Verrica Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Verrica Pharmaceuticals Inc. reported a sequential growth of 12.3% in dispensed applicator units of YCANTH in Q4 2024, alongside a significant reduction in operating expenses [1][2][6] - The company successfully raised $42 million through a public offering in November 2024, strengthening its balance sheet [1][10] - The CEO expressed confidence in the company's turnaround strategy, aiming for cash-positive monthly operating results by the end of 2025 [2][10] Financial Performance - In Q4 2024, Verrica recognized product revenue of $0.3 million, a decrease from $1.9 million in Q4 2023, attributed to existing inventory meeting demand [13][22] - The net loss for Q4 2024 was $16.2 million, or $0.24 per share, compared to a net loss of $24.6 million, or $0.53 per share, in the same period of 2023 [13][20] - For the full year 2024, the company reported a net loss of $76.6 million, or $1.48 per share, consistent with the net loss of $67.0 million, or $1.48 per share, in 2023 [16][22] Business Developments - The company has advanced its late-stage clinical programs for basal cell carcinoma (VP-315) and common warts (VP-102/YCANTH) [2][10][6] - A new single applicator configuration for YCANTH was introduced in Q1 2025 to meet growing demand and reduce costs for physician practices [10][6] - The company is finalizing plans for a global Phase 3 clinical program for VP-102 (YCANTH) in common warts, with potential initiation as early as mid-2025 [10][6] Operational Changes - A restructuring of commercial operations was implemented to reduce expenses, with total operating expenses expected to decrease by approximately 50% [10][6] - The company incurred a one-time restructuring charge of approximately $1.0 million [10][6] - The CEO and interim CFO were appointed in November 2024 as part of the leadership changes to support the new commercial strategy [10][6] Pipeline Progress - Positive data from a Phase 2 study of VP-315 for basal cell carcinoma showed a 97% objective response rate [10][6] - The company expects to report genomic and immune response data from the Phase 2 trial in the first half of 2025 [10][6] - The collaboration with Torii Pharmaceutical Co. Ltd. includes an $8 million milestone payment upon the initiation of the Phase 3 clinical trial for common warts [10][6]