This study checks if a new medicine called Clascoterone can help with male pattern hair loss (hair thinning in men). The study has two parts. In Part 1, participants will use either Clascoterone or a placebo (a fake treatment) twice a day for 6 months. The results will show if the medicine is safe and effective. If participants respond well in Part 1, they move to Part 2, using the treatment for another 6 months, focusing on long-term effects. Participants will have 8 clinic visits and 2 calls during the 14-month period.

• Participants must be male and at least 18 years old.
• They must be ready to follow study instructions for about 14 months.
• Participants will get $50 for each clinic visit, totaling up to $400.

During the study, participants will have medical exams, answer questions, and have their scalp photographed to track hair changes. They must apply the medicine to balding areas twice daily and bring all used and unused containers back to the study center.