[Form 4] Verrica Pharmaceuticals Inc. Insider Trading Activity
Rhea-AI Filing Summary
Verrica Pharmaceuticals Inc. (VRCA) director and 10% owner Paul B. Manning reported large purchases of common stock and warrants. On 11/25/2025, he bought 1,375,380 investment units at $4.2425 per unit directly and 2,750,762 units indirectly through BKB Growth Investments, LLC. Each unit consists of one share of common stock and a Series C warrant to buy one fourth of a share at an exercise price of $6.315 per share, exercisable until 11/25/2030.
After these transactions, he beneficially owns millions of shares through direct holdings, BKB, family trusts and an investment entity, with some positions reported as disclaimed beneficial ownership. The Series C warrants are immediately exercisable but include a 49.99% beneficial ownership limitation, meaning they cannot be exercised to push his ownership above 49.99% of Verrica’s outstanding common stock after exercise. The reported share counts have been adjusted for Verrica’s 1-for-10 reverse stock split effective July 24, 2025.
Positive
- None.
Negative
- None.
Insights
Large additional purchases by a director/10% holder, including warrants, increase insider ownership concentration at Verrica.
The filing shows that **Paul B. Manning**, a **director and 10% owner** of **Verrica Pharmaceuticals Inc.**, purchased additional common stock and Series C warrants on
The Series C warrants have an exercise price of
The key items to watch from this disclosure are the enlarged beneficial stake of a single insider, the structure of ownership through family trusts and investment entities, and the sizeable warrant position of **343,845** warrants held directly and **687,690** warrants held indirectly. These warrants run through
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Series C Warrant (right to buy) | 343,845 | $0.00 | -- |
| Purchase | Series C Warrant (right to buy) | 687,690 | $0.00 | -- |
| Purchase | Common Stock | 1,375,380 | $4.2425 | $5.84M |
| Purchase | Common Stock | 2,750,762 | $4.2425 | $11.67M |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Effective July 24, 2025, the Issuer effected a 1-for-10 reverse stock split of the Issuer's common stock. The number of securities reported herein have been adjusted to reflect the reverse stock split. The shares are held by Mr. Manning jointly with his spouse. The shares are held directly by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of the manager of BKB and has shared voting and investment power with respect to the shares held by BKB. These shares are held in separate trusts for the benefit of the Reporting Person's immediate family members. The Reporting Person's spouse is trustee of each trust. The Reporting Person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose. The shares are held directly by The Paul B. Manning Revocable Trust dated May 10, 2000 (the "Trust"). The Reporting Person is the trustee of the Trust and has sole voting and investment power with respect to the shares held by the Trust. The shares are held directly by PBM Capital Investments, LLC ("PBMCI"). The Reporting Person is CEO of PBMCI and has sole voting and investment power with respect to the shares held by PBMCI. Immediately exercisable. The reported securities are included within 1,375,380 investment units purchased by the Reporting Person for $4.2425 per investment unit. Each investment unit consists of one share of Common Stock and a Series C warrant for one fourth of a share of common stock. The Reporting Person will not be entitled to exercise any portion of a Series C Warrant that, upon giving effect to such exercise, would cause the aggregate number of shares beneficially owned by the Reporting Person to exceed 49.99% of the number of shares of the Issuer's common stock outstanding immediately after giving effect to the exercise. The reported securities are included within 2,750,762 investment units purchased by the Reporting Person for $4.2425 per investment unit. Each investment unit consists of one share of Common Stock and a Series C warrant for one fourth of a share of common stock. The Reporting Person will not be entitled to exercise any portion of a Series C Warrant that, upon giving effect to such exercise, would cause the aggregate number of shares beneficially owned by the Reporting Person to exceed 49.99% of the number of shares of the Issuer's common stock outstanding immediately after giving effect to the exercise.
