Verrica Q4 2023 Earnings Report
Key Takeaways
Verrica Pharmaceuticals reported a net loss of $24.6 million for the fourth quarter of 2023, with product revenue of $1.9 million from YCANTHâ„¢ and $0.1 million in collaboration revenues. The company is focused on accelerating the YCANTHâ„¢ launch and advancing its pipeline, including a Phase 3 clinical trial for common warts and the completion of enrollment in a Phase 2 study for basal cell carcinoma.
YCANTHâ„¢ revenue reached $1.9 million in Q4 2023.
Over 200 million lives are now covered on commercial insurance and managed Medicaid plans.
A permanent J-code for YCANTHâ„¢ will be published on April 1, 2024.
The company completed enrollment in the Phase 2 study evaluating VP-315 for basal cell carcinoma.
Verrica
Verrica
Forward Guidance
Verrica anticipates accelerating the YCANTHâ„¢ launch in 2024 and expects initial results from the VP-315 study in the first half of 2024.
Positive Outlook
- Growing confidence and adoption in the prescriber base
- Over 200 million commercial and Medicaid lives now covered
- A permanent J-code that will be published on April 1
- A significant decrease in the availability and supply of improperly compounded cantharidin
- Alignment with the FDA on the Phase 3 clinical trial for evaluating YCANTH for the treatment of common warts