MANE Corporate presentation

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Disclaimer 2Veradermics | Proprietary and Confidential This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding our product development activities for VDPHL01 and ongoing clinical trials; the ability of clinical trials to demonstrate safety and efficacy of VDPHL01; the beneficial characteristics, and the potential safety, efficacy and therapeutic effects of VDPHL01; our ability to develop and advance our potential future product candidat es and programs; our ability to pursue and execute our strategy for our indications, business, programs and technology; our ability to leverage existing programs and to progress additional programs, the timing of investigational new drug application submissions; the timing of and our ability to obtain and maintain regulatory approval of our product candidates; our ability to compete with companies currently selling, marketing or engaged in the development of treatments for diseases that our product candidates are designed to target, including pattern hair loss (PHL); our estimates regarding the size and growth potential of the commercial opportunity for VDPHL01 and our current product candidates or other product candidates we may identify and pursue, and our ability to serve those markets; our and our collaborators’ ability to protect our intellectual property f or our products; our ability to enter into future license agreements and collaborations; regulatory developments; objectives for future operations and other estimates contained herein. In some cases, you can identify forward -looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “pot ential” or “continue” or the negative of these words or other similar expressions that concern our expectations, strategy, plans or intentions, although not all forward-looking statements are accompanied by such words. Forward-looking statements are based on assumptions and assessments made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors the y believe to be appropriate, and speak only as of the date of this presentation. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or other events to be materially different from any future results, performance or other events expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Our actual future results, performance or other events may be materially different from what we expect. Except as required by law, we assume no obligation to update these forwa rd-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Market data and industry information used throughout this presentation are based on management’s knowledge of the industry an d the good faith estimates of management. We also relied, to the extent available, upon management’s review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable as of their respective dates, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. P rojections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of fact ors. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use shou ld not be construed as an endorsement of such products. This presentation discusses potential future product candidates that are investigational only and have not yet been approved for marketing by the U.S. Food and Drug Administration. No representation is made as to the safety or effectiveness of these potential future product candidates for the use for which such potential future product cand idates are being studied. FEBRUARY 2026

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VDPHL01 has potential to be the first FDA-approved oral minoxidil product for the treatment of PHL; the first FDA-approved oral product for the treatment of PHL in females Dermatologist-founded late clinical-stage aesthetics and derm company 3 Vertex Month 4 Frontal Month 2Screening VDPHL01 2X/Day, 8.5mg 1The worldwide PHL commercial opportunity estimated by Global News Wire - The Insight Partners for 2028. Includes hair loss OTC treatment products, not Rx, Telehealth, procedural interventions, etc. Image represents a patient in the Phase 2 trial in male patients, as of October 2025, who was observed to have one of the highest average improvement scores at month four, as determined by three blinded expert graders using a 7-point Investigator Global Assessment (IGA) scale. Prevalence ~80M Americans with pattern hair loss (PHL), $30B commercial opportunity by 2028 (1) Oral Treatment 30 years since a new oral treatment for males; no approved oral treatments for females Minoxidil Extended-Release Tablet Optimizes validated biology for hair growth, cardiac safety and administration Compelling Phase 2 Data 3 Registration-Directed Trials Ongoing Veradermics | Proprietary and Confidential FEBRUARY 2026

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4 Today’s treatments have inherent limitations impacting adoption VDPHL01 is designed to grow the prescription hair loss market Slow onset of hair growth Clinically significant results not anticipated for 4-12 months Inconsistent results Can lead to treatment cycling Insufficient density of hair growth Tolerability issues Related to hormonal, mood, and cardiac side effects Inconvenient administration Limited FDA approved treatment options No FDA-approved oral options for women Fast Visible results as early as 2 months1 Consistent >90% patient reported outcome (PRO) response at 4 months Intense 47.3 non-vellus hairs per cm2 increase Generally well tolerated No cardiac or hormonal-related issues to date Convenient oral administration Marketability to both men and women* *If approved by the U.S. Food and Drug Administration (FDA) 1Based on PRO and IGA scores from preliminary data from our Phase 2 clinical trial in males Reducing barriers to widespread adoption in a global projected $30B commercial opportunity We believe VDPHL01 is built to address inherent limitations of existing treatment options Veradermics | Proprietary and Confidential FEBRUARY 2026

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VDPHL01 represents a late-stage opportunity in PHL 5Veradermics | Proprietary and Confidential PROGRAM STUDY OVERVIEW PATIENT POPULATION STATUS NEAR-TERM MILESTONES VDPHL01 (ER Oral Minoxidil for Pattern Hair Loss) Study 302 • Phase 2/3 trial evaluating VDPHL01 in males • Includes a parallel in-trial Phase 2 component to further assess PRO measures used as endpoints in the male registration-directed trials 519 male patients with mild-to- moderate PHL Fully Enrolled 6-month topline Phase 2/3 readout anticipated in H1 2026 Study 304 • Confirmatory Phase 3 trial in males 498 male patients with mild-to- moderate PHL Enrollment Ongoing 6-month topline Phase 3 readout anticipated in H2 2026 Study 306 • Phase 2/3 trial evaluating VDPHL01 in females • Includes a parallel in-trial Phase 2 component to further assess PRO measures used as endpoints in the female registration-directed trial 552 female patients with mild- to-moderate PHL Enrollment Ongoing FEBRUARY 2026

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PHL Market Overview and Potential Commercial Opportunity Veradermics | Proprietary and Confidential

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Low Self-Esteem Impacted Social Behavior Decreased Life Satisfaction Reduced Quality of Life PATTERN HAIR LOSS (androgenetic alopecia) can have a significant emotional impact on people of all genders, affecting mental health, relationships and daily life ~50 MILLION ~30 MILLION PHL affects an estimated 80 million people in the United States1 1MedlinePlus.gov - Genetics, Androgenetic Alopecia, July 2023: 50M Men, 30M Women. https://medlineplus.gov/genetics/condition/androgenetic-alopecia/ 7Veradermics | Proprietary and Confidential FEBRUARY 2026

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Veradermics | Proprietary and Confidential 8 80 50 32 16 8 3 PHL Acne (All Ages) Atopic Dermatitis (Eczema) Rosacea Psoriasis Vitiligo People Affected in the U.S. (M) PHL impacts more people in the United States than any other chronic dermatological condition1 1American Academy of Dermatology. (n.d.). Skin conditions by the numbers. https://www.aad.org/media/stats/conditions/hair-loss FEBRUARY 2026

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We believe that women with PHL will actively seek out a better solution if it becomes available Veradermics | Proprietary and Confidential 9 • Addressable commercial opportunity of ~30M women is ~3.75x full psoriasis population1 • Women demonstrate willingness to treat with Rogaine at higher rates than men despite inconvenience of topicals (long hair; diffuse hair loss)1 • Patient surveys indicate women experience a greater impact on QOL than males with PHL 1 • In an absence of validated prescription oral options, women utilize supplements at a higher rate and more broadly represent ~85% of the U.S. aesthetics market2 1https://pmc.ncbi.nlm.nih.gov/articles/PMC10149432/ - despite PHL population distributed 60% men/40% women, 66.5% of 400 consecutive minoxidil patients were women; supports the notion that women are more willing than men to initiate minoxidil therapy. 2https://www.isaps.org/media/rxnfqibn/isaps-global-survey_2023.pdf – women’s representation in aesthetics market 50 32 30 16 8 3 Acne (All Ages) Atopic Dermatitis (Eczema) PHL (Women Only) Rosacea Psoriasis Vitiligo People Affected in the U.S (M) FEBRUARY 2026

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1. https://medlineplus.gov/genetics/condition/androgenetic-alopecia/ (last updated July 2023). 2. Symphony Health Data on Rx Oral Minoxidil, Finasteride, etc., November 2023. 3. Global News Wire – The Insight Partners projections. 4. Prevalence and Patterns of Male Androgenetic Alopecia in Tarauni, Kano, Nigeria 5. https://pmc.ncbi.nlm.nih.gov/articles/PMC4533555/. 6. https://pmc.ncbi.nlm.nih.gov/articles/PMC2684510/. VDPHL01 Patient Population Segments Veradermics | Proprietary and Confidential 10 ~15M Actively Treating ~59M Not Treating & Other ~80M1 PHL Patients in the US in 2023 ~1M2 Rx Patients ~14M3 OTC Treatment Naïve Tried Treatment but Discontinued Addressable Commercial Opportunity Current PHL U.S. commercial opportunity is ~74M people; VDPHL01, if approved, has potential to capture share across four addressable segments ~6M4-6 Not Addressable FEBRUARY 2026

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Large quantitative market survey of physicians and patients indicates demand for improved treatment options Veradermics | Proprietary and Confidential Source: VDPHL Quant Study Conducted by Magnolia (with Biotech Value Advisors): Survey Fielded in September-October 2024; HCPs: N=150 (including 100+ Dermatologists); PHL Patients: N=410 (65% Male, 35% Female) Proprietary Quant Study (December 2024) 150 HCPs (100+ Derms… others include PCPs, NP/PAs) 410 Patients (65% Male, 35% Female… split of Rx, OTC, Not Actively Treating, etc.) 9% of Patients Satisfied with Current Treatment Options 46% of Patients Actively Seeking New Tx 11FEBRUARY 2026

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HCPs expected to use and indicate broad usage of VDPHL01 across many key hair loss groups Veradermics | Proprietary and Confidential 12 see VDPHL01 as highly positively differentiated given safety and efficacy data to date, and if FDA approved70% are “very likely” to prescribe VDPHL to male/female patients (only 1% would not)>70% HCPs envision over 40% of PHL patients on VDPHL01, including both switch and add-on treatment>40% Source: Market research conducted November 2024; HCP n=150 patient n=410 FEBRUARY 2026

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Patients are ready and willing to seek out new and improved PHL treatments Veradermics | Proprietary and Confidential 13 see VDPHL01 as highly positively differentiated driven by safety and efficacy data to date60% are willing to seek out an HCP for VDPHL01>90% are ‘Very Likely’ to both ask an HCP about, and switch to or add VDPHL01>60% Of those not actively treating PHL may be open to new therapeutic options>60% Source: Market research conducted November 2024; HCP n=150 patient n=410 FEBRUARY 2026

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Projected $30B1 hair loss commercial opportunity is characterized by OTC and off-label saturation without patient satisfaction 14 Signals Market Demand at Scale + Price Tolerance • Lack of compliance cited as #1 reason for discontinuation; low compliance in the absence of AEs points to challenges with the daily commitment associated with adherence and dissatisfaction with results6 • Constrained by male-only indication safety concerns, efficacy ceiling, and lackluster marketing ~59M Potential Users Not Actively Engaging in Hair Loss Products ~14M2 OTC Hair Regrowth Product Users ~1M3 Rx Hair Loss Users 1 The worldwide PHL commercial opportunity estimated by Global News Wire - The Insight Partners for 2028. Includes hair loss OTC treatment products, not Rx, Telehealth, procedural interventions, etc. 2 MedlinePlus.gov – Genetics, Androgenetic Alopecia, July 2023: 50M Men, 30M Women. 3 Symphony Health Data on Rx Oral Minoxidil, Finasteride, etc., November 2023. 4 Shadi Z. (2023). Compliance to Topical Minoxidil and Reasons for Discontinuation among Patients with Androgenetic Alopecia. Dermatology and therapy, 13(5), 1157–1169. https://doi.org/10.1007/s13555-023- 00919-x 5 https://www.modernretail.co/marketing/nutrafol-launches-multi-channel-campaign-to-raise-awareness-for- mens-business/ 6 https://pmc.ncbi.nlm.nih.gov/articles/PMC10149432/#CR5 – Minoxidil compliance and satisfaction • 1.5 million users, >50% of whom are women5 paying $700-$1000 annually → demonstrates consumer price tolerance 86% Discontinuation Rate4 Highlights OTC Churn Validates Willingness to Pursue Rx Veradermics | Proprietary and Confidential 74M Patients2 2023 US Androgenetic Alopecia Total Addressable Market (TAM) FEBRUARY 2026

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/ Recent increase in prescribing low-dose oral minoxidil suggests pent-up demand in PHL market 15Veradermics | Proprietary and Confidential Source: Symphony claims data accessed via Bloomberg Health Terminal 0 50 100 150 200 250 300 350 400 450 500 01/01/09 01/01/11 01/01/13 01/01/15 01/01/17 01/01/19 01/01/21 01/01/23 01/01/25 Monthly Prescriptions ( Thousands) Monthly Total Minoxidil Prescriptions by Strength (U.S.) 10MG 2.5MG New York Times article on LDOM (August 2022) Low-dose oral minoxidil FEBRUARY 2026

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Analogues support conversion of latent demand with product performance + emotional resonance 16 Grew Rx Weight- Loss Market ~10x to Date1 • Established new consumer expectations around potential treatment outcomes • Rapidly & opportunistically scaled on commercial momentum and minimized friction Chronic Aesthetic Management Drives ~$9.5B Facial Injectables Market2 •Scaling of chronically managed aesthetic condition supports potential for rapid adoption and favorable adherence Grew Rx Market 7x Within 1 Month of Launch3 •Limited demand for ED treatments pre-Viagra Rx reflected existing product limitations (e.g. intracavernous injections) vs. addressable patient need 1IQVIA data sizes the pre-2020 global spend on weight loss at ~$3B; spending eclipsed $30B by 2024 2Market size in 2024: https://www.fortunebusinessinsights.com/industry-reports/facial-injectables-market-100603 3https://www.pharmexec.com/view/viagra-launch-commands-attention Veradermics | Proprietary and Confidential FEBRUARY 2026

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Our Solution: VDPHL01 17

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Minoxidil is a validated approach to treat hair loss in both males and females, but existing treatment approaches have inherent limitations Veradermics | Proprietary and Confidential 18 • Messy and Cumbersome – Compliance, even in the absence of adverse effects, is frequently the reason for discontinuation of topical minoxidil1 • Modest Efficacy – Topical application has modest efficacy due to the limited amount of minoxidil that makes it to the hair bulb • Lack of FDA approval – IR oral minoxidil is FDA approved as a treatment for refractory hypertension and has explicit labeling that it is not a treatment for hair loss • Dose-dependent cardiac risk – Dosing of IR oral minoxidil is limited by potential cardiac adverse events resulting in reduced potential efficacy for treatment of hair loss • Hair growth ceiling – potential mismatch between pharmacokinetic (PK) profile and what hair follicles require for hair growth. Off-label IR oral minoxidil has an efficacy ceiling on-par with topical minoxidil Discontinued by ~86% of Users Not Approved for Hair Loss and Off-Label Use Risks Cardiac Adverse Events (AE) Immediate Release (IR) Oral Minoxidil Topical Minoxidil (Rogaine) 1 https://pmc.ncbi.nlm.nih.gov/articles/PMC10149432/#CR5 – Minoxidil compliance and satisfaction FEBRUARY 2026

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IR oral minoxidil is the #1 prescription hair loss treatment in the U.S. despite a PK profile that was designed for refractory hypertension Oral minoxidil is an immediate release product – a 2.5 mg tablet peaks quickly risking cardiac activity and only sustains therapeutic hair growth levels for ~4 hours This is a gradient-based effect where peak plasma levels drive cardiac effects and where higher doses induce more vasodilation The majority of total minoxidil exposure (i.e. AUC) that drives hair growth occurs within 2 hours of administration 5 mg is the labeled starting dose for treating refractory hypertension (i.e. potential cardiac effect by design) 19 Fleishaker JC, Andreadis NA, Welshman IR, Wright CE 3rd. The pharmacokinetics of 2.5- to 10-mg oral doses of minoxidil in healthy volunteers. J Clin Pharmacol. 1989;29(2):162-167. Veradermics | Proprietary and Confidential FEBRUARY 2026

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VDPHL01 leverages extended-release technology to deliver a differentiated minoxidil product with potential for improved efficacy and safety Veradermics | Proprietary and Confidential 20 10x difference between minoxidil hair growth threshold and minoxidil cardiac activity threshold Increased average total drug exposure (AUC) achieved by extended release improves hair growth potential First minoxidil extended-release tablet and only oral minoxidil tablet positioned for approval for treatment of PHL 10x VDPHL01 Provides Long-Lasting Minoxidil Concentrations Between the Hair Growth Threshold and the Cardiac Activity Threshold Blunted maximum observed concentration (Cmax) below FDA recognized cardiac activity threshold achieved by extended release avoids cardiac adverse effects compared to immediate release 0 5 10 15 20 25 30 0 2 4 6 8 10 12 14 16 18 20 22 24 Serum Concentration (ng/mL) Time after Dose (hours) Cardiac Activity Threshold (20 ng/mL) Hair growth threshold (1.62 ng/mL) Ideal Minoxidil Plasma Target Concentration FEBRUARY 2026

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Activation of minoxidil is capacity-limited and time dependent Veradermics | Proprietary and Confidential 21 Minoxidil Hair follicles contain the SULT1A1 sulfotransferase enzyme that locally converts minoxidil to its active metabolite, minoxidil sulfate Hair growth is stimulated at low-plasma levels because minoxidil is activated directly at the hair bulb 2 VDPHL01 enables sustained enzyme conversion to active metabolite over a longer period of time PARENT DRUG ACTIVE DRUG 1 1 2 Minoxidil Sulfate VDPHL01 is designed to increase the consistency and duration of exposure to drive minoxidil activation FEBRUARY 2026

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VDPHL01 is designed for potential indication-leading efficacy with a generally well-tolerated profile to date and convenient oral administration Veradermics | Proprietary and Confidential 22 Greater total minoxidil exposure designed for fast, consistent, and intense hair growth Raise Hair Growth Ceiling Profile minimizes cardiac side effects by avoiding peak minoxidil concentrations associated with cardiac AEs Improve Tolerability at Increased Exposures Non-hormonal molecule avoids potential AEs associated with hormonal treatment options No Risk of Hormonal Side Effects First oral treatment in nearly 30 years for males, and first ever for females; leverages administration route consistently preferred by patients Convenience and Marketability Potential to be the only actively promoted branded treatment for PHL in the United States could allow patient and prescriber activation through marketing Well-Characterized Product with Supportive Data FEBRUARY 2026

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VDPHL01 Clinical Development Program 23

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VDPHL01: Phase 1 Data

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Phase 3 dose selection supported by clinical data from 300+ administrations of VDPHL01 to 28 patients for up to 16 days of dosing Veradermics | Proprietary and Confidential 25 (1) Target AUC and Cmax Profile Achieved in PK Studies PK Profile Positions VDPHL01 for Improved Hair Growth Ceiling and Tolerability Hair growth threshold (1.62 ng/mL) Ideal Minoxidil Plasma Concentration Target Cardiac Activity Threshold (20 ng/mL) • Delivered nearly twice the total amount of minoxidil over 12 hours to plasma than the 2.5 mg IR tablet • Sustained minoxidil plasma concentrations above hair growth threshold 2 times longer than a 2.5 mg IR tablet • Maintained peak minoxidil concentrations below the cardiac activity threshold • Led to no significant accumulation of minoxidil at steady-state FEBRUARY 2026 VDPHL01 8.5 mg curve represents average plasma concentrations for male patients (n=10) from Study QSC300720. Minoxidil 2.5 mg IR data represents average plasma concentrations for male patients (n=10) from Study QSC300720. Minoxidil 5 mg IR data represents average plasma concentrations estimates using dose linear pharmacokinetics * of Minoxidil 2.5 mg IR data for male patients (n=10) from Study QSC300720. * Fleishaker JC, Andreadis NA, Welshman IR, Wright CE 3rd. The pharmacokinetics of 2.5- to 10-mg oral doses of minoxidil in healthy volunteers. J Clin Pharmacol. 1989 Feb;29(2):162-7. 0 5 10 15 20 25 0 2 4 6 8 10 Plasma Concentration (ng/mL) Time after Dose (hours) VDPHL01 8.5 mg Minoxidil 2.5 mg IR Minoxidil 5 mg IR (Estimated)

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VDPHL01: Phase 2 Open-Label Data

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Primary Endpoints • Target Area Hair Count • Patient Reported Outcome (PRO) Phase 2 open-label study in both males and females (Study 207) Veradermics | Proprietary and Confidential 27 Primary Endpoint at 24 Weeks Male and Female Adults Pattern Hair Loss (Androgenetic Alopecia) 4 Sites in the U.S. Extended Release Tablet Primary Objectives Obtain proof of concept for safety and efficacy of VDPHL01 administered in male and female subjects with PHL 43 subjects 21 Males 22 Females Study 250-13951-207 is a Phase 2 open-label study of safety and efficacy of VDPHL01 tablets for the treatment of androgenetic alopecia (pattern hair loss) Robust safety monitoring including vital signs, EKG, and cardiac monitoring Key Inclusion/Exclusion Criteria • 18-65yo • Diagnosis of PHL • Appropriate washout of prior hair loss treatment • Controlled HTN with ≤2 antihypertensive medications • No history of hair transplant VDPHL01 2X/Day, 8.5mg (Male) VDPHL01 2X/Day or 1x/day, 4.5mg (Female) FEBRUARY 2026

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Marketability Intended and FDA-approved for both male and female PHL Convenience Oral administration Topical Minoxidil (Rogaine, 5%) Finasteride (Propecia) IR Oral Minoxidil (prescribed off-label) Branded Supplements Other Topicals / Shampoos 4 – 12 months Speed Time expected for clinically significant results 6 – 12 months 6 months Safety Potential hormonal side effects include ED and suicidality Potential cardiac side effects include pericardial effusion, tachycardia Not well- characterized Not well- characterized Intensity Increase in non-vellus hair count / cm2 Consistency % of IGAs or PROs with greater than a slight improvement 18.6 (male) 13.4 (female) 16.9 (male) 14.6 (male) <20% (IGA) 18% (IGA) <25% (IGA) Not well- characterized Not well- characterized Not well- characterized Not well- characterized Not well- characterized Not well- characterized Existing hair loss treatments leave significant gaps in PHL treatment paradigm 28Veradermics | Proprietary and Confidential FEBRUARY 2026

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Phase 2 topline male results Veradermics | Proprietary and Confidential 29 37.5 47.3 Avg. Non-vellus Hair Increase (From Baseline; Hairs/cm2) 50% 90.5% +2 Points Patient Reported Outcomes (7-point scale) 4 Months2 Months 4 Months2 Months To date, VDPHL01has not been associated with any treatment-related cardiac serious adverse events FEBRUARY 2026

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Preliminary Phase 2 male data suggests VDPHL01 was generally well- tolerated through 4 months of treatment Category VDPHL01 8.5 mg BID n=25; n (% of subjects) Total TEAEs 14 Subjects with any TEAE 7 (28.0%) Subjects with any TEAE Leading to Treatment Discontinuation 1 (4.0%) FEBRUARY 2026 Veradermics | Proprietary and Confidential 30 Severity VDPHL01 8.5 mg BID n=14; n (% of Total AEs) Mild 6 (42.9%) Moderate 8 (57.1%) Severe 0 AEs by Type VDPHL01 8.5 mg BID n=25; n (% of subjects) Headache 4 (16.0%) Upper Respiratory Tract Infection* 2 (8.0%) Sinus Congestion 1 (4.0%) Dehydration 1 (4.0%) Heat Exhaustion 1 (4.0%) Asymptomatic Orthostatic Hypertension 1 (4.0%) Pain 1 (4.0%) Oedema Peripheral 1 (4.0%) Libido Decreased 1 (4.0%) Malignant Melanoma 1 (4.0%) No serious TEAEs or TEAEs leading to study discontinuation through 4 months of treatment TEAE: Treatment emergent adverse events * Both instances occurred in the same patient at different times

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Phase 2 male photos (patients 1-8) Veradermics | Proprietary and Confidential The above images illustrate representative responses for male patients, as of October 2025, in Study 207 at screening, Month 2 and Month 4. The average improvement scores for patients at Month 4 were determined by blinded expert graders (n=3) using a 7-point Investigator Global Assessment scale. Images for patients from screening, Month 2 and Month 4 are presented in order (highest to lowest) of the average improvement scores at Month 4. Images have been excluded for patients with improvement scores ≤ the 5th percentile or ≥ the 95thpercentile in both image views at Month 4. 31FEBRUARY 2026

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Phase 2 male photos (patients 9-16) 32 The above images illustrate representative responses for male patients, as of October 2025, in Study 207 at screening, Month 2 and Month 4. The average improvement scores for patients at Month 4 were determined by blinded expert graders (n=3) using a 7-point Investigator Global Assessment scale. Images for patients from screening, Month 2 and Month 4 are presented in order (highest to lowest) of the average improvement scores at Month 4. Images have been excluded for patients with improvement scores ≤ the 5th percentile or ≥ the 95thpercentile in both image views at Month 4. Veradermics | Proprietary and Confidential FEBRUARY 2026

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Phase 2 male photos (patients 17-19) 33 The above images illustrate representative responses for male patients, as of October 2025, in Study 207 at screening, Month 2 and Month 4. The average improvement scores for patients at Month 4 were determined by blinded expert graders (n=3) using a 7-point Investigator Global Assessment scale. Images for patients from screening, Month 2 and Month 4 are presented in order (highest to lowest) of the average improvement scores at Month 4. Images have been excluded for patients with improvement scores ≤ the 5th percentile or ≥ the 95thpercentile in both image views at Month 4. Veradermics | Proprietary and Confidential FEBRUARY 2026

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VDPHL01: Phase 2 Blinded Grader Review

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IR Oral Minoxidil 1x/Day 5 mg IR x 6 months From Head-to-Head Study (JAMA)1 Topical Minoxidil 2x/Day 5% Solution x 6 months From Head-to-Head Study (JAMA)1 VDPHL01 2x/Day 8.5mg x 4 months From VDPHL01 Phase 2 Study Study Endpoints • % correct baseline identification • Mean blinded Investigator’s Global Assessment (IGA) score • % achieving IGA > 2 (i.e. ‘moderately or greatly improved’) Primary Objectives Provide a comparison of perceived efficacy outcomes between VDPHL01, IR oral minoxidil 5 mg, and topical minoxidil 5% A blinded study was conducted to compare VDPHL01 Phase 2 data vs. IR oral minoxidil 5 mg and topical minoxidil 5% 1Penha MA, Miot HA, Kasprzak M, Müller Ramos P. Oral Minoxidil vs Topical Minoxidil for Male Androgenetic Alopecia: A Randomized Clinical Trial. JAMA Dermatol. 2024;160(6):600–605. doi:10.1001/jamadermatol.2024.0284 35Veradermics | Proprietary and Confidential FEBRUARY 2026

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VDPHL01 showed superior results in correct baseline identification Higher baseline identification accuracy indicates more obvious improvement. VDPHL01 achieved > 96% accuracy, suggesting dramatic visible changes compared to ~50-73% for comparators 36 98% 96% 60% 50% 73% 72% 0% 20% 40% 60% 80% 100% Baseline Identification Accuracy Percentage Correct of Before/After Image Identification by Dermatologists VDPHL01 8.5 mg ER BID (4 months) Topical Minoxidil 5% BID (6 months) IR Oral Minoxidil 5 mg QD (6 Months) Frontal View Vertex View Veradermics | Proprietary and Confidential FEBRUARY 2026

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2 2.05 0.25 0.05 0.6 0.5 0 0.5 1 1.5 2 2.5 Mean IGA Improvement Score Corrected Scores on a 7-point Scale (-3 to +3) VDPHL01 showed superior improvement in mean IGA score vs. alternatives Mean IGA Improvement with VDPHL01 demonstrates that the average subject achieved at least ‘moderate’ versus comparators where average subjects did not achieve ‘slight’ improvement 37 VDPHL01 8.5 mg ER BID (4 months) Topical Minoxidil 5% BID (6 months) IR Oral Minoxidil 5 mg QD (6 Months) Frontal View Vertex View Veradermics | Proprietary and Confidential FEBRUARY 2026

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VDPHL01 > 3x more likely to result in ‘moderately’ or ‘greatly’ improved hair coverage VDPHL01 was associated with > 3x higher rate of 'moderately' or 'greatly' improved hair coverage than IR oral minoxidil 5 mg and topical minoxidil 5% solution 38 83% 82% 19% 14% 22% 23% 0% 20% 40% 60% 80% 100% Clinical Response Rates % of Subjects Achieving IGA≥2 (Moderate to Great Improvement) VDPHL01 8.5 mg ER BID (4 months) Topical Minoxidil 5% BID (6 months) IR Oral Minoxidil 5 mg QD (6 Months) Frontal View Vertex View Veradermics | Proprietary and Confidential FEBRUARY 2026

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Data to date support VDPHL01 competitive profile1 Veradermics | Proprietary and Confidential 39 Fast: Visible results as early as 2 months of treatment Consistent: 90.5% PRO benefit after 4 months of treatment Intense: Average non-vellus hair count change of 47.3 hairs/cm2 Generally Well Tolerated: No treatment-related SAEs, including no cardiac or hormonal-related issues to date Convenient Oral Administration: Favorable vs. topical alternatives2 Marketability: FDA approval for both men and women could allow for direct marketing to HCPs and patients 1Based on preliminary data reported in October 2025 from our Phase 2 clinical trial in males 2Supported by third-party research FEBRUARY 2026

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VDPHL01: Phase 3 Program 40

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Phase 2/3 trial in male patients (Study 302) Primary Endpoint Group 1: VHPHL01 8.5 mg BID Group 2: VHPHL01 8.5 mg QD Group 3: Placebo BID Group 4: Placebo BID Group 1: VHPHL01 8.5 mg BID Group 2: VHPHL01 8.5 mg QD Group 3: VHPHL01 8.5 mg BID Group 4: VHPHL01 8.5 mg QD Screening Period Part A: Placebo Controlled Period (Months 1-6) Part B: Treatment Extension Period (Months 7-12) Follow-Up Period Actual Enrollment Clinical Sites 519 subjects, randomized 2:2:1:1 44 U.S. sites Study Population Male subjects 18-65 years of age (inclusive) with mild to moderate PHL Co-Primary Efficacy Endpoints • Changes from baseline in non-vellus TAHC using digital image analysis at Month 6 • Proportion of subjects who achieve treatment benefit, defined as achieving a response category of “Improved” or “Much Improved” at Month 6 Other Efficacy Endpoints* • Changes from baseline in non-vellus TAHC using digital image analysis at Months 2 and 4 • Proportion of subjects who achieve treatment benefit, defined as a self-reported score of ‘Improved’ or ‘Much Improved’ at Months 2 and 4. • Changes from baseline in non-vellus TAHW using digital image analysis at Months 2, 4 and 6 • Proportion of subjects who are satisfied with treatment, defined as achieving a response category of “A little satisfied”, “M oderately satisfied”, or “Very satisfied” at Months 2, 4 and 6 TAHC: Target Area Hair Count TAHW: Target Area Hair Width QD: Daily Dosing BID: 2x/day Dosing * List of other efficacy endpoints is not exhaustive but is representative of the defined per- protocol secondary efficacy endpoints TAHD: Target Area Hair Darkness PRO: Proprietary patient reported outcomes (PRO) scale designed for the VDPHL01 clinical trials Veradermics | Proprietary and Confidential 41FEBRUARY 2026

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Confirmatory Phase 3 trial in male patients (Study 304) Primary Endpoint Group 1: VHPHL01 8.5 mg BID Group 2: VHPHL01 8.5 mg QD Group 3: Placebo BID Group 4: Placebo BID Group 1: VHPHL01 8.5 mg BID Group 2: VHPHL01 8.5 mg QD Group 3: VHPHL01 8.5 mg BID Group 4: VHPHL01 8.5 mg QD Screening Period Part A: Placebo Controlled Period (Months 1-6) Part B: Treatment Extension Period (Months 7-12) Follow-Up Period Anticipated Enrollment Clinical Sites 498 subjects, randomized 2:2:1:1 ~ 44 U.S. sites Study Population Male subjects 18-65 years of age (inclusive) with mild to moderate PHL Co-Primary Efficacy Endpoints • Changes from baseline in non-vellus TAHC using digital image analysis at Month 6 • Proportion of subjects who achieve treatment benefit, defined as achieving a response category of “Improved” or “Much Improved” at Month 6 Other Efficacy Endpoints* • Changes from baseline in non-vellus TAHC using digital image analysis at Months 2 and 4 • Proportion of subjects who achieve treatment benefit, defined as a self-reported score of ‘Improved’ or ‘Much Improved’ at Months 2 and 4. • Changes from baseline in non-vellus TAHW using digital image analysis at Months 2, 4 and 6 • Proportion of subjects who are satisfied with treatment, defined as achieving a response category of “A little satisfied”, “M oderately satisfied”, or “Very satisfied” at Months 2, 4 and 6 TAHC: Target Area Hair Count TAHW: Target Area Hair Width QD: Daily Dosing BID: 2x/day Dosing * List of other efficacy endpoints is not exhaustive but is representative of the defined per- protocol secondary efficacy endpoints TAHD: Target Area Hair Darkness PRO: Proprietary patient reported outcomes (PRO) scale designed for the VDPHL01 clinical trials Veradermics | Proprietary and Confidential 42FEBRUARY 2026

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Phase 2/3 registration-directed trial in female patients (Study 306) Primary Endpoint Group 1: VHPHL01 4.5 mg BID Group 2: VHPHL01 4.5 mg QD Group 3: Placebo BID Group 4: Placebo BID Group 1: VHPHL01 4.5 mg BID Group 2: VHPHL01 4.5 mg QD Group 3: VHPHL01 4.5 mg BID Group 4: VHPHL01 4.5 mg QD TAHC: Target Area Hair Count TAHW: Target Area Hair Width Screening Period Part A: Placebo Controlled Period (Months 1-6) Part B: Treatment Extension Period (Months 7-12) Follow-Up Period Anticipated Enrollment Clinical Sites 552 subjects, randomized 2:2:1:1 ~ 66 U.S. sites Study Population Female subjects 18-65 years of age (inclusive) with mild to moderate PHL Co-Primary Efficacy Endpoints • Changes from baseline in non-vellus TAHC using digital image analysis at Month 6 • Proportion of subjects who achieve treatment benefit, defined as achieving a response category of “Improved” or “Much Improved” at Month 6 Other Efficacy Endpoints* • Proportion of subjects who are satisfied with treatment at Month 6 • Proportion of subjects by change from baseline for every other question of the proprietary PRO questionnaire • Changes from baseline in non-vellus TAHW using digital image analysis at Month 6 QD: Daily Dosing BID: 2x/day Dosing * List of other efficacy endpoints is not exhaustive but is representative of the defined per- protocol secondary efficacy endpoints TAHD: Target Area Hair Darkness PRO: Proprietary patient reported outcomes (PRO) scale designed for the VDPHL01 clinical trials Veradermics | Proprietary and Confidential 43FEBRUARY 2026

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Commercial Launch Readiness Planning for VDPHL01 44

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Commercialization readiness planning is underway Hire Commercial Leadership team Prepare the Market (e.g. disease education & stakeholder engagement) Finalize the Go-To-Market Commercialization Model Shape the Product with Deep Market Insight Build the Commercial Organization & Infrastructure FEBRUARY 2026 Veradermics | Proprietary and Confidential 45 Structured approach to preparing for potential launch of VDPHL01

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Key strategic imperatives for preparing the market and shaping VDPHL01 46Veradermics | Proprietary and Confidential Distinguish VDPHL01 from current treatment options that generally provide modest benefits Generate broad recognition that VDPHL01 is not the same as IR oral minoxidil Engage HCPs early, and activate PHL patients to seek treatment Facilitate wide availability and access to VDPHL01, with key channels and patient services Build Commercial Credibility and Organizational Readiness 3 421 FEBRUARY 2026

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Three commercial pillars are designed to drive rapid VDPHL01 adoption Veradermics | Proprietary and Confidential 47 Physician Adoption ------------- Dermatology Focused Field Force + Medical Education Consumer Activation ------------- Targeted Digital, Social, and Earned Media Open, Patient- Centric Network ------------- Facilitate wide availability & patient services FEBRUARY 2026

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Veradermics anticipates covering ~80% of all existing IR oral minoxidil prescriptions; potential to expand beyond core prescribers Veradermics | Proprietary and Confidential Source: Forian Claims Analysis Conducted by Biotech Value Advisors with Cobbs Creek in 1H 2025 2022 2023 2024 IR Oral Minoxidil Unique Prescribers Dermatologist Primary Care Other Specialty NP/PA ~46K ~32K ~18K Decile Unique Prescribers Derm % Avg LDOM Rx Written 10 111 75.7% 537 9 289 76.8% 205 8 488 77.3% 122 7 743 69.6% 80 6 1,096 66.9% 54 5 1,636 57.6% 36 4 2,561 49.2% 23 3 4,340 33.4% 14 2 8,330 20.7% 7 1 26,755 9.8% 2 Grand Total 46,349 2024 Decile Analysis 100+ Derm focused field force can cover top 8 deciles (~11K HCPs) 48FEBRUARY 2026

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Patient activation strategy aims to drive patients to ask for VDPHL01 by name • DTC budget sized referencing analogs • Company has digital, streaming, radio and out-of-home advertising experience from Phase 2 and Phase 3 clinical trial recruitment efforts JUNE 2025 Veradermics | Proprietary and Confidential 49 Veradermics | Proprietary and Confidential FEBRUARY 2026

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Recent Series C announcement highlights potential of earned media to further drive patient and HCP awareness Veradermics | Proprietary and Confidential 50FEBRUARY 2026

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Veradermics is evaluating broad distribution channels to facilitate access to VDPHL01 Veradermics | Proprietary and Confidential 51 Local Pharmacy e.g., CVS, Walgreens In-Office Dispense Telehealth Address barriers for adoption by first: • Spending time with HCPs to understand workflows • Listening to patients and learning preferences Drive ease of access through broad distribution: Mail Order Online Pharmacy e.g., Amazon Pharmacy Direct to Patient Ability to Access Drug is Key to Staying on Treatment FEBRUARY 2026

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Commercial Opportunity  PHL affects ~80M people in the US; current treatments are fragmented, lacking, and poorly adhered to •~15M+ Patients engage with Rx and/or OTC treatments (e.g., IR oral minoxidil, Rogaine, Nutrafol, hair loss shampoos) •Patient dissatisfaction, treatment cycling, rising aesthetic spend, Rx/OTC treatment demand, and telehealth advertising create an inflection point VDPHL01 Differentiation  Potential to be first and only FDA-approved oral tablet for both men and women with PHL •Differentiated PK, speed of onset, consistent response, intense impact, improved tolerability, and convenient oral delivery all demonstrated in clinical trials to date •Designed to address key unmet needs: inconsistent efficacy, slow onset, shedding, meaningful safety concerns to patients, poor adherence, few female options, limited HCP toolkit Revenue Model Potential  TAM: ~$30B Global by 2028, majority from the US1  VDPHL01 profile, market research with 410 Patients and 150 HCPs, and 90+ KOL interviews suggest potential for robust patient and HCP demand  Commercial model supports rapid uptake with current Rx, Rogaine users, followed by OTC, and non-treating population Launch Capabilities  Rx/DTC launch experts, digital specialists, Field force, telehealth, and concierge strategy in place to drive adoption  Open distribution network mapped (e.g. 3PL, Wholesaler, CVS, PE-derm, telehealth)  Team has deep dermatology network, Rx/DTC experience, and our tactical plan is underway VDPHL01 Launch Plan 52Veradermics | Proprietary and Confidential We believe VDPHL01 has the potential to reshape the PHL treatment paradigm with a novel product design, scalable launch model, and an experienced team capable of driving rapid adoption and category leadership 1Global News Wire - The Insight Partners. Includes hair loss OTC treatment products, not Rx, Telehealth, procedural interventions, etc. FEBRUARY 2026

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Intellectual Property

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IP strategy and progress overview Composition of Tablet + Manufacturing Methods of Use and Clinical Data Pharmacokinetics Veradermics | Proprietary and Confidential 54 • Comprehensive Patent Coverage: • 42 US patent applications filed to date • 1 patent issued and 2 patents allowed • Goal to build a portfolio of over 100 Orange Book-listable patents • Patent Term: • Earliest patents will expire in 2043; later patents are expected to extend up to 21 years post-NDA approval CORE IP PILLARS FEBRUARY 2026

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Team + Board of Directors Veradermics | Proprietary and Confidential 55 Reid Waldman, M.D. Chief Executive Officer Tim Durso, M.D. President Dominic Carrano, C.P.A. Chief Financial Officer Aron Shapiro Vice President, Clinical Development and Regulatory Affairs Michael Smolinski, Ph.D. Vice President, Development and Scientific Operations Brian Cudney Vice President, Quality Michael Murphy, R.Ph. Vice President, Project and Program Management, Business Technology, Chief of Staff Board of Directors David Friedman, M.D. Suvretta Capital John W. Childs J.W. Childs Associates Vlad Coric, M.D. Patrick Enright Longitude Capital Jane Grant-Kels, M.D. Katarina Pance, Ph.D. SR One Reid Waldman, M.D. Veradermics FEBRUARY 2026 Mark Neumann Chief Commercial & Strategy Officer

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