Verrica Pharmaceuticals Reports Second Quarter 2024 Financial Results
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.
Verrica Pharmaceuticals (NASDAQ: VRCA) ha riportato i risultati finanziari del secondo trimestre del 2024, evidenziando 4,9 milioni di dollari in ricavi da YCANTH®. L'azienda ha ampliato la distribuzione di YCANTH tramite Cencora, Inc. e ha annunciato risultati positivi della Fase 2 per VP-315 nel trattamento del carcinoma basocellulare. Verrica si sta preparando per uno studio globale di Fase 3 sui Verruche Comuni, previsto per iniziare nella prima metà del 2025. I punti salienti finanziari includono:
- Ricavi netti da prodotto: 4,9 milioni di dollari
- Ricavi da collaborazione: 0,3 milioni di dollari
- Perdita netta: 17,2 milioni di dollari (0,37 dollari per azione)
- Liquidità e equivalenti: 31,9 milioni di dollari (al 30 giugno 2024)
L'azienda prevede una continua crescita della prescrizione di YCANTH nella seconda metà del 2024, sostenuta da un J-Code permanente e da una copertura assicurativa ampliata.
Verrica Pharmaceuticals (NASDAQ: VRCA) informó los resultados financieros del segundo trimestre de 2024, destacando $4.9 millones en ingresos de YCANTH®. La compañía expandió la distribución de YCANTH a través de Cencora, Inc. y anunció resultados positivos de la Fase 2 para VP-315 en el tratamiento del carcinoma basocelular. Verrica se está preparando para un ensayo global de Fase 3 sobre Verrugas Comunes, que se espera comience en la primera mitad de 2025. Los aspectos financieros clave incluyen:
- Ingresos netos por productos: $4.9 millones
- Ingresos por colaboración: $0.3 millones
- Pérdida neta: $17.2 millones ($0.37 por acción)
- Efectivo y equivalentes: $31.9 millones (al 30 de junio de 2024)
La compañía espera un crecimiento continuo en las prescripciones de YCANTH en la segunda mitad de 2024, impulsado por un J-Code permanente y una cobertura de seguro ampliada.
Verrica Pharmaceuticals (NASDAQ: VRCA)는 2024년 2분기 재무 결과를 발표하며 YCANTH®에서 490만 달러의 수익을 강조했습니다. 회사는 Cencora, Inc.를 통해 YCANTH의 유통을 확대했으며 기저세포암 치료를 위한 VP-315의 2상 긍정적 결과를 발표했습니다. Verrica는 2025년 상반기 시작될 예정인 전 세계적 3상 일반 사마귀 시험을 준비하고 있습니다. 주요 재무 하이라이트는 다음과 같습니다:
- 제품 순수익: 490만 달러
- 협력 수익: 30만 달러
- 순손실: 1720만 달러 (주당 0.37달러)
- 현금 및 현금성 자산: 3190만 달러 (2024년 6월 30일 기준)
회사는 영구적인 J-Code와 확대된 보험 보장에 힘입어 2024년 하반기에 YCANTH 처방이 계속 성장할 것으로 기대하고 있습니다.
Verrica Pharmaceuticals (NASDAQ: VRCA) a annoncé les résultats financiers du deuxième trimestre 2024, mettant en avant 4,9 millions de dollars de revenus provenant de YCANTH®. L'entreprise a élargi la distribution de YCANTH par l'intermédiaire de Cencora, Inc. et a annoncé des résultats positifs de la Phase 2 pour VP-315 dans le traitement du carcinome basocellulaire. Verrica se prépare à un essai mondial de Phase 3 sur les verrues communes, qui devrait commencer au cours de la première moitié de 2025. Les faits saillants financiers incluent :
- Revenus nets de produits : 4,9 millions de dollars
- Revenus de collaboration : 0,3 million de dollars
- Perte nette : 17,2 millions de dollars (0,37 dollar par action)
- Trésorerie et équivalents : 31,9 millions de dollars (au 30 juin 2024)
L'entreprise s'attend à une croissance continue des prescriptions de YCANTH au second semestre 2024, soutenue par un J-Code permanent et une couverture d'assurance élargie.
Verrica Pharmaceuticals (NASDAQ: VRCA) meldete die Finanzzahlen für das zweite Quartal 2024 und hob 4,9 Millionen Dollar Umsatz mit YCANTH® hervor. Das Unternehmen erweiterte die Distribution von YCANTH über Cencora, Inc. und gab positive Ergebnisse der Phase 2 für VP-315 zur Behandlung von Basalzellkarzinomen bekannt. Verrica bereitet sich auf eine globale Phase-3-Studie zu gewöhnlichen Warzen vor, die voraussichtlich in der ersten Hälfte von 2025 beginnen wird. Wichtige Finanzkennzahlen sind:
- Nettoumsatz: 4,9 Millionen Dollar
- Umsätze aus Kooperationen: 0,3 Millionen Dollar
- Nettoverlust: 17,2 Millionen Dollar (0,37 Dollar pro Aktie)
- Bargeld und Zahlungsmitteläquivalente: 31,9 Millionen Dollar (zum 30. Juni 2024)
Das Unternehmen erwartet ein weiterhin steigendes Rezeptwachstum für YCANTH in der zweiten Hälfte von 2024, angetrieben durch einen dauerhaften J-Code und erweiterte Versicherungsdeckung.
- YCANTH® revenue of $4.9M for Q2 2024
- Expanded distribution footprint with Cencora, Inc. as a specialty distributor
- Positive preliminary topline results from Phase 2 study of VP-315 for basal cell carcinoma
- Preparation for global Phase 3 Common Warts trial progressing, expected to start in 1H 2025
- Settlement with Dormer Laboratories, discontinuing sale of cantharidin-containing products in the US
- Amended agreement with Torii Pharmaceutical to fund global Phase 3 trial for YCANTH in common warts
- Net loss increased to $17.2M in Q2 2024 compared to $11.0M in Q2 2023
- Selling, general and administrative expenses increased to $16.5M from $5.9M year-over-year
- Cash and cash equivalents decreased to $31.9M as of June 30, 2024
- Current cash expected to support operations only into Q1 2025
Insights
Verrica Pharmaceuticals' Q2 2024 results show mixed signals. The company reported
The cash position of
While YCANTH's revenue growth and pipeline progress are promising, the increasing losses and cash runway pose significant challenges. Investors should closely monitor the company's ability to control expenses and potentially raise additional capital.
The preliminary results from Verrica's Phase 2 study of VP-315 for basal cell carcinoma are encouraging. With a
The company's progress with YCANTH for common warts is also noteworthy. The amended agreement with Torii Pharmaceutical to co-fund the global Phase 3 trial demonstrates confidence in the product's potential. Common warts represent a significant unmet need in dermatology and a successful treatment could capture a large market.
However, investors should note that these are early-stage results and further studies are needed to confirm efficacy and safety. The timeline for the common warts Phase 3 trial, set to begin in 1H 2025, indicates a long road ahead before potential commercialization.
Verrica's commercial strategy for YCANTH shows promise. The expansion of distribution through Cencora, Inc. and the addition of Vizient as a GPO for hospitals should improve market penetration. The settlement with Dormer Laboratories, discontinuing the sale of competing cantharidin products in the US, eliminates a key competitor and could boost YCANTH's market share.
The permanent J-Code for YCANTH, effective April 1, is a significant development that should streamline reimbursement, particularly for Medicaid patients. This could accelerate adoption and sales growth in the coming quarters.
However, the company faces challenges in scaling its commercial operations. The substantial increase in selling, general and administrative expenses (
- Reports YCANTH® revenue, net of
- Announces positive preliminary topline results of Phase 2 clinical study of VP-315 for the treatment of patients with basal cell carcinoma –
- Continues to progress preparation for global Phase 3 Common Warts trial with initiation expected in 1H 2025 –
- Conference Call Scheduled for Today at 8:30 am ET –
WEST CHESTER, Pa., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica”) (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced financial results for the second quarter ended June 30, 2024.
“Verrica continued to make steady progress during the second quarter of 2024, highlighted by the receipt of a permanent J-Code for YCANTH that went into effect on April 1,” said Ted White, Verrica’s President and Chief Executive Officer. “We are already beginning to see the effects of the permanent J-Code on increasing demand for YCANTH, as product coverage and reimbursement decisions for our Medicaid patient population become increasingly streamlined. We also have made notable progress in removing unapproved, compounded cantharidin distributed by Dormer Laboratories from the U.S. market following our litigation settlement with Dormer. Based on these two positive developments, coupled with our growing insurance coverage and distribution capabilities, we expect YCANTH prescription growth to continue quarter over quarter in the second half of 2024.
“Our late-stage clinical pipeline is also making meaningful progress. This morning, we announced exciting new data from our Phase 2 study evaluating our novel oncolytic peptide, VP-315, for the treatment of basal cell carcinoma. Based on these positive safety and efficacy data, we believe VP-315 has the potential to become a first-line therapy for the treatment of basal cell carcinoma, and we look forward to sharing more detailed results at a KOL event in the near-future. In addition, we recently amended our agreement with Torii Pharmaceutical Inc. Ltd., which we believe will enable us to further advance YCANTH into Phase 3 testing for the potential treatment of common warts. Common warts represent the single largest unmet need in all of dermatology, and we believe YCANTH could establish a new standard of care for this pervasive condition with no FDA-approved therapies.”
Conference Call and Webcast Information
The Company will host a conference call today, Wednesday, August 14, 2024, at 8:30 AM, Eastern Time, to discuss its second quarter 2024 financial results and provide a business update. To participate in the conference call, please utilize the following information:
Domestic Dial-In Number: Toll-Free: 1-800-579-2543
International Dial-In Number: 1-785-424-1789
Conference ID: VERRICA
The call will also be broadcast live over the Web and can be accessed on Verrica Pharmaceuticals’ website: www.verrica.com or directly at
https://viavid.webcasts.com/starthere.jsp?ei=1678543&tp_key=8db298d3d3
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
YCANTH® (VP-102)
- The Company added Cencora, Inc. as a specialty distributor in Q2 2024, which will provide incremental commercial support services through IPN, Cencora’s wholly owned specialty practice GPO, to continue to grow YCANTH® buy and bill accounts through its GPO membership. The Company also added Vizient as a GPO for hospitals, which will drive visibility and demand pull through among health systems.
- On July 1, 2024, the Company announced the settlement of litigation with Dormer Laboratories, Inc. (“Dormer Labs”). As part of the settlement, Dormer Labs has discontinued the sale of all cantharidin-containing products into the United States, including Dormer brands Cantharone (Liquid) and Cantharone Plus.
- On May 15, 2024, the Company announced that it amended its collaboration and license agreement with Torii Pharmaceutical Co. Ltd. (“Torii”) to fund the global pivotal Phase 3 clinical trial to evaluate YCANTH® for the treatment of common warts. The amendment enables the two companies to equally split the cost of the global Phase 3 clinical trial in common warts, with Torii funding Verrica’s portion of the costs as an offset to Torii’s future payment obligations to Verrica based on regulatory milestones and sales of YCANTH for molluscum contagiosum and common warts in Japan. In addition, Torii is obligated to make a milestone payment of
$8.0 million to Verrica upon the first patient dosed in Japan in the Phase 3 clinical trial. The trial is expected to begin in the first half of 2025.
VP-315
- On August 14, 2024, the Company reported positive preliminary results from its Phase 2 study evaluating VP-315 for the treatment of basal cell carcinoma. The Phase 2 study is an open label, proof of concept trial designed to evaluate the safety and tolerability, dose regimen, and efficacy of VP-315 in biopsy-confirmed basal cell carcinoma tumors. Preliminary efficacy data based on 90 out of 93 lesions treated show that treatment with VP-315 resulted in an approximately
51% complete histologic clearance rate of basal cell carcinomas, with more than half of the patients no longer requiring treatment of any kind. Those subjects with residual carcinomas showed an approximately71% reduction in tumor size, which is expected to significantly improve treatment outcomes with subsequent surgical treatments, if required. Overall reduction of tumor size in all subjects (those with no residual tumor and those with residual tumor) was86% . No treatment-related serious adverse events were reported in the study; most treatment-related adverse events were classified as mild to moderate as expected, with injection site pain being the most common adverse effect.
Financial Results
Second Quarter 2024 Financial Results
- Verrica recognized net product revenue of
$4.9 million in the second quarter of 2024 which relates to the delivery of YCANTH (VP-102) to FFF, its primary distribution partner, related to demand pull through, as well as the expansion of its specialty distribution network to bring-on an additional specialty distributor and the related impact of a one-time stock-in order from that distributor, which represented approximately54% of net YCANTH (VP-102) revenue in the period. YCANTH (VP-102), Verrica’s first FDA approved product, became available for commercial sale in August 2023. - Verrica recognized collaboration revenues of
$0.3 million for the three months ended June 30, 2024 related to the Collaboration and License Agreement with Torii Pharmaceutical Col, Ltd (“Torii”) for supplies and development activity with Torii. - Selling, general and administrative expenses were
$16.5 million in the second quarter of 2024, compared to$5.9 million for the same period in 2023. The increase of$10.6 million was primarily due to higher expenses related to commercial activities for YCANTH (VP-102), including increased compensation, recruiting fees, benefits and travel due to ramp-up of sales force of$7.2 million , other commercial activity of$1.7 million , increased marketing and sponsorship costs of$0.4 million and increased legal costs of$1.1 million . - Research and development expenses were
$3.3 million in the second quarter of 2024, compared to$5.7 million for the same period in 2023. The decrease of$2.4 million was primarily related to reduction of costs related to YCANTH (VP-102) pre-launch activity of$2.3 million and a decrease in VP-315 clinical trial costs of$0.5 million partially offset by increased headcount related costs of$0.5 million . - Costs of product revenue were
$0.4 million for the quarter ended June 30, 2024 including product costs related to the sale of YCANTH (VP-102) of$0.3 million and other indirect costs of$0.1 million . - Costs of collaboration revenue were
$0.2 million for the quarter ended June 30, 2024, compared to$0.1 million for the quarter ended June 30, 2023. These costs of collaboration revenue consisted of payments for manufacturing supply to support development and testing services pursuant to the Torii Clinical Supply Agreement. - Interest income was
$0.4 million for the three months ended June 30, 2024, compared to$0.6 million for the same period in 2023. The decrease of$0.2 million was primarily due to a lower cash balance for the period. - Interest expense of
$2.4 million for the three months ended June 30, 2024 consisted of interest expense related to the OrbiMed Credit Agreement that commenced in July 2023. - For the quarter ended June 30, 2024, net loss was
$17.2 million , or$0.37 per share, compared to a net loss of$11.0 million , or$0.24 per share, for the same period in 2023. - For the quarter ended June 30, 2024, non-GAAP net loss was
$14.4 million , or$0.31 per share, compared to a non-GAAP net loss of$9.4 million , or$0.21 per share, for the same period in 2023.
Year-to-Date June 2024 Financial Results
- Verrica recognized product revenue of
$8.1 million in the six months ending June 30, 2024 which relates to the delivery of YCANTH (VP-102) to FFF, its primary distribution partner, related to demand pull through, as well as the expansion of its specialty distribution network to bring-on an additional specialty distributor and the related impact of a one-time stock-in order from that distributor, which represented approximately32% of net YCANTH (VP-102) revenue in the period. YCANTH (VP-102), Verrica’s first FDA approved product, became available for commercial sale in August 2023. - Verrica recognized collaboration revenues of
$0.9 million for the six months ended June 30, 2024, compared to$0.2 million for the same period in 2023, each related to the Clinical Supply Agreement with Torii. - Selling, general and administrative expenses were
$32.9 million for the six months ended June 30, 2024, compared to$10.3 million for the same period in 2023. The increase of$22.6 million was primarily due to higher expenses related to commercial activities for YCANTH (VP-102), including increased compensation, recruiting fees, benefits and travel due to ramp-up of sales force of$12.5 million , increased marketing and sponsorship costs of$3.4 million , other commercial activity of$3.9 million , increased legal costs of$1.6 million and finance costs of$0.6 million . - Research and development expenses were
$8.3 million for the six months ended June 30, 2024, compared to$8.5 million for the same period in 2023. The decrease of$0.2 million was primarily due to a decrease in clinical trial costs for VP-315 of$0.9 million partially offset increased headcount related costs of$0.7 million . - Costs of product revenue were
$0.9 million for the six months ended June 30, 2024 including product costs of$0.4 million and obsolete inventory write-off of$0.4 million . Product costs were slightly lower as some materials were expensed as research and development costs prior to FDA approval. - Costs of collaboration revenue were
$0.8 million for the six months ended June 30, 2024, compared to$0.2 million for the same period in 2023. The increase of$0.6 million was primarily due to increased manufacturing supply required to support development and testing services pursuant to the Torii Clinical Supply Agreement. - Interest income was
$1.0 million for the six months ended June 30, 2024, compared to$1.1 million for the same period in 2023. The decrease of$0.1 million was primarily due to a lower cash balance. - Interest expense of
$4.7 million for the six months ended June 30, 2024 consisted of interest expense related to the OrbiMed Credit Agreement that commenced in July 2023. - For the six months ended June 30, 2024, net loss on a GAAP basis was
$37.5 million , or$0.81 per share, compared to a net loss of$17.6 million , or$0.40 per share, for the same period in 2023. - For the six months ended June 30, 2024, non-GAAP net loss was
$32.2 million , or$0.69 per share, compared to a non-GAAP net loss of$14.9 million , or$0.34 per share, for the same period in 2023. - As of June 30, 2024, Verrica had cash and cash equivalents of
$31.9 million . Verrica believes that its existing cash and cash equivalents as of June 30, 2024 will be sufficient to support planned operations into the first quarter of 2025.
Non-GAAP Financial Measures
In evaluating the operating performance of its business, Verrica’s management considers non-GAAP loss from operations, non-GAAP net loss and non-GAAP net 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 loss from operations, non-GAAP net loss and non-GAAP net 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 loss from operations, non-GAAP net loss and non-GAAP net loss per share have been reconciled to the nearest GAAP measure in the tables following the financial statements in this press release.
| VERRICA PHARMACEUTICALS INC. Statements of Operations (in thousands except share and per share data) (unaudited) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Product revenue, net | $ | 4,892 | $ | - | ||||
| Collaboration revenue | 285 | 182 | ||||||
| Total revenue | 5,177 | 182 | ||||||
| Operating expenses: | ||||||||
| Selling, general and admin | 16,522 | 5,937 | ||||||
| Research and development | 3,319 | 5,725 | ||||||
| Cost of product revenue | 360 | - | ||||||
| Cost of collaboration revenue | 182 | 136 | ||||||
| Total operating expenses | 20,383 | 11,798 | ||||||
| Loss from operations | (15,206 | ) | (11,616 | ) | ||||
| Interest income | 393 | 626 | ||||||
| Interest expense | (2,368 | ) | - | |||||
| Other expense | (5 | ) | - | |||||
| Net loss | $ | (17,186 | ) | $ | (10,990 | ) | ||
| Net loss per share, basic and diluted | $ | (0.37 | ) | $ | (0.24 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 46,502,274 | 45,916,867 | ||||||
| VERRICA PHARMACEUTICALS INC. Statements of Operations (in thousands except share and per share data) (unaudited) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Product revenue, net | $ | 8,124 | $ | - | ||||
| Collaboration revenue | 879 | 219 | ||||||
| Total revenue | 9,003 | 219 | ||||||
| Operating expenses: | ||||||||
| Selling, general and admin | 32,861 | 10,256 | ||||||
| Research and development | 8,267 | 8,464 | ||||||
| Cost of product revenue | 906 | - | ||||||
| Cost of collaboration revenue | 774 | 204 | ||||||
| Total operating expenses | 42,808 | 18,924 | ||||||
| Loss from operations | (33,805 | ) | (18,705 | ) | ||||
| Interest income | 991 | 1,126 | ||||||
| Interest expense | (4,687 | ) | - | |||||
| Other expense | (16 | ) | - | |||||
| Net loss | $ | (37,517 | ) | $ | (17,579 | ) | ||
| Net loss per share, basic and diluted | $ | (0.81 | ) | $ | (0.40 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 46,492,971 | 44,478,116 | ||||||
| VERRICA PHARMACEUTICALS INC. Selected Balance Sheet Data (in thousands) (unaudited) | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| Cash and cash equivalents | $ | 31,930 | $ | 69,547 | |||
| Prepaid assets and other expenses | 15,388 | 7,983 | |||||
| Total current assets | 47,318 | 77,530 | |||||
| PP&E, lease right of use asset, other | 4,692 | 4,067 | |||||
| Total assets | $ | 52,010 | $ | 81,597 | |||
| Total liabilities | $ | 65,310 | $ | 61,834 | |||
| Total stockholders' (deficit) equity | (13,300 | ) | 19,763 | ||||
| Total liabilities and stockholders’ (deficit) equity | $ | 52,010 | $ | 81,597 | |||
| VERRICA PHARMACEUTICAS INC. Reconciliation of Non-GAAP Financial Measures (unaudited) (in thousands except per share data) | |||||||||||
| Three Months Ended June 30, 2024 | |||||||||||
| Loss from operations | Net loss | Net loss per share | |||||||||
| GAAP | $ | (15,206 | ) | $ | (17,186 | ) | $ | (0.37 | ) | ||
| Non-GAAP Adjustments: | |||||||||||
| Stock-based compensation – Selling, general and admin (a) | 1,715 | 1,715 | |||||||||
| Stock-based compensation – Research and development (a) | 513 | 513 | |||||||||
| Non-cash interest expense (b) | - | 516 | |||||||||
| Adjusted | $ | (12,978 | ) | $ | (14,442 | ) | $ | (0.31 | ) | ||
| Three Months Ended June 30, 2023 | |||||||||||
| Loss from operations | Net loss | Net loss per share | |||||||||
| GAAP | $ | (11,616 | ) | $ | (10,990 | ) | $ | (0.24 | ) | ||
| Non-GAAP Adjustments: | |||||||||||
| Stock-based compensation – Selling, general & admin (a) | 950 | 950 | |||||||||
| Stock-based compensation – Research & development (a) | 594 | 594 | |||||||||
| Adjusted | $ | (10,072 | ) | $ | (9,446 | ) | $ | (0.21 | ) | ||
| Six Months Ended June 30, 2024 | |||||||||||
| Loss from operations | Net loss | Net loss per share | |||||||||
| GAAP | $ | (33,805 | ) | $ | (37,517 | ) | $ | (0.81 | ) | ||
| Non-GAAP Adjustments: | |||||||||||
| Stock-based compensation – Selling, general and admin (a) | 3,337 | 3,337 | |||||||||
| Stock-based compensation – Research and development (a) | 963 | 963 | |||||||||
| Non-cash interest expense (b) | - | 999 | |||||||||
| Adjusted | $ | (29,505 | ) | $ | (32,219 | ) | $ | (0.69 | ) | ||
| Six Months Ended June 30, 2023 | |||||||||||
| Loss from operations | Net loss | Net loss per share | |||||||||
| GAAP | $ | (18,705 | ) | $ | (17,579 | ) | $ | (0.40 | ) | ||
| Non-GAAP Adjustments: | |||||||||||
| Stock-based compensation – Selling, general & admin (a) | 1,785 | 1,785 | |||||||||
| Stock-based compensation – Research & development (a) | 853 | 853 | |||||||||
| Adjusted | $ | (16,067 | ) | $ | (14,941 | ) | $ | (0.34 | ) | ||
| (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. |
About Verrica Pharmaceuticals Inc.
Verrica is a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. On July 21, 2023, YCANTH® (cantharidin), became the first 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 and external genital warts, two of the largest remaining unmet needs in medical dermatology. Verrica is also developing VP-103, its second cantharidin-based product candidate, for the treatment of plantar warts. 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.
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 expectations regarding the continuing commercial launch of YCANTH™, quarter over quarter YCANTH prescription growth in the second half of 2024, the potential for VP-315 to become a first-line therapy for the treatment of basal cell carcinoma, future financial performance, the clinical development of Verrica’s product candidates, including the timing of reporting data from clinical trials, the potential benefits of YCANTH and Verrica’s product candidates and Verrica’s ability to fund its operations into the first quarter of 2025. 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 uncertainties inherent in the drug development process and the regulatory approval process, Verrica’s reliance on third parties over which it may not always have full control and uncertainties that are described in Verrica’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and other filings Verrica makes with the U.S. Securities and Exchange Commission. 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.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors:
Terry Kohler
Chief Financial Officer
tkohler@verrica.com
Kevin Gardner
LifeSci Advisors
kgardner@lifesciadvisors.com
Chris Calabrese
LifeSci Advisors
ccalabrese@lifesciadvisors.com
FAQ
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