Evolus Secures Option for Injectable Hair Restoration Program for $1.5 Million Upfront

Evolus, Inc. (EOLS) has entered into an option agreement to acquire a sustained-release injectable hair restoration program. Under the terms of the deal, the medical aesthetics company made an upfront payment of $1.5 million, with future payments tied to stage-gated development milestones. Evolus holds the option to purchase 100% of the program's assets if development milestones and clinical data warrant further investment. Shares of Evolus traded at $7.51, down 3.10% for the day.

The deal allows Evolus to broaden its presence in the aesthetic market by exploring an in-office hair restoration treatment that aligns with its current focus on injectable procedures. Because the initial financial commitment is relatively small and subsequent funding depends on progress, the agreement limits downside financial risk. Furthermore, management confirmed that the deal will have no impact on the company's previously stated financial outlook.

The hair restoration candidate will remain in formulation development through 2027. Investors will be monitoring progress toward potential first-in-human clinical trials following 2027, as well as any future decision by Evolus to exercise its option to acquire full ownership of the assets.