Affinity Asset Advisors discloses 5.5% Verrica (VRCA) ownership

Rhea-AI Filing Summary

Affinity Asset Advisors, LLC and Michael Cho have filed an amended Schedule 13G reporting a passive ownership stake in Verrica Pharmaceuticals Inc. They report beneficial ownership of 884,172 shares of Verrica common stock, including 176,834 shares issuable upon exercise of warrants, representing approximately 5.5% of the company’s common stock.

The securities are held directly by Affinity Healthcare Fund, LP, for which Affinity Asset Advisors acts as investment manager. The reporting persons state the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Verrica.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Verrica Pharmaceuticals Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

92511W207

(CUSIP Number)

01/22/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 92511W207

1

Names of Reporting Persons

Affinity Asset Advisors, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 884,172.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 884,172.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

884,172.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 92511W207

1

Names of Reporting Persons

Michael Cho

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 884,172.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 884,172.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

884,172.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Verrica Pharmaceuticals Inc.
(b)	Address of issuer's principal executive offices: 44 West Gay Street, Suite 400, West Chester, Pennsylvania, 19380
Item 2.
(a)	Name of person filing: Affinity Asset Advisors, LLC Michael Cho
(b)	Address or principal business office or, if none, residence: 450 Park Avenue Suite 1403 New York, NY 10022
(c)	Citizenship: Affinity Asset Advisors, LLC is a Delaware limited liability company, and Michael Cho is an individual and is a citizen of the United States.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 92511W207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The securities reported herein are directly held by Affinity Healthcare Fund, LP (the "Fund"). Affinity Asset Advisors, LLC (the "Adviser") is the investment manager of the Fund and exercises voting and investment power over the securities held directly by the Fund reported herein pursuant to an investment management agreement between the Adviser, the Fund, and the general partner of the Fund. The Adviser may be deemed to beneficially own the securities reported herein held by the Fund by virtue of its position as investment manager of the Fund. Michael Cho, the managing member of the Adviser, may be deemed a beneficial owner of the securities reported herein held directly by the Fund. As of the date hereof, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 884,172 shares of common stock, $0.0001 par value per share ("Common Stock"), of Verrica Pharmaceuticals Inc. (the "Issuer"), which amount includes 176,834 shares of Common Stock issuable upon the exercise of warrants to purchase shares of Common Stock ("Warrants") held directly by the Fund.
(b)	Percent of class: As of the date hereof, the Reporting Persons beneficially own approximately 5.5% of the Common Stock outstanding. The percentage disclosed above is based on 15,989,861 shares of Common Stock of the Issuer outstanding as of December 1, 2025, as set forth in the Issuer's Prospectus filed with the Securities and Exchange Commission on December 23, 2025, plus 176,834 shares of Common Stock issuable upon the exercise of Warrants held by the Fund.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: As of the date hereof, the Reporting Persons have sole power to vote or to direct the vote of 884,172 shares of Common Stock, which amount includes 176,834 shares of Common Stock issuable upon the exercise of Warrants.
	(ii) Shared power to vote or to direct the vote: As of the date hereof, the Reporting Persons have shared power to vote or to direct the vote of 0 shares of Common Stock.
	(iii) Sole power to dispose or to direct the disposition of: As of the date hereof, the Reporting Persons have sole power to dispose or to direct the disposition of 884,172 shares of Common Stock, which amount includes 176,834 shares of Common Stock issuable upon the exercise of Warrants.
	(iv) Shared power to dispose or to direct the disposition of: As of the date hereof, the Reporting Persons have shared power to dispose or to direct the disposition of 0 shares of Common Stock.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Affinity Asset Advisors, LLC

Signature:	/s/ Andrew Weinstein
Name/Title:	Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
Date:	01/29/2026

Michael Cho

Signature:	/s/ Michael Cho
Name/Title:	Michael Cho, Self
Date:	01/29/2026

FAQ

What percentage of Verrica Pharmaceuticals (VRCA) does Affinity Asset Advisors report owning?

Affinity Asset Advisors, LLC and Michael Cho report beneficial ownership of approximately 5.5% of Verrica Pharmaceuticals’ common stock. This percentage is based on 15,989,861 shares outstanding as of December 1, 2025, plus 176,834 shares issuable upon exercise of warrants held by their fund.

How many Verrica (VRCA) shares does Affinity Asset Advisors beneficially own?

Affinity Asset Advisors and Michael Cho report beneficial ownership of 884,172 shares of Verrica common stock. This total includes both currently outstanding shares and 176,834 additional shares that could be issued if the fund exercises its warrants to purchase Verrica common stock.

How much of Affinity’s Verrica (VRCA) position comes from warrants?

Out of the 884,172 Verrica shares reported, 176,834 shares are issuable upon exercise of warrants held by Affinity Healthcare Fund, LP. The remaining shares are already outstanding common stock, giving the fund both current and potential future equity exposure to Verrica.

Through which entity does Affinity hold its Verrica (VRCA) stake?

The Verrica stake is held directly by Affinity Healthcare Fund, LP. Affinity Asset Advisors, LLC acts as the investment manager to this fund and exercises voting and investment power over the Verrica securities, while Michael Cho is the managing member of the adviser and may be deemed a beneficial owner.

Is Affinity’s Verrica (VRCA) ownership reported as passive or for control purposes?

Affinity Asset Advisors and Michael Cho certify the Verrica securities were acquired and are held in the ordinary course of business. They state the holdings were not acquired and are not held for the purpose of changing or influencing control of Verrica Pharmaceuticals, indicating a passive investment stance.

Who are the reporting persons in the Verrica (VRCA) Schedule 13G/A filing?

The Schedule 13G/A lists Affinity Asset Advisors, LLC and Michael Cho as reporting persons. Affinity is a Delaware limited liability company serving as investment manager, while Michael Cho, a United States citizen, is the managing member and may be deemed a beneficial owner of the Verrica position.