SECURITIES AND EXCHANGE COMMISSION
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|Item 8.01|| |
On July 11, 2022, Verrica Pharmaceuticals Inc. (the “Company”), voluntarily repaid in full the debt outstanding under the mezzanine loan and security agreement by and among the Company and Silicon Valley Bank as administrative agent and collateral agent and Silicon Valley Bank and West River Innovation Lending Fund VIII, L.P. as the lenders, dated March 10, 2020, as amended (the “Mezzanine Loan Agreement”) as well as the loan and security agreement by and between the Company and Silicon Valley Bank, dated March 10, 2020, as amended (the “Senior Loan Agreement” and, together with the Mezzanine Loan Agreement, the “Loan Agreements”). The Company’s prepayment amount was approximately $43.9 million, inclusive of principal amount of debt, the final payment fee, and accrued interest, and satisfied all of the Company’s outstanding debt obligations under the Loan Agreements. The Company did not incur any prepayment penalties in connection with the repayment of the amounts payable under the Loan Agreements, which had a scheduled maturity of March 1, 2024. The prepayment was made in full using restricted cash of $40.0 million, which was set aside as cash collateral in a March 2022 amendment to the Mezzanine Loan Agreement, as well as cash on hand.
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: July 13, 2022|
|P. Terence Kohler Jr.|
|Chief Financial Officer|