Verrica Pharmaceuticals (VRCA) H.C. Wainwright 28th Annual Global Investment Conference summary

Commercial business and expansion

• YCANTH is commercially available in the U.S. and Japan for molluscum contagiosum; about 120,000 applicators have been dispensed since launch.

• Molluscum affects ~6 million U.S. patients annually, mostly children; treatment is administered by an HCP, typically in one 5–10-minute office visit, and most patients average two treatments.

• Japan approval came late in 2025, with Shionogi launching the product in 2026; EMA alignment indicates no additional Phase III trials are required for European registration, and filing preparations are underway.

• 2025 revenue was $15.3 million, up 130% YoY; first-half 2026 revenue was $9.4 million, with growth continuing into 2026.

Common warts program

• YCANTH’s global Phase III program targets common warts, affecting 22 million U.S. patients annually; the potential U.S. market was characterized as billion-dollar.

• COVE-2 was fully enrolled and COVE-3 exceeded 50% enrollment; top-line results were expected in Q1 2027 for COVE-2 and by mid-2027 for COVE-3.

• Interim powering analysis recommended no additional patients; Phase II data showed ~51% complete wart clearance, with ~80% of those cleared maintaining clearance at six weeks or longer.

• Shionogi is providing the first $40 million toward Phase III costs, expected to cover ~90% of the program; costs are to be split 50/50 over time, with repayment planned from future Japan milestones and royalties.

VP-315 for basal cell carcinoma

• VP-315 is a Phase III-ready intralesional treatment intended as a nonsurgical option for basal cell carcinoma, which affects 3.6 million patients annually.

• Phase II results included a 97% objective response rate and ~86% average lesion-size reduction; no severe adverse events were reported across more than 93 treated lesions.

• FDA alignment supports two placebo-controlled Phase III trials with 100 patients each and a 12-week primary endpoint; clinical supply manufacturing and CRO planning are underway, with a potential start as early as 2027.

• Untreated lesions also showed reductions, including complete elimination in some cases; the proposed mechanism combines local tumor necrosis with changes to the local and regional immune response.