Verrica posts Q3 2023 net loss of $24.8M; first YCANTH revenue $2.8M

Verrica Pharmaceuticals Inc.

2023-Q3 EPS reported -$0.94 revenue$3,136,000

First commercial YCANTH sale to distributor FFF generated $2.8M product revenue; net loss $24.8M ($0.54/share).
Non-GAAP net loss $14.8M ($0.32/share) vs. non-GAAP net income $2.9M in Q3 2022.
SG&A surged to $20.1M (from $3.9M) due to YCANTH commercial ramp and $7.4M stock compensation.
Over 112M lives covered by commercial/managed Medicaid; fee-for-service Medicaid in 4 states.
Cash $84.3M; closed $125M OrbiMed debt facility ($50M drawn) to fund operations into Q1 2025.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Verrica Pharmaceuticals Inc. reported third quarter ended September 30, 2023 results: revenue $2.8 million.

Period: third quarter ended September 30, 2023
Revenue: $2.8 million
Result: reported results

Exact text from the filing

24, 2023 we received our first commercial sale of YCANTH TM to our exclusive distributor, FFF Enterprises Inc., resulting in net product revenue for the third quarter 2023 of $2.8 million upon its delivery to FFF. This first sale to FFF primarily represented stocking within the channel to allow patients to finally gain access to the first FDA-approved therapy for

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Source: SEC EDGAR

accession 0001193125-23-274069

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