Company: VRCA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001660334-25-000006
Chunk: 51

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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, or when, if ever, material net cash inflows may commence from YCANTH (VP-102) or our other product candidates. This uncertainty is due to the numerous risks and uncertainties associated with the duration and cost of clinical trials, which vary significantly over the life 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.

27

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

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

For the Three Months Ended September 30,20252024ChangeTotal revenueProduct revenue, net$3,607 $(1,865)$5,472 License and collaboration revenue10,737 84 10,653 Total revenue14,344 (1,781)16,125 Operating expenses:Cost of product revenue754 351 403 Cost of collaboration revenue355 84 271 Selling, general and administrative9,403 16,083 (6,680)Research and development2,205 2,405 (200)Total operating expenses12,717 18,923 (6,206)Income (loss) from operations1,627 (20,704)22,331 Other income (expense):Interest income159 221 (62)Interest