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Sep 30, 2020
Verrica Q3 2020 Earnings Report
Verrica reported a net loss for Q3 2020, with increased R&D and G&A expenses, and anticipates resubmitting its NDA for VP-102 in Q1 2021.
Key Takeaways
Verrica Pharmaceuticals reported a net loss of $10.5 million for the third quarter of 2020. The company is preparing to resubmit its New Drug Application (NDA) for VP-102 in the first quarter of 2021.
Verrica expects to resubmit its New Drug Application for VP-102 in the first quarter of 2021.
The positive results from the Company’s two pivotal Phase 3 CAMP studies evaluating the safety and efficacy of VP-102 in children and adults with molluscum were published in the Journal of the American Medical Association (JAMA) Dermatology on September 23, 2020.
Verrica reported a net loss of $10.5 million for the third quarter of 2020, compared to a $6.1 million net loss for the same period in 2019.
As of September 30, 2020, Verrica had aggregate cash, cash equivalents, and marketable securities of $71.9 million.
Verrica
Verrica
Forward Guidance
Verrica anticipates resubmitting its NDA for VP-102 in Q1 2021 and believes its cash will support operations through Q4 2021.
Positive Outlook
- Expects to resubmit its New Drug Application for VP-102 in the first quarter of 2021
- Believes it has clear alignment on the path forward to resubmit the NDA
- Continued engagement with Torii as they evaluate the option to exclusively license VP-102 in Japan
- Strategically expanded product portfolio into dermatologic cancers
- Cash, cash equivalents, and marketable securities are expected to support operations through the fourth quarter of 2021
Challenges Ahead
- Uncertainties inherent in the drug development process and the regulatory approval process
- Reliance on third parties over which it may not always have full control
- Uncertainties related to the COVID-19 pandemic
- Potential payments by Torii under the Option Agreement should Torii exercise its opinion
- The potential benefits and potential commercialization of VP-102 for the treatment of molluscum, if approved