Veradermics Reports Q3 2026 Results and Positive Phase 3 Data for Oral Hair Loss Treatment VDPHL01

Veradermics, Incorporated (NYSE: MANE) reported its financial results for the third quarter ended September 30, 2026, and announced significant clinical progress regarding its lead candidate, VDPHL01, an oral extended-release minoxidil tablet.

The company reported a net loss of $21.0 million for the third quarter of 2026, compared to a net loss of $20.1 million in the same period of the prior year. Research and development (R&D) expenses decreased to $16.1 million for the quarter, down from $18.1 million in Q3 2025, while general and administrative (G&A) expenses increased to $12.7 million from $2.3 million in the prior year.

Cash, cash equivalents, and marketable securities totaled $798.4 million as of September 30, 2026. The company stated this balance is expected to fund operations into 2030.

Clinically, Veradermics highlighted positive topline results from two key studies. In October 2026, the company announced positive results from Phase 3 Study 304 in male pattern hair loss. The trial met all primary and secondary endpoints, with participants receiving VDPHL01 achieving a mean increase in non-vellus target area hair count (TAHC) of 36.4 hairs/cm² (twice daily) and 28.6 hairs/cm² (once daily) at Month 6. Additionally, 68.7% of participants in the twice-daily arm and 55.7% in the once-daily arm reported 'improved' or 'much improved' hair coverage on the Androgenetic Alopecia Impact Rating Scale (AAIRS). No treatment-related serious adverse events or adverse events of special interest of cardiac origin were observed.

In November 2026, the company reported positive 12-month data from Phase 2/3 Study 302. Among participants who continued on VDPHL01 for 12 months, the mean increase in non-vellus TAHC was 43.9 hairs/cm² (twice daily) and 29.7 hairs/cm² (once daily). At Month 12, 89.1% of participants in the twice-daily arm and 79.8% in the once-daily arm reported visible improvement in hair coverage on the AAIRS.

Veradermics also reported positive topline results from an open-label Phase 2 Study 207 in women with female pattern hair loss. The study demonstrated rapid onset and consistent hair growth. Furthermore, the company announced the completion of enrollment in Study 306, a registration-directed Phase 2/3 trial for women, with topline data expected in the first half of 2027.