Workflow
Verrica Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Financial Results
VRCAVerrica Pharmaceuticals(VRCA) GlobeNewswire·2025-03-11 20:05

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 42millionthroughapublicofferinginNovember2024,strengtheningitsbalancesheet[1][10]−TheCEOexpressedconfidenceinthecompany′sturnaroundstrategy,aimingforcash−positivemonthlyoperatingresultsbytheendof2025[2][10]FinancialPerformance−InQ42024,Verricarecognizedproductrevenueof42 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 1.9millioninQ42023,attributedtoexistinginventorymeetingdemand[13][22]−ThenetlossforQ42024was1.9 million in Q4 2023, attributed to existing inventory meeting demand [13][22] - The net loss for Q4 2024 was 16.2 million, or 0.24pershare,comparedtoanetlossof0.24 per share, compared to a net loss of 24.6 million, or 0.53pershare,inthesameperiodof2023[13][20]−Forthefullyear2024,thecompanyreportedanetlossof0.53 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 1.48pershare,consistentwiththenetlossof1.48 per share, consistent with the net loss of 67.0 million, or 1.48pershare,in2023[16][22]BusinessDevelopments−Thecompanyhasadvanceditslate−stageclinicalprogramsforbasalcellcarcinoma(VP−315)andcommonwarts(VP−102/YCANTH)[2][10][6]−AnewsingleapplicatorconfigurationforYCANTHwasintroducedinQ12025tomeetgrowingdemandandreducecostsforphysicianpractices[10][6]−ThecompanyisfinalizingplansforaglobalPhase3clinicalprogramforVP−102(YCANTH)incommonwarts,withpotentialinitiationasearlyasmid−2025[10][6]OperationalChanges−Arestructuringofcommercialoperationswasimplementedtoreduceexpenses,withtotaloperatingexpensesexpectedtodecreasebyapproximately501.48 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]