UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 31, 2022

 

Verrica Pharmaceuticals Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware		001-38529		46-3137900
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)
44 W. Gay St., Suite 400 West Chester, PA				19380
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s telephone number, including area code: (484) 453-3300

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class		Trading symbol		Name of each exchange on which registered
Common Stock		VRCA		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☒

 

 

 

Item 2.05

Costs Associated with Exit or Disposal Activities.

On May 31, 2022, the board of directors (the “Board”) of Verrica Pharmaceuticals Inc. (the “Company”), in order to streamline operations and reduce costs, approved a plan to reduce its workforce by terminating 20 employees, which the Company expects to be completed by June 3, 2022. The decision followed the Company’s announcement on May 24, 2022 of the receipt by the Company of a complete response letter for its new drug application for VP-102. As a result, the Company expects to incur a one-time charge totaling approximately $0.5 million in connection with one-time employee termination costs. The Company expects such costs to be the only direct expense of the restructuring plan. This charge is expected to be incurred during the quarter ending June 30, 2022, with related cash payments expected to be substantially paid out by June 30, 2022.

The estimates of costs that the Company expects to incur and the timing thereof are subject to a number of assumptions and actual results may differ.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

				Verrica Pharmaceuticals Inc.
Date: June 3, 2022				/s/ P. Terence Kohler Jr.
				P. Terence Kohler Jr.
				Chief Financial Officer