Verrica Pharmaceuticals Inc. (VRCA) has announced financial results for the fourth quarter and full year that ended Dec.31, 2024.
The company is focused on advancing treatments for common warts and basal cell carcinoma, two critical areas in skin diseases that require medical intervention. Its flagship product is YCANTH or VP-102, indicated for the treatment of molluscum contagiosum in adult and pediatric patients 2 years of age and older.
In the fourth quarter of 2024, product revenue was $0.3 million, a significant decrease from $1.9 million during the same period in 2023. This decline was primarily due to demand for YCANTH (VP-102) dispensed applicator units being fulfilled from existing distributor inventory. However, on a sequential basis, there has been a 12.3% increase in dispensed applicator units in the fourth quarter of 2024.
For the three months ended December 31, 2024, the net loss was $16.2 million, or $0.24 per share, compared to a net loss of $24.6 million, or $0.53 per share, for the same period in 2023.
In the pipeline
Verrica's partner, Torii Pharmaceutical Co. Ltd., submitted a New Drug Application of TO-208 (referred to as VP-102 and marketed as YCANTH in the U.S.) for the treatment of molluscum in Japan in December 2024. A regulatory decision on that application is awaited.
Torii and Verrica are considering a co-sponsored global Phase 3 clinical program to develop VP-102 (YCANTH) for treating common warts, with the potential to begin as early as mid-2025. Once the program is initiated, Torii will pay Verrica an $8 million milestone payment.
Cash position
As of December 31, 2024, Verrica had cash and cash equivalents of $46.3 million. While this amount is insufficient to fund operations for the next year under GAAP, receipt of an $8 million milestone payment from Torii or proceeds from the Series A warrants could provide sufficient funds for operations during that period, according to the company.
VRCA closed Tuesday's (Mar. 11, 2025) trading at $0.64, up 1.75 percent. In after hours, the stock was down by 2.81 percent at $0.63 on the Nasdaq.
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