Female PHL P2 Data: Efficacy Exceeds Investor Expectations & Safety Profile Is Clean; De-risks P3

Research evidence excerpt

Female PHL P2 Data: Efficacy Exceeds Investor Expectations & Safety Profile Is Clean; De-risks P3

Biotechnology

Veradermics, Inc. (MANE)

EQUITY RESEARCH Company Update

July 15, 2026

Female PHL P2 Data: Efficacy Exceeds Investor Price: $110.17

Expectations & Safety Profile Is Clean; De-risks P3 Rating: Overweight

Key Statistics: MANE disclosed very positive data from the Phase 2 open-label female

Symbol NYSE: MANE pattern hair loss (PHL) trial testing VDPHL01 (oral extended-release

52-Week Range 32.00 - 131.24 minoxidil). Efficacy meaningfully exceeds investor expectation and safety Market Cap 4,600.7

also looks clean. ADV (3 mo) 656,234

Shares Out (M) 41.8 Many positives in today's data:

Research Analysts: ●Hair count increase of 23 / cm2 looks better than topical minoxidil and

Prakhar Agrawal exceeds investor expectations of 15-20/ cm2.

212-610-3614

Prakhar.Agrawal@cantor.com ●Importantly, PRO endpoints (more relevant endpoint commercially)

looks excellent and is tracking exactly like the PRO data in the P2 men

REV ($M) open-label trial.

FYE Dec 2026E 2027E 2028E

1Q $0.0A $0.0 - ●Performance of once-daily dose is also a positive surprise.

2Q $0.0E $0.0 -

3Q $0.0E $0.0 - ●Safety - There was some investor skittishness heading into this readout

4Q $0.0E $0.0 - on safety/tolerability and whether hypertrichosis/edema rates could

Year $0.0E $0.0 $112.0

Prev - - $90.0 be higher in females given potential higher drug exposure for VDPHL01,

IPO in Feb '26 - we only include estimates starting but that doesn’t seem to be the case. Event rates are as expected and

2026 similar to that seen with topical / oral low dose minoxidil.

EPS

FYE Dec 2026E 2027E 2028E We think the Ph3 for female PHL (readout in 1H 27) is now completely de-