Veradermics, Incorporated (MANE.N): Study207 strengthens VDPHL01’s female opportunity

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Veradermics, Incorporated (MANE.N): Study207 strengthens VDPHL01’s female opportunity

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15 Jul 2026 07:31:18 ET │ 11 pages

Veradermics, Incorporated (MANE.N)

Study 207 strengthens VDPHL01’s female opportunity

CITI'S TAKE

Buy / High Risk This morning's phase 2 Study 207 data strengthen our view that VDPHL01

could address a sizable, underserved female pattern hair loss market Price (14 Jul 26 16:00) US$110.17

where topical adherence is poor, oral minoxidil is widely favored in Target price US$135.00

practice, and no FDA-approved oral option exists. Once- and twice-daily Expected share price return 22.5%

dosing produced similar month 6 non-vellus TAHC gains of 22.7 and 23.3 Expected dividend yield 0.0%

hairs/cm², while 88.9–90.0% of participants reported improved or much- Expected total return 22.5%

improved coverage. The visible benefit by month 2 is particularly relevant

Market Cap US$4,603M because patients care more about recognizable growth and speed than

hair-count metrics, while comparable efficacy across regimens supports

once-daily dosing (see our recent KOL panel takeaways here). Safety was

reassuring, with no treatment-related SAEs or cardiac AESIs. Study 207 Geoff Meacham, Ph.D.AC

was small and open-label, so randomized validation remains necessary, +1-404-443-4701

but the efficacy, patient-reported benefit, and safety profile raise our geoffrey.meacham@citi.com

confidence ahead of the registration-directed phase 2/3 Study 306

Jarwei Fang

readout in 1H27. Maintain Buy /HR and $135 TP.

+1-212-816-5127

jarwei.fang@citi.com

Female data sharpen the commercial opportunity — Study 207 evaluated 28

Nishant Gandhi, Ph.D.

females with mild-to-moderate pattern hair loss receiving VDPHL01 4.5 mg once or

nishant.gandhi@citi.com

twice daily.