Verrica Pharmaceuticals (NASDAQ: VRCA) is a specialty dermatology company that develops and commercializes topical drug products for skin conditions. Revenue comes from net product sales of YCANTH (VP-102), its FDA-approved cantharidin-based treatment, sold through a single commercial customer channel with net sales reported after gross-to-net adjustments for product returns, government chargebacks, prompt pay discounts, commercial and Medicaid rebates, and distribution and GPO administrative fees. As of the 10-K filed March 11, 2026, YCANTH is approved for molluscum contagiosum and is advancing through a global Phase 3 study for common warts with Japanese partner Torii, with first patient dosed in December 2025. The company is also developing VP-315, a topical immunotherapy candidate for basal cell carcinoma and additional dermatological oncology indications, licensed from Lytix Biopharma under an agreement that requires milestone payments of up to $111.0 million and tiered royalties on worldwide net sales in the low double digits to mid-teens percentage range. Selling, general and administrative expenses totaled $35.2 million in FY2025, down from $58.8 million in FY2024. Net cash used in operating activities was $17.6 million in FY2025.

Revenue model

Transactional net product sales of YCANTH (VP-102), reduced by gross-to-net adjustments including product returns, government chargebacks, prompt pay discounts, commercial rebates, Medicaid rebates, and distribution, data, and GPO administrative fees. No royalty or licensing revenue from outbound deals is disclosed as material in the filing excerpts.

Products and services

YCANTH (VP-102): FDA-approved topical cantharidin formulation for molluscum contagiosum; Phase 3 study ongoing for common warts (first patient dosed December 2025). VP-315: topical immunotherapy candidate in clinical development for basal cell carcinoma (BCC) and potential additional dermatological oncology indications, licensed from Lytix Biopharma.

Customers and end markets

Commercial distribution through a single Customer (capitalized in filing), indicating a concentrated distribution channel. End markets are dermatology patients treated for molluscum contagiosum and, pending approval, common warts. Research and development spend on YCANTH for common warts was $797K in FY2025 vs. $522K in FY2024; VP-315 R&D spend was $478K in FY2025 vs. $3.5 million in FY2024.

Value-chain role

Drug developer and commercial-stage specialty pharma company. Handles drug development, regulatory affairs, and U.S. commercialization of YCANTH directly. Relies on Torii as a partner for the global Phase 3 common warts program. Licensed VP-315 from Lytix Biopharma and is responsible for further development and commercialization.

Geographic exposure

Primary commercial operations in the United States. Pursuing regulatory submission for YCANTH in Europe following feedback received in late 2025 that no additional Phase 3 studies are required. Global Phase 3 common warts program conducted with partner Torii.

Source: SEC 10-K, filed 2026-03-11

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