Company: VRCA
Filing Date: 2025-03-11
Form Type: S-3
Source: 0001193125-25-052031
Chunk: 7

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-03-11
Form: S-3
Chunk 7
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 a GMP-controlledformulation of cantharidin. We are currently developing YCANTH (VP-102)for a potential follow-onindication for the treatment of common warts. Our second development candidate, VP-315,is an oncolytic peptide-based injectable therapy for the potential treatment of dermatology oncologic conditions, including basal cell carcinoma. Risks Associated With Our Business Our business is subject to a number of risks of which you should be aware before making an investment decision. These risks are discussed more fully in the “Risk Factors” section of this prospectus immediately following this summary and in the “Risk Factors” section in our Annual Report on Form 10-Kfor the year ended December 31, 2024, which is incorporated by reference in this prospectus, as updated by any subsequently filed periodic reports and other documents that are incorporated by reference into this prospectus. These risks include the following:

| • |     | We have incurred significant losses since our inception. We expect to incur losses until revenue from YCANTH (VP-102) for the treatment of molluscum contagiosum is sufficient to fund our operations, if ever, and we may never achieve or maintain profitability. |

| • |     | We will need substantial additional funding to meet our financial obligations and to pursue our business                                                                                                          
 objectives, including the continued commercialization of YCANTH (VP-102) for the treatment of molluscum contagiosum as well as the development of YCANTH (VP-102) for the                                         
 treatment of common warts and VP-315 for the treatment of basal cell carcinoma. If we are unable to raise capital when needed, we could be forced to curtail our planned operations and the pursuit of our growth 
 strategy, which could have a material adverse impact on our financial results and future operations.                                                                                                              |

| • |     | We may not be able to generate sufficient cash to service our indebtedness. |

| • |     | We have a limited operating history and limited history of commercializing products, which may make it difficult 
 for you to evaluate the success of our business to date and to assess our future viability.                      |

| • |     | Greater than expected returns of YCANTH (VP-102) may exceed our reserve      
 for returns, which would adversely affect our revenue and operating results. |

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| • |     | While our financial statements have been prepared assuming that we will continue as a going concern,