Verrica Pharmaceuticals Files Q3 2024 10-Q

TL;DR

Verrica's Q3 10-Q is in: check financials, stock, and capital changes.

AI Summary

Verrica Pharmaceuticals Inc. filed its Q3 10-Q report for the period ending September 30, 2024. The company's financial statements and disclosures are presented, including details on its common stock, additional paid-in capital, and retained earnings. Specific dates like June 26, 2024, and August 1, 2020, are mentioned in relation to stock and collaboration agreements.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Verrica Pharmaceuticals, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details and any disclosed risks within the report can influence the risk level.

Key Numbers

• Q3 2024 — Reporting Period (Covers the third quarter of 2024.)
• 2024-09-30 — As of Date (Financial position as of the end of the third quarter.)
• 2024-11-05 — Filing Date (Date the report was officially submitted to the SEC.)

Key Players & Entities

• Verrica Pharmaceuticals Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2024-11-05 (date) — Filing date
• Lytix Biopharma AS (company) — Mentioned in relation to a collaboration
• 2020-08-01 (date) — Date related to collaboration and stock units

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value VRCA The Nasdaq Stock Mar

Filing Documents

• vrca-20240930.htm (10-Q) — 1572KB
• vrca-ex10_1.htm (EX-10.1) — 66KB
• vrca-ex10_2.htm (EX-10.2) — 136KB
• vrca-ex31_1.htm (EX-31.1) — 14KB
• vrca-ex32_1.htm (EX-32.1) — 10KB
• 0000950170-24-120982.txt ( ) — 7103KB
• vrca-20240930.xsd (EX-101.SCH) — 1231KB
• vrca-20240930_htm.xml (XML) — 960KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risks

Quantitative and Qualitative Disclosures About Market Risks 27 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 28 Item 5. Other Information 29 Item 6. Exhibits 29

FINANC IAL INFORMATION

PART I. FINANC IAL INFORMATION

Unaudited Financial Statements

Item 1. Unaudited Financial Statements VERRICA PHARMACEUTICALS INC. BA LANCE SHEETS (in thousands, except share and per share amounts) (unaudited) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 22,959 $ 69,547 Accounts receivable — 4,248 Unbilled collaboration revenue 84 168 Inventory 2,584 1,022 Prepaid expenses and other current assets 2,560 2,545 Total current assets 28,187 77,530 Property and equipment, net 651 1,052 Operating lease right-of-use asset 912 1,158 Finance lease right-of-use asset 2,639 1,405 Other non-current assets 538 452 Total assets $ 32,927 $ 81,597 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Current liabilities: Accounts payable $ 966 $ 2,464 Accrued expenses and other current liabilities 18,899 13,860 Operating lease liability 315 324 Finance lease liability 846 376 Total current liabilities 21,026 17,024 Operating lease liability 665 910 Finance lease liability 1,982 1,026 Long-term debt 43,305 42,874 Total liabilities 66,978 61,834 Commitments and Contingencies (Note 6) Stockholders' (deficit) equity: Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock, $ 0.0001 par value; 200,000,000 authorized; 45,705,939 shares issued and 45,600,795 shares outstanding as of September 30, 2024 and 42,518,697 shares issued and 42,413,553 shares outstanding as of December 31, 2023 5 4 Treasury stock, at cost, 105,144 shares as of September 30, 2024 and December 31, 2023 — — Additional paid-in capital 256,769 250,207 Accumulated deficit ( 290,825 ) ( 230,448 ) Total stockholders' (deficit) equity ( 34,051 ) 19,763 Total liabilities and stockholders' (deficit) equity $ 32,927 $ 81,597 The accom

Notes to Financial Statements

Notes to Financial Statements (Unaudited) Note 1— Organization and Description of Business Operations Verrica Pharmaceuticals Inc. (the "Company") was formed on July 3, 2013 and is incorporated in the State of Delaware. The Company is a dermatology therapeutics company developing and selling medications for skin diseases requiring medical intervention. On July 21, 2023, the U.S. Food and Drug Administration ("FDA") approved YCANTH (VP-102) topical solution for the treatment of molluscum contagiosum in adult and pediatric patients two years of age and older. The Company launched commercial operations in August 2023. Liquidity The Company has incurred substantial operating losses since inception and expects to continue to incur significant losses for the foreseeable future and may never become profitable. As of September 30, 2024 , the Company had an accumulated deficit of $ 290.8 million. The Company believes its cash, and cash equivalents of $ 23.0 million as of September 30, 2024 will be sufficient to support the Company's planned operations only into the first quarter of 2025. These factors cause substantial doubt to exist about the Company's ability to continue as a going concern within one year after the date these financial statements are issued. The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result should the Company be unable to continue as a going concern. The Company plans to secure additional capital in the future through equity or debt financings, partnerships, or other sources to carry out the Company's planned commercial and development activities. If the Company is unable to raise

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