Verrica Pharmaceuticals (VRCA) H.C. Wainwright 26th Annual Global Investment Conference 2024 summary

Business and pipeline overview

• Focuses on high unmet needs in medical dermatology, with headquarters in Pennsylvania.

• YCANTH approved for molluscum contagiosum; franchise expansion includes partnerships and global trials.

• Partnership with Torii Pharmaceuticals in Japan, with NDA filing expected by year-end.

• Global phase III program planned for common warts; also targeting external genital and plantar warts.

• VP-315, a first-in-class oncolytic peptide, is being developed for basal cell carcinoma, with promising phase II data.

Recent clinical data and market opportunity

• VP-315 phase II showed 51% histologic clearance and 86% overall tumor reduction in basal cell carcinoma.

• Opportunity to expand VP-315 into squamous cell carcinoma, a multi-million case market.

• Non-invasive approach could disrupt current Mohs surgery standard, offering a less invasive alternative.

• Dermatologists can administer VP-315, potentially expanding the treating physician base.

• All patients in the study had lesion reduction; further genomic and abscopal effect data expected.

Commercialization and launch experience

• YCANTH launch saw high market awareness and strong coverage, with over 223 million lives covered.

• Successfully removed major compounders from the market, reducing competition.

• Main challenge is logistical: prior authorizations under medical benefit disrupt same-day treatment.

• Simplified copay program to $25 for all patients to improve uptake.

• Prior authorizations are being removed as product matures in the market, with some payers already dropping them.