Company: VRCA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001660334-25-000006
Chunk: 38

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 30, 2025, the Company recognized interest expense related to the Credit Agreement of $2.0 million and $6.3 million, of which $1.3 million and $4.3 million, respectively, was interest on the term loan and $0.7 million and $2.1 million, respectively, was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of the final payment fee. For the three and nine months ended September 30, 2024, the Company recognized interest expense related to the Credit Agreement of $2.4 million and $7.0 million, of which $1.8 million and $5.4 million was interest on the term loan and $0.6 million and $1.6 million was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of the final payment fee.The following table summarizes the composition of debt reflected on the balance sheet as of September 30, 2025 (in thousands): As of September 30, 2025Short-termLong-termTotalGross proceeds$13,953 $25,580 $39,533 Accrued final payment fee1,047 1,919 2,966 Accrued repayment fee419 — 419 Unamortized debt discount and issuance costs(2,961)(5,880)(8,841)Total debt, net$12,458 $21,619 $34,077 The aggregate maturities of debt are as follows:DebtFinal payment feeRepayment feeTotal2025 (3 months remaining)$3,488 $262 $140 $3,890 202613,953 1,047 279 15,279 202713,953 1,047 — 15,000 20288,139 610 — 8,749 Total$39,533 $2,966 $419 $42,918 

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Note 11—License and Collaboration Agreements

Torii AgreementsOn 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,