0001660334-26-000014 | 10-Q | XBRL Viewer | Verrica Pharmaceuticals INC

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Stockholders’ Equity - Schedule of Outstanding Warrants (Details) - $ / shares	Mar. 31, 2026	May 14, 2024
Class of Warrant or Right [Line Items]
Number of warrants (in shares)		50,000
Exercise price (in dollars per share)		$ 95.60
Warrants issued in connection with OrbiMed debt facility
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	51,855
Exercise price (in dollars per share)	$ 23.5541
Warrants issued in connection with Torii amendment
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	50,000
Exercise price (in dollars per share)	$ 95.6000
Series B warrants issued pursuant to 2024 underwritten public offering
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	2,387,703
Exercise price (in dollars per share)	$ 13.3500
Series C warrants issued pursuant to the Private Placement
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	2,951,241
Exercise price (in dollars per share)	$ 6.3150
Pre-funded warrants issued pursuant to the Private Placement
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	4,126,239
Exercise price (in dollars per share)	$ 0.0001

License and Collaboration Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended				3 Months Ended		9 Months Ended	60 Months Ended
	May 14, 2024	Mar. 17, 2021	Sep. 30, 2025	Aug. 31, 2025	Jul. 31, 2025	Aug. 31, 2020	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2026	Jun. 27, 2025
License And Collaboration Agreements [Line Items]
Royalty payment period for first product		10 years
Royalty payment period for subsequent products, option one		10 years
Royalty payment period for subsequent products, option two		5 years
Warrant issued to purchase common stock (in shares)	50,000
Warrant exercise price (in dollars per share)	$ 95.60
Warrant term	10 years
Interest expense							$ 160	$ 2,203
Costs recognized in research and development expense							3,860	2,284
Ltyix
License And Collaboration Agreements [Line Items]
Percentage of royalty income shared						50.00%
Development Regulatory Commercial Milestones \| Maximum \| Ltyix
License And Collaboration Agreements [Line Items]
License agreement additional milestone payments							$ 111,000		$ 111,000	$ 111,000
Torii Amendment, Tranche One
License And Collaboration Agreements [Line Items]
Vesting percentage for shares underlying warrants	33.33%
Torii Amendment, Tranche Two
License And Collaboration Agreements [Line Items]
Vesting percentage for shares underlying warrants	33.33%
Torii Amendment, Tranche Three
License And Collaboration Agreements [Line Items]
Vesting percentage for shares underlying warrants	33.33%
Torii Agreement, Phase 3 Program
License And Collaboration Agreements [Line Items]
Interest rate margin percentage	2.00%
Fixed interest rate percentage	6.00%
Maximum cost repayment period	60 months
Maximum out of pocket costs paid by the other party											$ 40,000
Costs paid by the other party				$ 8,600
R&D Funding Liability				4,300
Deferred R&D Services				$ 4,300
Interest expense percentage							12.00%
Interest expense							$ 100
Contra-research and development expense							200
Contra-research and development expense since inception							1,000		1,000	1,000
Total costs incurred							3,400
Costs recognized in research and development expense							1,700		2,800
Total costs incurred since inception							5,600		5,600	5,600
Lytix \| Development Regulatory Commercial Milestones
License And Collaboration Agreements [Line Items]
License agreement milestone payment amount paid							3,600		3,600	3,600
License and Collaboration Revenue, Milestones
License And Collaboration Agreements [Line Items]
Revenue recognized			$ 10,000		$ 8,000		0	0		38,000
Aggregate additional payments contingent on achievement of milestones							32,000		$ 32,000	$ 32,000
License and Collaboration Revenue, Commercial Supply and Development
License And Collaboration Agreements [Line Items]
Revenue recognized							$ 700	$ 17

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation On June 6, 2022, plaintiff Kranthi Gorlamari ("Plaintiff") filed a putative class action complaint captioned Gorlamari v. Verrica Pharmaceuticals Inc., et al., in the U.S. District Court for the Eastern District of Pennsylvania against us and certain of our current and former officers and directors ("Defendants"). On January 12, 2023, the Plaintiff filed an amended complaint alleging that Defendants violated federal securities laws by, among other things, failing to disclose certain manufacturing deficiencies at the facility where our contract manufacturer produced bulk solution for the YCANTH (VP-102) drug device and that such deficiencies posed a risk to the prospects for regulatory approval of YCANTH (VP-102) for the treatment of molluscum. The amended complaint seeks unspecified compensatory damages and other relief on behalf of Plaintiff and all other persons and entities which purchased or otherwise acquired our securities between May 19, 2021 and May 24, 2022. On January 12, 2024, the Court granted in part and denied in part Defendants’ motion to dismiss the amended complaint. The Court held that Plaintiff’s claims relating to statements made in May and June 2021 were sufficiently pled, but dismissed Plaintiff’s claims relating to all other statements made during the Putative Class Period. On January 26, 2024, Plaintiff filed a second amended complaint in an attempt to cure certain of the deficiencies identified in the January 12, 2024 ruling. On September 3, 2024, the Court granted in part and denied in part Defendants’ motion to dismiss the second amended complaint. The Court dismissed Plaintiff’s claims related to one of the two individual defendants but held that Plaintiff’s claims against the Company and the other individual defendant were sufficiently pled. On March 4, 2026, the Court granted Plaintiff's motion for class certification. In addition, on October 21, 2024, May 12, 2025, and June 26, 2025, plaintiffs Ivan S. Cohen, Paul Cannon, and Joseph Bonaccorso, respectively, each filed a putative stockholder derivative lawsuit in the U.S. District Court for the Eastern District of Pennsylvania. Each derivative complaint names the company as a nominal defendant and purports to bring claims on behalf of the company against certain of our current and former directors and officers for alleged violations of the federal securities laws and breaches of their fiduciary duties in relation to substantially the same factual allegations as the above-described putative class action lawsuit. Each derivative complaint primarily seeks to recover for the company compensatory damages for losses allegedly sustained related to the facts alleged, restitution, and punitive damages. On December 16, 2024, the Court granted the parties' joint stipulation to stay the Cohen derivative lawsuit. On July 21, 2025, the Court granted the parties' joint stipulation in the Cohen and Cannon derivative lawsuits to consolidate the two actions and stay the consolidated action. On July 24, 2025, the plaintiff in the Bonaccorso derivative lawsuit filed a corrected complaint to clarify that the named plaintiff "is not Joseph (Joe) Bonaccorso, the former Chief Commercial Officer" of the Company. On July 29, 2025, the plaintiff in the Bonaccorso derivative lawsuit filed a notice voluntarily dismissing the action without prejudice. The Company is also involved in ordinary, routine legal proceedings that are not considered by management to be material. In the opinion of Company counsel and management, the ultimate liabilities resulting from such legal proceedings will not materially affect the financial position of the Company or its results of operations or cash flows.

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of shares
Outstanding beginning balance (in shares)	1,353,918
Granted (in shares)	8,710
Forfeited (in shares)	(36,245)
Expired (in shares)	(7,915)
Outstanding ending balance (in shares)	1,318,468	1,353,918
Options vested and exercisable (in shares)	473,434
Weighted average exercise price
Outstanding beginning balance (in dollars per share)	$ 16.13
Granted (in dollars per share)	7.24
Forfeited (in dollars per share)	10.18
Expired (in dollars per share)	12.10
Outstanding ending balance (in dollars per share)	16.26	$ 16.13
Options vested and exercisable, Weighted average exercise price (in dollars per share)	$ 28.60
Additional Disclosures
Weighted average remaining contractual life (in years), Outstanding	8 years 6 months	8 years 10 months 24 days
Weighted average remaining contractual life (in years), Options vested and exercisable	7 years 9 months 18 days
Aggregate intrinsic value, Outstanding	$ 8,090	$ 1,181,200
Aggregate intrinsic value, Options vested and exercisable	$ 1,100

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lease Expense, Weighted Average Remaining Lease Term and Discount Rates

The components of lease expense are as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025
Finance lease cost:
Amortization right-of-use assets	$	100	$	84
Interest on lease liabilities	19		20
Total finance lease costs	$	119	$	104
Operating lease:
Operating lease costs	$	85	$	85

The weighted average remaining lease term and discount rates for the Company's leases as of March 31, 2026 are as follows:


	Operating		Finance
Weighted average remaining lease term (years)	1.42		2.75
Weighted average discount rate	6.25	%	7.62	%

Schedule of Maturities of Operating Leases

Maturities of the Company’s operating leases, excluding short-term leases, as of March 31, 2026 are as follows (in thousands):


	Operating		Finance
2026 (remaining 9 months)	$	275	$	346
2027	246		409
2028	—		207
2029	—		66
Thereafter	—		3
Total lease payments	521		1,031
Less imputed interest	(21)		(89)
Lease liability	$	500	$	942

Schedule of Maturities of Finance Leases

Maturities of the Company’s operating leases, excluding short-term leases, as of March 31, 2026 are as follows (in thousands):


	Operating		Finance
2026 (remaining 9 months)	$	275	$	346
2027	246		409
2028	—		207
2029	—		66
Thereafter	—		3
Total lease payments	521		1,031
Less imputed interest	(21)		(89)
Lease liability	$	500	$	942

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Outstanding Warrants

The following table summarizes the Company’s outstanding warrants, all of which are exercisable for shares of common stock:


	March 31, 2026
	Number of warrants	Exercise Price		Expiration Date
Equity classified warrants
Warrants issued in connection with OrbiMed debt facility	51,855	$	23.5541	7/26/2033
Warrants issued in connection with Torii amendment	50,000	$	95.6000	5/14/2034
Series B warrants issued pursuant to 2024 underwritten public offering	2,387,703	$	13.3500	11/20/2029
Series C warrants issued pursuant to the Private Placement	2,951,241	$	6.3150	11/25/2030
Pre-funded warrants issued pursuant to the Private Placement	4,126,239	$	0.0001	No expiration

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	936	$	974
Work in process	301		784
Finished goods	737		478
Total inventory	$	1,974	$	2,236

License And Collaboration Agreements	3 Months Ended
License And Collaboration Agreements	Mar. 31, 2026
License And Collaboration Agreements [Abstract]
License and Collaboration Agreements	License and Collaboration Agreements Torii Agreements On March 17, 2021, the Company entered into a collaboration and license agreement (the "Torii Agreement") with Torii, pursuant to which the Company granted Torii an exclusive license to develop and commercialize the Company’s product candidates that contain a topical formulation of cantharidin for the treatment of molluscum contagiosum and common warts in Japan, including YCANTH (VP-102). Additionally, the Company granted Torii a right of first negotiation with respect to additional indications for the licensed products and certain additional products for use in the licensed field, in each case in Japan. As of March 31, 2026, the Company had received milestone payments from Torii in prior periods totaling $38.0 million, including an $8.0 million milestone payment in July 2025 and a $10.0 million milestone payment in September 2025, as described below. As of March 31, 2026, the Company is entitled to receive from Torii an additional $32.0 million in aggregate payments, contingent on achievement of specified regulatory and sales milestones, in addition to transfer price payments for supply of product, which will begin to be replaced by royalty payments as part of the manufacturing transfer. The transfer price and royalty payments shall be payable, on a product-by-product basis, beginning on the first commercial sale of such product and ending on the latest of (a) expiration of the last-to-expire valid claim contained in certain licensed patents in Japan that cover such product, (b) expiration of regulatory exclusivity for the first indication for such product in Japan, and, (c) (i) with respect to the first product, ten years after first commercial sale of such product, and, (ii) with respect to any other product, the later of (x) ten years after first commercial sale of the first product and (y) five years after first commercial sale of such product. The Torii Agreement expires on a product-by-product basis upon expiration of Torii’s obligation under the agreement to make transfer price payments for such product. Torii has the right to terminate the agreement upon specified prior written notice to us. Additionally, either party may terminate the agreement in the event of an uncured material breach of the agreement by, or insolvency of, the other party. The Company may terminate the agreement in the event that Torii commences a legal action challenging the validity, enforceability or scope of any licensed patents. The Company recognized collaboration revenue of $0.7 million and $17,000 for the three months ended March 31, 2026 and 2025, respectively, related to commercial supply and development activity. The cost of collaboration revenue consists of expenses incurred by the Company for commercial supply and to support development and testing services. On May 14, 2024, the Company entered into the First Amendment to the Torii Agreement (the "First Amendment"). Pursuant to the First Amendment, the Company and Torii agreed on the framework of a cost sharing arrangement for the global Phase 3 program of YCANTH (VP-102) for the treatment of common warts (the "Program"), with Torii paying all the costs of the Program when due and the Company repaying Torii half of the cost (the "Company Portion"). The results of the Program will be utilized by the Company in the filing of its new drug application with the FDA for YCANTH (VP-102) for the treatment of common warts. The Company Portion accrues interest annually at the greater of (i) the one-month SOFR plus 2% and (ii) 6%. Torii may recoup the Company's share of the costs plus applicable interest against certain development milestone payments in the Torii Agreement that would otherwise be due to the Company under terms of the Torii Agreement. In addition, if Torii has not received payment or other recoupment in full of the Company Portion plus applicable interest within 60 months after August 20, 2025, the date on which Torii made its first payment for the Program costs, Torii may invoice the Company for the remaining Company Portion plus applicable interest. In conjunction with the First Amendment, the Company issued Torii a warrant to purchase up to 50,000 shares of the Company’s common stock at an exercise price per share of $95.60. The warrant has a term of ten years and is exercisable only with respect to the shares that have vested as of the date of exercise. One-third of the shares underlying the warrant vested in December 2025, when the first patient was dosed in the Program, with the remaining vesting occurring one-third on the date that the database lock with respect to the Trial occurs and one-third on the date the Company submits a new drug application to the FDA for YCANTH (VP-102) for the treatment of common warts. On June 27, 2025, the Company entered into the Second Amendment to the Torii Agreement (the "Second Amendment"), which further revised the details of the cost sharing arrangement initially negotiated as part of the First Amendment. The Second Amendment accelerated an $8.0 million milestone payment, which was paid to the Company in July 2025, following Torii's approval of the study plan and execution of the agreement with the clinical research organization ("CRO"). The Company recognized revenue related to this milestone in the second quarter of 2025, when it became probable that the associated performance obligations were met. The milestone payment was initially conditioned upon the dosing of the first patient as part of the Program. In September 2025, Torii paid to the Company a $10.0 million milestone payment upon the approval of TO-208, referred to as YCANTH in the U.S., for molluscum contagiosum in Japan, in cash, rather than as an offset to costs of the Program as originally contemplated under the First Amendment. Torii will be paying the first $40.0 million of out-of-pocket costs when due, with the Company repaying to Torii half of such costs over time. Consistent with the First Amendment, to repay its portion of the costs of the Program, the Company will offset amounts otherwise due from Torii for future royalties, certain transfer price payments and remaining development milestones. To the extent the cost of the Program exceeds $40.0 million, the Company will pay such excess costs, up to a specified maximum amount, and Torii will repay to the Company half of such costs. The Second Amendment also sets forth that the Company will initiate a manufacturing transfer to Torii, which is expected to take several years, that will allow Torii to produce YCANTH (TO-208) applicators to be sold in Japan. In the interim, Torii will continue to purchase applicators from the Company. After the transfer of at least one component of the manufacturing process, the Company will begin earning royalties related to net sales in Japan of applicators manufactured by Torii and/or its manufacturing partners in lieu of the transfer price for completed applicators. The Company is accounting for the Second Amendment as a R&D funding arrangement since the Company is obligated to repay Torii regardless of the outcome of the research such that a substantive and genuine transfer of risk has not occurred. In August 2025, Torii paid $8.6 million to a CRO, half of which comprises the Company Portion. Upon Torii’s $8.6 million payment to the CRO, representing an initial deposit for clinical trial services and fees, the Company recorded a $4.3 million funding liability ("R&D Funding Liability") for the Company Portion it will pay to Torii, as described above, and a corresponding R&D asset ("Deferred R&D Services") of $4.3 million representing its right to the prepaid research and development services. The Deferred R&D Services asset is classified between current and non-current assets based on the expected timing of service performance. The Company will expense the Deferred R&D Services within R&D expense as the services are performed by the CRO. Because the R&D Funding Liability is with a collaborator and the interest rate is below market, the Company is imputing interest expense using a 12% market rate of interest, and the difference between the market rate of interest and the rate being charged by Torii will reduce research and development expense. Interest expense of $0.1 million was recognized during the three months ended March 31, 2026. As part of the Program, the Company will also directly contract with third parties for certain clinical supply and distribution services that will be reimbursed by Torii and those reimbursements will be recognized as contra-research and development expense once incurred. For the three months ended March 31, 2026, the Company recognized $0.2 million as contra-research and development expense. Since the inception of the Program, the Company has recorded $1.0 million as contra-research and development expense related to this project. For the three months ended March 31, 2026, total program costs incurred under the arrangement were $3.4 million, of which $1.7 million represented the Company's share and was recognized as research and development expense. The remaining costs represented Torii's share of the program costs and were not reflected in the Company's Consolidated Statement of Operations. Since the inception of the Program, total program costs incurred under the arrangement were $5.6 million, of which $2.8 million represented the Company's share. Lytix Agreement In August 2020, the Company entered into an exclusive license agreement with Lytix Biopharma ASA ("Lytix") for the use of licensed technology, referred to as VP-315, to research, develop, manufacture, have manufactured, use, sell, have sold, offer for sale, import, and otherwise commercialize products for use in all malignant and pre-malignant dermatological indications, other than metastatic melanoma and metastatic Merkel cell carcinoma (the "Lytix Agreement"). As part of the Lytix Agreement, the Company has paid Lytix milestone fees of $3.6 million in previous periods. The Company is also obligated to pay up to $111.0 million contingent on achievement of specified development, regulatory, and sales milestones, as well as tiered royalties based on worldwide annual net sales ranging in the low double digits to the mid-teens, subject to certain customary reductions. The Company’s obligation to pay royalties expires on a country-by-country and product-by-product basis on the later of the expiration or abandonment of the last to expire licensed patent covering VP-315 anywhere in the world and expiration of regulatory exclusivity for VP-315 in such country. Additionally, all upfront fees and milestone-based payments received by the Company from a sublicensee will be treated as net sales and will be subject to the royalty payment obligations under the Lytix Agreement, and all royalties received by the Company from a sublicensee shall be shared with Lytix at a rate that is initially 50% but decreases based on the stage of development of VP-315 at the time such sublicense is granted.

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2026
Operating
Weighted average remaining lease term (years)	1 year 5 months 1 day
Weighted average discount rate	6.25%
Finance
Weighted average remaining lease term (years)	2 years 9 months
Weighted average discount rate	7.62%

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	936	$	974
Work in process	301		784
Finished goods	737		478
Total inventory	$	1,974	$	2,236

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense, which includes expense for both options and restricted stock units, has been reported in the Company’s consolidated statements of operations as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025
Selling, general and administrative	$	593	$	785
Research and development	276		241
Cost of product revenue	14		—
Cost of collaboration revenue	14		—
Total stock-based compensation	$	897	$	1,026

Stock Options

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026:


	Number of shares	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding as of December 31, 2025	1,353,918	$	16.13	8.9	$	1,181,200
Granted	8,710	7.24

Forfeited	(36,245)	10.18
Expired	(7,915)	12.10
Outstanding as of March 31, 2026	1,318,468	$	16.26	8.5	$	8,090
Options vested and exercisable as of March 31, 2026	473,434	$	28.60	7.8	$	1,100

The aggregate intrinsic value in the above table is calculated as the difference between fair market value of the Company’s common stock price and, as of March 31, 2026, the exercise price of the stock options. The weighted average grant date fair value per share for the employee and non-employee stock options granted during the three months ended March 31, 2026 was $5.98. As of March 31, 2026, the total unrecognized compensation related to unvested stock option awards granted was $5.5 million, which the Company expects to recognize over a weighted-average period of 1.91 years.

Restricted Stock Units

Compensation expense related to RSUs is recognized in the Company’s consolidated statements of operations based on the fair market value at the date of grant over the period expected to vest. No RSUs were granted, vested, or modified during the period, and as of March 31, 2026, there was no remaining unrecognized compensation expense related to RSUs.

Other Equity Award Arrangements

In December 2025, the Board approved certain equity award arrangements for members of the executive leadership team. The awards are subject to multiple substantive contingencies, including (i) approval by the Company's stockholders of an amendment to the 2018 Plan, (ii) achievement of specified stock price-based vesting conditions, and (iii) continued service. As of March 31, 2026, the required stockholder approval had not been obtained. Because this approval represents a substantive contingency and is not perfunctory, none of the arrangements meet the definition of a grant. Accordingly, no stock-based compensation expense has been recognized and no equity instruments related to these arrangements have been reflected in the accompanying consolidated financial statements.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	17,189,300	17,189,300
Common stock, shares outstanding (in shares)	17,178,786	17,178,786
Treasury stock (in shares)	10,514	10,514

Significant Accounting Policies - Schedule of Significant Revenue and Expense Categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 5,023	$ 3,439
Cost of product revenue	544	423
Cost of license and collaboration revenue	345	14
Selling, general and administrative	9,989	8,848
Research and development	3,860	2,284
Other income (expense)	33	(1,612)
Net loss	(9,682)	(9,742)
Product revenue, net
Segment Reporting Information [Line Items]
Revenue	4,290	3,422
License and collaboration revenue
Segment Reporting Information [Line Items]
Revenue	733	17
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	5,023	3,439
Cost of product revenue	544	423
Cost of license and collaboration revenue	345	14
Selling, general and administrative	9,989	8,848
Research and development	3,860	2,284
Other income (expense)	33	(1,612)
Net loss	(9,682)	(9,742)
Reportable Segment \| Commercial (including payroll)
Segment Reporting Information [Line Items]
Selling, general and administrative	5,697	4,282
Reportable Segment \| General and administrative (including payroll)
Segment Reporting Information [Line Items]
Selling, general and administrative	3,699	3,781
Reportable Segment \| Stock-based compensation
Segment Reporting Information [Line Items]
Selling, general and administrative	593	785
Research and development	276	241
Reportable Segment \| Other unallocated expenses
Segment Reporting Information [Line Items]
Research and development	1,542	1,484
Reportable Segment \| Product revenue, net
Segment Reporting Information [Line Items]
Revenue	4,290	3,422
Reportable Segment \| License and collaboration revenue
Segment Reporting Information [Line Items]
Revenue	733	17
Reportable Segment \| YCANTH (VP-102)
Segment Reporting Information [Line Items]
Research and development	278	371
Reportable Segment \| VP-315
Segment Reporting Information [Line Items]
Research and development	133	161
Reportable Segment \| Common warts
Segment Reporting Information [Line Items]
Research and development	$ 1,631	$ 27

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Landlord's Operating Expense
Lessee Lease Description [Line Items]
Operating lease, base rent	$ 2,400
Vehicles
Lessee Lease Description [Line Items]
Term of finance lease	52 months
Right-of-use asset and finance lease liability recognized	$ 42

Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		60 Months Ended
	Sep. 30, 2025 USD ($)	Jul. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) segment $ / shares	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segments \| segment			1
Number of reportable segments not disclosed
Bank cash deposits			$ 300		$ 300
Accounts receivable			7,724		7,724	$ 5,260
Allowance for credit losses			$ 0		0
Accounts receivable payment terms			60 days
Deferred revenue recognition period			6 months
Assets measured at fair value			$ 0		0	0
Liabilities measured at fair value			$ 0		0	$ 0
Basic exercise price (in dollars per share) \| $ / shares			$ 0.0001
Diluted exercise price (in dollars per share) \| $ / shares			$ 0.0001
Accounts Receivable \| Customer Concentration Risk \| One Customer
Significant Accounting Policies [Line Items]
Concentration risk percentage			92.00%
License and Collaboration Revenue, Milestones
Significant Accounting Policies [Line Items]
Revenue recognized	$ 10,000	$ 8,000	$ 0	$ 0	$ 38,000

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Significant Revenue and Expense Categories

The table below summarizes the significant revenue and expense categories regularly reviewed by the CEO for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026		2025
Revenue:
Product revenue, net	$	4,290	$	3,422
License and collaboration revenue	733		17
Total revenue	5,023		3,439
Less:
Cost of product revenue	544		423
Cost of license and collaboration revenue	345		14
Selling, general and administrative:
Commercial (including payroll)	5,697		4,282
General and administrative (including payroll)	3,699		3,781
Stock-based compensation	593		785
Total selling, general and administrative expense	9,989		8,848
Research and development:
YCANTH (VP-102)	278		371
VP-315	133		161
Common warts	1,631		27
Stock-based compensation	276		241
Other unallocated expenses	1,542		1,484
Total research and development expense	3,860		2,284
Other:
Other income (expense) (a)	33		(1,612)
Net loss	$	(9,682)	$	(9,742)

(a)Other income (expense) includes interest income, interest expense, change in fair value of embedded derivative liability and other expenses.

Schedule of Potential Shares Outstanding not Included in Computation of Diluted Net Loss Per Common Share

The table below provides potential shares outstanding that were not included in the computation of diluted net loss per common share, as the inclusion of these securities would have been anti-dilutive:


	March 31,
	2026	2025
Shares issuable upon exercise of stock options	1,318,468	1,181,254
Non-vested shares under restricted stock grants	—	33,427
Shares issuable upon exercise of warrants pursuant to debt financing	51,855	51,855
Shares issuable upon exercise of warrants pursuant to Torii amendment	50,000	50,000
Shares issuable upon exercise of Series A and B warrants pursuant to 2024 equity financing	2,387,703	4,775,420
Shares issuable upon exercise of Series C warrants pursuant to the Private Placement	2,951,241	—
Total	6,759,267	6,091,956

Significant Accounting Policies - Schedule of Potential Shares Outstanding not Included in Computation of Diluted Net Loss Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share (in shares)	6,759,267	6,091,956
Shares issuable upon exercise of stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share (in shares)	1,318,468	1,181,254
Non-vested shares under restricted stock grants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share (in shares)	0	33,427
Shares issuable upon exercise of warrants pursuant to debt financing / Torii amendment \| Debt Financing
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share (in shares)	51,855	51,855
Shares issuable upon exercise of warrants pursuant to debt financing / Torii amendment \| Torii amendment
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share (in shares)	50,000	50,000
Shares issuable upon exercise of Series A and B warrants pursuant to 2024 equity financing
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share (in shares)	2,387,703	4,775,420
Shares issuable upon exercise of Series C warrants pursuant to the Private Placement
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share (in shares)	2,951,241	0

Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders’ Equity

Common Stock

The Company had authorized 200,000,000 shares of common stock, $0.0001 par value per share, as of March 31, 2026 and December 31, 2025. Each share of common stock is entitled to one vote. Common stock owners are entitled to dividends when funds are legally available and declared by the Board.

November 2025 Offering

In November 2025, the Company sold an aggregate of (i) 6,499,826 shares of its common stock, (ii) with respect to certain purchasers pre-funded warrants to purchase 5,305,164 shares of common stock in lieu of shares and (iii) in either case, the accompanying Series C warrants to purchase 2,951,241 shares of common stock. The purchase price per share of common stock and accompanying Series C warrant was $4.24125 per share and the purchase price for the Pre-funded Warrants and accompanying Series C warrant was $4.24115 per share. The Company received net proceeds of $49.1 million from the Private Placement, after deducting placement fees of $0.9 million.

Pre-funded Warrant Exercises

There were no prefunded warrants exercised in the three months ended March 31, 2026 and 2025.

Warrants

The following table summarizes the Company’s outstanding warrants, all of which are exercisable for shares of common stock:


	March 31, 2026
	Number of warrants	Exercise Price		Expiration Date
Equity classified warrants
Warrants issued in connection with OrbiMed debt facility	51,855	$	23.5541	7/26/2033
Warrants issued in connection with Torii amendment	50,000	$	95.6000	5/14/2034
Series B warrants issued pursuant to 2024 underwritten public offering	2,387,703	$	13.3500	11/20/2029
Series C warrants issued pursuant to the Private Placement	2,951,241	$	6.3150	11/25/2030
Pre-funded warrants issued pursuant to the Private Placement	4,126,239	$	0.0001	No expiration

The OrbiMed warrants are eligible for a price adjustment if the Company consummates any share distribution at a price per common shares less than the exercise price. As a result of the November 2024 Offering, the OrbiMed warrant exercise price was adjusted down to $34.50 per share. As a result of the Private Placement, the OrbiMed warrant exercise price was adjusted down to $23.55 per share. The Torii warrants become exercisable at different clinical milestones related to the global Phase 3 Program for common warts (the "Program"). The related expense is recognized as research and development expense as costs are incurred for the Program under the R&D funding arrangement (See Note 10).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Description of Business Operations	3 Months Ended
Organization and Description of Business Operations	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business Operations	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 therapeutics company developing and commercializing medications for the treatment of dermatologic diseases, including skin cancers. 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. During the three months ended March 31, 2026, the Company formed a wholly owned subsidiary in Ireland to facilitate regulatory filings in the European Union. The subsidiary had no material operations during the period. Reverse Stock Split At the close of trading on July 24, 2025, the Company effected a reverse stock split at a ratio of 1-for-10 shares of its common stock. As a result, every ten shares of the Company’s issued and outstanding common stock were automatically combined into one share. The reverse stock split affected all stockholders uniformly and did not alter any stockholder’s percentage ownership interest in the Company. No fractional shares were issued as a result of the reverse stock split and the split did not impact the par value of the Company's common stock. Any fractional shares that would otherwise have resulted from the reverse stock split were rounded down to the next whole share. The accompanying consolidated financial statements and footnotes have been adjusted to reflect the impact of the reverse stock split as though it had occurred in all periods presented. Liquidity and Capital Resources 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 March 31, 2026, the Company has an accumulated deficit of $334.6 million and had cash outflows from operations of $9.2 million for the three months ended March 31, 2026. Based on the Company’s current business plan and current capital resources, consisting of cash of $20.6 million as of March 31, 2026, combined with the uncertainty regarding the availability of additional funding, the Company has concluded that substantial doubt exists regarding its ability to continue as a going concern within one year after the date these financial statements are issued. The Company plans to address the conditions that raise substantial doubt regarding its ability to continue as a going concern by, among other things, obtaining additional funding through equity offerings, debt financing, collaborations, strategic alliances and/or licensing arrangements. The consolidated 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 consolidated financial statements do not include any adjustments to the carrying amounts and classification of recorded assets, liabilities and reported expenses that might result should the Company be unable to continue as a going concern. There can be no assurance the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. If the Company is unable to raise capital when needed or on attractive terms, the Company would be forced to delay, reduce or eliminate commercialization efforts and development programs. In November 2025, the Company sold an aggregate of (i) 6,499,826 shares of its common stock, (ii) with respect to certain purchasers pre-funded warrants to purchase 5,305,164 shares of common stock in lieu of shares and (iii) in either case, the accompanying Series C warrants to purchase 2,951,241 shares of common stock. The purchase price per share of common stock and accompanying Series C warrant was $4.24125 per share and the purchase price for the Pre-funded Warrants and accompanying Series C warrant was $4.24115 per share. The Company received net proceeds of $49.1 million from the Private Placement, after deducting placement fees of $0.9 million. 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. The amount of proceeds the Company may be able to raise pursuant to its currently effective shelf registration statement on Form S-3 is limited. The Company is subject to the general instructions of Form S-3 known as the "baby shelf rules." Under these rules, the amount of funds the Company can raise through primary public offerings of securities in any 12-month period using its registration statement on Form S-3 is limited to one-third of the aggregate market value of the shares of the Company's common stock held by its non-affiliates. Therefore, the Company will be limited in the amount of proceeds it is able to raise by selling its securities using its Form S-3 until such time as the Company's public float exceeds $75.0 million.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Gross to net reserves	$	9,017	$	8,562
Compensation and related costs	862		1,763
Clinical trials and drug development	394		454
Professional fees	672		1,259
Inventory	25		130
Commercial-related costs	1,081		550
Other current liabilities	200		119
Total accrued expenses and other current liabilities	$	12,251	$	12,837

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Parties	Related Parties Our Chief Executive Officer, Jayson Rieger, and our Chief Operating Officer, David Zawitz, are former employees of, and current consultants to, PBM Capital Group, LLC, an entity controlled by Paul B. Manning, a significant investor of the Company. Transactions with Alpha 6 Innovations, LLC, an affiliate of Sean Stalfort who is a director of the Company comprised $108,000 for the three months ended March 31, 2026, of which $84,000 were pass through costs, and $57,000 for the three months ended March 31, 2025, of which $48,000 were pass through costs.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 5.98
Unrecognized compensation for stock options \| $	$ 5,500,000
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average recognition period for unrecognized compensation	1 year 10 months 28 days
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted (in shares) \| shares	0
Awards vested (in shares) \| shares	0
Unrecognized compensation for non-option awards \| $	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Related party, amounts of transaction	$ 108	$ 57
Pass Through Costs
Related Party Transaction [Line Items]
Related party, amounts of transaction	$ 84	$ 48

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

The Company leases office space located in West Chester, Pennsylvania that serves as the Company’s headquarters. The initial term expires on September 1, 2027. Base rent over the initial term is approximately $2.4 million, and the Company is also responsible for its share of the landlord’s operating expenses.

The Company entered into a fleet program to provide vehicles for its sales force. The vehicles are leased for a typical term of 52 months and classified as finance leases. The Company recorded $42,000 of additional right-of-use assets and $42,000 of additional right-of-use liabilities during the three months ended March 31, 2026.

The components of lease expense are as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025
Finance lease cost:
Amortization right-of-use assets	$	100	$	84
Interest on lease liabilities	19		20
Total finance lease costs	$	119	$	104
Operating lease:
Operating lease costs	$	85	$	85

Maturities of the Company’s operating leases, excluding short-term leases, as of March 31, 2026 are as follows (in thousands):


	Operating		Finance
2026 (remaining 9 months)	$	275	$	346
2027	246		409
2028	—		207
2029	—		66
Thereafter	—		3
Total lease payments	521		1,031
Less imputed interest	(21)		(89)
Lease liability	$	500	$	942

The weighted average remaining lease term and discount rates for the Company's leases as of March 31, 2026 are as follows:


	Operating		Finance
Weighted average remaining lease term (years)	1.42		2.75
Weighted average discount rate	6.25	%	7.62	%

Leases

The components of lease expense are as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025
Finance lease cost:
Amortization right-of-use assets	$	100	$	84
Interest on lease liabilities	19		20
Total finance lease costs	$	119	$	104
Operating lease:
Operating lease costs	$	85	$	85

Maturities of the Company’s operating leases, excluding short-term leases, as of March 31, 2026 are as follows (in thousands):


	Operating		Finance
2026 (remaining 9 months)	$	275	$	346
2027	246		409
2028	—		207
2029	—		66
Thereafter	—		3
Total lease payments	521		1,031
Less imputed interest	(21)		(89)
Lease liability	$	500	$	942

The weighted average remaining lease term and discount rates for the Company's leases as of March 31, 2026 are as follows:


	Operating		Finance
Weighted average remaining lease term (years)	1.42		2.75
Weighted average discount rate	6.25	%	7.62	%

Debt	3 Months Ended
Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Debt	Debt On July 26, 2023 (the "Closing Date"), the Company entered into a Credit Agreement (the "Credit Agreement"), by and between the Company, as borrower, and OrbiMed Royalty & Credit Opportunities IV, LP, a Delaware limited partnership (the "Initial Lender"). The Company borrowed $50.0 million under the Credit Agreement on July 26, 2023, resulting in net proceeds of approximately $44.1 million after payment of certain fees and transaction related expenses. On November 25, 2025, the Company remitted $35.0 million in cash to fully settle and extinguish all amounts outstanding under its Credit Agreement. As a result of the settlement, the Company recognized a loss on extinguishment of debt of $1.5 million during the year ended December 31, 2025. The Company had a derivative liability related to a bifurcated settlement feature of the Credit Agreement. The derivative liability was remeasured to fair value immediately prior to settlement, resulting in a reduction to nil, with the corresponding change in fair value of derivative liability recognized in the consolidated statement of operations. For the three months ended March 31, 2025, the Company recognized interest expense related to the Credit Agreement of $2.2 million, of which $1.5 million was interest on the term loan and $0.7 million was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of the final payment fee.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finance lease cost:
Amortization right-of-use assets	$ 100	$ 84
Interest on lease liabilities	19	20
Total finance lease costs	119	104
Operating lease:
Operating lease costs	$ 85	$ 85

Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB").

Unaudited Interim Consolidated Financial Statements

The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with U.S. GAAP for interim information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in audited financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2025, filed as part of the Company's Annual Report.

These unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and, in management’s opinion, include all adjustments, consisting of only normal recurring adjustments, necessary for the fair presentation of the financial information for the interim periods. However, the results of operations for any interim period are not necessarily indicative of the results to be expected for the full fiscal year. Certain items have been reclassified in the prior year disclosure to conform to the current year presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenues and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.

Segments

Operating segments are identified as components of an enterprise about which separate and discrete financial information is available for evaluation by the chief operating decision-maker ("CODM") in making decisions regarding resource allocation and assessing performance.

The Company views its operations and manages its business in one operating segment engaged in developing and commercializing medications for the treatment of dermatologic diseases including skin cancers. The Company’s Chief Executive Officer ("CEO"), as the CODM, regularly reviews the entity-wide financial and operational performance as a single unit. No financial information is disaggregated into separate lines of businesses and the Company does not differentiate the activities of its headquarters from the overall performance of the Company. The CEO makes resource allocation and business process decisions regarding the overall level of resources available and how to best deploy these resources.

The single segment’s principal measure of segment profit and loss is consolidated net loss. The CEO considers actual and forecasted consolidated revenues, significant expenses, and consolidated net loss when evaluating performance. Significant expenses are amounts regularly provided to the CEO and included in consolidated net loss and include selling, general and administrative expenses and research and development expenses.

The table below summarizes the significant revenue and expense categories regularly reviewed by the CEO for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026		2025
Revenue:
Product revenue, net	$	4,290	$	3,422
License and collaboration revenue	733		17
Total revenue	5,023		3,439
Less:
Cost of product revenue	544		423
Cost of license and collaboration revenue	345		14
Selling, general and administrative:
Commercial (including payroll)	5,697		4,282
General and administrative (including payroll)	3,699		3,781
Stock-based compensation	593		785
Total selling, general and administrative expense	9,989		8,848
Research and development:
YCANTH (VP-102)	278		371
VP-315	133		161
Common warts	1,631		27
Stock-based compensation	276		241
Other unallocated expenses	1,542		1,484
Total research and development expense	3,860		2,284
Other:
Other income (expense) (a)	33		(1,612)
Net loss	$	(9,682)	$	(9,742)

(a)Other income (expense) includes interest income, interest expense, change in fair value of embedded derivative liability and other expenses.

Cash

Cash includes deposits in accounts at large financial institutions, and amounts may exceed federally insured limits. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held. The Company has no financial instruments with off-balance sheet risk of loss.

Restricted Cash

Restricted cash as of March 31, 2026 comprises a cash deposit of $0.3 million with JPMorgan Chase Bank, N.A. as required under the Commercial Credit Card Program with a balance equal to the outstanding credit limit on commercial credit cards. This is included in other non-current assets on the consolidated balance sheets.

Fair Value of Financial Instruments and Credit Risk

As of March 31, 2026, the Company’s financial instruments included accounts payable, accounts receivable and accrued expenses. The carrying amount of each instrument approximated fair value, given their short-term nature.

The Company is subject to credit risk from accounts receivable. As of March 31, 2026, one customer represented approximately 92% of the Company's accounts receivable. Based on the Company's periodic credit evaluations, there have been no historical concerns with this customer.

Accounts Receivable

The Company had $7.7 million in accounts receivable as of March 31, 2026. As of March 31, 2026, the Company had no allowance for credit losses. An allowance for credit losses is determined based on the Company's assessment of the creditworthiness and financial condition of its customers, aging of receivables, as well as the general economic

environment. Any allowance would reduce the net receivables to the amount that is expected to be collected. Current payment terms for YCANTH (VP-102) are generally 60 days from the shipment date.

Inventory

The Company values inventory at the lower of cost or net realizable value. Inventory cost is determined using the specific identification method. The Company regularly reviews its inventory quantities and, when appropriate, records a provision for obsolete and excess inventory to derive the new cost basis, which takes into account the Company’s sales forecast and corresponding expiry dates. Costs related to obsolete inventory were immaterial for the three months ended March 31, 2026 and 2025.

Financial Instruments – Derivatives

The Company evaluates its financial instruments to determine if the financial instrument itself or any embedded components of a financial instrument potentially qualify as derivatives required to be separately accounted for in accordance with ASC Topic 815 - Derivatives and Hedging.

As of March 31, 2025, the Company had a derivative liability related to a bifurcated settlement feature of the Company’s OrbiMed Credit Agreement (Note 9). The derivative liability was subject to re-measurement at each reporting period, at each balance sheet date and any change in fair value was recognized as a component of change in fair value of derivative liability in the consolidated statements of operations. The Company adjusted the liability for changes in fair value until the settlement of the Loan Facility (as defined below), which occurred in November 2025.

Revenue

Product Revenue, Net

The Company recognizes revenue from sales of a single product, YCANTH (VP-102) (the "Product") in accordance with ASC Topic 606 – Revenue from Contracts with Customers. YCANTH (VP-102) became available for commercial sale and shipment to patients with a prescription in the United States in the third quarter of 2023. The Company sells the Product to several pharmaceutical wholesalers and distributors (the "Customers"), who in turn sell the Product directly to pharmacies, clinics, hospitals, and federal healthcare programs. Revenue is recognized as the Product is physically delivered to the Customers.

Gross product sales are reduced by corresponding gross-to-net ("GTN") estimates using the expected value method, resulting in the Company’s reported "Product revenue, net" in the accompanying consolidated statements of operations. Product revenue, net reflects the amount the Company ultimately expects to realize in net cash proceeds, taking into account the current period gross sales and related cash receipts and the subsequent cash disbursements on these sales that the Company estimates for the various GTN categories discussed below. The GTN estimates are based upon information received from external sources, such as written or oral information obtained from our customers with respect to their period-end inventory levels and sales to end-users during the period, in combination with management’s informed judgments. Due to the inherent uncertainty of these estimates, the actual amount of product returns, government chargebacks, prompt pay discounts, commercial rebates, Medicaid rebates, co-pay assistance and distribution, data, and group purchasing organizations ("GPO") administrative fees may be materially above or below the amount estimated. Variance between actual amounts and estimated amounts may result in prospective adjustments to reported net product revenue.

Each of the GTN estimate categories are discussed below:

Product Returns Allowances: The Customers are contractually permitted to return purchased Product in certain circumstances. The Company estimates reserves for product returns using historical return rates, considering factors such as product held by customers, forecasted sales, and product expiration. Returned Product is typically destroyed, since substantially all returns are due to expiry and cannot be resold.

Government Chargebacks: The Product is subject to pricing limits under certain federal government programs, including Medicare and the 340B drug pricing program. Qualifying entities (the "End-Users") purchase the Product from the Customers at their applicable qualifying discounted price. The chargeback amount the Company incurs represents the difference between the Company’s contractual sales price to the Customers and the end-user’s applicable discounted purchase price under the government program.

Medicaid Rebates: The Product is subject to state government-managed Medicaid programs, whereby rebates are issued to participating state governments, which may include supplemental rebates. These rebates arise when a patient treated with the Product is covered under Medicaid, resulting in a discounted price for the Product under the applicable Medicaid program. The Medicaid rebate accrual calculations require the Company to project the magnitude of its sales, by state, that will be subject to these rebates.

Managed Care Rebates: Managed care rebates represent our estimated obligations to third parties, primarily pharmacy benefit managers. Under the terms of these contracts, the Company offers rebates to these third parties. The rebates are calculated based on the applicable contracts, estimated during the period that the revenue is recognized and paid by the Company in subsequent periods.

Patient Assistance: The Company offers a voluntary co-pay patient assistance program intended to provide financial assistance to eligible patients with a prescription drug co-payment required by commercial payors. The calculation of the current liability for this assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with YCANTH (VP-102) that has been recognized as revenue but remains in the distribution channel inventories at the end of each reporting period.

Distribution, Data, and GPO Administrative Fees: Distribution, data, and GPO administrative fees are paid to authorized wholesalers/distributors of the Company’s products for various commercial services including contract administration, inventory management, delivery of end-user sales data, and product returns processing. These fees are based on a contractually-determined percentage of the Company’s applicable sales.

License and Collaboration Revenues

The Company has generated collaboration revenue through its licensing and collaboration arrangements. The terms of the arrangements typically include payments to the Company of one or more of the following: nonrefundable, up-front license fees; regulatory and commercial milestone payments; payments for manufacturing supply of product and services; materials shipped to support development; and royalties on net sales of licensed products.

In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps:

(i)identification of the promised goods or services in the contract;

(ii)determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;

(iii)measurement of the transaction price, including the constraint on variable consideration;

(iv)allocation of the transaction price to the performance obligations; and

(v)recognition of revenue when (or as) the Company satisfies each performance obligation. The Company’s revenue arrangements may include the following:

Up-front License Fees: If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Milestone Payments: At the inception of an agreement that includes regulatory or commercial milestone payments, the Company evaluates whether each milestone is considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting period, the Company assesses the probability of achievement of each milestone under its current agreements. The Company did not recognize any milestone revenue during the three months ended March 31, 2026 and 2025.

Royalties: If the Company is entitled to receive sales-based royalties from its collaborator, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, provided the reported sales are reliably measurable, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Manufacturing Supply and Research Services: Arrangements that include a promise for supply of drug substance or drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. The Company assesses if these options provide a material right to the licensee and if so, they are accounted for

as separate performance obligations. If not, the supply services are recognized as collaboration revenue as the Company provides the services.

The Company receives payments from its licensees based on schedules established in each contract. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less.

Deferred Revenue: The Company records deferred revenue when a customer prepays for goods or services, or when the Company has an unconditional right to bill but has not yet delivered the performance obligation. Deferred revenue is primarily comprised of deposits on customer product orders yet to be delivered. The Company expects to recognize all of the deferred revenue within the next 6 months.

Cost of Product Revenue

Cost of product revenue includes the cost of inventory sold, which includes direct manufacturing, production and packaging materials for YCANTH (VP-102) sales.

Cost of License and Collaboration Revenue

Cost of license and collaboration revenue consisted of commercial supplies and development activity with Torii.

Fair Value Measurement

ASC Topic 820, Fair Value Measurement, provides guidance on the development and disclosure of fair value measurements. Under this accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.

The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.

Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.

At March 31, 2026, the Company’s financial instruments included cash, accounts receivable, accounts payable and accrued expenses. The carrying amount of accounts payable, accounts receivable and accrued expenses approximate fair value due to the short-term maturities of these instruments. No assets or liabilities are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025.

Net Loss Per Share

Net loss per share is computed using the two-class method required for participating securities. Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period including pre-funded warrants to purchase shares of common stock that were issued in underwritten offerings in February 2023 and November 2024 and the Private Placement in November 2025 (see Note 6). The pre-funded warrants to purchase common stock are included in the calculation of basic and diluted net loss per share as the exercise price of $0.0001 per share is non-substantive and is virtually assured. Diluted net loss per share excludes the potential impact of common stock options, unvested shares of restricted stock and warrants because their effect would be anti-dilutive due to the Company's net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same.


	March 31,
	2026	2025
Shares issuable upon exercise of stock options	1,318,468	1,181,254
Non-vested shares under restricted stock grants	—	33,427
Shares issuable upon exercise of warrants pursuant to debt financing	51,855	51,855
Shares issuable upon exercise of warrants pursuant to Torii amendment	50,000	50,000
Shares issuable upon exercise of Series A and B warrants pursuant to 2024 equity financing	2,387,703	4,775,420
Shares issuable upon exercise of Series C warrants pursuant to the Private Placement	2,951,241	—
Total	6,759,267	6,091,956

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard improves the transparency and decision usefulness of income tax disclosures. This update was effective beginning with the Form 10-K for the year ended December 31, 2025.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its financial statements and disclosures.

In January 2025, the FASB issued ASU 2025-01, Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update clarifies that all public business entities must adopt the guidance in ASU 2024-03 for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. This guidance is not expected to have a material impact on the Company's financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope-Improvements. This update clarifies a shift in focus for interim reporting towards current-period facts and circumstances, over prior-period precedent. This update is effective for interim periods within annual periods that begin after December 15, 2027. This guidance is not expected to have a material impact on the Company's financial statements.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Gross to net reserves	$	9,017	$	8,562
Compensation and related costs	862		1,763
Clinical trials and drug development	394		454
Professional fees	672		1,259
Inventory	25		130
Commercial-related costs	1,081		550
Other current liabilities	200		119
Total accrued expenses and other current liabilities	$	12,251	$	12,837

Organization and Description of Business Operations (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Jul. 24, 2025	Nov. 30, 2025 USD ($) $ / shares shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	May 14, 2024 shares
Description Of Business [Line Items]
Reverse stock split, conversion ratio	0.1
Accumulated deficit			$ 334,595		$ 324,913
Cash outflows from operations			9,163	$ 12,677
Cash and cash equivalents			$ 20,600	$ 29,595	$ 30,147
Shares issued (in shares) \| shares		6,499,826
Warrant issued to purchase common stock (in shares) \| shares						50,000
Net proceeds received upon issuance of stock		$ 49,100
Offering expenses		$ 900
Pre Funded Warrants
Description Of Business [Line Items]
Warrant issued to purchase common stock (in shares) \| shares		5,305,164
Series C Warrants
Description Of Business [Line Items]
Warrant issued to purchase common stock (in shares) \| shares		2,951,241
Common Stock and Series C Warrants
Description Of Business [Line Items]
Purchase price of stock (in dollars per share) \| $ / shares		$ 4.24125
Pre Funded Warrant and Series C Warrants
Description Of Business [Line Items]
Purchase price of stock (in dollars per share) \| $ / shares		$ 4.24115

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 936	$ 974
Work in process	301	784
Finished goods	737	478
Total inventory	$ 1,974	$ 2,236

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 897	$ 1,026
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	593	785
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	276	241
Cost of product revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	14	0
Cost of collaboration revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 14	$ 0

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Gross to net reserves	$ 9,017	$ 8,562
Compensation and related costs	862	1,763
Clinical trials and drug development	394	454
Professional fees	672	1,259
Inventory	25	130
Commercial-related costs	1,081	550
Other current liabilities	200	119
Total accrued expenses and other current liabilities	$ 12,251	$ 12,837

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense


	For the Three Months Ended March 31,
	2026		2025
Selling, general and administrative	$	593	$	785
Research and development	276		241
Cost of product revenue	14		—
Cost of collaboration revenue	14		—
Total stock-based compensation	$	897	$	1,026

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026:


	Number of shares	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding as of December 31, 2025	1,353,918	$	16.13	8.9	$	1,181,200
Granted	8,710	7.24

Forfeited	(36,245)	10.18
Expired	(7,915)	12.10
Outstanding as of March 31, 2026	1,318,468	$	16.26	8.5	$	8,090
Options vested and exercisable as of March 31, 2026	473,434	$	28.60	7.8	$	1,100

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash	$ 20,600	$ 30,147
Accounts receivable	7,724	5,260
Collaboration receivable, billed and unbilled	89	137
Deferred R&D services, current portion (Note 10)	1,374	1,958
Inventory	1,974	2,236
Prepaid expenses and other current assets	2,368	2,801
Total current assets	34,129	42,539
Property and equipment, net	191	209
Operating lease right-of-use asset	463	540
Finance lease right-of-use asset	1,009	1,113
Deferred R&D services, non-current portion (Note 10)	2,354	2,354
Other non-current assets	640	376
Total assets	38,786	47,131
Current liabilities:
Accounts payable	2,193	2,072
Accrued expenses and other current liabilities	12,251	12,837
Deferred revenue	1,031	782
Operating lease liability	348	341
Finance lease liability	396	405
Total current liabilities	16,219	16,437
Operating lease liability	152	242
Finance lease liability	546	643
R&D funding liability (Note 10)	5,814	5,066
Total liabilities	22,731	22,388
Commitments and Contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 200,000,000 authorized; 17,189,300 shares issued and 17,178,786 shares outstanding as of March 31, 2026 and December 31, 2025	2	2
Treasury stock, at cost, 10,514 shares as of March 31, 2026 and December 31, 2025	0	0
Additional paid-in capital	350,648	349,654
Accumulated deficit	(334,595)	(324,913)
Total stockholders’ equity	16,055	24,743
Total liabilities and stockholders’ equity	$ 38,786	$ 47,131

Debt (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
Debt (Details) - USD ($) $ in Millions	Nov. 25, 2025	Jul. 26, 2023	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Derivative liability	$ 0.0
Loan Facility
Debt Instrument [Line Items]
Line of credit amount borrowed		$ 50.0
Net proceeds received		$ 44.1
Early repayment of senior debt	$ 35.0
Loss on extinguishment of debt				$ 1.5
Interest expense including amortization of debt issuance costs			$ 2.2
Interest expense			1.5
Amortization of debt issuance costs			$ 0.7

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2024		9,188,513
Beginning balance at Dec. 31, 2024	$ (9,860)	$ 1	$ 297,166	$ (307,027)
Beginning balance (in shares) at Dec. 31, 2024					10,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,026		1,026
Vesting of restricted stock units (in shares)		1,000
Net loss	(9,742)			(9,742)
Ending balance (in shares) at Mar. 31, 2025		9,189,513
Ending balance at Mar. 31, 2025	$ (18,576)	$ 1	298,192	(316,769)
Ending balance (in shares) at Mar. 31, 2025					10,514
Beginning balance (in shares) at Dec. 31, 2025	17,189,300	17,189,300
Beginning balance at Dec. 31, 2025	$ 24,743	$ 2	349,654	(324,913)
Beginning balance (in shares) at Dec. 31, 2025	10,514				10,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 897		897
Issuance costs	(9)		(9)
Torii warrant expense	106		106
Net loss	$ (9,682)			(9,682)
Ending balance (in shares) at Mar. 31, 2026	17,189,300	17,189,300
Ending balance at Mar. 31, 2026	$ 16,055	$ 2	$ 350,648	$ (334,595)
Ending balance (in shares) at Mar. 31, 2026	10,514				10,514

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (9,682)	$ (9,742)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	897	1,026
Depreciation expense	17	52
Non-cash interest expense	0	668
Loss on termination of financing lease	10	3
Amortization of operating lease right-of-use asset	77	72
Amortization of finance lease right-of-use asset	100	84
Change in deferred R&D services and R&D funding liability	1,332	0
Non-cash R&D expense related to Torii warrant vesting	106	0
Change in fair value of derivative liability	0	(254)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	433	546
Collaboration receivable, billed and unbilled	48	(17)
Inventory	262	0
Accounts payable	121	(453)
Deferred revenue	249	0
Accounts receivable	(2,464)	(5,559)
Accrued expenses and other current liabilities	(586)	973
Operating lease liability	(83)	(76)
Net cash used in operating activities	(9,163)	(12,677)
Cash flows from investing activities
Net cash used in investing activities	0	0
Cash flows from financing activities
Repayment of debt	0	(3,959)
Repayment of finance lease	(111)	(98)
Payment of equity issuance costs	(9)	0
Net cash used in financing activities	(120)	(4,057)
Net decrease in cash and restricted cash	(9,283)	(16,734)
Cash and restricted cash at the beginning of the period	30,147	46,329
Cash and restricted cash at the end of the period	20,864	29,595
Reconciliation of Cash and Restricted cash
Cash	20,600	29,595
Restricted cash	264	0
Total Cash and Restricted cash	20,864	29,595
Supplemental disclosures
Cash paid for interest	20	1,535
Supplemental disclosure of noncash investing and financing activities:
Recognition of R&D funding liability	748	0
Change in deferred R&D services	584	0
Finance lease liability extinguished as a result of lease termination	43	50
Right-of-use asset obtained in exchange for lease obligation	$ 42	$ 0

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation / Unaudited Interim Financial Statements	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). Unaudited Interim Consolidated Financial Statements The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with U.S. GAAP for interim information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in audited financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2025, filed as part of the Company's Annual Report. These unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and, in management’s opinion, include all adjustments, consisting of only normal recurring adjustments, necessary for the fair presentation of the financial information for the interim periods. However, the results of operations for any interim period are not necessarily indicative of the results to be expected for the full fiscal year. Certain items have been reclassified in the prior year disclosure to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenues and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.
Segments	Segments Operating segments are identified as components of an enterprise about which separate and discrete financial information is available for evaluation by the chief operating decision-maker ("CODM") in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment engaged in developing and commercializing medications for the treatment of dermatologic diseases including skin cancers. The Company’s Chief Executive Officer ("CEO"), as the CODM, regularly reviews the entity-wide financial and operational performance as a single unit. No financial information is disaggregated into separate lines of businesses and the Company does not differentiate the activities of its headquarters from the overall performance of the Company. The CEO makes resource allocation and business process decisions regarding the overall level of resources available and how to best deploy these resources. The single segment’s principal measure of segment profit and loss is consolidated net loss. The CEO considers actual and forecasted consolidated revenues, significant expenses, and consolidated net loss when evaluating performance. Significant expenses are amounts regularly provided to the CEO and included in consolidated net loss and include selling, general and administrative expenses and research and development expenses.
Cash	Cash Cash includes deposits in accounts at large financial institutions, and amounts may exceed federally insured limits. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held.
Restricted Cash	Restricted Cash Restricted cash as of March 31, 2026 comprises a cash deposit of $0.3 million with JPMorgan Chase Bank, N.A. as required under the Commercial Credit Card Program with a balance equal to the outstanding credit limit on commercial credit cards. This is included in other non-current assets on the consolidated balance sheets.
Fair Value of Financial Instruments and Credit Risk	Fair Value of Financial Instruments and Credit Risk As of March 31, 2026, the Company’s financial instruments included accounts payable, accounts receivable and accrued expenses. The carrying amount of each instrument approximated fair value, given their short-term nature.
Accounts Receivable	Accounts Receivable The Company had $7.7 million in accounts receivable as of March 31, 2026. As of March 31, 2026, the Company had no allowance for credit losses. An allowance for credit losses is determined based on the Company's assessment of the creditworthiness and financial condition of its customers, aging of receivables, as well as the general economic environment. Any allowance would reduce the net receivables to the amount that is expected to be collected. Current payment terms for YCANTH (VP-102) are generally 60 days from the shipment date.
Inventory	Inventory The Company values inventory at the lower of cost or net realizable value. Inventory cost is determined using the specific identification method. The Company regularly reviews its inventory quantities and, when appropriate, records a provision for obsolete and excess inventory to derive the new cost basis, which takes into account the Company’s sales forecast and corresponding expiry dates.
Financial Instruments - Derivatives	Financial Instruments – Derivatives The Company evaluates its financial instruments to determine if the financial instrument itself or any embedded components of a financial instrument potentially qualify as derivatives required to be separately accounted for in accordance with ASC Topic 815 - Derivatives and Hedging. As of March 31, 2025, the Company had a derivative liability related to a bifurcated settlement feature of the Company’s OrbiMed Credit Agreement (Note 9). The derivative liability was subject to re-measurement at each reporting period, at each balance sheet date and any change in fair value was recognized as a component of change in fair value of derivative liability in the consolidated statements of operations. The Company adjusted the liability for changes in fair value until the settlement of the Loan Facility (as defined below), which occurred in November 2025.
Revenue	Revenue Product Revenue, Net The Company recognizes revenue from sales of a single product, YCANTH (VP-102) (the "Product") in accordance with ASC Topic 606 – Revenue from Contracts with Customers. YCANTH (VP-102) became available for commercial sale and shipment to patients with a prescription in the United States in the third quarter of 2023. The Company sells the Product to several pharmaceutical wholesalers and distributors (the "Customers"), who in turn sell the Product directly to pharmacies, clinics, hospitals, and federal healthcare programs. Revenue is recognized as the Product is physically delivered to the Customers. Gross product sales are reduced by corresponding gross-to-net ("GTN") estimates using the expected value method, resulting in the Company’s reported "Product revenue, net" in the accompanying consolidated statements of operations. Product revenue, net reflects the amount the Company ultimately expects to realize in net cash proceeds, taking into account the current period gross sales and related cash receipts and the subsequent cash disbursements on these sales that the Company estimates for the various GTN categories discussed below. The GTN estimates are based upon information received from external sources, such as written or oral information obtained from our customers with respect to their period-end inventory levels and sales to end-users during the period, in combination with management’s informed judgments. Due to the inherent uncertainty of these estimates, the actual amount of product returns, government chargebacks, prompt pay discounts, commercial rebates, Medicaid rebates, co-pay assistance and distribution, data, and group purchasing organizations ("GPO") administrative fees may be materially above or below the amount estimated. Variance between actual amounts and estimated amounts may result in prospective adjustments to reported net product revenue. Each of the GTN estimate categories are discussed below: Product Returns Allowances: The Customers are contractually permitted to return purchased Product in certain circumstances. The Company estimates reserves for product returns using historical return rates, considering factors such as product held by customers, forecasted sales, and product expiration. Returned Product is typically destroyed, since substantially all returns are due to expiry and cannot be resold. Government Chargebacks: The Product is subject to pricing limits under certain federal government programs, including Medicare and the 340B drug pricing program. Qualifying entities (the "End-Users") purchase the Product from the Customers at their applicable qualifying discounted price. The chargeback amount the Company incurs represents the difference between the Company’s contractual sales price to the Customers and the end-user’s applicable discounted purchase price under the government program. Medicaid Rebates: The Product is subject to state government-managed Medicaid programs, whereby rebates are issued to participating state governments, which may include supplemental rebates. These rebates arise when a patient treated with the Product is covered under Medicaid, resulting in a discounted price for the Product under the applicable Medicaid program. The Medicaid rebate accrual calculations require the Company to project the magnitude of its sales, by state, that will be subject to these rebates. Managed Care Rebates: Managed care rebates represent our estimated obligations to third parties, primarily pharmacy benefit managers. Under the terms of these contracts, the Company offers rebates to these third parties. The rebates are calculated based on the applicable contracts, estimated during the period that the revenue is recognized and paid by the Company in subsequent periods. Patient Assistance: The Company offers a voluntary co-pay patient assistance program intended to provide financial assistance to eligible patients with a prescription drug co-payment required by commercial payors. The calculation of the current liability for this assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with YCANTH (VP-102) that has been recognized as revenue but remains in the distribution channel inventories at the end of each reporting period. Distribution, Data, and GPO Administrative Fees: Distribution, data, and GPO administrative fees are paid to authorized wholesalers/distributors of the Company’s products for various commercial services including contract administration, inventory management, delivery of end-user sales data, and product returns processing. These fees are based on a contractually-determined percentage of the Company’s applicable sales. License and Collaboration Revenues The Company has generated collaboration revenue through its licensing and collaboration arrangements. The terms of the arrangements typically include payments to the Company of one or more of the following: nonrefundable, up-front license fees; regulatory and commercial milestone payments; payments for manufacturing supply of product and services; materials shipped to support development; and royalties on net sales of licensed products. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i)identification of the promised goods or services in the contract; (ii)determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii)measurement of the transaction price, including the constraint on variable consideration; (iv)allocation of the transaction price to the performance obligations; and (v)recognition of revenue when (or as) the Company satisfies each performance obligation. The Company’s revenue arrangements may include the following: Up-front License Fees: If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments: At the inception of an agreement that includes regulatory or commercial milestone payments, the Company evaluates whether each milestone is considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting period, the Company assesses the probability of achievement of each milestone under its current agreements. The Company did not recognize any milestone revenue during the three months ended March 31, 2026 and 2025. Royalties: If the Company is entitled to receive sales-based royalties from its collaborator, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, provided the reported sales are reliably measurable, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Manufacturing Supply and Research Services: Arrangements that include a promise for supply of drug substance or drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. The Company assesses if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. If not, the supply services are recognized as collaboration revenue as the Company provides the services. The Company receives payments from its licensees based on schedules established in each contract. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. Deferred Revenue: The Company records deferred revenue when a customer prepays for goods or services, or when the Company has an unconditional right to bill but has not yet delivered the performance obligation. Deferred revenue is primarily comprised of deposits on customer product orders yet to be delivered. The Company expects to recognize all of the deferred revenue within the next 6 months.
Cost of Product Revenue	Cost of Product Revenue Cost of product revenue includes the cost of inventory sold, which includes direct manufacturing, production and packaging materials for YCANTH (VP-102) sales.
Cost of License and Collaboration Revenue	Cost of License and Collaboration Revenue Cost of license and collaboration revenue consisted of commercial supplies and development activity with Torii.
Fair Value Measurement	Fair Value Measurement ASC Topic 820, Fair Value Measurement, provides guidance on the development and disclosure of fair value measurements. Under this accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.
Net Loss Per Share	Net Loss Per Share Net loss per share is computed using the two-class method required for participating securities. Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period including pre-funded warrants to purchase shares of common stock that were issued in underwritten offerings in February 2023 and November 2024 and the Private Placement in November 2025 (see Note 6). The pre-funded warrants to purchase common stock are included in the calculation of basic and diluted net loss per share as the exercise price of $0.0001 per share is non-substantive and is virtually assured. Diluted net loss per share excludes the potential impact of common stock options, unvested shares of restricted stock and warrants because their effect would be anti-dilutive due to the Company's net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard improves the transparency and decision usefulness of income tax disclosures. This update was effective beginning with the Form 10-K for the year ended December 31, 2025. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its financial statements and disclosures. In January 2025, the FASB issued ASU 2025-01, Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update clarifies that all public business entities must adopt the guidance in ASU 2024-03 for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. This guidance is not expected to have a material impact on the Company's financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope-Improvements. This update clarifies a shift in focus for interim reporting towards current-period facts and circumstances, over prior-period precedent. This update is effective for interim periods within annual periods that begin after December 15, 2027. This guidance is not expected to have a material impact on the Company's financial statements.

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2026	May 05, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38529
Entity Registrant Name	Verrica Pharmaceuticals Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3137900
Entity Address, Address Line One	44 West Gay Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	West Chester
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19380
City Area Code	484
Local Phone Number	453-3300
Title of 12(b) Security	Common Stock, $0.0001 par value
Entity Trading Symbol	VRCA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,178,786
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001660334

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenue	$ 5,023	$ 3,439
Operating expenses:
Cost of product revenue	544	423
Cost of license and collaboration revenue	345	14
Selling, general and administrative	9,989	8,848
Research and development	3,860	2,284
Total operating expenses	14,738	11,569
Loss from operations	(9,715)	(8,130)
Other income (expense):
Interest income	201	337
Interest expense	(160)	(2,203)
Change in fair value of derivative liability	0	254
Other expense	(8)	0
Total other income (expense), net	33	(1,612)
Net loss	$ (9,682)	$ (9,742)
Net loss per share, basic (in dollars per share)	$ (0.45)	$ (1.03)
Net loss per share, diluted (in dollars shares)	$ (0.45)	$ (1.03)
Weighted-average common shares outstanding, basic (in shares)	21,305,025	9,483,734
Weighted-average common shares outstanding, diluted (in shares)	21,305,025	9,483,734
Product revenue, net
Revenue:
Total revenue	$ 4,290	$ 3,422
License and collaboration revenue
Revenue:
Total revenue	$ 733	$ 17

Leases - Schedule of Maturities of Operating Leases and Finance Leases (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Operating
2026 (remaining 9 months)	$ 275
2027	246
2028	0
2029	0
Thereafter	0
Total lease payments	521
Less imputed interest	(21)
Lease liability	500
Finance
2026 (remaining 9 months)	346
2027	409
2028	207
2029	66
Thereafter	3
Total lease payments	1,031
Less imputed interest	(89)
Lease liability	$ 942

Stockholders’ Equity - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2025 USD ($) $ / shares shares	Mar. 31, 2026 vote $ / shares shares	Mar. 31, 2025 shares	Dec. 31, 2025 $ / shares shares	Nov. 30, 2024 $ / shares	May 14, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Common stock, shares authorized (in shares)		200,000,000		200,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001
Number of votes per common share \| vote		1
Shares issued (in shares)	6,499,826
Warrant issued to purchase common stock (in shares)						50,000
Net proceeds received upon issuance of stock \| $	$ 49.1
Offering expenses \| $	$ 0.9
Warrant exercise price (in dollars per share) \| $ / shares						$ 95.60
Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares	$ 23.55				$ 34.50
Pre Funded Warrants
Class of Warrant or Right [Line Items]
Warrant issued to purchase common stock (in shares)		4,126,239
Number of shares exercised (in shares)		0	0
Warrant exercise price (in dollars per share) \| $ / shares		$ 0.0001
Pre Funded Warrants
Class of Warrant or Right [Line Items]
Warrant issued to purchase common stock (in shares)	5,305,164
Series C Warrants
Class of Warrant or Right [Line Items]
Warrant issued to purchase common stock (in shares)	2,951,241
Common Stock and Series C Warrants
Class of Warrant or Right [Line Items]
Purchase price of stock (in dollars per share) \| $ / shares	$ 4.24125
Pre Funded Warrant and Series C Warrants
Class of Warrant or Right [Line Items]
Purchase price of stock (in dollars per share) \| $ / shares	$ 4.24115