Company: VRCA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001660334-25-000006
Chunk: 73

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 73
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 expenses were $2.2 million for the three months ended September 30, 2025, compared to $2.4 million for the three months ended September 30, 2024. Excluding the impact of stock-based compensation, the increase of $0.1 million is in line with prior year.

The following table summarizes our research and development expense by product candidate or, for unallocated expenses, by type, for the three months ended September 30, 2025 and 2024. Unallocated expenses include compensation and other personnel-related costs (in thousands):

For the Three Months Ended September 30,20252024ChangeYCANTH (VP-102)$304 $417 $(113)VP-315$197 $310 (113)Common warts16 211 (195)Stock based compensation287 605 (318)Other unallocated expenses1,401 862 539 Research and development expense$2,205 $2,405 $(200)

Interest Income

Interest income was $0.2 million for the three months ended September 30, 2025 and September 30, 2024. 

Interest Expense

Interest expense was $2.1 million for the three months ended September 30, 2025 compared to $2.4 million for the three months ended September 30, 2024 and consisted of interest expense on the OrbiMed Credit Agreement as described in Note 10 to our financial statements for each period. The decrease of $0.3 million was related to a lower outstanding principal balance under our Credit Agreement with OrbiMed.

Change in Fair Value of Derivative Liability

The change in the fair value of the derivative liability for the three months ended September 30, 2025 was $34,000, due to principal payments starting in January 2025, relating to the Credit Agreement. There was no derivative liability at September 30, 2024.

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Results of Operations for the Nine Months Ended September 30, 2025 and 2024

The following table summarizes our results of operations (in thousands):

For the Nine Months Ended September 30,20252024ChangeRevenue:Product revenue, net$11,563 $6,259 $5,304 License and collaboration revenue18,922 963 17,959 Total revenue30,485 7,222 23,263 Operating expenses:Cost of product revenue1,517 1,257