S3, E6: Veradermics puts hair loss back on the investor agenda with $150 million Series C - with CEO Dr Reid Waldman and InThought's Julie Hoggatt

In this episode, we dive into one of the most universal aesthetic concerns on the planet: pattern hair loss. Despite affecting more than 80 million people in the US and over a billion globally, innovations in treatment have barely moved in decades. Veradermics is aiming to change that with an extended release formulation of oral minoxidil (the same active ingredient in Rogaine), designed to improve efficacy while avoiding the cardiac safety issues that limit current oral off-label use. Surani speaks with Dr Reid Waldman, dermatologist turned biotech founder and CEO of Veradermics, about his unusual path from the clinic to company building. Reid shares the origins of the company, key insights from treating hair loss patients, the scientific and market rationale behind the extended release approach, fundraising milestones, and the company's progress through Phase 2 and Phase 3 trials. Surani also speaks with Julie Hoggatt, Senior Principal at InThought, for an external lens to discuss how dermatologists are viewing the early data and the drug's potential path to an approval, launch and commercial success. Timestamps 00:01 – Introduction: the scale of pattern hair loss, emotional and social impact, and why innovation has stalled 02:30 – Reid’s elevator pitch on Veradermics and the extended release oral minoxidil program 06:30 – Reid’s story: accelerated education, dermatology training, and the clinical insight that sparked the company 09:30 – First funding support and shifting focus toward hair loss 12:30 – Fundraising: Series A to Series B to Series C and how investors evaluated a young founder CEO 15:30 – Why current off-label use of oral minoxidil falls short and the scientific rationale for an optimized extended release version 17:30 – Phase 2 male data: "striking" early hair count signals, patient reported outcomes, and safety observations 20:00 – The blinded retrospective photo analysis shown at EADV and what it suggests about early response 22:45 – Expert analyst Julie Hoggatt from InThought joins: how dermatologists are interpreting the data and what matters heading into Phase 3 26:00 – Female patients and dosing: hypertrichosis, tolerability concerns, and why female data will be important 29:00 – Pricing, access, willingness to pay, and how Veradermics could fit into the aesthetics market 31:00 – Competitive landscape: Pelage, market differentiation, and long-term positioning 34:00 – Veradermics pipeline beyond hair loss and future possibilities of an M&A, IPO or partnerships to grow. For initial press released data and photos, click here For any comments, questions or feedback you can connect directly with ⁠⁠Surani Fernando⁠⁠ on LinkedIn or email: [email protected] Title music composed by: Yrii Semchyshyn (Coma Media)