Company: VRCA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-037172
Chunk: 177

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1B
Chunk 177
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’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.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: 

          As of December 31,

          2024

          2023

          Shares issuable upon exercise of stock options

          8,005,620

          5,565,615

          Non-vested shares under restricted stock grants

          384,267

          561,500

          Shares issuable upon exercise of warrants pursuant to debt financing

          518,551

          518,551

          Shares issuable upon exercise of warrants pursuant to Torii amendment

          500,000

          —

          Shares issuable upon exercise of Series A and Series B warrants pursuant to 2024 equity offering

          47,754,198

          —

          Total

          57,162,636

          6,645,666

        Recently Adopted Accounting PronouncementsIn June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This standard clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. This standard became effective for the Company on January 1, 2024, and did not have any impact on the Company’s financial statements and related disclosures.In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances the disclosures required for reportable segments in annual and interim consolidated financial statements. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted the new standard as of December 31, 2024, with retrospective application. This change did not have a significant impact on the Company’s financial statements and disclosures. See Note 2, “Segments,” for further discussion.Accounting Pronouncements Issued but Not Adopted

106

 In November 2024, the FAS