Verrica Pharmaceuticals Inc

Verrica Pharmaceuticals reported second quarter 2026 total revenue of $5.9 million, down from $12.7 million a year earlier due to a one-time $8 million milestone payment received in 2025, while U.S. YCANTH net product revenue rose 18.7% sequentially to $5.1 million. Dispensed applicator units increased 28.3% from the first quarter to 19,626, and the company announced a $27.5 million credit facility from an entity controlled by Chairman Paul Manning that extends its cash runway into 2028. GAAP net loss was $13.2 million or $0.62 per share for the second quarter of 2026 compared to GAAP net income of $0.2 million or $0.02 per share for the second quarter of 2025; on a non-GAAP basis, the net loss was $10.2 million or $0.48 per share versus non-GAAP net income of $1.2 million or $0.12 per share a year ago. The company also highlighted progress in its common warts Phase III program, with top-line data expected in mid-2027, and a new distribution agreement with Medomie Pharma for YCANTH in Israel.

Verrica Pharmaceuticals announced the dosing of the first U.S. patient in the Phase 3 COVE-3 trial for YCANTH in treating common warts, while its partner Torii Pharmaceutical dosed the first Japanese patient in the same trial last week. Common warts affect roughly 22 million people in the U.S. alone, with half of patients being children. YCANTH is a drug-device combination product previously approved by the FDA in 2023 for molluscum contagiosum. The COVE-3 trial is the second of two double-blind, randomized, vehicle-controlled studies in the Phase 3 program, with the first, COVE-2, having completed 50% enrollment last month. Trial costs are split evenly between Torii and Verrica, with Torii responsible for the first $40 million.