Verrica Pharmaceuticals Announces First Patient Dosed in Phase 3 Program Evaluating YCANTH® (VP-102) for the Treatment of Common Warts

Core Insights - Verrica Pharmaceuticals has initiated a global Phase 3 program for YCANTH (VP-102) aimed at treating common warts, a condition affecting approximately 22 million patients in the U.S. with no FDA-approved therapies available, representing a multibillion-dollar market opportunity [1][4] Group 1: Clinical Development - The first patient was dosed in December 2025, marking a significant milestone in the clinical development of YCANTH [1][2] - The Phase 3 program is based on positive results from the Phase 2 COVE-1 trial, where 51% of subjects treated with VP-102 achieved complete clearance of all treatable warts by Day 84 [3] - The COVE-1 trial demonstrated safety and efficacy, with adverse events primarily being local cutaneous reactions and no serious adverse events reported [3] Group 2: Commercial Opportunity - Common warts represent one of the largest unmet needs in dermatology, with a significant commercial opportunity anticipated if YCANTH is successfully developed and approved [4] - Approximately 50% of patients seeking treatment for common warts are children, indicating a substantial market segment [4] - Verrica retains full commercial rights for all potential YCANTH indications outside of Japan, enhancing its licensing and commercial prospects [2][4] Group 3: Financial Aspects - Verrica recently completed a $50 million financing and repaid its debt facility with OrbiMed, positioning the company for future growth [2] - Torii will share the costs of the global Phase 3 program with Verrica on a 50/50 basis, with Torii funding the first $40 million of trial costs [3]