Verrica Pharmaceuticals Inc.

Listed Company

VRCACIK 0001660334NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$35.58M

Net Income

$-17.89M

Total Assets

$47.13M

Equity

$24.74M

Shares Out

17.18M

Op. Cash Flow

$-17.60M

Business

Verrica Pharmaceuticals Inc. develops and commercializes dermatology therapeutics for skin diseases requiring medical intervention. Its main products and candidates include the FDA-approved YCANTH (VP-102), a proprietary cantharidin drug‑device for molluscum and potential common warts indications, and VP-315, an oncolytic peptide injectable in development for dermatologic oncology including basal cell carcinoma. Key business activities comprise commercialization, clinical development and licensing collaborations, including a partnership with Torii for Japan. Its products are distributed primarily in the United States via specialty pharmacy “white bag” services and buy-and-bill through wholesale distribution partners, with global development and licensing efforts in other markets.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	36	8	—	—	—
Cost of product revenue	2	2	289,000	0	—
Cost of license and collaboration revenue	1	887,000	—	—	—
Selling, general and administrative	35	59	47	17	—
Research and development	9	12	20	12	16
Loss on disposal of equipment	200,000	100,000	3	0	—
Total operating expenses	48	73	71	30	43
Loss from operations	−12	−66	−66	−21	−31
Interest income	929,000	1	3	476,000	123,000
Interest expense	−8	−9	−4	—	—
Change in fair value of derivative liability	3	−3	0	—	—
Loss on extinguishment of debt	−2	0	0	−1	0
Other expense	−3,000	−17,000	−14,000	−58,000	0
Total other expense, net	−6	−11	−1	−3	−4
Net loss	−18	−77	−67	−24	−35
Net loss per share, basic (in shares)	−1.68	−14.78	−1.48	−0.72	−1.3
Net loss per share, diluted (in shares)	−1.68	−14.78	−1.48	−0.72	−1.3
Weighted-average common shares outstanding, basic (in dollars per share)	11	5	45	34	27
Weighted-average common shares outstanding, diluted (in dollars per share)	11	5	45	34	27

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	30	46	70	34	16
Accounts receivable	5	48,000	4	0	—
Collaboration revenue, billed and unbilled	137,000	29,000	—	—	—
Deferred R&D services, current portion (Note 12)	2	0	—	—	—
Inventory	2	2	1	0	—
Prepaid expenses and other current assets	3	2	3	4	4
Total current assets	43	51	78	39	74
Property and equipment, net	209,000	589,000	1	4	4
Operating lease right-of-use asset	540,000	836,000	1	1	2
Finance lease right-of-use asset	1	1	1	0	—
Deferred R&D services, non-current portion (Note 12)	2	0	—	—	—
Other non-current assets	376,000	376,000	452,000	276,000	295,000
Total assets	47	54	82	45	80
Accounts payable	2	2	2	507,000	845,000
Accrued expenses and other current liabilities	13	14	14	3	3
Deferred revenue	782,000	0	—	—	—
Current portion of long-term debt	0	13	0	—	—
Operating lease liability	341,000	315,000	324,000	297,000	245,000
Finance lease liability	405,000	352,000	376,000	0	6,000
Total current liabilities	16	29	17	3	46
Operating lease liability	242,000	583,000	910,000	1	1
Finance lease liability	643,000	768,000	1	0	16,000
Derivative liability	0	3	0	—	—
R&D Funding Liability (Note 12)	5	0	—	—	—
Long-term debt	0	31	43	0	—
Total liabilities	22	64	62	5	48
Commitments and Contingencies (Note 6)	—	—	—	—	—
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.0001 par value; 200,000,000 authorized; 17,189,300 shares issued and 17,178,786 shares outstanding as of December 31, 2025 and 9,188,513 shares issued and 9,177,999 shares outstanding as of December 31, 2024	2,000	1,000	4,000	4,000	3,000
Treasury stock, at cost, 10,514 shares as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Additional paid-in capital	350	297	250	203	172
Accumulated deficit	−325	−307	−230	−163	−139
Total stockholders (deficit) equity	25	−10	20	40	33
Total liabilities and stockholders (deficit) equity	47	54	82	45	80

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	3	7	14	5	6
Depreciation expense	100,000	300,000	500,000	500,000	244,000
Non-cash interest expense	2	2	810,000	383,000	1
Loss on disposal of fixed assets	246,000	83,000	3	0	—
Amortization of operating lease right-of-use asset	296,000	308,000	286,000	264,000	228,000
Amortization of finance lease right-of-use asset	352,000	619,000	20,000	0	—
Change in obligation for R&D Funding liability	754,000	0	—	—	—
Non-cash R&D expense related to warrant vesting	51,000	0	—	—	—
Impairment of right-of-use asset	0	255,000	0	—	—
Loss on termination of financing lease	1,000	19,000	0	6,000	0
Prepaid expenses and other assets	−264,000	−1	587,000	−456,000	−543,000
Deferred revenue	782,000	0	—	—	—
Accounts payable	176,000	−568,000	2	−338,000	497,000
Accounts receivable	−5	4	−4	0	—
Collaboration receivable, billed and unbilled	−108,000	139,000	—	—	—
Accrued expenses and other current liabilities	−1	−294,000	11	−255,000	208,000
Operating lease liability	−315,000	−322,000	−291,000	−264,000	−197,000
Net cash used in operating activities	−18	−61	−39	−19	−28
Purchases of property and equipment	0	−27,000	−362,000	−302,000	−883,000
Sale of fixed assets	0	8,000	0	—	—
Net cash used in investing activities	0	−19,000	−362,000	54	−998,000
Proceeds from exercise of stock options	0	155,000	7,000	0	558,000
Proceeds from issuance of debt, net of issuance costs	0	0	44	0	5
Proceeds from issuance of common stock, pre-funded warrants and warrants	50	43	—	—	—
Issuance costs for common stock, pre-funded warrants and warrants	−310,000	−3	−177,000	0	—
Cash paid to settle debt	−35	0	—	—	—
Repayment of debt	−13	0	0	−44	0
Debt amendment costs	−110,000	−1	0	—	—
Repayment of finance lease	−383,000	−924,000	−23,000	−4,000	−5,000
Net cash provided by financing activities	1	38	74	−17	34
Net decrease in cash and cash equivalents	−16	−23	35	19	5
Cash paid for interest	5	7	3	2	3
Recognition of R&D funding liability and deferred R&D services	5	0	—	—	—
Non-cash accruals for equity issuance costs	637,000	0	—	—	—
Right-of-use asset obtained in exchange for lease obligation	302,000	2	1	99,000	0
Extinguishment of finance lease liability as a result of lease termination	71,000	2	—	—	—
Extinguishment of operating lease liability as a result of lease termination	0	14,000	0	—	—

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