Verrica Pharmaceuticals Inc. (VRCA) Form 10-Q — Aug 6, 2026
Verrica Pharmaceuticals disclosed substantial doubt about its ability to continue as a going concern in its Q2 2026 10-Q, holding just $11.2 million in cash against $18.4 million of first-half operating cash burn and a $347.7 million accumulated deficit. Q2 net loss widened to $13.2 million (-$0.62 per share) from income of $0.2 million a year earlier as total revenue fell 54% to $5.9 million. Core YCANTH product revenue actually grew 12% to $5.1 million, but the decline reflects a tough comparison against an $8.0 million Torii milestone booked in Q2 2025, while R&D spend nearly tripled on the common warts Phase 3 program.
Key figures
- Eps
- -$0.62 Q2 2026 (vs +$0.02 Q2 2025); -$1.07 for H1 2026
- Revenue
- $5.862 million Q2 2026 total revenue ($5.093 million net product revenue)
- Net Income
- -$13.153 million Q2 2026 (vs +$0.204 million Q2 2025); -$22.835 million H1 2026
- Revenue Yoy
- Total revenue -54% YoY (Q2 2025: $12.702 million); product revenue +12% YoY (Q2 2025: $4.534 million)
- Cash Position
- $11.2 million as of June 30, 2026 ($11.460 million including restricted cash)
- Shares Outstanding
- 17178786
- Sales Force
- 45 reps as of July 31, 2026; ~50 expected by end of 2026
- Pd Credit Facility
- $27.5 million total; $12.5 million drawn at Aug 3, 2026 closing; additional $15.0 million milestone-based
- Pd Credit Maturity
- December 31, 2030
- Accumulated Deficit
- $347.7 million
- Stockholders Equity
- $4.307 million (down from $24.743 million at Dec 31, 2025)
- Pd Credit Interest Rate
- Greater of SOFR (4.50% floor) + 8.00% margin or 12.50% per annum; PIK permitted
- Runway If Tranche Funded
- Management states liquidity would extend into 2028 if the additional $15.0 million becomes available
- Legal Settlement Accrual
- $4.0 million liability; $2.3 million insurance recovery asset; ~$1.7 million net expense
- Torii Milestones Received
- $38.0 million to date; $32.0 million additional contingent
- Operating Cash Burn H1 2026
- $18.4 million
- Lytix Contingent Obligation
- Up to $111.0 million in milestones plus low-double-digit to mid-teens royalties
Price after filing
Close on the filing date to close N calendar days later (from $5.41). Historical, not a forecast.
AI analysis
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