Veradermics, Incorporated (MANE) Presents at Citigroup's Biopharma Back to School Summit 2026 Prepared Remarks Transcript

I'm Reid Waldman. I'm Co-Founder and CEO of Veradermics. By background, I'm a Board-certified dermatologist. And prior to founding the company, I spent most of my time in clinical research. Very excited to talk to you today about what's coming in the second half of 2026 at Veradermics. Here's our disclosure slide that governs forward-looking statements as we move ahead. And I think as you all know, we're talking about pattern hair loss or androgenetic alopecia. And pattern hair loss is the single most prevalent chronic dermatologic condition affecting 80 million people in the United States. That's 50 million males, 30 million females, and it transcends being aesthetic. It's deeply personal. It's deeply psychological, and it's essentially universal. But even with that, it has been 30 years since we've had a new oral treatment for males, and we have never had an oral treatment FDA approved for female pattern hair loss. And we are developing VDPHL01, the first minoxidil extended-release tablet. And the premise is very straightforward. Minoxidil is validated biology for the treatment of hair loss and that it's approved in its topical format for both male and female pattern hair loss. It's also used off-label in its oral format, but that oral drug is a blood pressure medication. And the challenge with it is it does exactly what you would expect a blood pressure medication to do when you take it. It spikes quickly in the plasma. The majority is gone within 2 hours, almost all of it's gone within 4 hours. And so the question at Veradermics is why is the best tool in the dermatologist toolkit, a 40-year-old blood pressure medication that no