Veradermics has seen another jump in its stock price as its hair loss drug showed benefit in women with androgenetic alopecia (AGA).
In a Phase II trial (NCT06527365), female patients treated with VDPHL01 achieved consistent hair growth on the endpoint of non-vellus target area hair count (TAHC) and patient-reported outcome (PRO) benefits of ‘improved’ or ‘much improved’ on the Androgenetic Alopecia Impact Rating Scale (AAIRS) after six months. Non-vellus (TAHC) is the primary clinical endpoint used in hair loss studies to measure hair growth.
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Patients achieved an average increase in non-vellus hair count of 22.7 hairs/cm² and 23.3 hairs/ cm² in once daily and twice daily VDPHL01 treatment arms, respectively.
Additionally, 88.9% of patients in the once-daily dose arm and 90% of patients in the twice-daily dose arm achieved ‘improved’ or ‘much improved’ hair coverage on the AAIRS.
Investigator perception of hair growth was graded at 100% in the once-daily dosing arm and 90% in the twice-daily dosing arm at month six.
Fast onset of hair growth was also observed by investigators and patients as early as month two, the earliest measured time point measured in the trial, with 67.2% of patients graded by investigators as demonstrating improvement and 63.2% of patients reporting improvement in hair coverage.
The drug was generally well tolerated with no treatment-related serious adverse events (SAEs).
The US-based, open-label, multi-dose study enrolled both male and female patients, with a primary endpoint of change from baseline in non-vellus TAHC using digital image analysis after 12 months.
After the data was released, Veradermics’ stock rose by 12.28% by market close on 15 July, from a 14 July close of $110.17 to a 15 July close of $123.70. The company is listed on the New York Stock Exchange (NYSE) and has a market cap of $5.17bn.
VDPHL01, an extended-release oral minoxidil formulation, has the potential to become the first FDA-approved oral treatment for female pattern hair loss.
Dr Jerry Shapiro, an internationally recognised board-certified dermatologist, director of the Hair Clinic and Professor of Dermatology at NYU Langone Medical School, said: “Female pattern hair loss has long been underserved with no FDA-approved oral prescription treatment options and limited clinical research. As a result, females have disproportionately resorted to using topical over-the-counter options and unproven supplements that do not reliably help them reach their treatment goals.”
VDPHL01 is currently being evaluated in an extensive pivotal development programme in both males and females. This includes the Phase II/III trial, study ‘306’, which is actively recruiting female patients, with topline data anticipated in H1 2027. The company is also running the pivotal trial, study 304, which is a Phase III randomised, multi-centre, placebo-controlled, double-blind trial assessing the efficacy and safety of VDPHL01 in 536 males with mild-to-moderate pattern hair loss.
In April 2026, Veradermics announced topline results from Study ‘302’, a registration-directed Phase II/III trial in male pattern hair loss. The company’s stock value climbed 47% from $67.84 at market close on 24 April to $100.10 at the same time on 27 April.
In a research note from 22 April, Jefferies analysts noted that VDPHL01 could represent a $2bn+ market opportunity if the drug were to exceed the efficacy bars of a 15–20 hairs/cm² change in non-vellus TAHC growth and a 15-25% change in patient-reported outcomes versus placebo – both of which VDPHL01 achieved in both Phase II trials.
A GlobalData report states that the marketed drugs space for AGA is made up of only Organon Pharma’s Propecia (finasteride) and Johnson & Johnson’s Alostil/Regaine (minoxidil), which were approved by both the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for the treatment of AGA.
Organon Pharma’s Propecia (finasteride) is used for treating male pattern hair loss (MPHL), but not female pattern hair loss. Johnson & Johnson’s Alostil/Regaine (minoxidil) is FDA-approved for treating AGA in both men and women.
GlobalData is the parent company of Clinical Trials Arena.
The Medicines and Healthcare products Regulatory Agency (MHRA) has previously alerted men taking Propecia to stay vigilant of psychiatric and sexual side effects.
