Verrica Pharmaceuticals Reports Second Quarter 2025 Financial Results
Verrica Pharmaceuticals (Nasdaq: VRCA) reported strong Q2 2025 financial results with total revenue of $12.7 million, including $4.5 million from YCANTH® sales and $8.0 million in milestone revenue from Torii Pharmaceutical. YCANTH showed impressive growth with 13,434 dispensed applicator units, representing a 32.8% sequential increase from Q1 2025.
The company achieved a net income of $0.2 million ($0.02 per share) compared to a net loss of $17.2 million in Q2 2024. Verrica completed a successful End of Phase 2 Meeting for VP-315 in basal cell carcinoma and is preparing for Phase 3 while exploring non-dilutive financing options. The company expects an additional $10 million milestone payment upon Japanese regulatory approval of YCANTH by year-end 2025.
Verrica Pharmaceuticals (Nasdaq: VRCA) ha registrato solidi risultati finanziari nel 2° trimestre 2025 con ricavi totali di 12,7 milioni di dollari, di cui 4,5 milioni di dollari dalle vendite di YCANTH® e 8,0 milioni di dollari di ricavi da milestone da Torii Pharmaceutical. YCANTH ha mostrato una crescita significativa con 13.434 applicatori erogati, pari a un incremento sequenziale del 32,8% rispetto al 1° trimestre 2025.
L'azienda ha conseguito un utile netto di 0,2 milioni di dollari (0,02 dollari per azione) rispetto a una perdita netta di 17,2 milioni nel 2° trimestre 2024. Verrica ha completato con successo l'End of Phase 2 Meeting per VP-315 nel carcinoma basocellulare e si sta preparando per la fase 3, valutando opzioni di finanziamento non dilutive. La società prevede un ulteriore pagamento milestone di 10 milioni di dollari al momento dell'approvazione regolatoria giapponese di YCANTH entro la fine del 2025.
Verrica Pharmaceuticals (Nasdaq: VRCA) presentó sólidos resultados financieros en el 2.º trimestre de 2025 con ingresos totales de 12,7 millones de dólares, incluidos 4,5 millones de dólares por ventas de YCANTH® y 8,0 millones de dólares en ingresos por hitos de Torii Pharmaceutical. YCANTH mostró un crecimiento destacado con 13.434 aplicadores dispensados, lo que supone un incremento secuencial del 32,8% respecto al 1.º trimestre de 2025.
La compañía obtuvo un beneficio neto de 0,2 millones de dólares (0,02 $ por acción) frente a una pérdida neta de 17,2 millones en el 2.º trimestre de 2024. Verrica completó con éxito la reunión End of Phase 2 para VP-315 en carcinoma basocelular y se está preparando para la fase 3, explorando opciones de financiación no dilutiva. La empresa espera un pago adicional por hito de 10 millones de dólares cuando YCANTH reciba la aprobación regulatoria en Japón antes de finalizar 2025.
Verrica Pharmaceuticals (Nasdaq: VRCA)는 2025년 2분기에 총매출 $12.7 million을 보고했으며, 이 중 YCANTH® 판매에서 $4.5 million, Torii Pharmaceutical로부터의 마일스톤 수익으로 $8.0 million을 기록했습니다. YCANTH는 13,434개 조제용 애플리케이터가 공급되어 2025년 1분기 대비 연속 분기 기준 32.8% 증가를 보였습니다.
회사는 순이익 $0.2 million（주당 $0.02）을 달성했으며, 이는 2024년 2분기 순손실 $17.2 million에서의 개선입니다. Verrica는 기저세포암에 대한 VP-315의 End of Phase 2 미팅을 성공적으로 마쳤고 3상 준비를 진행 중이며 비희석성(비희석) 자금 조달 옵션을 검토하고 있습니다. 회사는 2025년 말까지 일본 규제 승인 시 추가로 $10 million 마일스톤 지급을 기대하고 있습니다.
Verrica Pharmaceuticals (Nasdaq: VRCA) a publié de solides résultats pour le 2e trimestre 2025 avec un chiffre d'affaires total de 12,7 millions de dollars, dont 4,5 millions de dollars provenant des ventes de YCANTH® et 8,0 millions de dollars de revenus liés à des jalons de Torii Pharmaceutical. YCANTH a montré une forte progression avec 13 434 applicateurs délivrés, soit une hausse séquentielle de 32,8 % par rapport au 1er trimestre 2025.
La société a réalisé un bénéfice net de 0,2 million de dollars (0,02 $ par action), contre une perte nette de 17,2 millions au 2e trimestre 2024. Verrica a mené à bien la réunion de fin de phase 2 (End of Phase 2 Meeting) pour VP-315 dans le carcinome basocellulaire et se prépare pour la phase 3, tout en étudiant des options de financement non dilutives. La société anticipe un paiement de jalon supplémentaire de 10 millions de dollars lors de l'approbation réglementaire de YCANTH au Japon d'ici la fin 2025.
Verrica Pharmaceuticals (Nasdaq: VRCA) meldete starke Finanzergebnisse für das 2. Quartal 2025 mit einem Gesamtumsatz von 12,7 Millionen US-Dollar, darunter 4,5 Millionen US-Dollar aus YCANTH®-Verkäufen und 8,0 Millionen US-Dollar Meilensteinumsatz von Torii Pharmaceutical. YCANTH verzeichnete ein beeindruckendes Wachstum mit 13.434 abgegebenen Applikator-Einheiten, was einem sequenziellen Anstieg von 32,8% gegenüber dem 1. Quartal 2025 entspricht.
Das Unternehmen erzielte einen Nettoertrag von 0,2 Millionen US-Dollar (0,02 USD je Aktie) gegenüber einem Nettoverlust von 17,2 Millionen im 2. Quartal 2024. Verrica hat das End-of-Phase-2-Meeting für VP-315 bei Basalzellkarzinom erfolgreich abgeschlossen und bereitet sich auf Phase 3 vor, während nicht-dilutive Finanzierungsoptionen geprüft werden. Das Unternehmen erwartet bei einer japanischen Zulassung von YCANTH bis Ende 2025 eine zusätzliche Meilensteinzahlung in Höhe von 10 Millionen US-Dollar.
- Q2 2025 revenue reached $12.7 million, with YCANTH sales showing 32.8% sequential growth
- Achieved profitability with $0.2 million net income in Q2 2025, compared to $17.2 million loss in Q2 2024
- Secured $8 million milestone payment from Torii Pharmaceutical for common warts program
- Expected additional $10 million non-dilutive milestone payment upon Japanese approval
- Significant reduction in operating expenses, with SG&A costs down by $7.7 million year-over-year
- Cash position decreased to $15.4 million as of June 30, 2025
- Product revenue slightly declined to $4.5 million in Q2 2025 from $4.9 million in Q2 2024
- Substantial debt obligations with ongoing interest expense of $2.1 million in Q2 2025
Insights
Verrica reports Q2 revenue growth with successful YCANTH commercialization and pipeline advancements, showing promising turnaround after restructuring.
Verrica Pharmaceuticals reported
The company achieved profitability this quarter with a net income of
The financial turnaround stems from two key factors: successful commercialization efforts and substantial cost reductions. Following a Fall 2024 restructuring, Verrica significantly reduced expenses, with SG&A costs dropping
Looking ahead, Verrica has multiple potential value catalysts. Their partnership with Torii includes an additional
Perhaps most significant is Verrica's advancement of VP-315 for basal cell carcinoma (BCC) following a successful End-of-Phase 2 FDA meeting. Management describes this as a "potential multiple billion-dollar opportunity" and is exploring non-dilutive financing options to advance this program while preserving shareholder value.
The 1-for-10 reverse stock split executed in July was likely necessary to maintain Nasdaq listing requirements but doesn't affect the company's underlying fundamentals. With improving commercial execution, multiple near-term catalysts, and a more sustainable cost structure, Verrica appears to be executing a successful business transformation focused on sustainable growth.
– Company reports
– Completed Successful End of Phase 2 Meeting for VP-315 for Basal Cell Carcinoma; Company is preparing for the Phase 3 program and exploring non-dilutive opportunities for financing further development –
– Conference call scheduled for today at 4:30 pm ET –
WEST CHESTER, Pa., Aug. 12, 2025 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica”) (Nasdaq: VRCA), a dermatology therapeutics company developing and selling medications for skin diseases requiring medical interventions, today announced financial results for the second quarter ended June 30, 2025.
“I am pleased to report that the business momentum we experienced in the first quarter has continued into the second quarter of 2025, as demonstrated by YCANTH’s strong sequential quarterly growth in dispensed applicator units of
“Looking ahead, we believe our positive momentum is likely to continue. We have the opportunity to receive an additional
Conference Call and Webcast Information
The Company will host a conference call today, August 12, 2025, at 4:30 pm, to discuss its second quarter 2025 financial results and provide a business update. To participate in the conference call, please utilize the following information:
Domestic Dial-In Number: Toll-Free: 1-800-267-6316
International Dial-In Number: 1-203-518-9783
Conference ID: VERRICA
Participants can use Guest dial-in #s above and be answered by an operator.
Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1725073&tp_key=4eb16e1992
The call will be broadcast live over the Web and can also be accessed on Verrica Pharmaceuticals’ website: www.verrica.com.
The conference call will also be available for replay for one month on the Company’s website in the Events Calendar of the Investors section.
Business Highlights and Recent Developments
CORPORATE
- On July 1, 2025, the Company announced a second amendment to its Collaboration and Licensing Agreement with Torii Pharmaceutical Co. Ltd. (“Torii”) to initiate the global Phase 3 program of VP-102/TO-208 (YCANTH), for the treatment of common warts.
- Torii agreed to accelerate an
$8 million milestone payment to Verrica for initiating the global Phase 3 program, which the Company received in July 2025. - Torii agreed to pay Verrica a
$10 million milestone payment for the Japanese approval of YCANTH (TO-208 in Japan) for molluscum in cash, rather than as an offset to trial costs. The regulatory decision is expected to occur by the end of 2025. - Verrica expects to dose the first patient in the global Phase 3 program in the United States in the fourth quarter of 2025.
- Torii will continue to split the costs of the global Phase 3 program with Verrica on a 50/50 basis and will pay the first
$40 million of the trial costs, representing approximately90% of the current trial budget. To repay its half of the trial costs, Verrica will offset amounts otherwise owed by Torii for future royalties, certain transfer price payments and remaining development milestones (not including the$8 million and$10 million milestone payments noted above). - Verrica will initiate a manufacturing transfer to Torii for YCANTH (TO-208) applicators to be sold in Japan, which is expected to take place in stages over the next several years. In the interim, Verrica will continue to receive from Torii a transfer price for applicators manufactured by Verrica’s manufacturing partners. After the transfer of at least one component of the manufacturing process, Verrica will begin receiving royalties related to net sales in Japan of applicators manufactured by Torii and/or its manufacturing partners in lieu of the transfer price for completed applicators.
- At the close of trading on July 24, 2025, the Company effected a reverse stock split at a ratio of 1-for-10 shares of its common stock. As a result, every ten shares of the Company’s issued and outstanding common stock were automatically combined into one share. The reverse stock split affected all stockholders uniformly and did not alter any stockholder’s percentage ownership interest in the Company. This split reduced the number of issued shares of common stock from 92,650,404 shares to 9,265,034 shares of common stock. The number of shares of the Company's common stock outstanding was reduced from 92,545,260 to 9,254,520.
- Torii agreed to accelerate an
YCANTH® (VP-102)
- On July 9, 2025, the Company reported a record 13,434 YCANTH dispensed applicator units in the second quarter of 2025. This second quarter growth in dispensed applicator units represents a sequential increase of
32.8% over the first quarter of 2025.
VP-315
- The Company is encouraged by its recent end-of-Phase 2 meeting with the FDA, and plans on providing a comprehensive overview of this program, including additional genomic and immune response data for VP-315, later this year at a scientific conference.
Financial Results
Second Quarter 2025 Financial Results
- Product revenue, net was
$4.5 million for the three months ended June 30, 2025, compared to$4.9 million for the three months ended June 30, 2024. Product revenue, net, related to the delivery of YCANTH (VP-102) to our distribution partners. For the three months ended June 30, 2024, product revenue, net included an initial one-time stock-in related to the expansion of our specialty distribution network to bring on an additional specialty distributor, which represented approximately54% of product revenue, net in the period. - License and collaboration revenue was
$8.2 million for the three months ended June 30, 2025, compared to$0.3 million for the three months ended June 30, 2024. Collaboration revenue for the three months ended June 30, 2025 consisted of an$8.0 million milestone payment from Torii as well as supplies and development activity. Collaboration revenue for the three months ended June 30, 2024 consisted of supplies and development activity with Torii. - Costs of product revenue were
$0.3 million for the quarter ended June 30, 2025, compared to$0.4 million for the quarter ended June 30, 2024. - Selling, general and administrative expenses were
$8.9 million for the quarter ended June 30, 2025, compared to$16.5 million for the same period in 2024. The decrease of$7.7 million was primarily due to lower expenses related to commercial activities for YCANTH (VP-102), including decreases in compensation, stock compensation, benefits and travel due to reduced sales force of$5.7 million , decreased marketing and sponsorship costs of$1.1 million , and decreased legal costs of$0.9 million . - Research and development expenses were
$1.8 million for the quarter ended June 30, 2025, compared to$3.3 million for the same period in 2024. The decrease of$1.5 million was primarily related to decreased chemistry, manufacturing and controls (CMC) and medical affairs costs of$0.6 million , as well as decreased clinical operations costs of$0.8 million , mostly related to the phase 2 clinical trial for VP-315. - Interest income was
$0.2 million for the quarter ended June 30, 2025, compared to$0.4 million for the same period in 2024. The decrease of$0.2 million was primarily due to a lower cash balance. - Interest expense was
$2.1 million for the quarter ended June 30, 2025, and$2.4 million for the same period in 2024. Interest expense is related to borrowings under the OrbiMed Credit Agreement. The decrease of$0.2 million was related to a lower principal balance. - For the quarter ended June 30, 2025, net income was
$0.2 million , or$0.02 per basic and diluted share, compared to a net loss of$17.2 million , or$3.70 per share, for the same period in 2024. - For the quarter ended June 30, 2025, non-GAAP net income was
$2.4 million , or$0.25 per basic and diluted share, compared to a non-GAAP net loss of$14.4 million , or$3.11 per share, for the same period in 2024. - As of June 30, 2025, Verrica had
$15.4 million in cash and cash equivalents.
Year-to-Date Financial Results
- Product revenue, net was
$8.0 million for the six months ended June 30, 2025, compared to$8.1 million for the six months ended June 30, 2024. For the six months ended June 30, 2024, product revenue, net included an initial one-time stock-in related to the expansion of our specialty distribution network to bring on an additional specialty distributor, which represented approximately32% of product revenue, net in the period. - License and collaboration revenue was
$8.2 million for the six months ended June 30, 2025, compared to$0.9 million for the six months ended June 30, 2024. License and collaboration revenue for the six months ended June 30, 2025 consisted of an$8.0 million milestone payment from Torii as well as supplies and development activity. License and collaboration revenue for the six months ended June 30, 2024 consisted of supplies and development activity with Torii. - Costs of product revenue were
$0.8 million for the six months ended June 30, 2025, compared to$0.9 million for the six months ended June 30, 2024. - Selling, general and administrative expenses were
$17.7 million in the six months ended June 30, 2025, compared to$32.9 million for the same period in 2024. The decrease of$15.2 million was primarily due to lower expenses related to commercial activities for YCANTH (VP-102), including decreases in compensation, stock compensation, benefits and travel due to reduced sales force of$10.6 million , decreased marketing and sponsorship costs of$3.2 million , and decreased legal, general and administrative costs of$1.4 million . - Research and development expenses were
$4.1 million in the six months ended June 30, 2025, compared to$8.3 million for the same period in 2024. The decrease of$4.1 million was primarily related to decreased clinical trial costs for VP-315 of$2.6 million and decreased regulatory and medical affairs costs of$0.7 million . - Interest income was
$0.6 million for the six months ended June 30, 2025, compared to$1.0 million for the same period in 2024. The decrease of$0.4 million was primarily due to a lower cash balance. - Interest expense was
$4.3 million for the six months ended June 30, 2025, and$4.7 million for the same period in 2024. Interest expense is related to borrowings under the OrbiMed Credit Agreement. The decrease of$0.4 million was related to a lower principal balance. - For the six months ended June 30, 2025, net loss was
$9.5 million , or$1.01 per share, compared to a net loss of$37.5 million , or$8.07 per share, for the same period in 2024. - For the six months ended June 30, 2025, non-GAAP net loss was
$5.4 million , or$0.57 per share, compared to a non-GAAP net loss of$32.2 million , or$6.93 per share, for the same period in 2024.
Non-GAAP Financial Measures
In evaluating the operating performance of its business, Verrica’s management considers non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share. These non-GAAP financial measures exclude stock-based compensation expense and non-cash interest expense that are required by GAAP. Verrica excludes non-cash stock-based compensation expense from these non-GAAP measures to facilitate comparison to peer companies who also provide similar non-GAAP disclosures and because it reflects how management internally manages the business. In addition, Verrica excludes non-cash interest expense from these non-GAAP measures to facilitate an understanding of the effects of the debt service obligations on the Company’s liquidity and comparisons to peer group companies who also provide similar non-GAAP disclosures and because it is reflective of how management internally manages the business. Non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share have been reconciled to the nearest GAAP measure in the tables following the financial statements in this press release.
About YCANTH® (VP-102)
YCANTH® is a proprietary drug-device combination product that contains a GMP-controlled formulation of cantharidin delivered via a single-use applicator that allows for precise topical dosing and targeted administration for the treatment of molluscum. YCANTH® is the first and only commercially available product approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum — a common, highly contagious skin disease that affects an estimated six million people in the United States, primarily children. Approval of YCANTH® was based upon the positive results from two Phase 3 clinical trials in approximately 500 patients which demonstrated that YCANTH® was a safe and effective therapeutic for the treatment of molluscum. Approximately 225 million lives are eligible to receive YCANTH® covered by insurance. Commercially insured patients pay just
About Verrica Pharmaceuticals Inc.
Verrica is a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. Verrica’s product YCANTH® (VP-102) (cantharidin), is the first and only commercially available treatment approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum, a highly contagious viral skin infection affecting approximately 6 million people in the United States, primarily children. YCANTH® (VP-102) is also in development to treat common warts, the largest remaining unmet need in medical dermatology. Verrica has also entered a worldwide license agreement with Lytix Biopharma AS to develop and commercialize VP-315 (formerly LTX-315 and VP-LTX-315) for non-melanoma skin cancers including basal cell carcinoma and squamous cell carcinoma. For more information, visit www.verrica.com.
About Dispensed Applicator Units
Dispensed applicator units represent applicators (a) shipped to healthcare professionals from Verrica’s contracted pharmacy partners for fulfillment, (b) sold by Verrica’s distribution partners to independent and regional pharmacies, and (c) sold to physician offices, hospitals and other clinics on a buy and bill basis.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe,” “expect,” “may,” “plan,” “potential,” “will,” and similar expressions, and are based on Verrica’s current beliefs and expectations. These forward-looking statements include statements about receipt of additional non-dilutive capital from Torii and the timing of the related regulatory decision, the commercialization of YCANTH and the clinical development and benefits of Verrica’s product candidates, including YCANTH (VP-102) and VP-315. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include risks and uncertainties related to market conditions, satisfaction of customary closing conditions related to the proposed public offering and other risks and uncertainties that are described in Verrica’s Annual Report on Form 10-K for the year ended December 31, 2024, and other filings Verrica makes with the SEC. Any forward-looking statements speak only as of the date of this press release and are based on information available to Verrica as of the date of this release, and Verrica assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.
VERRICA PHARMACEUTICALS INC.
Statements of Operations
(in thousands except share and per share data)
(unaudited)
| Three Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Product revenue, net | $ | 4,534 | $ | 4,892 | ||||
| License and collaboration revenue | 8,168 | 285 | ||||||
| Total revenue | 12,702 | 5,177 | ||||||
| Operating expenses: | ||||||||
| Cost of product revenue | 340 | 360 | ||||||
| Cost of collaboration revenue | 154 | 182 | ||||||
| Selling, general and admin. | 8,852 | 16,522 | ||||||
| Research and development | 1,846 | 3,319 | ||||||
| Total operating expenses | 11,192 | 20,383 | ||||||
| Income (loss) from operations | 1,510 | (15,206 | ) | |||||
| Interest income | 228 | 393 | ||||||
| Interest expense | (2,131 | ) | (2,368 | ) | ||||
| Change in fair value of derivative liability | 598 | - | ||||||
| Other expense | (1 | ) | (5 | ) | ||||
| Net income (loss) | $ | 204 | $ | (17,186 | ) | |||
| Net income (loss) per share, basic | $ | 0.02 | $ | (3.70 | ) | |||
| Weighted-average common shares outstanding, basic and diluted | 9,488,055 | 4,650,227 | ||||||
| Net income (loss) per share, basic and diluted | $ | 0.02 | $ | (3.70 | ) | |||
| Weighted-average common shares outstanding, basic and diluted | 9,490,600 | 4,650,227 | ||||||
| VERRICA PHARMACEUTICALS INC. Statements of Operations (in thousands except share and per share data) (unaudited) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Product revenue, net | $ | 7,956 | $ | 8,124 | ||||
| License and collaboration revenue | 8,185 | 879 | ||||||
| Total revenue | 16,141 | 9,003 | ||||||
| Operating expenses: | ||||||||
| Cost of product revenue | 763 | 906 | ||||||
| Cost of collaboration revenue | 168 | 774 | ||||||
| Selling, general and admin. | 17,700 | 32,861 | ||||||
| Research and development | 4,130 | 8,267 | ||||||
| Total operating expenses | 22,761 | 42,808 | ||||||
| Loss from operations | (6,620 | ) | (33,805 | ) | ||||
| Interest income | 565 | 991 | ||||||
| Interest expense | (4,334 | ) | (4,687 | ) | ||||
| Change in fair value of derivative liability | 852 | - | ||||||
| Other expense | (1 | ) | (16 | ) | ||||
| Net loss | $ | (9,538 | ) | $ | (37,517 | ) | ||
| Net loss per share | $ | (1.01 | ) | $ | (8.07 | ) | ||
| Weighted-average common shares outstanding | 9,485,907 | 4,649,297 | ||||||
| VERRICA PHARMACEUTICALS INC. Selected Balance Sheet Data (in thousands) (unaudited) | ||||||||
| June 30, 2025 | June 30, 2024 | |||||||
| Cash and cash equivalents | $ | 15,396 | $ | 46,329 | ||||
| Accts rec., prepaid expenses and inventory | 21,385 | 4,850 | ||||||
| Total current assets | 36,781 | 51,179 | ||||||
| PP&E, lease right of use asset, other | 2,326 | 2,955 | ||||||
| Total assets | $ | 39,107 | $ | 54,134 | ||||
| Total liabilities | $ | 56,591 | $ | 63,994 | ||||
| Total stockholders' equity | (17,484 | ) | (9,860 | ) | ||||
| Total liabilities and stockholders’ equity | $ | 39,107 | $ | 54,134 | ||||
| VERRICA PHARMACEUTICALS INC. Reconciliation of Non-GAAP Financial Measures (unaudited) (in thousands except per share data) | |||||||||||
| Three Months Ended June 30, 2025 | |||||||||||
| Income from operations | Net income | Net income per share (basic and diluted) | |||||||||
| GAAP | $ | 1,510 | $ | 204 | $ | 0.02 | |||||
| Non-GAAP Adjustments: | |||||||||||
| Stock-based compensation – Selling, general and admin (a) | 588 | 588 | |||||||||
| Stock-based compensation – Research and development (a) | 300 | 300 | |||||||||
| Derivative liability change in value | - | 598 | |||||||||
| Non-cash interest expense (b) | - | 691 | |||||||||
| Adjusted | $ | 2,398 | $ | 2,381 | $ | 0.25 | |||||
| Three Months Ended June 30, 2024 | |||||||||||
| Loss from operations | Net loss | Net loss per share | |||||||||
| GAAP | $ | (15,206 | ) | $ | (17,186 | ) | $ | (3.70 | ) | ||
| Non-GAAP Adjustments: | |||||||||||
| Stock-based compensation – Selling, general & admin (a) | 1,715 | 1,715 | |||||||||
| Stock-based compensation – Research & development (a) | 513 | 513 | |||||||||
| Non-cash interest expense (b) | - | 516 | |||||||||
| Adjusted | $ | (12,978 | ) | $ | (14,442 | ) | $ | (3.11 | ) | ||
| (a) | The effects of non-cash stock-based compensation are excluded because of varying available valuation methodologies and subjective assumptions. Verrica believes this is a useful measure for investors because such exclusion facilitates comparison to peer companies who also provide similar non-GAAP disclosures and is reflective of how management internally manages the business. |
| (b) | The effects of non-cash interest charges are excluded because Verrica believes such exclusion facilitates an understanding of the effects of the debt service obligations on the Company’s liquidity and comparisons to peer group companies and is reflective of how management internally manages the business. |
| VERRICA PHARMACEUTICALS INC. Reconciliation of Non-GAAP Financial Measures (unaudited) (in thousands except per share data) | |||||||||||
| Six Months Ended June 30, 2025 | |||||||||||
| Loss from operations | Net loss | Net loss per share | |||||||||
| GAAP | $ | (6,620 | ) | $ | (9,538 | ) | $ | (1.01 | ) | ||
| Non-GAAP Adjustments: | |||||||||||
| Stock-based compensation – Selling, general and admin (a) | 1,373 | 1,373 | |||||||||
| Stock-based compensation – Research and development (a) | 541 | 541 | |||||||||
| Derivative liability change in value | - | 852 | |||||||||
| Non-cash interest expense (b) | - | 1,359 | |||||||||
| Adjusted | $ | (4,706 | ) | $ | (5,413 | ) | $ | (0.57 | ) | ||
| Six Months Ended June 30, 2024 | |||||||||||
| Loss from operations | Net loss | Net loss per share | |||||||||
| GAAP | $ | (33,805 | ) | $ | (37,517 | ) | $ | (8.07 | ) | ||
| Non-GAAP Adjustments: | |||||||||||
| Stock-based compensation – Selling, general & admin (a) | 3,337 | 3,337 | |||||||||
| Stock-based compensation – Research & development (a) | 963 | 963 | |||||||||
| Non-cash interest expense (b) | - | 999 | |||||||||
| Adjusted | $ | (29,505 | ) | $ | (32,218 | ) | $ | (6.93 | ) | ||
| (a) | The effects of non-cash stock-based compensation are excluded because of varying available valuation methodologies and subjective assumptions. Verrica believes this is a useful measure for investors because such exclusion facilitates comparison to peer companies who also provide similar non-GAAP disclosures and is reflective of how management internally manages the business. |
| (b) | The effects of non-cash interest charges are excluded because Verrica believes such exclusion facilitates an understanding of the effects of the debt service obligations on the Company’s liquidity and comparisons to peer group companies and is reflective of how management internally manages the business. |
FOR MORE INFORMATION, PLEASE CONTACT:
Investors:
John Kirby
Chief Financial Officer
jkirby@verrica.com
Kevin Gardner
LifeSci Advisors
kgardner@lifesciadvisors.com
FAQ
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