Cutia Therapeutics announced that the New Drug Application (the "NDA") for CU-40102 (topical finasteride spray) of the Group was submitted to the Department of Health of the Government of the Hong Kong Special Administrative Region ("Hong Kong") of the People's Republic of China (the "PRC"). The indication of CU-40102 is for the treatment of androgenetic alopecia. CU-40102 is the first and only topical finasteride product approved for androgenetic Alopecia treatment globally and the first topical finasteride to have its NDA accepted by the National Medical Products Administration (the " NMPA") of the PRC.

The NDA for CU-40102 was accepted by the NMPA in January 2024. Finasteride can treat androgenetic alopecIA in male patients by acting as a competitive and specific inhibitor of Type II 5-alpha reductase to inhibit the conversion of testosterone to dihydrotestosterone in the scalp. Unlike oral finasteride, CU-40102's topical formulation allows patients to apply the drug directly to the surface of the scalp, thereby maintaining a high concentration at the affected site while possibly reducing the side effects commonly associated with oral formulations.