Investigate the Efficacy and Safety of Farudodstat Compared With Its Placebo in Adult Alopecia Areata Participants

Inclusion Criteria:

• Adult (≥18 years of age and a weight of ≥40 kg at the time of signing the informedconsent)
• Moderate, severe, or very severe Alopecia Areata (AA), as determined by meeting thefollowing criteria:

1. Clinical diagnosis of AA with no other etiology of hair loss (e.g., telogeneffluvium, androgenetic alopecia, etc.)
2. At least 30% scalp hair loss, as defined by a SALT score ≥30
3. Current episode of hair loss lasting at least 6 months and not exceeding 7 yearsat the time of Screening. Participants who have AA for longer than 7 years may beenrolled if episodes of regrowth, spontaneous or under treatment, have beenobserved on the affected areas over the past 7 years
4. No appreciable change (i.e., change exceeding 20 points on SALT score) interminal hair regrowth within 6 months

Exclusion Criteria:

• Known history of androgenic alopecia or female pattern hair loss prior to AA
• Other types of alopecia (including, but not limited to traction and scarring alopecia,telogen effluvium, diffuse type of AA)
• History or presence of hair transplants
• Other scalp disease that may impact AA assessment or require topical treatment (including, but not limited to scalp psoriasis, seborrheic dermatitis, actinickeratosis)