UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.05 | Costs Associated with Exit or Disposal Activities |
On October 1, 2024, Verrica Pharmaceuticals Inc. (the “Company”) announced a reduction of its workforce by 47 employees, which the Company expects to be substantially completed by October 1, 2024. The Board of Directors of the Company approved these actions on September 23, 2024 in order to streamline operations, reduce costs, and preserve capital.
As a result, the Company expects to incur total expenses of approximately $1.0 million, including a one-time charge totaling approximately $0.7 million in connection with one-time employee termination costs, including severance and other benefits, and an estimated deemed loss on vehicle sales of $0.3 million. 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 December 31, 2024, with related cash payments expected to be substantially paid out by November 30, 2024.
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: October 1, 2024 | /s/ Ted White | |||||
| Ted White | ||||||
| President and Chief Executive Officer | ||||||