Verrica Pharmaceuticals Inc. - VRCA STOCK NEWS

Verrica Pharmaceuticals (Nasdaq: VRCA), a dermatology therapeutics company, has announced the granting of a nonqualified stock option to its new Chief Operating Officer, David Zawitz. The grant includes options to purchase 950,000 shares of common stock under the Company's Inducement Plan, effective December 9, 2024.

The stock option, granted as a material inducement to employment under Nasdaq Listing Rule 5635(c)(4), will have an exercise price equal to the closing price of Verrica's common stock on December 9, 2024. The vesting schedule includes 1/8th of shares after six months and 1/48th monthly thereafter, subject to continuous service.

Verrica Pharmaceuticals announced that its partner Torii Pharmaceutical has submitted a New Drug Application (NDA) for TO-208 to treat Molluscum Contagiosum in Japan. TO-208, marketed as YCANTH® in the U.S., demonstrated superiority to vehicle in Phase 3 clinical studies with Japanese patients aged ≥2 years, showing a safety profile consistent with U.S. studies.

The development addresses an estimated 1.6 million cases of molluscum in Japan, representing a significant unmet medical need. This submission follows Torii's exclusive license agreement with Verrica in March 2021 for development and commercialization in Japan. Notably, VP-102 received U.S. approval in July 2023 and has been marketed as YCANTH® since August 2023.

Verrica Pharmaceuticals (Nasdaq: VRCA) has announced the pricing of a $42.0 million public offering. The offering includes 44,964,045 shares of common stock and pre-funded warrants to purchase 2,235,955 shares. Additionally, the offering includes Series A warrants to purchase 23,600,000 shares at $1.0680 per share and Series B warrants for 23,600,000 shares at $1.3350 per share. The combined offering price is $0.89 per share with accompanying warrants. Jefferies is serving as the sole book-running manager, and the offering is expected to close on November 22, 2024.

Verrica Pharmaceuticals (Nasdaq: VRCA), a dermatology therapeutics company, announced a proposed underwritten public offering of common stock and accompanying warrants. The offering includes an option for the underwriter to purchase up to 15% additional shares and/or warrants within 30 days. Jefferies is acting as the sole book-running manager. The offering will be conducted under a shelf registration statement filed with the SEC. The final size and terms are subject to market conditions.

Verrica Pharmaceuticals reported negative net product revenue of $1.9M in Q3 2024, including a $1.7M provision for product returns. The company announced significant operational changes, including new leadership appointments of Dr. Jayson Rieger as CEO and John Kirby as Interim CFO. A restructuring effort reduced operating expenses by approximately 50% through territory optimization and headcount reduction. YCANTH dispensed applicator units increased to 7,706 in Q3 2024 from 5,975 in Q2. The company expects existing distributor inventory to support demand into Q1 2025. Cash position stands at $23M, projected to support operations into Q1 2025.

Verrica Pharmaceuticals (NASDAQ: VRCA) announced positive preliminary results from Part 2 of their Phase 2 study for VP-315, a novel oncolytic peptide treatment for basal cell carcinoma (BCC). The study, involving 82 patients with 92 tumors, showed that 51% of treated tumors achieved complete histological clearance, while patients with residual tumors experienced an average 71% reduction in tumor size. The treatment demonstrated a favorable safety profile with no serious adverse events. Two abstracts featuring these results will be presented at the 2024 Fall Clinical Dermatology Conference. The company plans to request an FDA End-of-Phase 2 meeting in first half 2025, targeting the 3-4 million annual BCC cases in the U.S.

Verrica Pharmaceuticals Inc. (Nasdaq: VRCA) has announced a significant restructuring of its commercial organization to reduce costs and expand access to YCANTH®, its treatment for molluscum contagiosum. The company plans to:

• Reduce sales territories from 80 to approximately 35
• Focus on territories with high molluscum prevalence, previous cantharidin users, and strong insurance coverage for YCANTH®
• Expand sales efforts to include pediatricians in addition to dermatologists
• Reduce headcount in certain support functions

These changes are expected to reduce the company's overall cost structure by approximately 50% while maintaining support for YCANTH® as the new standard of care for molluscum contagiosum. The restructuring will result in a one-time charge of approximately $1.0 million.

Verrica Pharmaceuticals (Nasdaq: VRCA), a dermatology therapeutics company, announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference in New York City. The event is scheduled for September 9-11, 2024. Ted White, President and CEO of Verrica, will engage in a fireside chat on Monday, September 9, 2024, at 1:30 pm ET.

Interested parties can access a live webcast of the event through a provided link or via the Investors/Presentations & Events section of Verrica's website. A replay of the webcast will be available for 90 days following the event, offering extended access to those unable to attend live.

Verrica Pharmaceuticals (NASDAQ: VRCA) reported Q2 2024 financial results, highlighting $4.9M in YCANTH® revenue. The company expanded YCANTH's distribution through Cencora, Inc. and announced positive Phase 2 results for VP-315 in basal cell carcinoma treatment. Verrica is preparing for a global Phase 3 Common Warts trial, expected to start in 1H 2025. Key financial highlights include:

- Net product revenue: $4.9M
- Collaboration revenue: $0.3M
- Net loss: $17.2M ($0.37 per share)
- Cash and equivalents: $31.9M (as of June 30, 2024)

The company expects continued YCANTH prescription growth in H2 2024, driven by a permanent J-Code and expanded insurance coverage.