0000950170-24-058208 | 10-Q | XBRL Viewer | Verrica Pharmaceuticals INC

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Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,072	$ 1,094
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,622	836
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 450	$ 258

Inventory - Schedule Of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,150	$ 420
Work in process	668	487
Finished goods	681	115
Total inventory	$ 2,499	$ 1,022

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 21, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Banking cash deposits		$ 500
Accounts receivable		7,002		$ 4,248
Allowance for doubtful accounts		0
Finished goods		$ 681		$ 115
Basic exercise price		$ 0.0001
Diluted exercise price		$ 0.0001
Research and development expense	$ 4,500	$ 4,948	$ 2,739
Cost of product revenue		700
Advertising expense		1,500
FDA
Significant Accounting Policies [Line Items]
Research and development expense	100
YCANTH [Member]
Significant Accounting Policies [Line Items]
Finished goods	14,000
Research and development expense	$ 1,200
Obsolete inventory costs [Member]
Significant Accounting Policies [Line Items]
Cost of product revenue		$ 300

Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2—Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. They may not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2023 included in its Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 29, 2024. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenues and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.

Collateral Cash

Cash and cash equivalents as of March 31, 2024 includes a cash deposit of $0.5 million with Bank of America as required under the Commercial Credit Card Program with a balance equal to the outstanding credit limit on commercial credit cards.

Fair Value of Financial Instruments and Credit Risk

As of March 31, 2024, the Company’s financial instruments included cash equivalents, accounts receivable, accounts payable, and notes payable. The carrying amount of cash equivalents, accounts receivable and accounts payable approximated fair value, given their short-term nature. The carrying value of the notes payable approximates fair value as the interest rate is reflective of current market rates on debt with similar terms and conditions.

Cash equivalents subject the Company to concentrations of credit risk. However, the Company invests its cash in accordance with a policy objective that seeks to ensure both liquidity and safety of principal. The policy limits investments to instruments issued by the U.S. government, certain SEC registered money market funds that invest only in U.S. government obligations and various other low-risk liquid investment options, and places restrictions on portfolio maturity terms.

Accounts receivable subjects the Company to concentrations of credit risk as all of the Company's revenue is from sales of a single product, YCANTH (VP-102), primarily to one pharmaceutical wholesale/distributor.

Accounts Receivable

Accounts receivable, related to YCANTH (VP-102) sales, was $7.0 million at March 31, 2024. As of March 31, 2024, the Company had no allowance for doubtful accounts. An allowance for doubtful accounts is determined based on the Company's assessment of the creditworthiness and financial condition of its customers, aging of receivables, as well as the general economic environment. Any allowance would reduce the net receivables to the amount that is expected to be collected. Current payment terms for YCANTH (VP-102) are approximately 60 days from the shipment date.

Inventory

The Company values inventory at the lower of cost or net realizable value. Inventory cost is determined using the specific identification method. The Company regularly reviews its inventory quantities and, when appropriate, records a provision for obsolete and excess inventory to derive the new cost basis, which takes into account the Company’s sales forecast and corresponding expiry dates. The Company has not recognized a provision for obsolete and excess inventory as of March 31, 2024.

On July 21, 2023, the Company received FDA approval for YCANTH (VP-102) for the treatment of molluscum contagiosum and began capitalizing inventory purchases of saleable product from certain suppliers. Prior to FDA approval, all product purchased from such suppliers was included as a component of research and development expense, as the Company was unable to assert that the inventory had future economic benefit until YCANTH received FDA approval. Pursuant to the supply agreement (Note 6), the Company purchased and included in research and development expenses approximately $4.5 million of raw cantharidin and processed active pharmaceutical ingredient ("API"). The raw cantharidin and processed API is sufficient to produce approximately 14.0 million finished drug product applicators to be used for commercially saleable product and other product candidates. In addition, the Company purchased other components and services related to YCANTH for commercially saleable product and included approximately $1.2 million in research and development expenses prior to FDA approval. As a result, cost of product revenue related to YCANTH will initially reflect a lower average per unit cost of materials over approximately the next nine months as previously expensed inventory is utilized for commercial production and sold to customers. If the Company were to have included those costs previously expensed as a component of cost of product revenue, the Company’s cost of product revenue for the three months ended March 31, 2024 would have been $0.7 million including $0.3 million of obsolete inventory costs.

Product Revenue, Net

The Company recognizes revenue from sales of a single product, YCANTH (VP-102) (the “Product”) in accordance with ASC Topic 606 – Revenue from Contracts with Customers. YCANTH (VP-102) became available for commercial sale and shipment to patients with a prescription in the United States in the third quarter of 2023. The Company sells the Product primarily to one customer, a pharmaceutical wholesaler/distributor (the “Customer”) who in turn sells the Product directly to clinics, hospitals, and federal healthcare programs. Revenue is recognized as the Product is physically delivered to the Customer.

Gross product sales are reduced by corresponding gross-to-net (“GTN”) estimates using the expected value method, resulting in the Company’s reported “Product revenue, net” in the accompanying statements of operations. Product revenue, net reflects the amount the Company ultimately expects to realize in net cash proceeds, taking into account the current period gross sales and related cash receipts and the subsequent cash disbursements on these sales that the Company estimates for the various GTN categories discussed below. The GTN estimates are based upon information received from external sources, such as written or oral information obtained from our customers with respect to their period-end inventory levels and sales to end-users during the period, in combination with management’s informed judgments. Due to the inherent uncertainty of these estimates, the actual amount of product returns,

government chargebacks, prompt pay discounts, commercial rebates, Medicaid rebates, co-pay assistance and distribution, data, and group purchasing organizations ("GPO") administrative fees may be materially above or below the amount estimated. Variance between actual amounts and estimated amounts may result in prospective adjustments to reported net product revenue.

Each of the GTN estimate categories are discussed below:

Product Returns Allowances: The Customer is contractually permitted to return purchased Product in certain circumstances. The Company estimates expected returns based on the Company’s review of similar products in the industry. As historical data for returns of the Product becomes available over time, the Company will utilize historical return rates of the Product in making its estimates. Returned Product is typically destroyed, since substantially all returns are due to expiry and cannot be resold.

Government Chargebacks: The Product is subject to pricing limits under certain federal government programs, including Medicare and the 340B drug pricing program. Qualifying entities (the “End-Users”) purchase the Product from the Customer at their applicable qualifying discounted price. The chargeback amount the Company incurs represents the difference between the Company’s contractual sales price to the Customer and the end-user’s applicable discounted purchase price under the government program.

Medicaid Rebates: The Product is subject to state government-managed Medicaid programs, whereby rebates are issued to participating state governments. These rebates arise when a patient treated with the Product is covered under Medicaid, resulting in a discounted price for the Product under the applicable Medicaid program. The Medicaid rebate accrual calculations require the Company to project the magnitude of its sales, by state, that will be subject to these rebates.

Patient Assistance: The Company offers a voluntary co-pay patient assistance program intended to provide financial assistance to eligible patients with a prescription drug co-payment required by payors and coupon programs for cash payors. The calculation of the current liability for this assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with YCANTH (VP-102) that has been recognized as revenue but remains in the distribution channel inventories at the end of each reporting period.

Distribution, Data, and GPO Administrative Fees: Distribution, data, and GPO administrative fees are paid to authorized wholesalers/distributors of the Company’s products for various commercial services including contract administration, inventory management, delivery of end-user sales data, and product returns processing. These fees are based on a contractually-determined percentage of the Company’s applicable sales.

Cost of Product Revenue

Cost of product revenue includes the cost of inventory sold, which includes direct manufacturing, production and packaging materials for YCANTH (VP-102) sales. Prior to FDA approval of YCANTH (VP-102) in July 2023, the Company expensed approximately $0.1 million in costs associated with the manufacturing of YCANTH (VP-102) as a component of research and development expense. Therefore, these costs are not included in cost of product revenue.

Advertising Expense

Advertising expenses, comprised primarily of print and digital assets, social media and internet advertising as well as search engine marketing, are expensed as incurred and are included in selling, general, and administrative expenses. For the three months ended March 31, 2024, advertising expense was approximately $1.5 million.

Net Loss Per Share

Net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period including pre-funded warrants to purchase shares of common stock that were issued in an underwritten offering in February 2023 (Note 7). The pre-funded warrants to purchase common stock are included in the calculation of basic and diluted net loss per share as the exercise price of $0.0001 per share is non-substantive and is virtually assured. Diluted net loss per share excludes the potential impact of common stock options and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same.

The table below provides potential shares outstanding that were not included in the computation of diluted net loss per common share, as the inclusion of these securities would have been anti-dilutive:


	March 31,
	2024		2023
Shares issuable upon exercise of stock options		6,613,615		4,722,082
Non-vested shares under restricted stock grants		834,000		1,123,000
Shares issuable upon exercise of warrants pursuant to debt financing		518,551		—
Total		7,966,166		5,845,082

Recently Adopted Accounting Pronouncements

In June 2022, the FASB issued Accounting Standards Update No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This standard clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. This standard became effective for the Company on January 1, 2024, and its adoption did not have an impact on the Company's financial statements and related disclosures.

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands					1 Months Ended		3 Months Ended
	Aug. 24, 2024	Jul. 21, 2024	Aug. 24, 2023	Jul. 21, 2023	Aug. 31, 2020	Nov. 30, 2019	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation							$ 14,700
Weighted-average stock option recognize period							2 years 10 months 2 days
Stock-based compensation							$ 2,072	$ 1,094
Nonvested, Number of Shares, Forfeited					(125,000)
Employee Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation							$ 1,500	$ 1,100
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of stock subject to vesting (as a percent)							25.00%
Weighted-average stock option recognize period							1 year 7 months 6 days
Number of Shares, Granted							272,500
Nonvested, Number of Shares, Forfeited							0
Compensation expense							$ 600
Remaining unrecognized compensation related to nonvested restricted stock units							$ 2,200
Restricted Stock Units (RSUs) [Member] \| Executive Officers [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Granted					250,000	300,000	272,500	698,000
Restricted Stock Units (RSUs) [Member] \| New Drug Application [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of stock subject to vesting (as a percent)			50.00%	50.00%
Restricted Stock Units (RSUs) [Member] \| Forecast [Member] \| YCANTH [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of stock subject to vesting (as a percent)	50.00%
Restricted Stock Units (RSUs) [Member] \| Forecast [Member] \| One Year Anniversary [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of stock subject to vesting (as a percent)		50.00%

Inventory

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory

Note 3 —Inventory

Upon FDA approval of YCANTH (VP-102) for the treatment of molluscum contagiosum on July 21, 2023, the Company began capitalizing the purchases of saleable inventory of YCANTH (VP-102) from suppliers. Inventory consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Raw materials	$	1,150	$	420
Work in process		668		487
Finished goods		681		115
Total inventory	$	2,499	$	1,022

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense are as follows (in thousands):


	For the Three Months Ended March 31,
	2024		2023
Finance lease cost:
Amortization ROU assets	$	139	$	—
Interest on lease liabilities		44		—
Total finance lease costs	$	183	$	—
Operating lease:
Operating lease costs	$	94	$	86
Short-term lease costs		—		—
Total operating lease expense	$	94	$	86

Schedule of Maturities of Operating and Finance Leases

Maturities of the Company’s operating and finance leases, excluding short-term leases, as of March 31, 2024 are as follows (in thousands):


	Operating			Finance
2024 (remaining 9 months)	$	293		$	648
2025		372			744
2026		366			631
2027		247			592
Thereafter		—			181
Total lease payments		1,278			2,796
Less imputed interest		(122	)		(356	)
Lease liability	$	1,156		$	2,440

Schedule of Weighted Average Remaining Term and Discount Rate

The weighted average remaining lease term and discount rates for the Company's leases as of March 31, 2024 are as follows:



	Operating			Finance
Weighted average remaining lease term (years)		3.34			4.07
Weighted average discount rate		6.25	%		7.72	%

License and Collaboration Agreements - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 17, 2021	Aug. 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2020
Ltyix [Member]
License And Collaboration Agreements [Line Items]
Payments upon achievements of milestone		$ 111,000
One time up front license fee					$ 3,600
Percentage of royalty income shared		50.00%
Torii Agreement [Member] \| Torii [Member]
License And Collaboration Agreements [Line Items]
Received payment			$ 20,000
Payments upon achievements of milestone			50,000
Billed collaboration revenue			600	$ 600
Unbilled collaboration revenue			$ 37,000	$ 37,000
Torii Agreement [Member] \| Torii [Member] \| Minimum [Member]
License And Collaboration Agreements [Line Items]
Mid Percentage of transfer price payments for supply of product net sales	30.00%
Torii Agreement [Member] \| Torii [Member] \| Maximum [Member]
License And Collaboration Agreements [Line Items]
Mid Percentage of transfer price payments for supply of product net sales	40.00%

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 7—Stockholders’ Equity

Common Stock

The Company had authorized 200,000,000 shares of common stock, $0.0001 par value per share, as of March 31, 2024 and December 31, 2023. Each share of common stock is entitled to one vote. Common stock owners are entitled to dividends when funds are legally available and declared by the Board.

Underwritten Public Offering

In February 2023, the Company closed an underwritten offering of 750,000 shares of its common stock and pre-funded warrants to purchase 4,064,814 shares of common stock. The shares of common stock were sold at a price of $6.75 per share and the pre-funded warrants were sold at a price of $6.7499 per pre-funded warrant, resulting in net proceeds of $30.3 million after deducting underwriting discounts and commissions, and offering expense. The pre-funded warrants will not expire and are exercisable in cash or by means of a cashless exercise.

Warrants

The following table summarizes the Company’s outstanding warrants, all of which are exercisable for common stock:


	March 31, 2024
	Number of warrants		Exercise Price		Expiration Date
Pre-funded warrants issued pursuant to 2023 underwritten public offering		4,064,814	$	0.0001	No expiration
Warrants issued in connection with OrbiMed debt facility		518,551	$	6.0264	7/25/2033

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Additional Information (Detail)	3 Months Ended
Leases - Additional Information (Detail)	Mar. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Lease expiration date	Sep. 01, 2027
Finance lease right-of-use asset	$ 2,460,000	$ 1,405,000
Operating lease, remaining lease term	3 years 4 months 2 days
Operating lease, discount rate	6.25%
Pennsylvania [Member]
Lessee Lease Description [Line Items]
Area of office space for lease \| ft²	11,201
NEW JERSEY
Lessee Lease Description [Line Items]
Lease agreement commencement date	May 01, 2022
Lease expiration date	Apr. 30, 2025
Operating lease, base rent	$ 104,000
Automobile Fleet Lease Program [Member]
Lessee Lease Description [Line Items]
Term of lease	52 months
Finance lease right-of-use asset	$ 1,200,000
Landlord's Operating Expense [Member]
Lessee Lease Description [Line Items]
Operating lease, base rent	$ 2,400,000

Leases - Schedule of Maturities of Operating and Finance Leases (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
Operating Lease, Remainder of Fiscal Year	$ 293
Operating Lease, Year One	372
Operating Lease, Year Two	366
Operating Lease, Year Three	247
Operating Lease, After Year Three	0
Operating Lease, Total lease payments	1,278
Less Operating Lease, imputed interest	(122)
Operating Lease, Lease liability	1,156
Finance Lease, Remainder of Fiscal Year	648
Finance Lease, Year One	744
Finance Lease, Year Two	631
Finance Lease, Year Three	592
Finance Lease, After Year Three	181
Finance Lease, Total lease payments	2,796
Less Finance Lease, imputed interest	(356)
Finance Lease, Lease liability	$ 2,440

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,237	$ 2,226
Accumulated depreciation	(1,300)	(1,174)
Total property and equipment, net	937	1,052
Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,554	1,543
Office Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	326	326
Office Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	303	303
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 54	$ 54

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 8—Stock-Based Compensation

Stock-based compensation expense, which includes expense for both employees and non-employees, has been reported in the Company’s statements of operations as follows (in thousands):


	For the Three Months Ended March 31,
	2024		2023
Selling, general and administrative	$	1,622	$	836
Research and development		450		258
Total stock-based compensation	$	2,072	$	1,094

Stock Options

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2024:


						Weighted average
				Weighted average		remaining contractual		Aggregate intrinsic
	Number of shares			exercise price		term (in years)		value
Outstanding as of December 31, 2023		5,565,615		$	8.25		7.2	$	4,143,150
Granted		1,079,300			4.99
Exercised		(6,500	)		1.24				4,755
Forfeited		(24,800	)		5.24
Expired		—			—
Outstanding as of March 31, 2024		6,613,615		$	7.74		7.5	$	2,688,929
Options vested and exercisable as of March 31, 2024		3,438,271		$	9.01		5.9	$	620,420

As of March 31, 2024, the total unrecognized compensation related to unvested stock option awards granted was $14.7 million, which the Company expects to recognize over a weighted-average period of 2.84 years.

Stock option compensation expense of $1.5 million and $1.1 million was recognized in the Company's statements of operations during the three months ended March 31, 2024 and 2023, respectively.

Restricted Stock Units

In November 2019 and August 2020 the Company granted 300,000 and 250,000 restricted stock units ("RSUs"), respectively, to its executive officers, of which 125,000 were forfeited. Half of the remaining RSUs vested upon receipt of regulatory approval of the Company’s new drug application for YCANTH (VP-102) for the treatment of molluscum on July 21, 2023 (the “Approval Date”) and the other half will vest on July 21, 2024, subject to the holders’ continuous service through each applicable date.

In March 2023, the Company granted 698,000 RSUs, half of which vested upon the first commercial sale of YCANTH (VP-102) on August 24, 2023 and half of which will vest on August 24, 2024, subject to the holders’ continuous service through each applicable date.

In March 2024, the Company granted 272,500 RSUs to executive officers. These restricted stock units vest 25% annually over four years subject to the holders' continuous service through each applicable date.

Compensation expense of $0.6 million was recognized in the Company’s statements of operations for the three months ended March 31, 2024 related to the vested RSUs based on the fair market value at the date of grant. As of March 31, 2024, the remaining unrecognized compensation expense related to the RSUs was $2.2 million, which the Company expects to recognize over a weighted average service period of 1.6 years now that vesting of these awards is probable.

The following is a summary of changes in the status of non-vested RSUs for the three months ended March 31, 2024:


			Weighted Average
			Grant Date Fair
	Number of Shares		Value
Nonvested as of December 31, 2023		561,500	$	9.13
Granted		272,500		4.80
Forfeited		—		—
Vested		—		—
Nonvested as of March 31, 2024		834,000	$	7.72

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (20,331)	$ (6,589)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,072	1,094
Depreciation expense	126	131
Non cash interest expense	483	0
Amortization of operating lease right-of-use asset	76	71
Amortization of finance lease right-of-use asset	138	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,275)	1,266
Collaboration revenue receivable, billed and unbilled	(424)	431
Accounts payable	52	14
Accounts receivable	(2,753)	0
Accrued expenses and other current liabilities	1,968	(934)
Operating lease liability	(79)	(74)
Net cash used in operating activities	(19,947)	(4,590)
Cash flows from investing activities
Purchases of property and equipment	0	(11)
Net cash used in investing activities	0	(11)
Cash flows from financing activities
Proceeds from exercise of stock options	4	7
Payment of debt amendment fees	(509)	0
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs	0	30,301
Equity issuance costs	0	(28)
Repayment of financing lease	(156)	0
Net cash (used in) provided by financing activities	(661)	30,280
Net (decrease) increase in cash and cash equivalents	(20,608)	25,679
Cash and cash equivalents at the beginning of the period	69,547	34,273
Cash and cash equivalents at the end of the period	48,939	59,952
Supplemental disclosures
Cash paid for interest	1,836	0
Supplemental disclosure of noncash investing and financing activities:
Property and equipment purchases in accounts payable or accrued expenses and other current liabilities at period end	11	34
Right-of-use asset obtained in exchange for lease obligation	$ 1,193	$ 0

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Note 9—Leases

The Company leases 11,201 square feet of office space located in West Chester, Pennsylvania that serves as the Company’s headquarters. The initial term expires on September 1, 2027. Base rent over the initial term is approximately $2.4 million, and the Company is also responsible for its share of the landlord’s operating expense.

The Company leases office space in Scotch Plains, New Jersey under an agreement classified as an operating lease, which commenced on May 1, 2022 and expires on April 30, 2025. Base rent over the initial term is approximately $104,000 per year.

The Company entered into a fleet program to provide vehicles for its sales force. The vehicles are leased for a term of 52 months and classified as finance leases. During the three months ended March 31, 2024, the Company recognized both a right-of-use asset and a lease liability of $1.2 million related to these finance leases.

The components of lease expense are as follows (in thousands):


	For the Three Months Ended March 31,
	2024		2023
Finance lease cost:
Amortization ROU assets	$	139	$	—
Interest on lease liabilities		44		—
Total finance lease costs	$	183	$	—
Operating lease:
Operating lease costs	$	94	$	86
Short-term lease costs		—		—
Total operating lease expense	$	94	$	86

Maturities of the Company’s operating and finance leases, excluding short-term leases, as of March 31, 2024 are as follows (in thousands):


	Operating			Finance
2024 (remaining 9 months)	$	293		$	648
2025		372			744
2026		366			631
2027		247			592
Thereafter		—			181
Total lease payments		1,278			2,796
Less imputed interest		(122	)		(356	)
Lease liability	$	1,156		$	2,440

The weighted average remaining lease term and discount rates for the Company's leases as of March 31, 2024 are as follows:



	Operating			Finance
Weighted average remaining lease term (years)		3.34			4.07
Weighted average discount rate		6.25	%		7.72	%

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Gross to net reserves	$ 8,502	$ 5,357
Clinical trials and drug development	3,517	2,767
Compensation and related costs	1,393	3,438
Professional fees	1,124	1,423
Commercial-related costs	878	538
Other current liabilities	321	244
Machinery and equipment	93	93
Total accrued expenses and other current liabilities	$ 15,828	$ 13,860

Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 4—Property and Equipment

Property and equipment, net consisted of (in thousands):



	March 31,			December 31,
	2024			2023
Machinery and equipment	$	1,554		$	1,543
Office equipment		326			326
Office furniture and fixtures		303			303
Leasehold improvements		54			54
		2,237			2,226
Accumulated depreciation		(1,300	)		(1,174	)
Total property and equipment, net	$	937		$	1,052

Depreciation expense for both of the three months ended March 31, 2024 and 2023 was $0.1 million.

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Number of shares, Outstanding Beginning Balance	5,565,615
Number of shares, Granted	1,079,300
Number of shares, Exercised	(6,500)
Number of shares, Forfeited	(24,800)
Number of shares, Expired	0
Number of shares, Outstanding Ending Balance	6,613,615	5,565,615
Number of shares, Options vested and exercisable Ending Balance	3,438,271
Weighted average exercise price, Outstanding Beginning Balance	$ 8.25
Weighted average exercise price, Granted	4.99
Weighted average exercise price, Exercised	1.24
Weighted average exercise price, Forfeited	5.24
Weighted average exercise price, Expired	0
Weighted average exercise price, Outstanding Ending Balance	7.74	$ 8.25
Weighted average exercise price, Options vested and exercisable Ending Balance	$ 9.01
Weighted average remaining contractual life (in years), Outstanding	7 years 6 months	7 years 2 months 12 days
Weighted average remaining contractual life (in years), Options vested and exercisable	5 years 10 months 24 days
Aggregate intrinsic value, Outstanding	$ 2,688,929	$ 4,143,150
Aggregate intrinsic value, Exercised	4,755
Aggregate intrinsic value, Options vested and exercisable Ending Balance	$ 620,420

Leases - Schedule of Weighted Average Remaining Term and Discount Rate (Detail)	Mar. 31, 2024
Leases [Abstract]
Operating lease, Weighted average remaining lease term	3 years 4 months 2 days
Operating lease, Weighted-average discount rate	6.25%
Finance lease, Weighted average remaining lease term	4 years 25 days
Finance lease, Weighted-average discount rate	7.72%

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Stock Based Compensation Expense

Stock-based compensation expense, which includes expense for both employees and non-employees, has been reported in the Company’s statements of operations as follows (in thousands):


	For the Three Months Ended March 31,
	2024		2023
Selling, general and administrative	$	1,622	$	836
Research and development		450		258
Total stock-based compensation	$	2,072	$	1,094

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2024:


						Weighted average
				Weighted average		remaining contractual		Aggregate intrinsic
	Number of shares			exercise price		term (in years)		value
Outstanding as of December 31, 2023		5,565,615		$	8.25		7.2	$	4,143,150
Granted		1,079,300			4.99
Exercised		(6,500	)		1.24				4,755
Forfeited		(24,800	)		5.24
Expired		—			—
Outstanding as of March 31, 2024		6,613,615		$	7.74		7.5	$	2,688,929
Options vested and exercisable as of March 31, 2024		3,438,271		$	9.01		5.9	$	620,420

Schedule of Restricted Stock Awards Activities

The following is a summary of changes in the status of non-vested RSUs for the three months ended March 31, 2024:


			Weighted Average
			Grant Date Fair
	Number of Shares		Value
Nonvested as of December 31, 2023		561,500	$	9.13
Granted		272,500		4.80
Forfeited		—		—
Vested		—		—
Nonvested as of March 31, 2024		834,000	$	7.72

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of (in thousands):



	March 31,			December 31,
	2024			2023
Machinery and equipment	$	1,554		$	1,543
Office equipment		326			326
Office furniture and fixtures		303			303
Leasehold improvements		54			54
		2,237			2,226
Accumulated depreciation		(1,300	)		(1,174	)
Total property and equipment, net	$	937		$	1,052

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Jul. 21, 2023	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Selling, general and administrative		$ 16,339	$ 4,319
Research and development	$ 4,500	$ 4,948	$ 2,739

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6—Commitments and Contingencies

Litigation

On June 6, 2022, plaintiff Kranthi Gorlamari (“Plaintiff”) filed a putative class action complaint captioned Gorlamari v. Verrica Pharmaceuticals Inc., et al., in the U.S. District Court for the Eastern District of Pennsylvania against us and certain of our current and former officers and directors (“Defendants”). On January 12, 2023, the Plaintiff filed an amended complaint alleging that Defendants violated federal securities laws by, among other things, failing to disclose certain manufacturing deficiencies at the facility where our contract manufacturer produced bulk solution for the YCANTH (VP-102) drug device and that such deficiencies posed a risk to the prospects for regulatory approval of YCANTH (VP-102) for the treatment of molluscum. The amended complaint seeks unspecified compensatory damages and other relief on behalf of Plaintiff and all other persons and entities which purchased or otherwise acquired our securities between May 19, 2021 and May 24, 2022 (the “Putative Class Period”).

On January 12, 2024, the Court granted in part and denied in part Defendants’ motion to dismiss the amended complaint. The Court held that Plaintiff’s claims relating to statements made in May and June 2021 were sufficiently pled, but dismissed Plaintiff’s claims relating to all other statements made during the Putative Class Period. On January 26, 2024, Plaintiff filed a second amended complaint in an attempt to cure certain of the deficiencies identified in the January 12, 2024 ruling. Defendants’ motion to dismiss the second amended complaint was fully briefed as of April 22, 2024, and is pending before the Court.

The Company is also involved in ordinary, routine legal proceedings that are not considered by management to be material. In the opinion of Company counsel and management, the ultimate liabilities resulting from such legal proceedings will not materially affect the financial position of the Company or its results of operations or cash flows.

Supply Agreement and Purchase Order

On July 16, 2018, the Company entered into a supply agreement with a supplier of crude cantharidin material. All executed purchase orders for crude cantharidin in the ordinary course of business are expected to be covered under the terms of the supply agreement. Pursuant to the supply agreement, the supplier has agreed that it will not supply cantharidin, any beetles or other raw material from which cantharidin is derived to any other customer in North America, subject to specified minimum annual purchase orders and forecasts by the Company. The supply agreement had an initial five-year term, and now renews for successive annual periods absent termination by either party in accordance with the terms of the supply agreement. Each party also has the right to terminate the supply agreement for other customary reasons such as material breach or bankruptcy.

In both 2023 and 2022, the Company executed respective purchase orders pursuant to which the Company agreed to purchase $0.7 million of crude cantharidin material and made prepayments of $0.7 million in each year against the purchase orders. The Company received the shipment for the 2023 purchase during the three months ended March 31, 2024, which was reflected as a prepaid expense of $0.7 million on the balance sheet as of December 31, 2023.

Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Amortization ROU assets	$ 139	$ 0
Interest on lease liabilities	44	0
Total finance lease costs	183	0
Operating lease costs	94	86
Short-term lease costs	0	0
Total operating lease expense	$ 94	$ 86

STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues [Abstract]
Total revenue	$ 3,826	$ 37
Operating expenses:
Selling, general and administrative	16,339	4,319
Research and development	4,948	2,739
Cost of product revenue	546	0
Cost of collaboration revenue	592	68
Total operating expenses	22,425	7,126
Loss from operations	(18,599)	(7,089)
Other (expense) income:
Interest income	598	500
Interest expense	(2,319)	0
Other expense	(11)	0
Total other (expense) income, net	(1,732)	500
Net loss	$ (20,331)	$ (6,589)
Net loss per share, basic	$ (0.44)	$ (0.15)
Net loss per share, diluted	$ (0.44)	$ (0.15)
Weighted-average common shares outstanding, basic	46,483,669	43,023,379
Weighted-average common shares outstanding, diluted	46,483,669	43,023,379
Product [Member]
Revenues [Abstract]
Total revenue	$ 3,232	$ 0
Collaboration [Member]
Revenues [Abstract]
Total revenue	$ 594	$ 37

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Company's Outstanding Warrants

The following table summarizes the Company’s outstanding warrants, all of which are exercisable for common stock:


	March 31, 2024
	Number of warrants		Exercise Price		Expiration Date
Pre-funded warrants issued pursuant to 2023 underwritten public offering		4,064,814	$	0.0001	No expiration
Warrants issued in connection with OrbiMed debt facility		518,551	$	6.0264	7/25/2033

Inventory (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule Of Inventory

Inventory consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Raw materials	$	1,150	$	420
Work in process		668		487
Finished goods		681		115
Total inventory	$	2,499	$	1,022

Stock-Based Compensation - Summary of Non-vested RSUs Activities (Detail) - $ / shares	1 Months Ended	3 Months Ended
	Aug. 31, 2020	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested, Number of Shares, Forfeited	(125,000)
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested, Number of Shares, Beginning Balance		561,500
Nonvested, Number of Shares, Granted		272,500
Nonvested, Number of Shares, Forfeited		0
Non-vested, Number of shares, Vested		0
Nonvested, Number of Shares, Ending Balance		834,000
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance		$ 9.13
Nonvested, Weighted Average Grant Date Fair Value, Granted		4.8
Nonvested, Weighted Average Grant Date Fair Value, Forfeited		0
Non-vested, Weighted average grant date fair value, Vested		0
Nonvested, Weighted Average Grant Date Fair Value, Ending Balance		$ 7.72

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 28, 2023	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized		200,000,000	200,000,000
Common stock, par value		$ 0.0001	$ 0.0001
Pre Funded Warrant [Member]
Class of Stock [Line Items]
Pre-funded warrants to purchase shares of common stock		4,064,814
Warrant price (per share)	$ 6.7499	$ 0.0001
Underwritten Offering [Member]
Class of Stock [Line Items]
Number of common shares sold	750,000
Shares Issued, Price Per Share	$ 6.75
Sale of stock consideration	$ 30.3
Underwritten Offering [Member] \| Pre Funded Warrant [Member]
Class of Stock [Line Items]
Pre-funded warrants to purchase shares of common stock	4,064,814

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Note 5—Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Gross to net reserves	$	8,502	$	5,357
Clinical trials and drug development		3,517		2,767
Compensation and related costs		1,393		3,438
Professional fees		1,124		1,423
Commercial-related costs		878		538
Other current liabilities		321		244
Machinery and equipment		93		93
Total accrued expenses and other current liabilities	$	15,828	$	13,860

Significant Accounting Policies - Schedule of Potential Shares Outstanding not Included in Computation of Diluted Net Loss Per Common Share (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share	7,966,166	5,845,082
Shares issuable upon exercise of stock options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share	6,613,615	4,722,082
Non-vested shares under restricted stock grants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share	834,000	1,123,000
Warrant [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share	518,551	0

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Collateral Cash

Fair Value of Financial Instruments and Credit Risk

Accounts Receivable, Trade

Accounts Receivable

Inventory

Product Revenue, Net

Each of the GTN estimate categories are discussed below:

Cost of Product Revenue

Advertising Expense

Net Loss Per Share


	March 31,
	2024		2023
Shares issuable upon exercise of stock options		6,613,615		4,722,082
Non-vested shares under restricted stock grants		834,000		1,123,000
Shares issuable upon exercise of warrants pursuant to debt financing		518,551		—
Total		7,966,166		5,845,082

Recently Adopted Accounting Pronouncements

BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 48,939	$ 69,547
Accounts receivable, net	7,002	4,248
Unbilled revenue receivable	592	168
Inventory	2,499	1,022
Prepaid expenses and other assets	2,344	2,545
Total current assets	61,376	77,530
Property and equipment, net	937	1,052
Operating lease right-of-use asset	1,082	1,158
Finance lease right-of-use asset	2,460	1,405
Other non-current assets	452	452
Total assets	66,307	81,597
Current liabilities:
Accounts payable	2,527	2,464
Accrued expenses and other current liabilities	15,828	13,860
Operating lease liability	331	324
Financing lease liability	679	376
Total current liabilities	19,365	17,024
Operating lease liability	825	910
Financing lease liability	1,761	1,026
Long term debt	42,848	42,874
Total liabilities	64,799	61,834
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 200,000,000 authorized; 42,525,197 shares issued and 42,420,053 shares outstanding as of March 31, 2024 and 42,518,697 shares issued and 42,413,553 shares outstanding as of December 31, 2023	4	4
Treasury stock, at cost, 105,144 shares as of March 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	252,287	250,207
Subscription receivable	(4)	0
Accumulated deficit	(250,779)	(230,448)
Total stockholders’ equity	1,508	19,763
Total liabilities and stockholders’ equity	$ 66,307	$ 81,597

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Potential Shares Outstanding not Included in Computation of Diluted Net Loss Per Common Share


	March 31,
	2024		2023
Shares issuable upon exercise of stock options		6,613,615		4,722,082
Non-vested shares under restricted stock grants		834,000		1,123,000
Shares issuable upon exercise of warrants pursuant to debt financing		518,551		—
Total		7,966,166		5,845,082

STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Subscription Receivable [Member]	Accumulated Deficit [Member]	Treasury Stock, Common [Member]
Beginning Balance at Dec. 31, 2022	$ 40,033	$ 4	$ 203,482		$ (163,453)
Beginning Balance (shares) at Dec. 31, 2022		41,199,197				105,144
Stock-based compensation	1,094		1,094
Issuance of common stock and pre-funded warrants, for the purchase of common stock, net of issuance costs	30,301		30,301
Issuance of common stock and pre-funded warrants, for the purchase of common stock, net of issuance costs, Shares		750,000
Exercise of stock options	7		7
Exercise of stock options (shares)		8,000
Net loss	(6,589)				(6,589)
Ending Balance at Mar. 31, 2023	64,846	$ 4	234,884		(170,042)
Ending Balance (shares) at Mar. 31, 2023		41,957,197				105,144
Beginning Balance at Dec. 31, 2023	19,763	$ 4	250,207		(230,448)
Beginning Balance (shares) at Dec. 31, 2023		42,518,697				105,144
Stock-based compensation	2,072		2,072
Exercise of stock options	$ 4		8	$ (4)
Exercise of stock options (shares)	6,500	6,500
Net loss	$ (20,331)				(20,331)
Ending Balance at Mar. 31, 2024	$ 1,508	$ 4	$ 252,287	$ (4)	$ (250,779)
Ending Balance (shares) at Mar. 31, 2024		42,525,197				105,144

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 07, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Trading Symbol	VRCA
Entity Interactive Data Current	Yes
Entity Registrant Name	Verrica Pharmaceuticals Inc.
Entity Central Index Key	0001660334
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		42,420,053
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity File Number	001-38529
Entity Tax Identification Number	46-3137900
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	44 West Gay Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	West Chester
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19380
City Area Code	484
Local Phone Number	453-3300

Debt Covenants - Summary of Composition of Debt (Detail) - Senior Loan Agreement [Member] $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Gross proceeds from Loan Facility	$ 50,000
Accrued final payment fee	2,500
Unamortized debt discount and issuance costs	(9,652)
Total short-term debt, net	$ 42,848

- Definition

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Organization and Description of Business Operations - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 26, 2023	Mar. 31, 2024	Dec. 31, 2023
Description Of Business [Line Items]
Accumulated deficit		$ (250,779)	$ (230,448)
Cash and cash equivalents		$ 48,939	$ 69,547
Term A Loan [Member]
Description Of Business [Line Items]
Proceeds from issuance of common stock, net of issuance costs	$ 44,100
Maximum borrowing capacity	125,000
Line of credit	$ 50,000
Loans, maturity date	Jul. 26, 2028
Available On Or Prior To June 30, 2024 [Member]
Description Of Business [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 25,000
Available On Or Prior To December 31, 2024 [Member]
Description Of Business [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	30,000
Available On Or Prior To March 31, 2025 [Member]
Description Of Business [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	10,000
Available On Or Prior To June 30, 2025 [Member]
Description Of Business [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 10,000

Debt Covenants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Jan. 31, 2024	Jul. 26, 2023	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fair value of the warrants		$ 2,400
Upfront amendment fee	$ 250,000
Common Stock [Member]
Debt Instrument [Line Items]
Warrant issued to purchase company's common stock		518,551
Warrant price (per share)		$ 6.0264
Warrant term		10 years
Warrant [Member]
Debt Instrument [Line Items]
Fair value of the warrants		$ 2,000
Expected term (years)		10 years
Expected volatility		94.86%
Risk free rate		3.86%
Expected dividend yield		0.00%
Loan Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 125,000
Initial Commitment Amount		50,000
Net proceeds after payment of certain fees and transaction related expenses		$ 44,100
Loans, maturity date		Jul. 26, 2028
SOFR [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)		4.00%
Loans, interest rate		8.00%
Interest rate (as a percent)		4.00%
Available On Or Prior To June 30, 2024 [Member]
Debt Instrument [Line Items]
Remaining Commitment Amount		$ 25,000
Available On Or Prior To June 30, 2024 [Member] \| Loan Facility [Member]
Debt Instrument [Line Items]
Remaining Commitment Amount		25,000
Available On Or Prior To December 31, 2024 [Member]
Debt Instrument [Line Items]
Remaining Commitment Amount		30,000
Available On Or Prior To December 31, 2024 [Member] \| Loan Facility [Member]
Debt Instrument [Line Items]
Remaining Commitment Amount		30,000
Available On Or Prior To March 31, 2025 [Member]
Debt Instrument [Line Items]
Remaining Commitment Amount		10,000
Available On Or Prior To March 31, 2025 [Member] \| Loan Facility [Member]
Debt Instrument [Line Items]
Remaining Commitment Amount		10,000
Available On Or Prior To June 30, 2025 [Member]
Debt Instrument [Line Items]
Remaining Commitment Amount		10,000
Available On Or Prior To June 30, 2025 [Member] \| Loan Facility [Member]
Debt Instrument [Line Items]
Remaining Commitment Amount		10,000
Term A Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 125,000
Loans, maturity date		Jul. 26, 2028
Line of credit		$ 50,000
Senior Loan Agreement [Member]
Debt Instrument [Line Items]
Debt discount and issuance costs		10,400		$ 5,900
Final payment fee		$ 2,000
Interest expense			$ 2,300
Interest on term loan			1,800
Non-cash interest expense			$ 500
Senior Loan Agreement [Member] \| Contra-Liability [Member]
Debt Instrument [Line Items]
Final payment fee				$ 2,500

Subsequent Event

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Event

Note 12 – Subsequent Event

Third Amendment to Credit Agreement

On May 6, 2024, the Company entered into an amendment to the Credit Agreement pursuant to which the Lenders waived the going concern requirement under Section 7.1(b) of the Credit Agreement with respect to the financial statements for the quarter ended March 31, 2024 (the “Third Amendment”). In connection with the Third Amendment, the Company paid an amendment fee of $100,000.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Gross to net reserves	$	8,502	$	5,357
Clinical trials and drug development		3,517		2,767
Compensation and related costs		1,393		3,438
Professional fees		1,124		1,423
Commercial-related costs		878		538
Other current liabilities		321		244
Machinery and equipment		93		93
Total accrued expenses and other current liabilities	$	15,828	$	13,860

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 126	$ 131

Debt Covenants (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of Composition of Debt

The following table summarizes the composition of debt as of March 31, 2024 (in thousands):


Gross proceeds from Loan Facility	$	50,000
Accrued final payment fee		2,500
Unamortized debt discount and issuance costs		(9,652	)
Total long-term debt, net	$	42,848

License And Collaboration Agreements

3 Months Ended

Mar. 31, 2024

License And Collaboration Agreements [Abstract]

License and Collaboration Agreements

Note 11—License and Collaboration Agreements

Torii Agreements

On March 17, 2021, the Company entered into a collaboration and license agreement (the “Torii Agreement”) with Torii, pursuant to which the Company granted Torii an exclusive license to develop and commercialize the Company’s product candidates that contain a topical formulation of cantharidin for the treatment of molluscum contagiosum and common warts in Japan, including YCANTH (VP-102). Additionally, the Company granted Torii a right of first negotiation with respect to additional indications for the licensed products and certain additional products for use in the licensed field, in each case in Japan.

Pursuant to the Torii Agreement, the Company received milestone payments from Torii in prior periods totaling $20.0 million. Additionally, the Company is entitled to receive from Torii an additional $50.0 million in aggregate payments contingent on achievement of specified development, regulatory, and sales milestones, in addition to tiered transfer price payments for supply of product in the percentage range of the mid-30’s to the mid-40’s of net sales. The transfer payments shall be payable, on a product-by-product basis, beginning on the first commercial sale of such product and ending on the latest of (a) expiration of the last-to-expire valid claim contained in certain licensed patents in Japan that cover such product, (b) expiration of regulatory exclusivity for the first indication for such product in Japan, and, (c) (i) with respect to the first product, ten years after first commercial sale of such product,

and, (ii) with respect to any other product, the later of (x) ten years after first commercial sale of the first product and (y) five years after first commercial sale of such product.

The Torii Agreement expires on a product-by-product basis upon expiration of Torii’s obligation under the agreement to make transfer price payments for such product. Torii has the right to terminate the agreement upon specified prior written notice to us. Additionally, either party may terminate the agreement in the event of an uncured material breach of the agreement by, or insolvency of, the other party. The Company may terminate the agreement in the event that Torii commences a legal action challenging the validity, enforceability or scope of any licensed patents.

On March 7, 2022, the Company executed a Clinical Supply Agreement with Torii, whereby the Company will supply product to Torii for use in clinical trials and other development activities. The Company recognized collaboration revenue of $0.6 million and $37,000 for the three months ended March 31, 2024 and 2023 respectively related to supplies and development activity pursuant to this agreement. The costs of collaboration revenue consists of expenses incurred by the Company for manufacturing supply to support development and testing services pursuant to the Torii Clinical Supply Agreement.

Lytix Agreement

In August 2020, the Company entered into an exclusive license agreement with Lytix Biopharma AS (“Lytix”) for the use of licensed technology, referred to as VP-315, to research, develop, manufacture, have manufactured, use, sell, have sold, offer for sale, import, and otherwise commercialize products for use in all malignant and pre-malignant dermatological indications, other than metastatic melanoma and metastatic Merkel cell carcinoma (the” Lytix Agreement”). As part of the Lytix Agreement, the Company has paid Lytix milestone fees of $3.6 million in previous periods. The Company is also obligated to pay up to $111.0 million contingent on achievement of specified development, regulatory, and sales milestones, as well as tiered royalties based on worldwide annual net sales ranging in the low double digits to the mid-teens, subject to certain customary reductions. The Company’s obligation to pay royalties expires on a country-by-country and product-by-product basis on the later of the expiration or abandonment of the last to expire licensed patent covering VP-315 anywhere in the world and expiration of regulatory exclusivity for VP-315 in such country. Additionally, all upfront fees and milestone-based payments received by the Company from a sublicensee will be treated as net sales and will be subject to the royalty payment obligations under the Lytix Agreement, and all royalties received by the Company from a sublicensee shall be shared with Lytix at a rate that is initially 50% but decreases based on the stage of development of VP-315 at the time such sublicense is granted.

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Product Liability Contingency [Line Items]
Prepaid expense		$ 0.7
Crude Cantharidin Material [Member]
Product Liability Contingency [Line Items]
Purchase agreement term	5 years
Purchase commitment		$ 0.7
Purchase commitment prepayment			$ 0.7

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	42,525,197	42,518,697
Common stock, shares outstanding	42,420,053	42,413,553
Treasury Stock, Common, Shares	105,144	105,144

Organization and Description of Business Operations

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business Operations

Note 1—Organization and Description of Business Operations

Verrica Pharmaceuticals Inc. (the “Company”) was formed on July 3, 2013 and is incorporated in the State of Delaware. The Company is a dermatology therapeutics company developing and selling medications for skin diseases requiring medical intervention. On July 21, 2023, the U.S. Food and Drug Administration (“FDA”) approved YCANTH (VP-102) topical solution for the treatment of molluscum contagiosum in adult and pediatric patients two years of age and older. The Company launched commercial operations in August 2023.

Liquidity

The Company has incurred substantial operating losses since inception and expects to continue to incur significant losses for the foreseeable future and may never become profitable. As of March 31, 2024, the Company had an accumulated deficit of $250.8 million. The Company believes its cash, and cash equivalents of $48.9 million as of March 31, 2024 will be sufficient to support the Company’s planned operations only into the first quarter of 2025. These factors cause substantial doubt to exist about the Company's ability to continue as a going concern within one year after the date these financial statements are issued. The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result should the Company be unable to continue as a going concern.

The Company plans to secure additional capital in the future through equity or debt financings, partnerships, or other sources to carry out the Company’s planned commercial and development activities. If the Company is unable to raise capital when needed or on attractive terms, the Company would be forced to delay, reduce or eliminate its future commercialization efforts or research and development programs.

On July 26, 2023, the Company entered into a Credit Agreement which provides for up to $125.0 million in debt under a Loan Facility (as defined in Note 10). The Company borrowed $50.0 million under the Loan Facility on July 26, 2023, resulting in net proceeds of approximately $44.1 million after payment of certain fees and transaction related expenses. In addition, subject to the Company's achievement of certain revenue targets, up to $25.0 million will be made available on or prior to June 30, 2024, up to $30.0 million will be made available on or prior to December 31, 2024, up to $10.0 million will be made available on or prior to March 31, 2025, and up to $10.0 million will be made available on or prior to June 30, 2025. Amounts borrowed under the Loan Facility will mature on July 26, 2028.

Debt Covenants

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt Covenants

Note 10—Debt

On July 26, 2023 (the “Closing Date”), the Company entered into a Credit Agreement (the “Credit Agreement”), by and between the Company, as borrower, and OrbiMed Royalty & Credit Opportunities IV, LP, a Delaware limited partnership (the “Initial Lender”), as a lender, and each other lender that may from time to time become a party thereto (each, including the Initial Lender, and together with their affiliates, successors, transferees and assignees, the “Lenders”), and OrbiMed Royalty & Credit Opportunities IV, LP, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). The Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $125.0 million (the “Loan Facility”). The Company borrowed $50.0 million under the Credit Agreement on July 26, 2023, resulting in net proceeds of approximately $44.1 million after payment of certain fees and transaction related expenses. In addition, subject to the Company's achievement of certain revenue targets, up to $25.0 million will be made available on or prior to June 30, 2024, up to $30.0 million will be made available on or prior to December 31, 2024, up to $10.0 million will be made available on or prior to March 31, 2025, and up to $10.0 million will be made available on or prior to June 30, 2025. Amounts borrowed under the Loan Facility will mature on July 26, 2028. During the term of the Loan Facility, interest payable in cash by the Company shall accrue on any outstanding balance due under the Loan Facility at a rate per annum equal to the higher of (x) the SOFR rate (which is the forward-looking term rate for a one-month tenor based on the secured overnight financing rate administered by the CME Group Benchmark Administration Limited) and (y) 4.00% plus, in either case, 8.00%. During an event of default, any outstanding amount under the Loan Facility will bear interest at a rate of 4.00% in excess

of the otherwise applicable rate of interest. The Company paid or will pay certain fees with respect to the Loan Facility, including an upfront fee, an unused fee on the undrawn portion of the Loan Facility, an administration fee, a prepayment premium and an exit fee, as well as certain other fees and expenses of the Administrative Agent and the Lenders.

The Credit Agreement contains customary events of default, including, but not limited to, nonpayment of principal, interest, fees or other amounts; material inaccuracy of a representation or warranty; failure to perform or observe covenants; cross-defaults with certain other indebtedness; bankruptcy and insolvency events; material monetary judgment defaults; impairment of any material definitive loan documentation; other material adverse effects; key permit and other regulatory events; key person events; and change of control. Upon the occurrence of an event of default (subject to notice and grace periods), additional interest of 4% per annum applies and obligations under the Credit Agreement could be accelerated. As of March 31, 2024, the Company is in compliance with all covenants.

On the Closing Date, the Company also issued the Initial Lender warrants to purchase up to 518,551 shares of the Company’s common stock, at an exercise price of $6.0264 per share, which have a term of 10 years from the issuance date. The warrants were deemed to be classified as equity per the guidance ASC 815 Derivatives and Hedging. The proceeds from the debt transaction were allocated among the two instruments based on their relative fair values. The relative fair value of the warrants was determined to be $2.0 million and the fair value was determined to be $2.4 million based on the Black-Scholes valuation technique and the key assumptions used were as follows: (i) a contracted term of 10 years, (ii) an expected volatility of 94.86%, (iii) a risk free rate of 3.86% and (iv) no estimated dividend yield.

On each of December 20, 2023 and January 31, 2024, the Company entered into an amendment to the Credit Agreement in order to extend a deadline for a specified regulatory milestone. For each amendment, the Company paid an amendment fee of $250,000. The Company accounted for these amendments as modifications and the amendment fees were reflected in the debt discount and amortized over the life of the Credit Agreement using the effective interest method.

The Loan Facility is classified as non-current debt as the Company does not currently intend to repay amounts borrowed under the Loan Facility prior to the maturity date of July 26, 2028 and believes that the probability of any acceleration of the Loan Facility is not probable at March 31, 2024. The Company has incurred debt discount and issuance costs of $10.4 million, that are netted against the carrying value of the Loan Facility. The debt discount and issuance costs consists of $5.9 million paid in cash during the year ended December 31, 2023 and the final payment fee of $2.5 million, classified as a long-term liability and the fair value of the warrants of $2.0 million, classified as equity on the balance sheet.

For the three months ended March 31, 2024, the Company recognized interest expense of $2.3 million of which $1.8 million was interest on the term loan and $0.5 million was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of the final payment fee.

The following table summarizes the composition of debt as of March 31, 2024 (in thousands):


Gross proceeds from Loan Facility	$	50,000
Accrued final payment fee		2,500
Unamortized debt discount and issuance costs		(9,652	)
Total long-term debt, net	$	42,848

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Stockholders' Equity - Summary of Company's Outstanding Warrants (Detail) - $ / shares	Mar. 31, 2024	Feb. 28, 2023
Pre-funded warrants issued pursuant to 2023 underwritten public offering [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of warrants	4,064,814
Exercise Price	$ 0.0001	$ 6.7499
Warrants issued in connection with OrbiMed debt facility [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of warrants	518,551
Exercise Price	$ 6.0264
Expiration Date	Jul. 25, 2033

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details