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Jun 30
Verrica Q2 2025 Earnings Report
Verrica reported strong revenue growth and achieved profitability in Q2 2025, driven by increased adoption of YCANTH and milestone revenue from Torii.
Key Takeaways
Verrica posted $12.7M in revenue for Q2 2025, up sharply from the prior year, and reported net income of $0.2M. Revenue was driven by continued growth of YCANTH and an $8M milestone from Torii. The company is advancing VP-315 into Phase 3 and expects a regulatory decision on YCANTH in Japan by year-end.
Total revenue reached $12.7M, including $4.5M from YCANTH and $8M milestone from Torii
Net income was $0.2M compared to a $17.2M loss in Q2 2024
Non-GAAP net income was $2.4M or $0.25 per share
YCANTH dispensed applicator units rose 32.8% sequentially to 13,434
Verrica
Verrica
Verrica Revenue by Segment
Revenue by Segment
YCANTH Revenue
CapyFin.comLicense & Milestones Revenue
CapyFin.com Forward Guidance
Verrica anticipates continued growth driven by increased YCANTH adoption and advancement of pipeline assets. A $10M milestone from Torii is expected upon Japanese approval of YCANTH, with VP-315 moving into Phase 3.
Positive Outlook
- Expecting $10M milestone from Torii upon Japan regulatory approval
- VP-315 moving into Phase 3 with FDA alignment
- YCANTH applicator volume up 32.8% sequentially
- Non-GAAP profitability achieved in Q2
- Preparing strategic, non-dilutive funding for VP-315 commercialization
Challenges Ahead
- Cash decreased to $15.4M from $46.3M YoY
- GAAP net income remains modest despite revenue growth
- Interest expense totaled $2.1M for the quarter
- No guidance issued for full-year revenue or income
- Pending manufacturing transfer to Torii may add complexity
Revenue & Expenses
Visualization of income flow from segment revenue to net income