Company: VRCA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001660334-25-000006
Chunk: 12

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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Item 1.    Unaudited Financial Statements

1

Table of Contents

VERRICA PHARMACEUTICALS INC.

BALANCE SHEETS

(in thousands, except share and per share amounts)

(Unaudited)

September 30,2025December 31,2024ASSETSCurrent assets:Cash and cash equivalents$21,097 $46,329 Accounts receivable7,047 48 Collaboration receivable, billed and unbilled282 29 Deferred R&D services, current portion (Note 11)1,959 — Inventory2,304 2,463 Prepaid expenses and other current assets3,586 2,310 Total current assets36,275 51,179 Property and equipment, net225 589 Operating lease right-of-use asset616 836 Finance lease right-of-use asset1,050 1,154 Deferred R&D services, non-current portion (Note 11)2,354 — Other non-current assets376 376 Total assets$40,896 $54,134 LIABILITIES AND STOCKHOLDERS’ DEFICITCurrent liabilities:Accounts payable$1,585 $1,896 Accrued expenses and other current liabilities12,600 13,511 Deferred revenue1,564 — Current portion of long-term debt12,458 12,938 Operating lease liability335 315 Finance lease liability366 352 Total current liabilities28,908 29,012 Operating lease liability330 583 Finance lease liability629 768 Derivative liability1,762 2,648 R&D funding liability (Note 11)4,688 — Long term debt21,619 30,983 Total liabilities57,936 63,994 Commitments and Contingencies (Note 6)Stockholders’ deficit:Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2025 and December 31, 2024— — Common stock, $0.0001 par value; 200,000,000 authorized; 9,500,549 shares issued and 9,490,035 shares outstanding as of September 30, 2025 and 9,188,513 shares issued and 9,177,999 shares outstanding as of December 31, 202