Financial Data and Key Metrics Changes - For Q4 2025, total revenue was $5.1 million, a significant increase from $0.3 million in Q4 2024, primarily driven by net YCANTH revenue of $3.7 million and $1.4 million from Torii collaboration revenue [25] - Full year 2025 total revenue reached $35.6 million, up 368% from $7.6 million in 2024, with net YCANTH revenue of $15.3 million and $20.3 million from Torii collaboration [26] - Gross product margins for 2025 were 85.7%, compared to 71.8% in the prior year [26] Business Line Data and Key Metrics Changes - YCANTH revenue grew by over 130% compared to 2024, with Q4 2025 revenue at $3.7 million, reflecting a 3.2% increase from Q3 2025 [11][25] - Dispensed applicator units for YCANTH grew to 51,196 in 2025, a 99% increase from 25,773 units in 2024 [13] - In Q4 2025, YCANTH's dispensed applicator units increased by 58% compared to Q4 2024, although there was a slight decrease of approximately 3% from Q3 2025 [12] Market Data and Key Metrics Changes - The company is expanding its market presence in Europe, with positive feedback from the European Medicines Agency regarding the marketing authorization application for YCANTH [15][16] - The common warts program is expected to address a larger patient population, with an estimated 20 million patients in the U.S. compared to 6 million for molluscum [77] Company Strategy and Development Direction - The company aims to establish YCANTH as the new standard of care for molluscum contagiosum and is pursuing label expansion to include common warts [5][36] - The company has implemented a more optimized commercial strategy, resulting in a significant reduction in selling, general, and administrative expenses by over 40% [7][30] - The company is focused on advancing its pipeline, including the common warts and basal cell carcinoma programs, with plans for phase 3 trials [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the transformation of the business and the foundation for long-term value creation for shareholders [5][36] - The company is preparing for a phase 3-ready program in basal cell carcinoma and has extended its cash runway into 2027 [23][34] Other Important Information - The company executed a $50 million equity raise in November 2025, which allowed for the retirement of outstanding debt [9][23] - The company reported a GAAP net loss of $8.1 million for Q4 2025, a significant improvement from a loss of $16.2 million in Q4 2024 [32] Q&A Session Summary Question: What initiatives do you have in mind to broaden the YCANTH launch? - Management is focusing on simplifying patient and physician acquisition of the product and is seeing early growth in the YcanthRx program [38][40] Question: What kind of partnerships might you be looking into around expansion into the EU? - The company is exploring partnerships to bring YCANTH to patients in need and is advancing registration activities in Europe [47][49] Question: How much of the TAM or how many molluscum prescribers do you plan to target with this size team? - The company plans to continue expanding into the pediatrician space while refining targeting in dermatology [54][55] Question: What are the coverage wins in 2025 and 2026? - Coverage wins include enhancements in both Medicaid and commercial segments [58] Question: What is the estimated cost for the phase 3 program for VP-315? - The company is still assessing costs and aims to run the program as efficiently as possible [62] Question: How does the common warts opportunity compare to the molluscum opportunity? - The common warts market is estimated to be three times larger than that of molluscum, with a significant prescriber base overlap [77][79]

Financial Data and Key Metrics Changes - For Q4 2025, total revenue was $5.1 million, a significant increase from $0.3 million in Q4 2024, primarily driven by net YCANTH revenue of $3.7 million and $1.4 million from Torii collaboration revenue [24] - Full year 2025 total revenue reached $35.6 million, up 368% from $7.6 million in 2024, with net YCANTH revenue of $15.3 million and $20.3 million from Torii collaboration [25] - Gross product margins for 2025 were 85.7%, compared to 71.8% in the prior year [25] Business Line Data and Key Metrics Changes - YCANTH revenue grew by over 130% compared to 2024, with Q4 2025 revenue of $3.7 million, reflecting a 3.2% increase from Q3 2025 [5][9] - Dispensed applicator units for YCANTH grew to 51,196 in 2025, a 99% increase from 25,773 units in 2024 [11] - In Q4 2025, YCANTH's dispensed applicator units increased by 58% compared to Q4 2024, although there was a slight decrease of approximately 3% from Q3 2025 [10] Market Data and Key Metrics Changes - The company is expanding its market presence in Europe, with positive feedback from the European Medicines Agency regarding the marketing authorization application for YCANTH [15] - The common warts market is estimated to have over 20 million patients in the U.S., significantly larger than the molluscum market, which has about 6 million patients [76] Company Strategy and Development Direction - The company aims to establish YCANTH as the new standard of care for molluscum contagiosum and is executing a label expansion strategy for common warts [4][35] - The company has strengthened its financial position through a $50 million equity raise and eliminated outstanding debt, extending its cash runway into 2027 [22][33] - The company is advancing its clinical programs for common warts and basal cell carcinoma, with a focus on efficient trial designs and potential partnerships for commercialization [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the transformation of the business in 2025 and the potential for significant growth in 2026 [4][35] - The management noted that the largest competitor in the molluscum market is "watchful waiting," indicating a strong opportunity for YCANTH [49] - The company is excited about the potential of VP-315 as a non-surgical immunotherapy for basal cell carcinoma, aiming to change treatment paradigms [79] Other Important Information - The company has made significant investments in its co-pay assistance program to improve patient access to YCANTH [9] - The company is actively exploring non-dilutive funding opportunities for its clinical programs [22] Q&A Session Summary Question: What initiatives do you have in mind to broaden the YCANTH launch? - Management is seeing early growth in the YcanthRx program and aims to simplify patient and physician acquisition of the product [39] Question: What kind of partnerships might you be looking into around expansion into the EU? - The company is exploring partnerships to bring YCANTH to patients in need and provide access to caregivers [46] Question: How much of the TAM or how many molluscum prescribers do you plan to target with this size team? - The focus will continue on pediatricians while refining targeting in dermatology, with an emphasis on both specialties [53] Question: Can you help us think about the seasonality curve for YCANTH? - Historically, Q1 is slower, but recent investments in marketing and sales are showing positive trends [68] Question: What is the estimated cost for the VP-315 phase 3 program? - The company is still assessing costs and aims to run the program as efficiently as possible [60]

Financial Data and Key Metrics Changes - In Q1 2025, total revenues were reported at $3.4 million, primarily from WICANT sales, reflecting a significant increase in demand [6][16] - The GAAP net loss for Q1 2025 was $9.7 million, or $0.10 per share, a reduction from a net loss of $20.3 million, or $0.44 per share in Q1 2024 [17] - Non-GAAP net loss for Q1 2025 was $7.8 million, or $0.08 per share, compared to a loss of $17.8 million, or $0.38 per share in the same period last year [17] Business Line Data and Key Metrics Changes - WICANT's dispensed applicator units increased by 16.7% over Q4 2024, surpassing 10,000 units for the first time since its launch [6][7] - Gross product margins for Q1 2025 were approximately 88%, with product revenue costs amounting to $400,000, including $47,000 in obsolete inventory costs [16][17] - Research and development expenses decreased to $2.3 million in Q1 2025, down from $4.9 million in Q1 2024, primarily due to reduced clinical trial expenses [17] Market Data and Key Metrics Changes - The company is focusing on territories with high prevalence of molluscum contagiosum and has established strong insurance coverage, leading to improved sales force productivity [8][9] - The company is expanding its distribution network by adding local independent pharmacies alongside national specialty pharmacy partners [9] Company Strategy and Development Direction - The company is executing a focused commercialization strategy aimed at driving demand for WICANT, which is expected to become the standard of care for molluscum contagiosum [19] - The clinical pipeline includes advancing the phase three program for WICANT in treating common warts and the development of BP315 for basal cell carcinoma, which has shown promising results [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing positive feedback from healthcare professionals and improved patient access [19] - The company is exploring opportunities to strengthen its balance sheet while continuing to advance its commercial and clinical development efforts [18] Other Important Information - The company appointed Dr. Noah Rosenberg as Chief Medical Officer and Dr. Gavin Corcoran to the Board of Directors, enhancing its leadership team [13][14] - As of March 31, 2025, the company had cash and cash equivalents of $29.6 million, which may not be sufficient for one year of operations unless certain milestone payments are received [17][18] Q&A Session Summary Question: Could you discuss your success in targeting pediatricians and the current split of pediatric dermatologists versus pediatricians writing WICANT? - Management noted an increasing number of pediatricians prescribing WICANT, with strong advocacy from dermatologists as well [21][23] Question: What preparations are ongoing to capture potential summer patient demand for WICANT? - Management indicated marketing efforts are in place to build awareness of molluscum contagiosum and the availability of WICANT, anticipating a potential seasonal uptick in demand [24][25] Question: How is the conversion time between accounts receivable and top-line revenue for WICANT trending? - Management stated that with normalized inventory levels and smaller, more frequent orders, they expect stabilization in cash conversion from receivables [30][31] Question: What is the current split between commercial and Medicaid coverage for molluscum? - Management indicated a higher percentage of pediatric patients are covered under Medicaid, while dermatology patients tend to have more commercial coverage [36][37] Question: What trends are being observed in reordering and the number of applicators per patient? - Management reported solid growth and retention in customer reorders, indicating positive clinician experiences with the product [42][43]

Financial Data and Key Metrics Changes - The company reported cash and cash equivalents of $46 million at the end of the previous year [6] - A financing round in November raised $42 million, solidifying the company's balance sheet [7][33] - Cost reductions were implemented, resulting in a decrease of more than half in expenses [10] - The company achieved a quarter-over-quarter growth of 12% in Q4 of the previous year and 16% in Q1 of the current year based on dispensed applicators [11][33] Business Line Data and Key Metrics Changes - The FDA-approved product, Wycanth, targets a market of approximately 6 million patients, predominantly children [5] - The company is expanding its market penetration with additional indications for common warts, potentially reaching an additional 20 million patients [5] - The company has a robust pipeline, including a phase three program for basal cell carcinoma, addressing an additional 3.6 million patients [5] Market Data and Key Metrics Changes - The company has expanded its target population to include pediatricians, in addition to dermatologists, to better address the 6 million target patient population [24] - The covered lives for the product have increased to approximately 225 million as of Q1 [24] Company Strategy and Development Direction - The company is focused on a new commercial strategy for Wycanth, emphasizing HCP-administered products [6] - The management team has been restructured to enhance execution and operational focus [8] - The company aims to drive sales through a tactical sales team that targets pediatricians and primary care practitioners [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of building brand awareness for Wycanth and the operational efficiency achieved through cost reductions [9][10] - The company is optimistic about its growth trajectory, citing a robust pipeline and minimal cash needs to support ongoing programs [33] Other Important Information - The company has a strong intellectual property portfolio with patents extending into the 1940s [6] - The product Wycanth is the only FDA-approved treatment for molluscum, addressing a significantly underserved patient population [19][18] Q&A Session Summary Question: What feedback is being received from pediatricians regarding treatment versus referrals? - Feedback has been mixed, with a notable increase in pediatricians treating patients directly, especially with the introduction of specialty pharmacy distribution [35][36] Question: Is there a benefit if pediatricians are less willing to treat but still pre-educate parents? - Yes, many pediatricians are now sending patients to dermatologists with a diagnosis, which facilitates quicker treatment [37][38] Question: How far along is the company in specialty pharmacy distribution and reimbursement coverage? - More than half of the business is now through specialty pharmacy, with the sales team effectively addressing insurance plan needs [40] Question: What is the commercial overlap for the common warts indication? - The same call points will be targeted, including primary care, pediatricians, and dermatologists, facilitating a seamless integration into existing relationships [41] Question: What is the competitive landscape for common warts treatment? - Current treatments are limited to liquid nitrogen or curettage, presenting a robust opportunity for the company's product [42] Question: What proportion of physicians are still comfortable with compounded products? - There has been a shift towards acceptance of the FDA-approved product as insurance coverage improves, particularly among younger clinicians [44]