Verrica amends Torii deal: jointly fund Phase 3 common-warts trial; gets $8M milestone, issues warrant

Verrica Pharmaceuticals Inc.

Amendment equally splits cost of global Phase 3 trial of YCANTH for common warts; Torii funds upfront, Verrica repays half with interest (SOFR+2% min 6%).
Torii to pay $8M milestone upon first patient dosed in Japan; trial expected to start H1 2025.
Verrica issues warrant for 500,000 shares at $9.56, vesting on trial milestones (first dose, database lock, NDA submission).
Common warts affects ~22M patients in U.S. with no FDA-approved therapies; Verrica sees multi-billion opportunity.
Torii may invoice Verrica if not repaid within 60 months; termination tied to trial progress.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Verrica Pharmaceuticals Inc. amended Collaboration and License Agreement with Torii Pharmaceutical Co., Ltd. valued at Equally split costs of global Phase 3 clinical trial of YCANTH (VP-102) for common warts; Torii pays (effective 2024-05-14).

Action: amendment
Agreement: license
Counterparty: Torii Pharmaceutical Co., Ltd.
Value: Equally split costs of global Phase 3 clinical trial of YCANTH (VP-102) for common warts; Torii pays
Effective: 2024-05-14

Exact text from the filing

On May 14, 2024 (the “Amendment Effective Date”), Verrica Pharmaceuticals Inc. (the “Company”) entered into an amendment (the Amendment”) to the Collaboration and License Agreement (the “Collaboration and License Agreement”) dated March 17, 2021, by and between the Company and Torii Pharmaceutical Co., Ltd. (“Torii” and together with the Company, the “Parties”).

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Source: SEC EDGAR

accession 0001193125-24-138898

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