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Jun 30, 2024
Verrica Q2 2024 Earnings Report
Verrica reported second quarter 2024 financial results with YCANTH revenue of $4.9M and announced positive preliminary topline results of Phase 2 clinical study of VP-315.
Key Takeaways
Verrica Pharmaceuticals reported a net product revenue of $4.9 million in the second quarter of 2024, driven by YCANTH sales. The company is progressing with its clinical pipeline, including positive Phase 2 results for VP-315 and preparations for a Phase 3 trial for common warts. Net loss for the quarter was $17.2 million, or $0.37 per share.
Recognized net product revenue of $4.9 million in Q2 2024 from YCANTH.
Announced positive preliminary results from Phase 2 study of VP-315 for basal cell carcinoma.
Progressing towards global Phase 3 trial for YCANTH in common warts, expected to begin in 1H 2025.
Added Cencora, Inc. as a specialty distributor in Q2 2024 to grow YCANTH distribution.
Verrica
Verrica
Verrica Revenue by Segment
Revenue by Segment
YCANTH Revenue
CapyFin.comLicense & Milestones Revenue
CapyFin.com Forward Guidance
Verrica anticipates continued growth in YCANTH prescriptions throughout the latter half of 2024, driven by the receipt of a permanent J-Code, progress in removing unapproved cantharidin products from the market, growing insurance coverage, and expanded distribution capabilities.
Positive Outlook
- Expect YCANTH prescription growth to continue quarter over quarter in the second half of 2024.
- Permanent J-Code for YCANTH went into effect on April 1, streamlining product coverage and reimbursement.
- Made progress in removing unapproved, compounded cantharidin distributed by Dormer Laboratories.
- Growing insurance coverage for YCANTH.
- Expansion of distribution capabilities.
Challenges Ahead
- Uncertainties inherent in the drug development process and the regulatory approval process.
- Reliance on third parties over which Verrica may not always have full control.
- Risks and uncertainties described in Verrica's Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
- Potential for actual results to differ materially from forward-looking statements.
- Verrica's ability to fund its operations into the first quarter of 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income