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Jun 30, 2023
Verrica Q2 2023 Earnings Report
Verrica's Q2 2023 financial results were announced, featuring FDA approval of YCANTH™ and a secured $125 million debt facility.
Key Takeaways
Verrica Pharmaceuticals reported its Q2 2023 financial results, highlighted by the FDA approval of YCANTH™ for molluscum treatment and a $125 million debt facility to support its launch. The company's cash runway has been extended into the first quarter of 2025.
FDA approved YCANTH™ for treating molluscum.
YCANTH™ launch is expected by September 2023.
Expanded Part 2 enrollment of VP-315 Phase 2 trial in basal cell carcinoma to accelerate clinical development.
Secured a $125 million debt facility to support the launch of YCANTH™.
Verrica
Verrica
Forward Guidance
The company expects to commercially launch YCANTH™, achieve revenue milestones under the debt facility, and fund operations into Q1 2025.
Positive Outlook
- Successful commercial launch of YCANTH™.
- Achievement of revenue milestones under the debt facility.
- Availability of future financing from the debt facility with OrbiMed.
- Ability to fund ongoing operations without additional equity financing if the additional $75 million is borrowed.
- Ability to fund its operations into the first quarter of 2025.
Challenges Ahead
- Uncertainties inherent in the drug development process.
- Uncertainties inherent in the regulatory approval process.
- Reliance on third parties over which it may not always have full control.
- Uncertainties described in Verrica’s Annual Report on Form 10-K.
- Risks that could cause actual results to differ materially from expectations.