Veradermics (MANE) Citigroup’s Biopharma Back to School Summit 2026 summary

Market overview and unmet need

• Pattern hair loss affects 80 million people in the U.S., with significant psychological impact and no new oral treatments for males in 30 years or any FDA-approved oral options for females.

• Current oral minoxidil is used off-label but is a blood pressure medication with rapid plasma spikes and associated cardiac risks.

Product innovation and mechanism

• VDPHL01 is an extended-release minoxidil tablet designed to provide consistent drug exposure, aiming to maximize hair growth while minimizing cardiac side effects.

• The drug targets the bioactivation of minoxidil to its sulfate metabolite, which is responsible for hair growth, by avoiding enzyme saturation.

• The treatment is non-hormonal, avoiding sexual side effects, and is preferred by patients and physicians for its oral administration.

Clinical development and efficacy

• Phase II/III data show visible results as early as two months, with up to 86% of subjects experiencing improved hair coverage after six months.

• Three ongoing registration-directed trials: two in males (Studies 302B and 304) and one in females (Study 306), with key data readouts expected in the second half of 2026 and first half of 2027.

• Study 304 is a phase III trial in males, designed to confirm efficacy and double the safety database, using endpoints like target area hair count and patient-reported outcomes.