Inclusion Criteria:
* Female participants aged ≥18 years and ≤60 years at the time of signing the informed consent form.
* Presentation of female pattern hair loss in stages 2 to 4 of the Sinclair scale (Women's Alopecia Severity Scale - WASS), based on the Investigator's clinical examination.
* Absence of specific treatment for female pattern hair loss (FPHL) in the last 6 months or history of specific treatment for FPHL lasting ≤30 days in the last 6 months. Participants currently using specific treatment for FPHL or with prior use lasting \>30 days in the last 6 months must complete a 3-month washout period before the Randomization Visit (RV).
* Willing to agree to all procedures and assessments required by the clinical trial, including a permanent tattoo applied to the scalp and shaving of the target area.
* Willing to maintain hair style, length, and color throughout the study.
* Willing to maintain consistent use of hair care products and general hair care routine during the entire study.
Exclusion Criteria:
* Participant presenting other causes of alopecia, such as: alopecia areata, scarring alopecia, traction alopecia, nutritional deficiency, monilethrix, trichotillomania, trichothiodystrophy, chemotherapy-induced alopecia.
* Participant who experienced telogen effluvium in the last 6 months, such as after childbirth, infection, intense stress.
* Participant presenting other dermatological conditions on the scalp, such as: seborrheic dermatitis, psoriasis, eczema, scalp mycosis.
* Participant presenting signs or symptoms of hyperandrogenism, such as: hirsutism, moderate to severe acne.
* Participant with previous diagnosis of hormonal disorders, such as: polycystic ovary syndrome, ovarian or adrenal tumors.
* Participant with previous diagnosis of pituitary disorders, such as: prolactinoma, panhypopituitarism.
* Participant presenting uncontrolled thyroid disease.
* Participant with previous diagnosis of autoimmune diseases or collagen disorders, such as: systemic lupus erythematosus, dermatomyositis, scleroderma.
* Participant in use of hormonal therapy initiated or changed in the last 6 months.
* Participant who has received an organ transplant.
* Participant who underwent physical treatments for hair loss in the last 6 months, such as: microneedling, laser, platelet-rich plasma. Note: in this case, the participant must complete a 3-month washout period.
* Participant with history of hair transplant.
* Participant who uses hair extensions.
* Participant presenting severe uncontrolled hypertension (systolic blood pressure \[SBP\] \>180 mmHg or diastolic blood pressure \[DBP\] \>110 mmHg).
* Participant presenting confirmed orthostatic hypotension (sustained reduction of SBP ≥20 mmHg or DBP ≥10 mmHg within 3 minutes after standing).
* Participant presenting arterial hypotension (SBP \<90 mmHg or DBP \<60 mmHg).
* Participant with previous diagnosis or suspected pulmonary hypertension associated with mitral stenosis.
* Participant with previous diagnosis of acute myocardial infarction.
* Participant with previous diagnosis or suspected pheochromocytoma.
* Participant presenting history of peripheral edema, lymphedema, or ascites.
* Participant with history or risk factor for pericardial effusion.
* Participant with previous diagnosis of other moderate to severe cardiovascular, renal, or hepatic diseases.
* History of any malignancy in the last 5 years, except successfully treated non-metastatic basal cell or squamous cell carcinoma of the skin.
* Participant in current use of potent vasodilators, such as: hydralazine and isosorbide.
* Participant with known allergy or hypersensitivity to minoxidil or any component of the formulation.
* Participant presenting hair styles that, in the Investigator's opinion, prevent study assessments, such as: permanent braids, dreadlocks, box braids, nagô.
* Participant who is pregnant, breastfeeding, or has potential to become pregnant and does not agree to use a contraceptive method during the clinical trial.
* Participant presenting any clinically significant condition that, in the Investigator's opinion, makes the participant unsuitable for participation in the trial.
* Participant who has participated in clinical trial protocols in the last 12 months, unless the Investigator considers there may be direct benefit.
