Company: VRCA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-037172
Chunk: 182

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1B
Chunk 182
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 were sold at a price of $6.7499 per pre-funded warrant, resulting in net proceeds of $30.3 million after deducting underwriting discounts and commissions, and offering expenses. The pre-funded warrants will not expire and are exercisable in cash or by means of a cashless exercise. November 2024 OfferingIn November 2024, the Company sold 45,518,243 shares of its common stock, and in lieu of common stock to certain investors, pre-funded warrants (“Pre-funded Warrants”) to purchase 2,235,955 shares of its common stock, with accompanying Series A warrants to purchase to purchase 23,877,099 shares of its common stock at an exercise price of $1.0680 per share of common stock and Series B warrants to purchase 23,877,099 shares of its common stock at an exercise price of $1.3350 per share of common stock (the “November 2024 Offering”). The offering price was $0.89 per share of common stock and accompanying Series A and Series B warrants, or $0.8899 per pre-funded warrant and accompanying Series A and Series B warrants. The Series A warrants expire in November 2025 and the Series B warrants expire in November 2029. The November 2024 Offering resulted in net proceeds of approximately $39.6 million after deducting underwriting discounts and commissions, and offering expenses of $2.9 million. Pre-funded warrants for 660,955 shares of common stock were exercised in December, 2024.WarrantsThe following table summarizes the Company’s outstanding warrants:       

109

        As of December 31, 2024

        Number of warrants

        Exercise Price

        Expiration Date

        Equity classified warrants

        Pre-funded warrants issued pursuant to 2023 underwritten public offering

        1,481,481

        $
        0.0001

        No expiration

        Warrants issued in connection with OrbiMed debt facility

        518,551

        $
        3.4504

        7/26/2033

        Warrants issued in connection with Torii amendment

        500,000

        $
        9.5600

        5/14/2034

        Pre-funded warrants issued pursuant to 2024 underwritten public offering

        1,575,000

        $
        0.0001

        No expiration

        Series A warrants issued pursuant to