Drugmakers developing treatments for pattern hair loss are attracting investors seeking the first new approved therapies in nearly three decades. The condition affects an estimated 50 million men and 30 million women in the United States, while current options are largely limited to minoxidil and finasteride, which can cause side effects including heart palpitations and reduced sex drive. Veradermics, trading as MANE, has gained nearly 500% since its February IPO as it advances the oral candidate VDPHL01. Absci, whose shares have more than doubled so far this year, is testing an injection called ABS-201 that is administered two to three times over six months. Cosmo Pharmaceuticals has reported positive late-stage results for a topical solution. Eli Lilly has invested $40 million in Absci, reinforcing comparisons with the investor enthusiasm that followed its weight-loss drugs. None of the three companies has an approved product, and the earliest regulatory filings are not expected before 2027, leaving investors to price in potential demand years before commercial launches.