Company: VRCA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001660334-25-000006
Chunk: 75

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 75
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 manufacturing supply required to support development and testing services pursuant to the Torii Clinical Supply Agreement.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $27.1 million for the nine months ended September 30, 2025, compared to $48.9 million for the nine months ended September 30, 2024. Excluding the impact of stock-based compensation, the decrease of $18.8 million was primarily due to lower expenses related to commercial activities for YCANTH (VP-102), including decreases in compensation, recruiting fees, benefits and travel due to reduced sales force of 

30

$11.6 million, decreased marketing and sponsorship costs of $4.6 million, decreased commercial spend of $1.3 million and decreased legal costs of $1.3 million.

Research and Development Expenses

Research and development expenses were $6.3 million for the nine months ended September 30, 2025, compared to $10.7 million for the nine months ended September 30, 2024. Excluding the impact of stock-based compensation, the decrease of $3.6 million was primarily related to decreased clinical trial costs for VP-315 of $2.7 million and decreased chemistry, manufacturing and controls costs of $0.8 million.

The following table summarizes our research and development expense by product candidate or, for unallocated expenses, by type, for the nine months ended September 30, 2025 and 2024. Unallocated expenses include compensation and other personnel-related costs (in thousands):

For the Nine Months Ended September 30,20252024ChangeVP-315$391 $3,162 $(2,771)YCANTH (VP-102)1,015 1,635 (620)Common warts(50)371 (421)Stock based compensation828 1,568 (740)Other unallocated expenses4,151 3,936 215 Research and development expense$6,335 $10,672 $(4,337)

Interest Income

Interest income was $0.7 million for the nine months ended September 30, 2025 compared to $1.2 million for the nine months ended September 30, 2024. The decrease of $0.5 million was primarily due to a lower cash balance.

Interest Expense

Interest expense was $6.4 million for the nine months ended September 30, 2025 compared to $7.1 million