# EDGAR Filing Document

**Accession Number:** 0001660334
**File Stem:** 0000902664-25-005145
**Filing Date:** 2025-11
**Character Count:** 18096
**Document Hash:** fb664480da3cdc6c7b45da1b3e7578a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-25-005145.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000902664-25-005145

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Verrica Pharmaceuticals Inc.
- **CENTRAL INDEX KEY:** 0001660334
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 463137900
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90530
- **FILM NUMBER:** 251513183

**BUSINESS ADDRESS:**
- **STREET 1:** 10 NORTH HIGH STREET
- **STREET 2:** SUITE 200
- **CITY:** WEST CHESTER
- **STATE:** PA
- **ZIP:** 19380
- **BUSINESS PHONE:** 484-453-3300

**MAIL ADDRESS:**
- **STREET 1:** 10 NORTH HIGH STREET
- **STREET 2:** SUITE 200
- **CITY:** WEST CHESTER
- **STATE:** PA
- **ZIP:** 19380
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Caligan Partners LP
- **CENTRAL INDEX KEY:** 0001727492

**ORGANIZATION NAME:**
- **EIN:** 822603419
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 718-570-6018

**MAIL ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Exhibit 99.6

**EXHIBIT 99.6**

**JOINT FILING AGREEMENT<br> PURSUANT TO RULE 13d-1(k)**

The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

DATE: November 24, 2025

---

| | |
|:---|:---|
| **CALIGAN PARTNERS LP** | **CALIGAN PARTNERS LP** |
| By: | /s/ David Johnson |
| Name: | David Johnson |
| Title: | Managing Partner |
| /s/ David Johnson | /s/ David Johnson |
| **DAVID JOHNSON** | **DAVID JOHNSON** |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Verrica Pharmaceuticals Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**92511W207**

*(CUSIP Number)*

**David Johnson**<br>Caligan Partners LP<br>780 Third Avenue, 30th Floor<br>New York NY 10017<br>(646) 859-8204

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/23/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **92511W207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Caligan Partners LP** | Name of reporting person<br>**Caligan Partners LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6503054.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6503054.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6503054.00** | Aggregate amount beneficially owned by each reporting person<br>**6503054.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.99%** | Percent of class represented by amount in Row (11)<br>**9.99%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** Includes 5,579,144 shares of Common Stock (as defined below) issuable upon exercise of the Reported Warrants (as defined in Item 6). As more fully described in Item 5(a), the Reported Warrants are subject to the 9.99% Blocker (as defined in Item 5(a)) and the percentage set forth on row (13) gives effect to the 9.99% Blocker.  However, rows (8), (10) and (11) show the number of shares of Common Stock that would be issuable upon the full exercise of the Reported Warrants and does not give effect to the 9.99% Blocker.  Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to the 9.99% Blocker, is less than the number of securities reported on rows (8), (10) and (11).

| **CUSIP No.** | **92511W207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**David Johnson** | Name of reporting person<br>**David Johnson** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6503054.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6503054.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6503054.00** | Aggregate amount beneficially owned by each reporting person<br>**6503054.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.99%** | Percent of class represented by amount in Row (11)<br>**9.99%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Includes 5,579,144 shares of Common Stock issuable upon exercise of the Reported Warrants. As more fully described in Item 5(a), the Reported Warrants are subject to the 9.99% Blocker and the percentage set forth on row (13) gives effect to the 9.99% Blocker.  However, rows (8), (10) and (11) show the number of shares of Common Stock that would be issuable upon the full exercise of the Reported Warrants and does not give effect to the 9.99% Blocker.  Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to the 9.99% Blocker, is less than the number of securities reported on rows (8), (10) and (11).

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
Verrica Pharmaceuticals Inc.

**(c) Address of Issuer's Principal Executive Offices:**
10 NORTH HIGH STREET, SUITE 200, WEST CHESTER, PA, 19380

This statement on Schedule 13D (the "Schedule 13D") relates to the shares of common stock, par value $0.0001 per share (the "Common Stock"), of Verrica Pharmaceuticals Inc., a Delaware corporation (the "Issuer").

**Item 4. Purpose of Transaction**

On November 23, 2025, the Caligan Fund and Caligan Accounts and certain other institutional investors entered into a Securities Purchase Agreement with the Issuer (the "Purchase Agreement"), pursuant to which the Issuer agreed to sell and issue to the Caligan Fund and Caligan Accounts in a private placement transaction (the "Private Placement") (i) pre-funded warrants to purchase an aggregate of 4,126,239 shares of Common Stock (the "Pre-Funded Warrants") and (ii) accompanying Series C warrants to purchase an aggregate of 1,031,559 shares of Common Stock (the "Series C Warrants"). The purchase price per Pre-Funded Warrant and accompanying Series C Warrant is $4.24115. The Private Placement is expected to close on or about November 25, 2025 (the "Closing"), subject to satisfaction of customary closing conditions.

The Pre-Funded Warrants have a per share exercise price of $0.0001, subject to proportional adjustments in the event of stock splits or combinations or similar events. The Pre-Funded Warrants will not expire until exercised in full. The Series C Warrants are immediately exercisable and have a per share exercise price of $6.315, subject to proportional adjustments in the event of stock splits or combinations or similar events, as well as adjustments for future issuances by the Issuer below the exercise price of the Series C Warrant subject to the limitations and carve outs set forth therein. The Series C Warrants will expire on the fifth anniversary of the Closing.

Pursuant to the Purchase Agreement, the Issuer has also agreed to appoint a designee selected by Caligan as a Class I member of the Issuer's Board of Directors ("Board") promptly following the Closing.  Caligan will retain the right to appoint a Board member for so long as it continues to hold at least half of the Pre-Funded Warrants and/or shares of Common Stock issuable upon exercise of the Pre-Funded Warrants it purchased in the Private Placement, subject to compliance with Nasdaq listing rules.  In addition, so long as Caligan has the right to appoint a Board member, Caligan will also have the right to designate a Board observer.

On November 23, 2025, the Issuer also entered into a Registration Rights Agreement pursuant to which the Issuer has agreed to prepare and file, within 30 days after the Closing, one or more registration statements with the Securities and Exchange Commission (the "SEC") to register for resale the Common Stock and the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants and the Series C Warrants issued pursuant to the Purchase Agreement as well as pursuant to another Securities Purchase Agreement entered into by the Issuer at the same date as the Purchase Agreement with certain accredited investors (the "Other Purchase Agreement" and together with the Purchase Agreement, the "Purchase Agreements"), and to cause the applicable registration statements to become effective within a specified period.

The foregoing descriptions of the Purchase Agreement, Registration Rights Agreement, Pre-funded Warrants and Series C Warrants do not purport to be complete and are qualified in their entireties by reference to the full texts of the Purchase Agreement, Registration Rights Agreement, Form of Pre-funded Warrant and Form of Series C Warrant, which are included as Exhibits 99.1, 99.2, 99.3 and 99.4 hereto, respectively, and incorporated by reference herein.

The Reporting Persons believe the securities of the Issuer are undervalued and represent an attractive investment opportunity. The Reporting Persons have communicated, and may continue to communicate, with the Issuer's management and Board about a broad range of operational, management, corporate and strategic matters, and may communicate with other stockholders or third parties about such matters. The Reporting Persons intend to review their investment in the Issuer on a continuing basis, and depending upon various factors, including without limitation, the Issuer's financial position and strategic direction, the outcome of any discussions referenced above, overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor (i) to increase or decrease their position in the Issuer through, among other things, the purchase or sale of securities of the Issuer, including through transactions involving the shares Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of securities of the Issuer in the open market or in private transactions, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or decrease their economic exposure to the shares of Common Stock without affecting their beneficial ownership of the shares of Common Stock or adjust their exposure to the shares of Common Stock in ways that would affect their beneficial ownership of the shares of Common Stock.

Except to the extent the foregoing may be deemed a plan or proposal, none of the Reporting Persons has any plans or proposals which relate to, or could result in, any of the matters referred to in subparagraphs (a) - (j) of Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, (i) review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto and (ii) consider or propose one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock and percentages of the shares of Common Stock beneficially owned by each of the Reporting Persons.

Pursuant to the terms of the Reported Warrants, the Reporting Persons cannot exercise any of the Reported Warrants (including the Pre-Funded Warrant and the Series C Warrant) to the extent the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding Common Stock (the "9.99% Blocker") and the percentage set forth in Row (11) of the cover page for each of the Reporting Persons gives effect to the 9.99% Blocker. Consequently, at this time, the Reporting Persons are not able to exercise all of such Reported Warrants due to the 9.99% Blocker.

**(b)**
See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.

**(c)**
The Reporting Persons have not entered into transactions in the shares of Common Stock within the past sixty (60) days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Reporting Persons' response to Item 4 is incorporated by reference into this Item 6.

In addition to the Pre-Funded Warrants and the Series C Warrants, the Caligan Fund and the Caligan Accounts hold Series B Warrants of the Issuer (such Series B Warrants together with the Pre-Funded Warrants and Series C Warrants held by the Caligan Fund and the Caligan Accounts, the "Reported Warrants") to purchase an aggregate of 421,346 shares of Common Stock, subject to the 9.99% Blocker.

Other than as disclosed herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Caligan Partners LP

**Signature:** /s/ David Johnson

**Name/Title:** David Johnson, Managing Partner

**Date:** 11/24/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** David Johnson

**Signature:** /s/ David Johnson

**Name/Title:** David Johnson, Individually

**Date:** 11/24/2025