Company: VRCA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-037172
Chunk: 143

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1B
Chunk 143
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 of a project as a result of many factors, including:

•the number of clinical sites included in the trials;

•the length of time required to enroll suitable patients;

•the number of patients that ultimately participate in the trials;

•the number of doses patients receive;

•the duration of patient follow-up; and

•the results of our clinical trials.

Our expenditures are subject to additional uncertainties, including the manufacturing process for our product candidates, the terms and timing of regulatory approvals, and the expense of filing, prosecuting, defending and enforcing any patent claims or other intellectual property rights. We may never succeed in achieving regulatory approval for our product candidates. We may obtain unexpected results from our clinical trials. We may elect to discontinue, delay or modify clinical trials of our product candidates. A change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate. For example, if the FDA or other regulatory authorities were to require us to conduct clinical trials beyond those that we currently anticipate, or if we experience significant delays in enrollment in any of our clinical trials, we could be required to expend significant additional financial resources and time on the completion of clinical development.

81

Results of Operations for the Years Ended December 31, 2024 and 2023

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

    For the Year Ended December 31,

    2024

    2023

    Change

    Revenue:

    Product revenue, net
     
    $
    6,574

    $
    4,658

    $
    1,916

    Collaboration revenue

    992

    466

    526

    Total revenue

    7,566

    5,124

    2,442

    Operating expenses:

    Cost of product revenue

    1,853

    289

    1,564

    Cost of collaboration revenue

    887

    457

    430

    Selling, general and administrative

    58,822

    47,305

    11,517

    Research and development

    11,840

    20,295

    (8,455
    )

    Loss on disposal of assets

    83

    2,537

    (2,454
    )

    Total operating expenses

    73,485