Pharmacokinetics + Manufacturing Clinical Data 1. Comprehensive Patent Coverage: • 100+ US patent applications filed to date • 2 patents issued and 8 patents allowed • Goal to build a portfolio of over 100 Ora
Slide 57: Summary and Milestones
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Slide 58: VDPHL01 Market Opportunity Summary
VDPHL01 Market Opportunity Summary PHL is a large, VDPHL01 is seen VDPHL01 has Analog markets untapped market as highly potential to both support potential primed for differentiated by drive market growth for significant innovation HCPs & Patients and capture share growth in PHL Over 20M patients in
Slide 59: Upcoming Milestones
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 half of 2026 • Female Phase 3 data (Study 306) in the first half of 2027 59 SEPTEMBER 2026
Slide 60: Appendix
Appendix 60
Slide 61: Subject Photos: Study 302 Part A
Subject Photos: Study 302 Part A 61
Slide 62: Study 302 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 percenti
Slide 63: Study 302 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 percenti
Slide 64: Study 302 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 percenti
Slide 65: Subject Photos: Study 207 Female Topline
Subject Photos: Study 207 Female Topline 65
Slide 66: Study 207 Before and After Photos: Savin I-4 Responder
Study 207 Before and After Photos: Savin I-4 Responder Baseline Month 6 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. 66 SEPTEMBE
Slide 67: Study 207 Before and After Photos: Savin II-1 Responder
Study 207 Before and After Photos: Savin II-1 Responder Baseline Month 6 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. 67 SEPTEM
Slide 68: Study 207 Before and After Photos: Savin II-2 Responder
Study 207 Before and After Photos: Savin II-2 Responder Baseline Month 6 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. 68 SEPTEM
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