Veradermics (MANE) 12th Annual Cantor Fitzgerald Global Healthcare Conference summary

Clinical development and innovation

• VDPHL01, an extended release oral minoxidil tablet, is being developed to address the unmet need in both male and female pattern hair loss, aiming for consistent follicle exposure and minimized cardiac risk.

• Three ongoing registration-directed trials: two in males (Studies 302 and 304) and one in females (Study 306), with key data readouts expected in the second half of this year and the first half of 2027.

• Study 304 aims to confirm efficacy and expand the safety database in males, while Study 302 Part B focuses on long-term safety and efficacy over one year.

• No new safety signals are anticipated after six months, and the drug is designed to be non-hormonal and orally administered, aligning with patient preferences.

• Data from phase II/III studies suggest a potential best-in-indication profile for both genders.

Market opportunity and unmet need

• Pattern hair loss affects 80 million people in the U.S., with 20 million actively treating or seeking treatment, and a high unmet need due to dissatisfaction with current options.

• Only 10% of patients are satisfied with existing therapies, and nearly half are actively seeking new treatments.

• The market is characterized by slow onset, inconsistent results, and side effects from current treatments, with a strong desire for FDA-approved options.

• A surge in off-label oral minoxidil prescriptions followed a 2022 media event, highlighting pent-up demand.

• Market research shows over 90% of physicians and patients see VDPHL01 as highly differentiated, with strong intent to adopt.

Adoption potential and commercial strategy

• Physicians expect to move over half of their patients from current therapies to VDPHL01, including those on ROGAINE, finasteride, and low-dose minoxidil.

• Over 70% of physicians and 80% of patients would adopt or inquire about VDPHL01 within three months of launch.

• Key drivers for adoption include superior efficacy, safety, and familiarity with minoxidil.

• VDPHL01 is expected to become the dominant product in physician practices, capturing nearly 50% share.

• Commercial strategy focuses on consumer activation and easy access, aiming to replicate growth seen in other consumer-directed healthcare markets.