Verrica Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Financial Results

About this update from Verrica Pharmaceuticals Inc.

– Company generated quarterly sequential growth in YCANTH ® dispensed applicator units of 12.3% in Q4’24 concurrent with significantly lower operating expenses – – Company reports positive quarterly revenue earlier than previously disclosed expectations, as new demand resulted in Company’s primary distribution partner ordering applicators of YCANTH during Q4’24 – – Late-stage pipeline continues to advance with programs in basal cell carcinoma (VP-315) and common warts (VP-102/YCANTH) – – Recently strengthened balance sheet with the November 2024 $42 million public offering – – Conference call scheduled for today at 4:30 pm ET – WEST CHESTER, Pa., March 11, 2025 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica” or the “Company”) (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced financial results for the fourth quarter and full year ended December 31, 2024. “The fourth quarter began a transition period for our company, and we have already achieved several substantial milestones. We completed our commercial strategy realignment, which generated promising sequential growth of dispensed applicator units of YCANTH while simultaneously implementing significant cost reductions across the organization. We also continued advancing our late-stage clinical programs in basal cell carcinoma and common warts,” said Dr. Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica. Rieger continued “We successfully raised equity capital in the fourth quarter to strengthen our balance sheet and allow us to remain focused on commercial execution and development of our clinical assets.” “Based on achieving these early milestones, I believe Verrica is now on track to successfully execute our turnaround strategy. Our goal is to generate cash positive monthly operating results by the end of 2025. To achieve this, our focus will remain to establish YCANTH as the standard of care for the treatment of molluscum contagiosum. In parallel, we will work to create significant additional value by advancing our late-stage pipeline. We recently reported positive data from our Phase 2 study of our oncolytic peptide candidate, VP-315, for the treatment of basal cell carcinoma, and we also anticipate advancing VP-102 (YCANTH) into a Phase 3 clinical trial for the treatment of common warts as early as mid-2025. With a leaner and more capital-efficient operating model now in place, I believe 2025 is shaping up to become an important year for Verrica as we seek to address the most significant unmet needs in dermatology.” Conference Call and Webcast Information The Company will host a conference call today, Tuesday, March 11, 2025, at 4:30 PM, Eastern Time, to discuss its fourth quarter and year-end 2024 financial results and provide a business update. To participate in the conference call, please utilize the following information: Domestic Dial-In Number: Toll-Free: 1-800-445-7795 International Dial-In Number: 1-785-424-1699 Conference ID: VERRICA Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1706610&tp_key=fb81085fc6 Participants can use Guest dial-in #s above and be answered by an operator. The call will also be broadcast live over the Web and can be accessed on Verrica Pharmaceuticals’ website:  www.verrica.com  or directly at https://viavid.webcasts.com/starthere.jsp?ei=1706610&tp_key=fb81085fc6 The conference call will also be available for replay for one month on the Company’s website in the Events Calendar of the Investors section. Business Highlights and Recent Developments CORPORATE YCANTH ®  (VP-102) VP-315 Financial Results Fourth Quarter 2024 Financial Results Full Year 2024 Financial Results Non-GAAP Financial Measures In evaluating the operating performance of its business, Verrica’s management considers non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share. These non-GAAP financial measures exclude stock-based compensation expense and non-cash interest expense that are required by GAAP. Verrica excludes non-cash stock-based compensation expense from these non-GAAP measures to facilitate comparison to peer companies who also provide similar non-GAAP disclosures and because it reflects how management internally manages the business. In addition, Verrica excludes non-cash interest expense from these non-GAAP measures to facilitate an understanding of the effects of the debt service obligations on the Company’s liquidity and comparisons to peer group companies who also provide similar non-GAAP disclosures and because it is reflective of how management internally manages the business. Non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share have been reconciled to the nearest GAAP measure in the tables following the financial statements in this press release. About YCANTH ®  (VP-102) YCANTH ®  is a proprietary drug-device combination product that contains a GMP-controlled formulation of cantharidin delivered via a single-use applicator that allows for precise topical dosing and targeted administration for the treatment of molluscum. YCANTH ®  is the first and only commercially available product approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum — a common, highly contagious skin disease that affects an estimated six million people in the United States, primarily children. Approval of YCANTH ®  was based upon the positive results from two Phase 3 clinical trials in approximately 500 patients which demonstrated that YCANTH ®  was a safe and effective therapeutic for the treatment of molluscum. Approximately 225 million lives are eligible to receive YCANTH ®  covered by insurance. YCANTH ®  is available to all patients with and without insurance coverage for $25 per treatment, and further financial assistance is available for patients in need. Please visit YCANTHPro.com for additional information. About Verrica Pharmaceuticals Inc. Verrica is a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. Verrica’s product YCANTH ® (VP-102) (cantharidin), is the first and only commercially available treatment approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum, a highly contagious viral skin infection affecting approximately 6 million people in the United States, primarily children. YCANTH ® (VP-102) is also in development to treat common warts, the largest remaining unmet need in medical dermatology. Verrica has also entered a worldwide license agreement with Lytix Biopharma AS to develop and commercialize VP-315 (formerly LTX-315 and VP-LTX-315) for non-melanoma skin cancers including basal cell carcinoma and squamous cell carcinoma. For more information, visit  www.verrica.com . Forward-Looking Statements Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe,” “expect,” “may,” “plan,” “potential,” “will,” and similar expressions, and are based on Verrica’s current beliefs and expectations. These forward-looking statements include statements about the commercialization of YCANTH, cost management initiatives and preservation of capital resources, Verrica’s ability to generate cash positive monthly operating results by the end of 2025, the potential receipt of a milestone payment from Torii, the potential exercise of Series A warrants and receipt of proceeds therefrom, and the clinical development and benefits of Verrica’s product candidates, including YCANTH (VP-102) and VP-315. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include risks and uncertainties related to market conditions, satisfaction of customary closing conditions related to the proposed public offering and other risks and uncertainties that are described in Verrica’s Annual Report on Form 10-K for the year ended December 31, 2024 and other filings Verrica makes with the SEC. Any forward-looking statements speak only as of the date of this press release and are based on information available to Verrica as of the date of this release, and Verrica assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise. FOR MORE INFORMATION, PLEASE CONTACT: Investors: John J Kirby  Interim Chief Financial Officer  [email protected] Kevin Gardner LifeSci Advisors [email protected]

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