Veradermics Incorporated : Corporate Presentation (May 12, 2026)

Published: 2026-05-12 07:40:08 ET MANE

Published on 05/12/2026 at 07:40 am EDT

Tomorrow's Aesthetic and Dermatological Solutions Today

Corporate Presentation

May 202C

MAY 2026

VDPHL01 is designed for potential indication-leading efficacy and tolerability

Baseline Month 6

Raise Hair Growth Ceiling

Improve Tolerability at Increased Exposures

Greater total minoxidil exposure designed for fast, consistent, and intense hair growth

Frontal

Profile minimizes cardiac side effects by avoiding peak minoxidil concentrations associated with cardiac AEs

No Risk of Hormonal Side Effects

Convenience and Marketability

Non-hormonal molecule avoids potential AEs associated with hormonal treatment options

Vertex

First oral treatment in nearly 30 years for males, and first ever for females; leverages administration route consistently preferred by patients

Product Well-Characterized by Phase 2/3 Data

Potential to be the only actively promoted branded treatment for PHL in the United States could allow patient and prescriber activation through marketing

The images used in this presentation will remain treatment group-blinded while the extension phase of Study '302' is ongoing, so images cannot be linked to a particular treatment group at this time. Individual results may vary.

MAY 2026

VDPHL01 represents a late-stage opportunity in PHL

Phase 3 registration-directed study in males

Parallel in-trial Phase 2 component to further assess patient reported outcome (PRO) endpoints in Studies 302 C 304

Positive topline data from Part A of Study '302' announced April 2026

Study 302

Phase 2/3 trial evaluated 51S VDPHL01 in males with pattern hair loss

Study 304

Phase 3 trial evaluating VDPHL01 in 552 males with pattern hair loss

Confirmatory Phase 3 registration directed study in males

Fully enrolled with 6-month topline Phase 3 readout anticipated in H2 2026

•

Parallel in-trial Phase 2 component to further assess PRO endpoints in the Phase

3 portion of the study.

Study is actively enrolling

Phase 3 registration-directed study in females

Study 306

Phase 2/3 trial evaluating VDPHL01 In ~ females with pattern hair loss

MAY 2026

PHL Market Overview and Potential Commercial Opportunity

MAY 2026

Pattern hair loss impacts 80 million people in the U.S.1

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 oral treatment options

with PHL

Women

30M

Patients Affected in the U.S.1 (M)

50M

Men

with PHL

PHL Acne (All Ages) Atopic

Dermatitis (Eczema)

PHL (Women) Rosacea Psoriasis Vitiligo

MAY 2026

1American Academy of Dermatology. (n.d.). Skin conditions by the numbers. https://www.aad.org/media/stats/conditions/hair-loss

2 Source: Market research conducted November 2024; HCP n=150 patient n=410

~9%

of Patients

Satisfied with Current Treatment Options2

~46%

of Patients

Actively Seeking New Tx2

Current Treatment Limitations:

Limited FDA approved treatment options

No FDA-approved oral options for women

Inconvenient administration

Tolerability issues

Related to hormonal, mood, and cardiac side effects

Insufficient density of hair growth

Inconsistent results

Can lead to treatment cycling

Slow onset of hair growth

Clinically significant results not anticipated for 4-12 months

VDPHL01 Patient Population Segments

~15M

~80M1

PHL Patients in the US in 2023

~6M4-6

Not Addressable

~59M

~74M people

Actively Treating Not Treating & Other

~1M2

Rx Patients

~14M3

OTC

Treatment Naïve

Tried Treatment but Discontinued

four addressable segments

https://medlineplus.gov/genetics/condition/androgenetic-alopecia/ (last updated July 2023).

Symphony Health Data on Rx Oral Minoxidil, Finasteride, etc., November 2023.

Global News Wire - The Insight Partners projections.

MAY 2026

Prevalence and Patterns of Male Androgenetic Alopecia in Tarauni, Kano, Nigeria

https://pmc.ncbi.nlm.nih.gov/articles/PMC4533555/.

https://pmc.ncbi.nlm.nih.gov/articles/PMC2684510/.

Projected $30B1 global hair loss market is characterized by OTC and off-label saturation without patient satisfaction

2023 US Androgenetic Alopecia

~59M

Potential Users Not Actively Engaging in Hair Loss Products

~14M2

OTC Hair Regrowth Product Users

~1M3

Rx Hair Loss Users

Total Addressable Market (TAM)

1 The worldwide PHL commercial opportunity estimated by Global News Wire - The Insight Partners for 2028.

Signals Market Demand at Scale + Price Tolerance

1.5 million users, >50% of whom are women5 paying ~$1000 annually

→ demonstrates consumer

price tolerance

86%

Discontinuation Rate4 Highlights OTC Churn

Lack of compliance cited as #1 reason for discontinuation; low compliance in the absence of AEs points to challenges with the daily

Validates Willingness to Pursue Rx

Constrained by male-only indication safety concerns, efficacy ceiling, and lackluster marketing

Includes hair loss OTC treatment products, not Rx, Telehealth, procedural interventions, etc.

2 MedlinePlus.gov - Genetics, Androgenetic Alopecia, July 2023: 50M Men, 30M Women.

3 Symphony Health Data on Rx Oral Minoxidil, Finasteride, etc., November 2023.

4 Shadi Z. (2023). Compliance to Topical Minoxidil and Reasons for Discontinuation among Patients with Androgenetic Alopecia. Dermatology and therapy, 13(5), 1157-1169. https://doi.org/10.1007/s13555-023-00919-x

5 https://www.modernretail.co/marketing/nutrafol-launches-multi-channel-campaign-to-raise-awareness-for-mens-business/

6 https://pmc.ncbi.nlm.nih.gov/articles/PMC10149432/#CR5 - Minoxidil compliance and satisfaction

MAY 2026

commitment associated with adherence and dissatisfaction with results6

Grew Rx Weight-Loss Market ~10x to Date1

Established new consumer expectations around potential treatment outcomes

Rapidly C opportunistically scaled on commercial momentum and minimized friction

Chronic Aesthetic Management Drives ~$9.5B Facial Injectables Market2

Scaling of chronically managed aesthetic condition supports potential for rapid adoption and favorable adherence

Grew Rx Market 7x Within

1 Month of Launch3

Limited demand for ED treatments pre-Viagra Rx reflected existing product limitations (e.g. intracavernous injections) vs. addressable patient need

MAY 2026

1IǪVIA data sizes the pre-2020 global spend on weight loss at ~$3B; spending eclipsed $30B by 2024

2Market size in 2024: https://www.fortunebusinessinsights.com/industry-reports/facial-injectables-market-100603

3https://www.pharmexec.com/view/viagra-launch-commands-attention

Analogues support conversion of latent demand with product performance + emotional resonance

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

Messy and Cumbersome - Compliance, even in the absence of adverse effects, is frequently the reason for discontinuation of topical minoxidil1

Modest Efficacy - Topical application has modest efficacy due to the limited amount of minoxidil that makes it to the hair bulb

Lack of FDA approval - IR oral minoxidil is FDA approved as a treatment for refractory hypertension and has explicit labeling that it is not a treatment for hair loss

Dose-dependent cardiac risk - Dosing of IR oral minoxidil is limited by potential cardiac adverse events resulting in reduced potential efficacy for treatment of hair loss

Hair growth ceiling - potential mismatch between pharmacokinetic (PK) profile and what hair follicles require for hair growth. Off-label IR oral minoxidil has an efficacy ceiling on-par with topical minoxidil

1 https://pmc.ncbi.nlm.nih.gov/articles/PMC10149432/#CR5 - Minoxidil compliance and satisfaction

MAY 2026

Recent increase in prescribing low-dose oral minoxidil suggests pent-up demand in PHL market

500

450

400

Monthly Prescriptions (Thousands)

350

300

250

200

150

100

Monthly Total Minoxidil Prescriptions by Strength (U.S.)

Low-dose oral minoxidil

New York Times article on LDOM (August 2022)

MAY 2026

01/01/09 01/01/11 01/01/13 01/01/15 01/01/17 01/01/19 01/01/21 01/01/23 01/01/25

10MG 2.5MG

Source: Symphony claims data accessed via Bloomberg Health Terminal

Our Solution: VDPHL01

MAY 2026

VDPHL01's proprietary extended-release technology delivers a differentiated formulation of minoxidil intended to optimize efficacy and safety

Hair growth threshold (1.C2

ng/mL)

Ideal Minoxidil Plasma Concentration Target

Cardiac Activity Threshold (20 ng/mL)

VDPHL01 8.5 mg

Minoxidil 2.5 mg IR

Minoxidil 5 mg IR (Estimated)

First minoxidil extended-release tablet 25

Plasma Concentration (ng/mL)

and only oral minoxidil tablet positioned

for potential approval for the treatment of PHL 20

10x

10x difference between minoxidil hair growth 15

threshold and minoxidil cardiac activity threshold

MAY 2026

Blunted maximum observed concentration (Cmax) below FDA recognized cardiac activity threshold achieved by extended release is designed to avoid cardiac adverse effects compared to immediate release

VDPHL01 is designed to deliver nearly twice the total amount of minoxidil over 12h and maintains concentrations above the hair growth threshold twice as long vs. a 2.5 mg IR tablet*

0 2 4 6 8 10

Time after Dose (hours)

VDPHL01 8.5 mg curve represents average plasma concentrations for male patients (n=10) from Study ǪSC300720. Minoxidil 2.5 mg IR data represents average plasma concentrations for male patients (n=10) from Study ǪSC300720.

Minoxidil 5 mg IR data represents average plasma concentrations estimates using dose linear pharmacokinetics* of Minoxidil 2.5 mg IR data for male patients (n=10) from Study ǪSC300720.

*Per pharmacokinetics data from average plasma concentrations for male patients (n=10) from Study ǪSC300720 evaluating males taking VDPHL01 8.5mg and minoxidil 2.5 mg IR. 13

Minoxidil

1 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 metabolism to minoxidil sulfate at the hair bulb

VDPHL01 is

designed to increase the duration of exposure to metabolized minoxidil sulfate at the hair follicle

PARENT DRUG

ACTIVE DRUG

Minoxidil Sulfate

VDPHL01 is designed to optimize the consistency and duration of exposure to active minoxidil sulfate

MAY 2026

Minoxidil mechanism of action is capacity-limited and time dependent

VDPHL01 Late-Stage Male Clinical Development Program: Study 302 & Study 304

MAY 2026

Study 302 trial design

Actual Enrollment

51G subjects, randomized 2:2:1:1

Clinical Sites

44 U.S. sites

Study Population

Male subjects 18-65 years of age (inclusive) with mild-to-moderate PHL

Screening Period

Part A: Placebo Controlled Period (Months 1-6)

Part B: Treatment Extension Period (Months 7-12)

Follow-Up Period

Group 1: VHPHL01 8.5 mg BID

Group 2: VHPHL01 8.5 mg ǪD*

Group 3: Placebo BID

Other Efficacy Endpoints**

Group 1: VHPHL01 8.5 mg BID

Group 2: VHPHL01 8.5 mg ǪD

Group 3: VHPHL01 8.5 mg BID

Group 4: VHPHL01 8.5 mg ǪD

Co-Primary Efficacy Endpoints:

Changes from baseline in non-vellus TAHC using digital image analysis at Month 6

Proportion of subjects who

Change from baseline in non-vellus TAHC using digital image analysis at Months 2 and 4

Proportion of subjects who achieve treatment benefit, defined as a self-reported score of 'Improved' or 'Much Improved' at Months 2 and 4.

Proportion of subjects graded by investigators as achieving a response category of, defined as achieving a response category of "a little improved", "moderately improved", or "greatly improved" at Months 2, 4 and 6

Changes from baseline in non-vellus TAHW using digital image analysis at Months 2, 4 and 6

Proportion of subjects satisfied with treatment, defined as achieving a response category of "a little satisfied", "moderately satisfied", or "Very satisfied" at Months 2, 4 and 6

achieve treatment benefit, defined as a PRO response of "Improved" or "Much Improved" at Month 6

MAY 2026

ǪD: Daily Dosing TAHC: Target Area Hair Count TAHD: Target Area Hair Darkness

BID: 2x/day Dosing TAHW: Target Area Hair Width PRO: Proprietary patient reported outcomes (PRO) scale designed for the VDPHL01 clinical trials

*All patients take investigational product or matched placebo twice daily (2x VDPHL01; VDPHL01 + placebo; 2x placebo) 16

**List of other efficacy endpoints is not exhaustive but is representative of the defined per-protocol secondary efficacy endpoints

Patient-reported outcome (PRO)

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 tattooed for location replicability

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 increases in number and thickness of hairs.

Accuracy of analysis is ensured by utilizing counts from 2 separate technicians.

MAY 2026

PRO co-primary endpoint is evaluated using the Androgenetic Alopecia Impact Rating Score (AAIRS)

All photography is standardized and undergoes quality control to ensure consistent imagery and parting

Patients are shown full-size photographs at baseline and evaluated time points to directly assess changes to the severity of their PHL on a 7-point scale from 'Much Worsened' to 'Much Improved'

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

*Co-primary endpoint

Study 302 baseli

Stud

ne characteristics VDPHL01

8.5MG ǪD

y Participants 171

VDPHL01

8.5MG BID

175

Placebo

173

Total

51G

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, 65

22, 65

19, 65

American Indian/ Alaska Native

3 (1.8)

3 (1.7)

4 (2.3)

10 (1.9)

Asian

13 (7.6)

9 (5.1)

12 (6.9)

34 (6.6)

Race

Black or African American

12 (7.0)

12 (6.9)

25 (14.5)

49 (9.4)

n (%)

Native Hawaiian or Pacific Islander

White

143 (83.6)

147 (84.0)

131 (75.7)

421 (81.1)

Multiple

4 (2.3)

1 (0.6)

5 (1.0)

Ethnicity

Hispanic or Latino

21 (12.3)

28 (16.0)

25 (14.5)

74 (14.3)

n (%)

Not Hispanic or Latino

150 (87.7)

147 (84.0)

148 (85.5)

445 (85.7)

Baseline Norwood

Type IIIv

87 (50.9)

79 (45.1)

91 (52.6)

257 (49.5)

Hamilton Severity

Type IV

46 (26.9)

55 (31.4)

46 (26.6)

147 (28.3)

n (%)

Type V

38 (22.2)

41 (23.4)

36 (20.8)

115 (22.2)

Additional Baseline Characteristics

Baseline Non-Vellus Hair Count; mean (SD), median

Hypertensive at Baseline; n (%)

157.8 (49.7), 157

98 (57.3)

151.6 (50.7), 151

84 (48.0)

147.9 (58.3), 145

96 (55.5)

278 (53.6)

MAY 2026

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

[p<.0001]

30.3

∆=23.1

33.0

∆=25.8

7.3

n=173

n=171

n=175

35 [p<.0001]

Non-Vellus TAHC Increase

MAY 2026

Placebo

VDPHL01

8.5mg ǪD

VDPHL01

8.5mg BID

[p<.0001]

30.3

∆=23.1

∆=25.8

Hair Count Increase (Placebo)

Hair Count Increase (Active)

20.G

∆=1C.2

21.1

∆=14.4

14.6

7.3

6.7

n=173

n=171

n=173

n=175

4.7

n=172

n=175

n=97

n=48

N/A

[n=33]

N/A

[n=50]

35 [p<.0001]

TAHC Increase

absolute; from baseline at Month 6

Non-Vellus TAHC Increase

VDPHL01

8.5mg ǪD

VDPHL01

8.5mg BID

Rogaine 5% Foam

(Males; Month 4)

Oral Finasteride 1mg IR Oral Minoxidil

IR Oral Minoxidil 5mg (JAAD)

MAY 2026

VDPHL01 Data are presented from active study arms of Study '302'. Rogaine 5% foam data are presented from Olsen et al. (2007). Oral finasteride data are presented from Piraccini et al. (2022). IR oral minoxidil JAMA Derm data are presented from Pehna (2024). IR oral minoxidil JAAD data are presented from Fonseca et al. (2026).

5mg (JAMA Derm)

Note: No head-to-head studies comparing VDPHL01 to finasteride or other forms of minoxidil have been conducted. The results of this retrospective post hoc cross-trial comparison may not be directly comparable. 20

Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across unrelated studies.

VDPHL01 exceeded expectations on TAHC and has potential to establish a new bar for differentiated PHL treatments

MAY 2026

Disclaimer

Veradermics Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 11:39 UTC.