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Sep 30
InflaRx Q3 2025 Earnings Report
Verrica Pharmaceuticals reported Q3 2025 results with $14.3 million in revenue, narrowing its net loss significantly compared to the prior year.
Key Takeaways
Verrica Pharmaceuticals posted $14.3 million in Q3 2025 revenue, primarily from milestone payments and sales of YCANTH. The company recorded a minor net loss of $0.3 million, a notable improvement from the $22.9 million loss in Q3 2024. Operating expenses declined sharply due to cuts in commercial and marketing spending. With $21.1 million in cash on hand, Verrica continues advancing late-stage programs, including global Phase 3 trials for YCANTH and VP-315.
Generated $14.3 million in total revenue, including $10.7 million in milestone and collaboration revenue and $3.6 million from YCANTH sales.
Reduced net loss to $0.3 million from $22.9 million YoY, showing major cost control improvements.
Achieved positive regulatory feedback from both the FDA and EMA supporting YCANTH and VP-315 development programs.
Ended Q3 2025 with $21.1 million in cash and equivalents, supporting ongoing clinical and commercial initiatives.
InflaRx
InflaRx
InflaRx Revenue by Segment
InflaRx Revenue by Geographic Location
Revenue by Segment
YCANTH product sales Revenue
CapyFin.comTorii milestone Revenue
CapyFin.comTorii collaboration Revenue
CapyFin.comRevenue by Geographic Location
Japan Revenue
CapyFin.com Forward Guidance
Verrica expects to advance global Phase 3 trials for YCANTH in common warts and for VP-315 in basal cell carcinoma, with continued growth in YCANTH prescriptions and expansion of its commercial footprint.
Positive Outlook
- Launch of YCANTH Rx expected in Q4 2025 to streamline prescriptions and patient support.
- Received $10M milestone payment from Torii for Japanese approval of YCANTH.
- Positive FDA and EMA feedback supporting YCANTH Phase 3 design and European MAA filing.
- Global Phase 3 program for common warts initiated with first U.S. patient enrollment expected in 2025.
- Strong Phase 2 data for VP-315 with plans for two pivotal Phase 3 trials in basal cell carcinoma.
Challenges Ahead
- Ongoing net losses highlight continued path to profitability challenges.
- Dependence on milestone payments and licensing revenue vs. recurring product revenue.
- Potential delays in clinical enrollment timelines.
- Interest expense remains a drag on profitability.
- Cash position, while stable, may require external funding for long-term trials.