Company: VRCA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-037172
Chunk: 237

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 237
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 Series B warrants to identify terms and conditions that were relevant to whether the Series A and Series B warrants should be accounted for as either liabilities or equity instruments. We assessed the appropriateness of management’s interpretation and application of the relevant accounting literature to support the equity classification of the warrants on the balance sheet.

    /s/ KPMG LLP

We have served as the Company’s auditor since 2017.

Philadelphia, PennsylvaniaMarch 11, 2025

93

VERRICA PHARMACEUTICALS INC.

BALANCE SHEETS

(in thousands, except share and per share amounts)

    December 31,

    2024

    2023

    ASSETS

    Current assets:

    Cash and cash equivalents
     
    $
    46,329

    $
    69,547

    Accounts receivable

    48

    4,248

    Unbilled collaboration revenue

    29

    168

    Inventory

    2,463

    1,022

    Prepaid expenses and other current assets

    2,310

    2,545

        Total current assets

    51,179

    77,530

    Property and equipment, net

    589

    1,052

    Operating lease right-of-use asset

    836

    1,158

    Finance lease right-of-use asset

    1,154

    1,405

    Other non-current assets

    376

    452

    Total assets
     
    $
    54,134

    $
    81,597

    LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY

    Current liabilities:

    Accounts payable
     
    $
    1,896

    $
    2,464

    Accrued expenses and other current liabilities

    13,511

    13,860

    Current portion of long-term debt

    12,938

    —

    Operating lease liability

    315

    324

    Finance lease liability

    352

    376

        Total current liabilities

    29,012

    17,024

    Operating lease liability

    583

    910

    Finance lease liability

    768

    1,026

    Derivative liability

    2,648