WEST CHESTER, PA — Verrica Pharmaceuticals Inc. (Nasdaq: VRCA) has reported its financial results for the fourth quarter and full year ending December 31, 2024, marking significant progress in its turnaround strategy. The company achieved sequential growth in sales of YCANTH®, its treatment for molluscum contagiosum, while reducing operating expenses and advancing its late-stage clinical pipeline.
YCANTH’s dispensed applicator units rose 12.3% in the fourth quarter of 2024, supported by a realignment of the company’s commercial strategy. Positive quarterly revenue was reported earlier than expected due to increased demand and orders from Verrica’s primary distribution partner during Q4.
“The fourth quarter began a transition period for our company, and we have already achieved several substantial milestones,” said Dr. Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica. “We completed our commercial strategy realignment, which generated promising sequential growth of dispensed applicator units of YCANTH while simultaneously implementing significant cost reductions across the organization. We also continued advancing our late-stage clinical programs in basal cell carcinoma and common warts.”
To further support its strategic plans, Verrica strengthened its financial position with a $42 million public offering completed in November 2024. This additional capital will enable the company to continue investments in commercial execution and clinical development efforts.
Detailing future objectives, Dr. Rieger stated, “Based on achieving these early milestones, I believe Verrica is now on track to successfully execute our turnaround strategy. Our goal is to generate cash positive monthly operating results by the end of 2025. To achieve this, our focus will remain to establish YCANTH as the standard of care for the treatment of molluscum contagiosum. In parallel, we will work to create significant additional value by advancing our late-stage pipeline.”
Key advancements in Verrica’s pipeline include positive data from a Phase 2 study of VP-315, an oncolytic peptide candidate targeting basal cell carcinoma. Additionally, the company plans to advance VP-102 (YCANTH) into Phase 3 trials for the treatment of common warts as early as mid-2025.
“With a leaner and more capital-efficient operating model now in place, I believe 2025 is shaping up to become an important year for Verrica as we seek to address the most significant unmet needs in dermatology,” Dr. Rieger concluded.
These updates reflect Verrica’s focus on driving growth, improving operational efficiency, and expanding its clinical pipeline to address critical dermatological challenges.
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