Verrica Pharmaceuticals Inc. reported its financial results for the third quarter ended September 30, 2026, highlighting record revenue for its YCANTH product and significant progress in its late-stage clinical pipeline.
For the third quarter of 2026, the company recorded total revenue of $6.9 million. This figure included U.S. YCANTH net product revenue of $5.7 million, representing an 11.9% increase from the previous quarter and a 57.9% increase year-over-year. The company noted that this growth was driven by increased deliveries to distribution partners and improved yield from reduced spending on co-pay assistance programs. Additionally, YCANTH dispensed applicator units totaled 19,135 during the quarter, a year-over-year increase of approximately 36%.
Despite the revenue growth, Verrica reported a net loss of $12.4 million, or $0.58 per share, for the three months ended September 30, 2026. This compares to a net loss of $0.3 million, or $0.03 per share, in the same period of 2025. The increase in expenses was driven by higher research and development costs, which rose to $7.6 million from $2.2 million in the prior year, primarily due to the Phase 3 common warts program and chemistry, manufacturing, and controls expenses.
In terms of clinical development, Verrica announced the completion of enrollment in the first pivotal trial of its global Phase 3 program for common warts. The company also reported that more than 50% of the patient target has been enrolled in the second pivotal trial. Topline data for these trials is expected in the first quarter of 2027 and mid-2027, respectively.
On the corporate side, Verrica announced that it has achieved milestones unlocking access to the remaining $15.0 million of non-dilutive growth capital under its $27.5 million credit facility. With this additional borrowing capacity, the company believes its cash runway will extend through the fourth quarter of 2027, covering operations and the data readouts for both pivotal trials.
Finally, Verrica disclosed that it is exploring the development of its oncolytic peptide, VP-315, for the treatment of Gorlin syndrome, a rare genetic disease characterized by frequent basal cell carcinomas. The company stated that it is currently evaluating the potential study design and associated trial budget for this new indication.
