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Mar 31, 2021
Verrica Q1 2021 Earnings Report
Verrica reported first quarter 2021 financial results, highlighting license revenues from Torii Agreement offset by increased operating expenses.
Key Takeaways
Verrica Pharmaceuticals reported a net loss of $0.9 million for Q1 2021, or a loss of $0.04 per share. The company recognized $12.0 million in license revenues related to the Torii Agreement and raised approximately $30 million in an underwritten public offering. They ended the quarter with $87.7 million in cash, cash equivalents, and marketable securities.
Recognized $12.0 million in license revenues in Q1 2021 related to the Torii Agreement.
Research and development expenses increased to $5.4 million compared to $4.9 million in the same period of 2020.
General and administrative expenses increased to $6.6 million compared to $5.0 million in the same period of 2020.
Net loss on a GAAP basis was $0.9 million, or $0.04 per share, compared to a net loss of $9.8 million, or $0.39 per share, for the same period in 2020.
Forward Guidance
Verrica believes that its existing cash, cash equivalents, and marketable securities as of March 31, 2021, combined with the $11.5 million up-front payment received pursuant to the Torii Agreement in April 2021, will be sufficient to support planned operations at least through the second quarter of 2023.
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