Veradermics (MANE) investor relations material

Company overview and business model

• Dermatologist-founded, late clinical-stage biopharmaceutical company focused on innovative therapeutics for prevalent aesthetic and dermatological conditions, initially targeting pattern hair loss (PHL) affecting 50 million men and 30 million women in the U.S.

• Lead product, VDPHL01, is an oral, extended-release (ER) minoxidil formulation designed to maximize hair growth efficacy while minimizing cardiac side effects, aiming to be the first FDA-approved oral, non-hormonal therapy for PHL in both men and women.

• Ongoing registration-directed clinical program includes three pivotal, multi-center, randomized, double-blind, placebo-controlled trials: two in males and one in females, with topline data expected from these studies.

• Pipeline includes additional assets for common warts, alopecia areata, and molluscum contagiosum, though VDPHL01 is the primary focus.

Financial performance and metrics

• No products approved for commercial sale and no revenue generated to date; operations funded primarily through equity financings totaling $263 million since inception.

• Net losses of $48.1 million for the nine months ended September 30, 2025, and $26.5 million for the year ended December 31, 2024; accumulated deficit of $97.4 million as of September 30, 2025.

• Research and development expenses were $43.9 million for the nine months ended September 30, 2025, reflecting increased clinical trial activity and manufacturing scale-up for VDPHL01.

• Cash, cash equivalents, and marketable securities of $15.1 million as of September 30, 2025, with an additional $151 million raised in Series C Preferred Stock financing in Q4 2025.

Use of proceeds and capital allocation

• Net proceeds from the IPO, together with existing cash, will be used to advance VDPHL01 through NDA approval and initial commercialization in the U.S., including physician education, brand awareness, marketing, commercialization infrastructure, and manufacturing.

• Any remaining proceeds will be allocated to business development activities and general corporate purposes.

• Management estimates that available capital will fund operations for more than twelve months from the prospectus date, but additional financing will be required to achieve long-term goals.