Verrica Pharmaceuticals(VRCA) - 2025 Q3 - Quarterly Results

Financial Performance - Verrica reported $14.3 million in total revenue for Q3 2025, with $3.6 million from YCANTH® and $10.7 million from license and collaboration revenue[1]. - Total revenue for the nine months ended September 30, 2025, reached $30.485 million, up from $7.222 million in the same period of 2024, indicating a growth of approximately 322%[23]. - Product revenue for the three months ended September 30, 2025, was $3.607 million, compared to a loss of $1.865 million in the same period of 2024, representing a significant increase[21]. - For Q3 2025, net loss was $0.3 million, or $0.03 per share, compared to a net loss of $22.9 million, or $4.88 per share, for the same period in 2024[12]. - The net loss for the three months ended September 30, 2025, was $274 thousand, a substantial improvement from a net loss of $22.860 million in the same period of 2024[21]. - Non-GAAP adjusted net income for the three months ended September 30, 2025, was $1.194 million, compared to a non-GAAP adjusted net loss of $20.180 million in the same period of 2024[27]. Revenue Sources - License and collaboration revenue for the nine months ended September 30, 2025, was $18.9 million, compared to $1.0 million for the same period in 2024[13]. - The company received a $10 million cash milestone payment for the approval of YCANTH for molluscum in Japan[1]. Expenses - Selling, general and administrative expenses decreased to $9.4 million in Q3 2025 from $16.1 million in Q3 2024, a reduction of $5.6 million[12]. - Research and development expenses were $2.2 million for Q3 2025, compared to $2.4 million for the same period in 2024[12]. - Total operating expenses for the nine months ended September 30, 2025, were $35.478 million, a decrease from $61.731 million in the same period of 2024, reflecting a reduction of approximately 43%[23]. Product Development - YCANTH® (VP-102) is the first FDA-approved product for treating molluscum contagiosum, affecting approximately 6 million people in the U.S., primarily children[15]. - The company plans to launch YCANTH Rx, a new non-dispensing pharmacy option, in Q4 2025[10]. - The company plans to launch YCANTH Rx in the fourth quarter of 2025, with expectations for future commercial growth[19]. - The FDA provided positive feedback on the study design for a Phase 3 program for VP-315 in basal cell carcinoma, with a primary endpoint of complete clearance assessed at week 14[10]. - VP-315, a potential first-in-class oncolytic chemotherapeutic peptide immunotherapy, is being developed for non-melanoma skin cancers, with a focus on basal cell and squamous cell carcinomas[16]. Cash Position - As of September 30, 2025, Verrica had $21.1 million in cash and cash equivalents[12]. - The company’s cash and cash equivalents decreased to $21.097 million as of September 30, 2025, down from $46.329 million at the end of 2024[25]. Stockholders' Equity - The company reported a total stockholders' deficit of $17.040 million as of September 30, 2025, compared to a deficit of $9.860 million at the end of 2024[25]. Product Dispensation - The company dispensed 37,642 applicator units of YCANTH for the nine months ending September 30, 2025, representing a 120% increase compared to 17,119 units in the prior year[3].