The idea that the next major advancement in hair loss medication could be a slightly modified version of a medication that was initially intended to lower blood pressure after nearly thirty years of stagnant progress is subtly humorous. The active component of Rogaine, minoxidil, has been in medicine cabinets for many years. For years, doctors have been off-label prescribing it as a daily pill. However, the official, FDA-approved “Rogaine-in-a-pill” never materialized. Until now, perhaps.
Even the cautious corners of dermatology were taken aback when Veradermics, a small American startup with a stock ticker that almost seems like an inside joke—MANE—announced late-stage trial results in late April. Its medication, VDPHL01, is an oral minoxidil with extended release. Men grew between 30 and 33 extra hairs per square centimeter of scalp over the course of six months, according to the Phase 2/3 results, compared to roughly seven in the placebo group. In a clinical trial, that kind of gap typically doesn’t go unnoticed. As expected, the stock increased. Investors appear to think that something has changed.
The part that sounds almost too neat is worth stopping for. The molecule is not brand-new. The off-label tablet is a slightly unsettling prescription for cardiologists because of the way it is released into the body, which is slower, more steady, and avoids the spike. Veradermics claims that this extended-release profile doubles the amount of time minoxidil concentrations remain above what they refer to as the “hair growth threshold.” No one is yet able to determine whether that holds up over years as opposed to months. One of minoxidil’s quiet problems has always been its long-term durability; users frequently report results fading after a few years.
The dermatologist who currently oversees Veradermics, Reid Waldman, appears to have anticipated this data. In interviews, he comes across as measured, almost cautious, but the underlying assertion is audacious: this may be the first oral medication for pattern hair loss to receive FDA approval in almost thirty years. Since its approval in 1997, finasteride has carried that flag by itself for a generation, albeit not without controversy. A real shift would be a second option that doesn’t interfere with hormones.
The cultural component is another, more difficult to measure. In medicine, hair loss has a peculiar place; those who suffer from it take it seriously, while those who do not frequently treat it lightly. Hims and other telehealth companies have already demonstrated the size of the market when the barriers are eliminated. Almost instantly, a clean, once-daily pill with actual trial data could find its way into that pipeline. It’s difficult to ignore how prepared the consumer landscape is.
However, caution seems appropriate. Topline outcomes do not indicate approval. The trial for women is still in progress. After years of stagnation, the field may appear crowded when Cosmo Pharmaceuticals’ topical Breezula seeks approval in 2027. Additionally, the fact that 35.6% of placebo patients reported feeling better serves as a reminder that, like belief, hair is difficult to quantify.
However, for the time being, Veradermics has a market that has been waiting a very long time and numbers that work, something that most of its rivals lack.