High Conviction on Female Hair Loss Clinical Profile and Commercial Setup

Research evidence excerpt

High Conviction on Female Hair Loss Clinical Profile and Commercial Setup

NORTH AMERICA | Biotechnology

Veradermics EquityJulyResearch15, 2026

FLASH NOTEHigh Conviction on Female Hair Loss Clinical

RATING BUYProfile and Commercial Setup

PRICE $110.17^

KOL Dr. Jerry Shapiro (NYU Langone, 40yr hair specialist) plans to swap

every Female Pattern Hair Loss (FPHL) pt from current off-label IR (immediate PRICE TARGET | % TO PT $182.00 | +65%

release) minoxidil to VDPHL01 (extended release [ER]) upon approval. MANE 52W HIGH-LOW $131.24 - $32.00

market research covering 500+ pts+HCPs over 18mo: <20% FPHL satisfaction, FLOAT (%) | ADV MM (USD) 88.8% | 71.93

hair #1 aesthetic category, 73% HCP willingness to Rx, suggesting high unmet MARKET CAP $3.9B

needs. We hold high confidence on positive Ph3 in 1H27 and large commercial TICKER MANE ^Prior trading day's closing price unless otherwise

oppy for FPHL. noted.

Bottom line. We came out of the call more bullish on FPHL commercial oppty. Study 207's TAHC

+22.7 / +23.3 and ~90% PRO responder rate (TOPLINE NOTE) reinforce best-in-class efficacy +

safety potential for VDPHL01 Chart 1. KOL Shapiro expects VDPHL01 to overtake Nutrafol and

other SoC and become the SoC backbone 1L Tx for hair loss, he plans to switch all IR minoxidil

pts on approval. Co market research quantified a FPHL Tx journey where pts cycle OTC for up to

12mo, then Rx off-label for 6-12mo, and reach ~24mo of total tx time before most discontinue w/

minimal improvement. Mgmt disclosure of 63.2% FPHL reported hair coverage improvement by

Mo2 is huge (+) differentiator vs IR LDOM and added bonus of eyebrow hypotrichosis emerging

now as a second aesthetic vector.

KOL sees best in class potential w/ unprecedented efficacy and favorable safety profil, calling