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Verrica Pharmaceuticals Inc. (VRCA-2.19%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a net loss of $76.6 million, compared to a net loss of $67.0 million in the previous year. The increase in net loss is attributed to higher selling, general, and administrative expenses, as well as increased costs associated with the commercialization of YCANTH (VP-102).
Product revenue, net for the year was $6.6 million, up from $4.7 million in the previous year. The increase in revenue is due to the commercial launch of YCANTH (VP-102) for the treatment of molluscum contagiosum.
Cost of product revenue was $1.9 million, compared to $0.3 million in the previous year. This increase was primarily due to higher product costs and obsolete inventory costs.
Research and development expenses decreased to $11.8 million from $20.3 million, primarily due to reductions in costs related to YCANTH (VP-102) pre-approval activities and clinical costs for VP-315.
The company reported collaboration revenue of $1.0 million, compared to $0.5 million in the previous year, related to supplies and development activity provided to Torii.
Interest expense increased to $9.4 million from $4.0 million, primarily due to the OrbiMed Credit Agreement.
Verrica Pharmaceuticals Inc. had cash and cash equivalents of $46.3 million as of December 31, 2024. The company plans to secure additional capital through equity or debt financings, partnerships, or other sources to continue its planned commercial and development activities.
The filing also details various financial agreements, including a Credit Agreement with OrbiMed, which provided $50.0 million in funding, and a collaboration and license agreement with Torii Pharmaceutical Co., Ltd.
The company acknowledges substantial doubt regarding its ability to continue as a going concern within one year after the date the financial statements are issued, due to the uncertainty regarding the availability of additional funding and its current capital resources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Verrica Pharmaceuticals Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.