Verrica Pharmaceuticals Inc. reported its financial results for the first quarter of 2026, revealing total revenue of $5.0 million, a significant increase from $3.4 million in the same period last year. The growth was primarily driven by a rise in product revenue, which reached $4.3 million compared to $3.4 million in the prior year, attributed to increased deliveries of its product, YCANTH (VP-102), to distribution partners. Additionally, license and collaboration revenue surged to $0.7 million from just $17,000, reflecting the company's ongoing commercial supply activities.
Despite the revenue growth, Verrica's operating expenses also rose, totaling $14.7 million for the quarter, up from $11.6 million in the previous year. This increase was largely due to higher selling, general, and administrative expenses, which climbed to $10.0 million, and research and development costs, which rose to $3.9 million. The company reported a net loss of $9.7 million, slightly improved from a loss of $9.7 million in the first quarter of 2025, with a net loss per share of $0.45, compared to $1.03 in the prior year.
In terms of operational developments, Verrica has expanded its sales force to 44 representatives focused on pediatric dermatologists and other healthcare providers since the launch of YCANTH in August 2023. The company is also advancing its pipeline, with ongoing clinical trials for YCANTH targeting common warts and VP-315 for basal cell carcinoma. The company has initiated a global Phase 3 program for YCANTH, with the first patient dosed in December 2025, and is exploring partnerships to fund further development.
As of March 31, 2026, Verrica had cash reserves of $20.6 million, down from $30.1 million at the end of 2025. The company has expressed substantial doubt regarding its ability to continue as a going concern within the next year, citing the need for additional funding through equity offerings, debt financing, or collaborations to support its operations. The company plans to address these concerns by seeking further capital to sustain its commercialization and development efforts, particularly as it continues to incur significant operating losses, with an accumulated deficit of $334.6 million as of the end of the quarter.
About Verrica Pharmaceuticals Inc.
Verrica Pharmaceuticals develops dermatology treatments, including FDA-approved YCANTH (VP-102) for molluscum contagiosum, a contagious skin disease. The company focuses on clinician-administered therapies for high unmet needs, with pipeline products targeting common warts and dermatologic cancers like basal cell carcinoma. Its business model emphasizes innovative formulations, strategic licensing, and commercialization through specialized sales, targeting healthcare providers and patients worldwide.
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