VRCA · Verrica Pharmaceuticals Inc.
Verrica Pharmaceuticals Inc., a dermatology therapeutics company, engages in the development and commercialization of medications for the treatment of dermatologic diseases in the United States. The company offers YCANTH (VP-102) a drug-device combination that contains a GMP-controlled formulation of cantharidin for the treatment of molluscum in adult and pediatric patients, as well as for the treatment of common warts. It also develops VP-315, an oncolytic peptide-based injectable therapy that is in phase II clinical trial for the treatment of dermatology oncologic conditions, which include basal cell carcinoma and other dermatological oncology indications. The company has a collaboration and license agreement with Torii Pharmaceutical Co., Ltd. for the development and commercialization of its product candidates for the treatment of molluscum and common warts in Japan; and a license agreement with Lytix Biopharma AS to develop and commercialize VP-315 for use in malignant and pre-malignant dermatological indications. Verrica Pharmaceuticals Inc. was incorporated in 2013 and is headquartered in West Chester, Pennsylvania.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $4.68 |
| SO | 17.2M |
| Options | 2.9M |
| Warrants | 0.1M |
| FD SO | 20.1M |
| MC | $94.2M |
| Cash | $11.2M |
| Total debt | $1.4M ⚠ |
| EV | $84.4M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 2.8x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 27.1% |
| Insiders | 48.8% |
| # Institutions | 48 |
| Analysts | 5 |
| Consensus | Strong Buy |
| Avg target | $14.80 |
| Short % float | 3.3% |
| Days to cover | 9.74 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-07-31. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-19 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-31; the float denominator can be unreliable on tiny floats.
Debt figure uncertain — $22.9M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 5.86 | 5.02 | 5.09 | 14.34 |
| Revenue YoY % | (53.8%) | 46.1% | 1380.2% | 905.4% |
| Gross Profit | — | — | 0.93 | 11.03 |
| Gross Profit YoY % | — | — | 302.9% | — |
| Gross Margin % | — | — | 18.2% | 76.9% |
| SG&A | 10.35 | 9.99 | 8.12 | 9.40 |
| R&D | 6.03 | 3.86 | 2.52 | 2.21 |
| Operating Income | (13.10) | (9.71) | (7.19) | 1.63 |
| Operating Income YoY % | (967.4%) | (19.5%) | 37.0% | 107.9% |
| Operating Margin % | (223.4%) | (193.4%) | (141.2%) | 11.3% |
| EBITDA | (13.08) | (9.70) | (7.18) | 1.65 |
| EBITDA Margin % | (223.2%) | (193.1%) | (141.0%) | 11.5% |
| Interest Expense | 0.16 | 0.16 | 1.31 | 2.09 |
| Pretax Income | (13.15) | (9.68) | (8.07) | (0.27) |
| Net Income | (13.15) | (9.68) | (8.07) | (0.27) |
| Net Margin % | (224.4%) | (192.8%) | (158.6%) | (1.9%) |
| Diluted EPS | -$0.62 | -$0.45 | -$0.65 | -$0.03 |
| Basic EPS | -$0.62 | -$0.45 | -$0.65 | -$0.03 |
| Diluted Avg Shares | 21.3 | 21.3 | — | 9.5 |
| Basic Avg Shares | 21.3 | 21.3 | — | 9.5 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 30.32 | 35.58 | 7.57 | 5.12 | 9.03 |
| Revenue YoY % | (14.8%) | 370.2% | 47.7% | (43.3%) | — |
| Cost of Revenue | — | — | 2.60 | 0.50 | — |
| Gross Profit | — | 23.04 | 4.97 | 4.62 | — |
| Gross Profit YoY % | — | 363.9% | 7.4% | — | — |
| Gross Margin % | — | 64.7% | 65.6% | 90.2% | — |
| SG&A | 37.86 | 35.22 | 58.82 | 47.30 | 17.41 |
| R&D | 14.62 | 8.86 | 11.84 | 20.30 | 12.20 |
| Operating Expense | — | — | 70.89 | 70.38 | — |
| Operating Income | (28.38) | (12.19) | (65.92) | (65.76) | (21.30) |
| Operating Income YoY % | (132.9%) | 81.5% | (0.2%) | (208.8%) | — |
| Operating Margin % | (93.6%) | (34.2%) | (871.3%) | (1283.4%) | (235.8%) |
| EBITDA | (28.31) | (12.05) | (65.58) | (65.23) | (20.84) |
| EBITDA Margin % | (93.4%) | (33.9%) | (866.7%) | (1273.0%) | (230.8%) |
| Interest Expense | 3.73 | 7.74 | 9.41 | 3.96 | 2.17 |
| Other Income / (Expense) | 0.93 | 2.04 | (1.25) | 2.73 | (1.02) |
| Pretax Income | (31.18) | (17.89) | (76.58) | (67.00) | (24.49) |
| Tax Provision | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | (31.18) | (17.89) | (76.58) | (67.00) | (24.49) |
| Net Income to Common | (31.18) | (17.89) | (76.58) | (67.00) | (24.49) |
| Net Margin % | (102.8%) | (50.3%) | (1012.1%) | (1307.5%) | (271.1%) |
| Diluted EPS | -$1.75 | -$1.68 | -$14.78 | -$1.48 | -$0.72 |
| Basic EPS | -$1.75 | -$1.68 | -$14.78 | -$1.48 | -$0.72 |
| Diluted Avg Shares | 21.3 | 10.7 | 5.2 | 45.3 | 34.2 |
| Basic Avg Shares | 21.3 | 10.7 | 5.2 | 45.3 | 34.2 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 11.20 | 20.60 | 30.15 | 21.10 |
| Receivables | 10.94 | 7.72 | 5.26 | 7.05 |
| Inventory | 2.71 | 1.97 | 2.24 | 2.30 |
| Other Current Assets | 7.79 | 3.83 | 4.90 | 5.83 |
| Total Current Assets | 32.64 | 34.13 | 42.54 | 36.27 |
| Net PPE | 0.18 | 0.19 | 0.21 | 0.23 |
| Operating Lease ROU | 0.38 | 0.46 | 0.54 | 0.62 |
| Other Assets | 2.82 | 4.00 | 3.84 | 3.78 |
| Total Assets | 36.02 | 38.79 | 47.13 | 40.90 |
| Accounts Payable | 1.60 | 2.19 | 2.07 | 1.58 |
| Current Debt | — | — | 0.00 | 12.46 |
| Current Lease Liabilities | 0.35 | 0.35 | 0.34 | 0.34 |
| Other Current Liabilities | 20.48 | 13.68 | 14.02 | 14.53 |
| Total Current Liabilities | 22.44 | 16.22 | 16.44 | 28.91 |
| Long-term Debt | — | — | 0.00 | 21.62 |
| Long-term Lease Liabilities | 0.06 | 0.15 | 0.24 | 0.33 |
| Other Liabilities | 9.21 | 6.36 | 5.71 | 7.08 |
| Total Liabilities | 31.71 | 22.73 | 22.39 | 57.94 |
| Retained Earnings | (347.75) | (334.60) | (324.91) | (316.84) |
| Total Equity | 4.31 | 16.05 | 24.74 | (17.04) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 11.20 | 30.15 | 46.33 | 69.55 | 34.27 |
| Short-term Investments | — | — | — | — | 0.00 |
| Receivables | 10.94 | 5.26 | 0.05 | 4.25 | 0.00 |
| Inventory | 2.71 | 2.24 | 2.46 | 1.02 | 0.00 |
| Other Current Assets | 7.79 | 4.90 | 2.34 | 2.71 | 4.84 |
| Total Current Assets | 32.64 | 42.54 | 51.18 | 77.53 | 39.12 |
| Net PPE | 0.18 | 0.21 | 0.59 | 1.05 | 3.89 |
| Operating Lease ROU | 0.38 | 0.54 | 0.84 | 1.16 | 1.44 |
| Other Assets | 2.82 | 3.84 | 1.53 | 1.86 | — |
| Total Assets | 36.02 | 47.13 | 54.13 | 81.60 | 44.72 |
| Accounts Payable | 1.60 | 2.07 | 1.90 | 2.46 | 0.51 |
| Current Debt | — | 0.00 | 12.94 | 0.00 | — |
| Current Lease Liabilities | 0.35 | 0.34 | 0.32 | 0.32 | 0.30 |
| Other Current Liabilities | 20.48 | 14.02 | 13.86 | 14.24 | 2.65 |
| Total Current Liabilities | 22.44 | 16.44 | 29.01 | 17.02 | 3.46 |
| Long-term Debt | — | 0.00 | 30.98 | 42.87 | 0.00 |
| Long-term Lease Liabilities | 0.06 | 0.24 | 0.58 | 0.91 | 1.23 |
| Other Liabilities | 9.21 | 5.71 | 3.42 | 1.03 | — |
| Total Liabilities | 31.71 | 22.39 | 63.99 | 61.83 | 4.69 |
| Retained Earnings | (347.75) | (324.91) | (307.03) | (230.45) | (163.45) |
| Total Equity | 4.31 | 24.74 | (9.86) | 19.76 | 40.03 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (13.15) | (9.68) | (8.07) | (0.27) |
| D&A | 0.01 | 0.02 | 0.01 | 0.02 |
| Stock-Based Comp | 1.21 | 0.90 | 0.69 | 0.72 |
| Δ Working Cap & Other | 2.65 | (0.40) | 2.78 | 9.22 |
| Operating Cash Flow | (9.28) | (9.16) | (4.59) | 9.69 |
| CapEx | — | — | 0.00 | 0.00 |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Financing | — | — | 13.64 | (3.98) |
| Financing Cash Flow | (0.13) | (0.12) | 13.64 | (3.98) |
| Free Cash Flow | — | — | (4.59) | 9.69 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (31.18) | (17.89) | (76.58) | (67.00) | (24.49) |
| D&A | 0.07 | 0.13 | 0.34 | 0.53 | 0.45 |
| Stock-Based Comp | 3.51 | 3.32 | 7.16 | 14.38 | 4.99 |
| Δ Working Cap & Other | 14.25 | (3.19) | 8.15 | 13.51 | 0.40 |
| Operating Cash Flow | (13.35) | (17.63) | (60.93) | (38.58) | (18.65) |
| CapEx | — | 0.00 | (0.03) | (0.36) | (0.30) |
| Other Investing | — | — | — | — | 54.34 |
| Investing Cash Flow | 0.00 | 0.00 | (0.02) | (0.36) | 54.04 |
| Stock Issuance | — | — | — | — | 26.90 |
| Other Financing | 9.41 | 1.45 | 37.73 | 74.21 | (43.77) |
| Financing Cash Flow | 9.41 | 1.45 | 37.73 | 74.21 | (16.87) |
| Free Cash Flow | — | (17.63) | (60.95) | (38.94) | (18.95) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.45 | 2.10 | 2.59 | 1.25 |
| Quick Ratio | 1.33 | 1.98 | 2.45 | 1.18 |
| Debt / Equity | — | — | 0.00 | -2.00 |
| EBITDA Margin % | (223.2%) | (193.1%) | (141.0%) | 11.5% |
| Working Capital | 10.20 | 17.91 | 26.10 | 7.37 |
| Net Debt | — | — | (30.15) | 12.98 |
| ROE % | (305.4%) | (60.3%) | (32.6%) | 1.6% |
| ROA % | (36.5%) | (25.0%) | (17.1%) | (0.7%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.45 | 2.59 | 1.76 | 4.55 | 11.31 |
| Quick Ratio | 1.33 | 2.45 | 1.68 | 4.49 | 11.31 |
| Debt / Equity | — | 0.00 | -4.45 | 2.17 | — |
| EBITDA Margin % | (93.4%) | (33.9%) | (866.7%) | (1273.0%) | (230.8%) |
| Working Capital | 10.20 | 26.10 | 22.17 | 60.51 | 35.66 |
| Net Debt | — | (30.15) | (2.41) | (26.67) | — |
| ROE % | (724.0%) | (72.3%) | 776.7% | (339.0%) | (61.2%) |
| ROA % | (86.6%) | (37.9%) | (141.5%) | (82.1%) | (54.8%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-18 | Rosenberg Noah L. | Officer (CMO) | 2026-08-18 | P | 2,030 | $4.92 | $9,988 |
| 2026-08-18 | Kirby John J. | Officer (Interim CFO) | 2026-08-18 | P | 5,000 | $4.93 | $24,650 |
| 2026-08-18 | Zawitz David | Officer (Chief Operating Officer) | 2026-08-17 | P | 6,000 | $4.98 | $29,880 |
| 2026-08-18 | Rieger Jayson | Director, Officer (CEO and President) | 2026-08-17 | P | 5,000 | $4.91 | $24,550 |
| 2026-08-18 | Rosenberg Noah L. | Officer (CMO) | 2026-08-17 | P | 4,200 | $4.91 | $20,622 |
| 2026-08-18 | Rieger Jayson | Director, Officer (CEO and President) | 2026-08-14 | P | 20,000 | $5.06 | $101,200 |
| 2026-06-09 | Eichenfield Lawrence | Director | 2026-06-05 | A | 16,000 | — | $0 |
| 2026-06-09 | Nguyen Diem | Director | 2026-06-05 | A | 16,000 | — | $0 |
| 2026-06-09 | PRYGOCKI MARK A SR | Director | 2026-06-05 | A | 16,000 | — | $0 |
| 2026-06-09 | Rosenberg Noah L. | Officer (CMO) | 2026-06-05 | A | 233,840 | — | $0 |
| 2026-06-09 | Zawitz David | Officer (Chief Operating Officer) | 2026-06-05 | A | 171,340 | — | $0 |
| 2026-06-09 | Rieger Jayson | Director, Officer (CEO and President) | 2026-06-05 | A | 512,269 | — | $0 |
| 2026-06-09 | Corcoran Gavin | Director | 2026-06-05 | A | 16,000 | — | $0 |
| 2025-12-30 | Kirby John J. | Officer (Interim CFO) | 2025-12-23 | A | 10,000 | — | $0 |
| 2025-11-25 | Rosenberg Noah L. | Officer (CMO) | 2025-11-25 | P | 2,357 | $4.24 | $10,000 |
| 2025-11-25 | Rosenberg Noah L. | Officer (CMO) | 2025-11-25 | P | 589 | — | $0 |
| 2025-11-25 | Kirby John J. | Officer (Interim CFO) | 2025-11-25 | P | 3,536 | $4.24 | $15,001 |
| 2025-11-25 | Kirby John J. | Officer (Interim CFO) | 2025-11-25 | P | 884 | — | $0 |
| 2025-11-25 | Zawitz David | Officer (Chief Operating Officer) | 2025-11-25 | P | 10,000 | $4.24 | $42,425 |
| 2025-11-25 | Zawitz David | Officer (Chief Operating Officer) | 2025-11-25 | P | 2,500 | — | $0 |
| 2025-11-25 | Rieger Jayson | Director, Officer (CEO and President) | 2025-11-25 | P | 94,311 | $4.24 | $400,114 |
| 2025-11-25 | Rieger Jayson | Director, Officer (CEO and President) | 2025-11-25 | P | 23,577 | — | $0 |
| 2025-11-25 | Manning Paul B | Director, 10% Owner | 2025-11-25 | P | 1,375,380 | $4.24 | $5,835,050 |
| 2025-11-25 | Manning Paul B | Director, 10% Owner | 2025-11-25 | P | 2,750,762 | $4.24 | $11,670,108 |
| 2025-11-25 | Manning Paul B | Director, 10% Owner | 2025-11-25 | P | 343,845 | — | $0 |
| 2025-11-25 | Manning Paul B | Director, 10% Owner | 2025-11-25 | P | 687,690 | — | $0 |
| 2025-06-09 | Corcoran Gavin | Director | 2025-06-05 | A | 20,000 | — | $0 |
| 2025-06-09 | Nguyen Diem | Director | 2025-06-05 | A | 20,000 | — | $0 |
| 2025-06-09 | Eichenfield Lawrence | Director | 2025-06-05 | A | 20,000 | — | $0 |
| 2025-06-09 | PRYGOCKI MARK A SR | Director | 2025-06-05 | A | 20,000 | — | $0 |
| 2025-04-02 | Corcoran Gavin | Director | 2025-03-31 | A | 17,502 | — | $0 |
| 2025-03-26 | Rosenberg Noah L. | Officer (CMO) | 2025-03-24 | A | 325,000 | — | $0 |
| 2025-03-18 | Hayes Christopher G. | Officer (CHIEF LEGAL OFFICER) | 2025-03-17 | S | (4,315) | $0.65 | -$2,805 |
| 2025-03-18 | Rieger Jayson | Director, Officer (CEO and President) | 2025-03-14 | A | 850,000 | — | $0 |
| 2025-03-18 | Hayes Christopher G. | Officer (CHIEF LEGAL OFFICER) | 2025-03-14 | A | 250,000 | — | $0 |
| 2025-02-06 | Goldenberg Gary | Officer (Chief Medical Officer) | 2023-08-24 | A | 50,000 | — | $0 |
| 2025-02-06 | Kohler Terry | Officer (CHIEF FINANCIAL OFFICER) | 2023-08-24 | A | 125,000 | — | $0 |
| 2025-02-06 | Hayes Christopher G. | Officer (CHIEF LEGAL OFFICER) | 2023-08-24 | A | 150,000 | — | $0 |
| 2025-02-06 | White Ted | Director, Officer (PRESIDENT AND CEO) | 2023-08-24 | A | 150,000 | — | $0 |
| 2025-02-06 | Bonaccorso Joe | Officer (CHIEF COMMERCIAL OFFICER) | 2023-08-24 | A | 125,000 | — | $0 |
| 2024-12-09 | Zawitz David | Officer (Chief Operating Officer) | 2024-12-09 | A | 950,000 | — | $0 |
| 2024-11-26 | Rieger Jayson | Director, Officer (CEO and President) | 2024-11-26 | G | 50,000 | — | $0 |
| 2024-11-26 | Stalfort John A III | Director | 2024-11-26 | G | 50,000 | — | $0 |
| 2024-11-26 | Manning Paul B | Director, 10% Owner | 2024-11-26 | G | (450,000) | — | $-0 |
| 2024-11-26 | Rieger Jayson | Director, Officer (CEO and President) | 2024-11-22 | P | 280,898 | — | $0 |
| 2024-11-26 | Rieger Jayson | Director, Officer (CEO and President) | 2024-11-22 | P | 140,449 | — | $0 |
| 2024-11-26 | Rieger Jayson | Director, Officer (CEO and President) | 2024-11-22 | P | 140,449 | — | $0 |
| 2024-11-26 | Stalfort John A III | Director | 2024-11-22 | P | 1,123,595 | — | $0 |
| 2024-11-26 | Stalfort John A III | Director | 2024-11-22 | P | 561,797 | — | $0 |
| 2024-11-26 | Stalfort John A III | Director | 2024-11-22 | P | 561,797 | — | $0 |
| 2024-11-26 | Manning Paul B | Director, 10% Owner | 2024-11-22 | P | 18,426,966 | — | $0 |
| 2024-11-26 | Manning Paul B | Director, 10% Owner | 2024-11-22 | P | 4,494,382 | — | $0 |
| 2024-11-26 | Manning Paul B | Director, 10% Owner | 2024-11-22 | P | 9,213,483 | — | $0 |
| 2024-11-26 | Manning Paul B | Director, 10% Owner | 2024-11-22 | P | 9,213,483 | — | $0 |
| 2024-11-26 | Manning Paul B | Director, 10% Owner | 2024-11-22 | P | 2,247,191 | — | $0 |
| 2024-11-26 | Manning Paul B | Director, 10% Owner | 2024-11-22 | P | 2,247,191 | — | $0 |
| 2024-11-06 | Kirby John J. | Officer (Interim CFO) | 2024-11-06 | A | 54,267 | — | $0 |
| 2024-11-06 | Rieger Jayson | Director, Officer (CEO and President) | 2024-11-06 | A | 2,000,000 | — | $0 |
| 2024-10-11 | Hayes Christopher G. | Officer (CHIEF LEGAL OFFICER) | 2024-10-09 | A | 50,000 | — | $0 |
| 2024-09-23 | Manning Paul B | Director, 10% Owner | 2024-09-19 | G | (2,675,611) | — | $-0 |
| 2024-09-23 | Manning Paul B | Director, 10% Owner | 2024-09-19 | G | 891,870 | — | $0 |
| 2024-09-23 | Manning Paul B | Director, 10% Owner | 2024-09-19 | G | 891,870 | — | $0 |
| 2024-09-23 | Manning Paul B | Director, 10% Owner | 2024-09-19 | G | 891,870 | — | $0 |
| 2024-08-28 | Hayes Christopher G. | Officer (CHIEF LEGAL OFFICER) | 2024-08-27 | S | (9,530) | $2.46 | -$23,444 |
| 2024-08-28 | Goldenberg Gary | Officer (Chief Medical Officer) | 2024-08-27 | S | (3,601) | $2.46 | -$8,858 |
| 2024-08-28 | Bonaccorso Joe | Officer (CHIEF COMMERCIAL OFFICER) | 2024-08-27 | S | (8,993) | $2.46 | -$22,123 |
| 2024-08-28 | Kohler Terry | Officer (CHIEF FINANCIAL OFFICER) | 2024-08-27 | S | (7,899) | $2.46 | -$19,432 |
| 2024-08-28 | White Ted | Director, Officer (PRESIDENT AND CEO) | 2024-08-27 | S | (9,021) | $2.46 | -$22,192 |
| 2024-08-28 | Hayes Christopher G. | Officer (CHIEF LEGAL OFFICER) | 2024-08-26 | S | (26,183) | $2.66 | -$69,647 |
| 2024-08-28 | Goldenberg Gary | Officer (Chief Medical Officer) | 2024-08-26 | S | (9,888) | $2.66 | -$26,302 |
| 2024-08-28 | Bonaccorso Joe | Officer (CHIEF COMMERCIAL OFFICER) | 2024-08-26 | S | (24,709) | $2.66 | -$65,726 |
| 2024-08-28 | Kohler Terry | Officer (CHIEF FINANCIAL OFFICER) | 2024-08-26 | S | (21,820) | $2.66 | -$58,041 |
| 2024-08-28 | White Ted | Director, Officer (PRESIDENT AND CEO) | 2024-08-26 | S | (24,979) | $2.66 | -$66,444 |