Veradermics (MANE) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Clinical trial results and product development

• Achieved strong clinical and statistical significance in Study 302 for male pattern hair loss, with rapid and consistent hair growth and placebo-like tolerability rates.

• Study 304, a second confirmatory trial in males, is fully enrolled with top-line data expected in the second half of the year.

• Study 306, the first registration-directed trial for oral treatment in female pattern hair loss, is actively enrolling with a similar design to Study 302 but adjusted for gender-based pharmacokinetics.

• VDPHL01, an extended-release minoxidil tablet, aims to provide consistent follicle exposure and minimize cardiac risk compared to immediate-release formulations.

• Female proof-of-concept data from Study 207 and long-term extension data from Study 302 are anticipated in the near term.

Market insights and commercial strategy

• Pattern hair loss affects 80 million Americans, with only 9% of treatment seekers satisfied and nearly half seeking new options.

• Prescription segment for hair loss has grown 20% year-over-year since 2019, now nearing 3 million users, with an even larger OTC and digitally engaged population.

• Over 70% of healthcare providers and patients are highly likely to use VDPHL01, with more than half of patients expected to be prescribed the drug.

• Commercialization strategy includes a dermatologist-focused field force, digital-first consumer outreach, and patient-first distribution to activate both Rx and OTC segments.

• Analogous markets like weight loss and erectile dysfunction show potential for rapid market expansion with innovative Rx options.

Female pattern hair loss: opportunity and clinical approach

• Female pattern hair loss represents a large, underserved market of 30 million, with high motivation and willingness to pay.

• No FDA-approved oral or prescription treatments currently exist for females, despite their majority share of spending and doctor visits in the hair loss space.

• Clinical endpoints for females focus on part width and diffuse thinning, using validated digital image analysis and patient-reported outcomes.

• Minoxidil is believed to be equally effective in males and females, but differences in hair loss patterns and assessment methods affect measured outcomes.

• High unmet need and willingness to prescribe among physicians, with OTC users citing lack of awareness of Rx options as the main barrier.