Ultimo Minoxidil (also spelled Ulthimo) is an over-the-counter topical hair and beard regrowth treatment containing minoxidil (available in 3.5% and extra-strength 5% formulas) designed to reactivate hair follicles, reduce thinning, and stimulate new growth. It is sold as a liquid spray, dropper solution, or foam—frequently bundled with biotin or a dermaroller.