Verrica Pharmaceuticals Inc.
VRCA · Pharmaceutical Preparations · 17.2M shares · -42%/yr ↓ buyback · EDGAR filings ↗
Reference price $4.24 · est. market cap ~$73M — last insider purchase, 2025-11-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D47Commercial dermatology company with an approved product and positive trials but an explicit going-concern doubt.
Strengths
- YCANTH approved and selling; multiple positive Phase 3/2 readouts (molluscum CAMP-1 p<0.0001; genital warts p=0.0048)
- Gross margin 82nd pct; recent $49M placement and loan extinguishment improved the post-period balance sheet
Risks
- Filing states substantial doubt about going-concern and insufficient working capital for the next 12 months
- Net margin -0.50, runway 6.8 quarters; still loss-making with commercialization spend
- Dependent on YCANTH uptake and partner-funded common-warts Phase 3
Notable findings
- Going concern• While our financial statements have been prepared assuming that we will continue as a going concern, we do not currently have sufficient working capital to fund our planned operations for the next t
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -50.3%)
- Cash burnNegative free cash flow (-17.6M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, GOLDMAN SACHS GROUP INC
- Buying back stockNet buyback — share count -42%/yr over 3y
- Notable holderHeld by 2 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-34.2%
Net margin
-50.3%
Return on equity
-72.3%
Return on assets
-37.9%
ROIC
-38.9%
Revenue growth (QoQ)
-1.4%
Debt / equity
0.0×
Current ratio
2.6×
Free cash flow
-$18M
Tangible book value
$25M
Cash & investments
$30M
Cash runway
7q
Stock comp / revenue
9.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-12-23 | Kirby John J. | Grant | 10K | — |
| 2025-11-25 | Zawitz David | Buy | 10K | $4.24 |
| 2025-11-25 | Rieger Jayson | Buy | 94K | $4.24 |
| 2025-11-25 | Rosenberg Noah L. | Buy | 2.4K | $4.24 |
| 2025-11-25 | Kirby John J. | Buy | 3.5K | $4.24 |
| 2025-11-25 | Manning Paul B | Buy | 1.4M | $4.24 |
| 2025-11-25 | Manning Paul B | Buy | 2.8M | $4.24 |
| 2025-03-17 | Hayes Christopher G. | Sell | 4.3K | $0.65 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07457918 ↗ | Long-Term Follow-up Study of Cantharidin (YCANTH [VP-102/TO-208]) in Patients With Common Warts (Verruca Vulgaris) Common Warts (Verruca Vulgaris), Common Warts | PHASE3 | Recruiting | 2028-04-30 |
| NCT07246590 ↗ | Cantharidin Application in Patients With Common Warts (Verruca Vulgaris) (COVE-2) Common Warts, Common Warts (Verruca Vulgaris) | PHASE3 | Recruiting | 2027-06-01 |
| NCT07637734 ↗ | Cantharidin Application in Patients With Common Warts (Verruca Vulgaris) (COVE-3) Common Warts, Common Warts (Verruca Vulgaris) | PHASE3 | Not Yet Recruiting | 2027-08-01 |
| NCT05188729 ↗ | Open-Label Proof of Concept Study of VP-315 in Basal Cell Carcinoma Basal Cell Carcinoma, Skin Cancer | PHASE2 | Completed | 2024-04-15 |
| NCT03981822 ↗ | A Placebo-Controlled Study Using VP-102 in the Treatment of External Genital Warts Condylomata Acuminata, Papillomavirus Infections | PHASE2 | Completed | 2020-05-21 |
| NCT03487549 ↗ | Cantharidin and Occlusion in Verruca Epithelium Common Wart, Warts Hand | PHASE2 | Completed | 2019-05-16 |
| NCT03377790 ↗ | Cantharidin Application in Molluscum Patients-1 Molluscum Contagiosum | PHASE3 | Completed | 2018-11-26 |
| NCT03377803 ↗ | Cantharidin Application in Molluscum Patients Molluscum Contagiosum | PHASE3 | Completed | 2018-09-26 |
| NCT03186378 ↗ | Evaluation of Systemic Exposure to VP-102 in Subjects With Molluscum Contagiosum. Molluscum Contagiosum | PHASE2 | Completed | 2018-06-25 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-03-11 | ResultsExhibits | filing ↗ |
| 2025-12-30 | Exec/director change | filing ↗ |
| 2025-11-24 | Material agreement3.02OtherExhibits | filing ↗ |
| 2025-11-14 | ResultsExhibits | filing ↗ |
| 2025-08-12 | ResultsOtherExhibits | filing ↗ |
| 2025-07-30 | Delisting notice | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-05 | 0001193125-26-263722 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001660334-26-000014 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-219395 ↗ |
| 10-K | 2026-03-11 | 2025-12-31 | 0001660334-26-000008 ↗ |
| 8-K | 2026-03-11 | 2026-03-11 | 0001193125-26-101126 ↗ |
| 8-K | 2025-12-30 | 2025-12-23 | 0001193125-25-335824 ↗ |
| 8-K | 2025-11-24 | 2025-11-23 | 0001193125-25-292155 ↗ |
| 8-K | 2025-11-14 | 2025-11-14 | 0001193125-25-283078 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0001660334-25-000006 ↗ |
| 10-Q | 2025-08-12 | 2025-06-30 | 0000950170-25-107358 ↗ |
| 8-K | 2025-08-12 | 2025-08-08 | 0001193125-25-178954 ↗ |
| 8-K | 2025-07-30 | 2025-07-24 | 0001193125-25-169309 ↗ |