A Study to Evaluate the Efficacy and Safety of Clascoterone Solution in Treatment of Male Pattern Hair Loss

Inclusion Criteria:

Subject can participate in this clinical study if all the following criteria are met:

1. Subject who is male ≥18 years old.

2. Subject who has provided written informed consent.

3. Subject who has mild to moderate AGA in temple and vertex region, rating III vertexto V on the Modified Norwood-Hamilton Scale (i.e., III vertex [IIIv], IV, or V),with a history of ongoing hair loss.

4. Subject who is willing to maintain the same hairstyle, hair length and hair colorthroughout the study.

5. Subject who is willing to comply with study instructions at home and return to theclinic for required visits.

6. Subject who agrees to continue his shampoo frequency and other general hair careproducts and regimen for the entire study.

7. Subject who agrees to maintain same dietary and supplement pattern.

8. Subjects who are sexually active with a female partner and are not surgicallysterile (vasectomy performed at least 6 months prior to treatment) must agree to usean acceptable form of birth control as described in the informed consent form. Forsubjects, adequate forms of contraception include condom and spermicide incombination with other forms of female contraception. For females, an acceptablemethod (Pearl Index <1%) would be to agree to use implants, injectables, combinedoral contraceptives, some intrauterine devices, or be postmenopausal (defined asamenorrhea greater than 12 consecutive months in women 50 years of age or older), besurgically sterile (hysterectomy, bilateral tubal ligation [at least 6 monthsprior], or bilateral oophorectomy).

Exclusion Criteria:

Subjects who meet any of the following criteria are not eligible to participate in the study:

1. Subject who has any dermatological disorders of the scalp in the target region withthe possibility of interfering with the application of the IMP or examinationmethod, such as fungal or bacterial infections, seborrheic dermatitis, psoriasis,eczema, folliculitis, scars, or scalp atrophy.

2. Subject who has any skin pathology or condition that, in the investigator's opinion,could interfere with the evaluation of the IMP or requires use of interferingtopical, systemic (e.g., uncontrolled thyroid disease, certain genetic disordersthat involve hair growth or patterns), or surgical therapy.

3. Subject who has current or recent history (within 6 months) of hair weaves,non-breathable wigs, or hair bonding.

4. Subject who had scalp hair transplants at any time.

5. Subject with a history of active hair loss due to diffuse telogen effluvium,alopecia areata, scarring alopecia, trichotillomania, or conditions/diseases otherthan AGA.

6. Subject who has a current or recent history (within 6 months) of severe dietary orweight changes or has a history of eating disorder(s), any history of bariatricsurgery (gastric bypass, gastric sleeve, stomach stapling); macro- or micro-nutrientdeficiencies within the last 6 months (i.e.: clinically significant iron deficiency,protein deficiency confirmed by lab testing) and/or any current diagnosis ofmalabsorptive disease (i.e.: Celiac, Irritable Bowel disease etc.).

7. Subject who has any condition which, in the investigator's opinion, would make itunsafe for the subject to participate in this study, including 12-leadelectrocardiogram (ECG) findings during the screening period.

8. Subject is currently enrolled in an investigational drug or device study.

9. Subject who has used an investigational drug or investigational device treatmentwithin 30 days or 5 half-lives whichever is longer prior to Visit 2/Baseline.

10. Subject who is unable to communicate or cooperate with the investigator due tolanguage problems, poor mental development, or impaired cerebral function.

11. Subject who has used or is suspected, in the investigator's opinion, to be usinganabolic steroids.

12. Subject who may be unreliable for the study, including subjects who engage inexcessive alcohol intake or drug abuse, and/or subjects who will be unable to returnfor scheduled follow-up visits.

13. Subject who has a known hypersensitivity or previous allergic reaction to any of theactive or inactive ingredients in the IMPs or tattoo ink.

14. Subject who has used any of the following topical preparations or procedures on thescalp:

15. Topical scalp treatments for hair growth including minoxidil, Aminexil, hormonetherapy, anti-androgens, or other agents that are known to affect hair growthwithin 12 weeks of Visit 2/Baseline.

16. Topical scalp over-the-counter (OTC) or cosmetic treatments known or reasonablybelieved to affect hair growth (e.g., brands such as Maxilene, Nioxin, Foltene,etc.) or hair health or hair growth products with saw palmetto, copper, etc.within 2 weeks of Visit 2/Baseline.

17. Topical scalp treatments that may have ancillary effect on hair growthincluding, but not limited to, corticosteroids, pimecrolimus, tacrolimus, andretinoids within 4 weeks of Visit 2/Baseline.

18. Scalp procedures (surgical, laser, light, or energy treatments, micro-needling,etc.) within 6 months of Visit 2/Baseline.

19. Platelet rich plasma (PRP) procedure on the scalp within 6 months of Visit 2/Baseline.

20. Subject who has used one or more of the following systemic medications orprocedures:

21. Beta blockers, cimetidine, diazoxide, or corticosteroids (includingintramuscular and intralesional injections) within 12 weeks of Visit 2/Baseline. Inhaled, intranasal, or ocular corticosteroids are allowed if useis stable [defined as doses and frequency unchanged for at least 4 weeks priorto Visit 2/Baseline].

22. Retinoid, isotretinoin, vitamin A intake above 10,000 IU per day, orcyclosporine therapy within 6 months of Visit 2/Baseline.

23. Any 5 alpha reductase medications (i.e.: Finasteride [Propecia®, etc.],Dutasteride or similar products within 6 months of Visit 2/Baseline.

24. Chemotherapy or cytotoxic agents at any time.

25. Radiation of the scalp at any time point.

26. Other systemic therapy, which in the opinion of the investigator, maymaterially affect the subject's hair or hair growth, including, but not limitedto, spironolactone, vitamin or homeopathy supplement hair growth or hair healthproducts or other steroid hormones (in any form), including anabolic steroidsduring the 3 months prior to baseline or during the study.

27. Subject who has been previously enrolled in any study with Clascoterone (former CB 03 01).

28. Subject who is an employee or direct relative of an employee of the contractresearch organization (CRO), the study site, or the Sponsor.

29. Subject who is institutionalized because of legal or regulatory order.