Veradermics (MANE) investor relations material

Study design and objectives

• Study 207 was a phase II open-label multicenter trial evaluating VDPHL01, an oral extended-release minoxidil, in 28 adult females with mild-to-moderate pattern hair loss over six months, using 4.5 mg once or twice daily.

• The study aimed to assess safety, efficacy, and proof of concept, with primary endpoints including changes in non-vellus hair count and patient-reported outcomes on hair coverage.

• Hair count was measured using tattoo-based digital image analysis, and patient improvement was self-assessed on a seven-point scale and the Androgenetic Alopecia Impact Rating Score (AAIRS).

• The study also explored effects on eyebrow fullness and monitored safety and tolerability.

Key efficacy results

• Both dosing groups showed robust increases in non-vellus target area hair count at Month 6: 22.7 (once daily) and 23.3 (twice daily) hairs/cm².

• 88.9% (once daily) and 90% (twice daily) of patients reported visible improvement in hair coverage at six months.

• Investigator assessments showed up to 100% (once daily) and 90% (twice daily) had improved hair coverage at Month 6.

• Rapid onset observed, with most participants reporting improvement by Month 2.

• VDPHL01 outperformed topical minoxidil foam and off-label oral minoxidil by 170% to nearly 400% in hair count improvement (non-head-to-head comparison).

Patient experience and additional benefits

• Nearly 90% of participants reported visible improvement, and before/after photos showed marked changes in hair and eyebrow density.

• Eyebrow regrowth was observed, potentially enhancing facial definition and perceived youthfulness.

• No substantive unwanted facial hair growth (hypertrichosis) was noted in photographic assessments.