Verrica Pharmaceuticals(US:VRCA)2025-05-13 20:19Revenue Performance - Verrica reported $3.4 million in YCANTH revenue for Q1 2025, reflecting a 16.7% growth over Q4 2024, with over 10,000 applicator units dispensed[1][3][10] - Collaboration revenue decreased to $17, down from $594 in Q1 2024, contributing to a total revenue of $3.4 million for Q1 2025[10][18] Expenses and Cost Management - The company experienced a decrease in selling, general, and administrative expenses to $8.8 million in Q1 2025, down from $16.3 million in Q1 2024, a reduction of $7.5 million[10][13] - Research and development expenses were $2.3 million in Q1 2025, compared to $4.9 million in Q1 2024, a decrease of $2.6 million primarily due to reduced clinical trial expenses for VP-315[10][13] - Costs of product revenue were $0.4 million for Q1 2025, compared to $0.5 million for Q1 2024, reflecting a decrease due to obsolete inventory write-offs[10][13] - Total operating expenses for Q1 2025 were $11.6 million, down from $22.4 million in Q1 2024[10][13] - Stock-based compensation for selling, general, and administrative expenses in Q1 2025 was $784 million, down from $1,622 million in Q1 2024[22] - Research and development stock-based compensation decreased from $450 million in Q1 2024 to $241 million in Q1 2025, indicating a reduction in R&D costs[22] Financial Losses - The net loss for Q1 2025 was $9.7 million, or $0.10 per share, compared to a net loss of $20.3 million, or $0.44 per share, for the same period in 2024[10][13] - For the three months ended March 31, 2025, the GAAP net loss was $9,742 million, compared to $20,331 million for the same period in 2024, indicating a significant reduction in losses[22] - The adjusted net loss for Q1 2025 was $7,795 million, an improvement from $17,776 million in Q1 2024, reflecting a decrease of approximately 56% year-over-year[22] - The net loss per share for Q1 2025 was $(0.10), compared to $(0.44) in Q1 2024, showing a notable improvement in per-share performance[22] Cash Position - As of March 31, 2025, Verrica had $29.6 million in cash and cash equivalents, down from $46.3 million at the end of 2024[10][13][20] Future Plans - The company plans to provide an update on the global development program for VP-315, including the design of the Phase 3 clinical program, in mid-2025[9][10] Interest Expenses - Non-cash interest expense for Q1 2025 was $668 million, compared to $483 million in Q1 2024, reflecting an increase in interest-related costs[22] Financial Clarity - The company believes that excluding non-cash stock-based compensation and interest charges provides a clearer understanding of its financial performance and liquidity[23]