Verrica Q3 2022 Earnings Report
Key Takeaways
Verrica Pharmaceuticals reported a net income of $83 thousand for the third quarter of 2022, a significant improvement compared to the net loss of $12.8 million for the same period in 2021. The company also achieved progress in the transfer of bulk material production to Piramal Pharma Solutions and is on track to resubmit the NDA for VP-102 in Q1 2023.
Verrica recognized license revenues of $8.3 million for Q3 2022 related to the Torii Agreement.
R&D expenses decreased to $2.9 million in Q3 2022, down from $3.8 million in the same period in 2021.
General and administrative expenses decreased to $3.9 million in Q3 2022, compared to $8.0 million for the same period in 2021.
The company had cash, cash equivalents, and marketable securities of $39.5 million as of September 30, 2022.
Verrica
Verrica
Forward Guidance
Verrica expects that its existing cash, cash equivalents and marketable securities as of September 30, 2022, will be sufficient to support planned operations into the third quarter of 2023.