HairDAO
Ten research programmes. Seven patent filings. One product on the shelf at $35 a month.
A patient community funding hair loss research since 2021.
The problem
Hair loss research gets 0.004% of early-stage R&D funding. Around $5.4 million a year, worldwide.
Nothing new has reached market since finasteride in 1997.
Oral minoxidil works and doctors prescribe it off-label constantly, though it has never been approved for hair loss. The blocker is the shape of the dose, which arrives as a spike.
The raise
| Date | What happened | Amount |
|---|---|---|
| Nov 2021 | Launch in the first bio.xyz cohort. First IP-NFT minted on T3 and T4. | |
| Initial auction, open format | market set | |
| Seed round, taking the treasury past $3.3M | $2,960,000 |
Libertus, Cherry Ventures, Bizantine, Zee Prime, Beaker DAO, Molecule AG, ID Theory, Re7.
The 2021 auction ran open. Buyers set the clearing price and the DAO took whatever the auction produced, with no valuation fixed in advance.
Ignition Sales today work the other way round. A project opens at a set fully diluted valuation, currently in a $2M to $3M band, against a fixed raise size agreed before the sale.
What it paid for
Ten programmes. Patent filed on TRH, T3, T4, naltrexone, olanzapine, doxycycline and farnesol. Funded and running on dutasteride delivery vehicles, Twist-1 inhibition across eleven compounds in human dermal papilla cells, and YAP-1 inhibition for scarless transplants.
One product. MINX, a 5mg lipid-matrix capsule of oral minoxidil taken with food, releasing across the day. Peak plasma sits near 6 ng/mL against 37 for immediate-release at the same dose.
The pharmacology to back it. Two single-dose runs quantified by LC-MS/MS, published in full at anagen.xyz/treatment-science/minx with sources and stated limitations.
What token holders get
A vote on which research the treasury funds, one token one vote. Early access to research data, a discount across the product line, and HAIR earned back for logging treatment results into the patient portal.
The DAO owns the IP its treasury funds. Patents sit with HairDAO and holders govern the portfolio, which is a different structure from a company-held model like ARTAN's.
HAIR is a governance token and carries no economic rights.
HairDAO launched in 2021, four years before coin-to-company. A project launching today gets different terms. Ask for the current documentation.
Where they are now
MINX ships through Anagen in New York. LegitScript approved, telehealth and HIPAA infrastructure in place, from $35 a month on an annual plan.
Start a conversation
Michele Gallia, Head of Business Development
Sources: hairdao.xyz; anagen.xyz/treatment-science/minx, reviewed 29 May 2026; Fleishaker et al. J Clin Pharmacol 1989; HairDAO seed round announcement.