Verrica Q4 product revenue $0.3M, net loss $0.24/sh; YCANTH units up 12.3% sequentially

Verrica Pharmaceuticals Inc.

Q4 product revenue $0.3M (vs $1.9M in 2023); FY product revenue $6.6M (vs $4.7M) with $3.2M returns reserve.
Q4 GAAP net loss $16.2M ($0.24/sh) vs $24.6M ($0.53/sh); FY loss $76.6M ($1.48/sh) vs $67.0M ($1.48/sh).
YCANTH dispensed units 8,654 in Q4 (+12.3% QoQ); operating expenses cut ~50% after restructuring with $1.0M charge.
Cash $46.3M at Dec 31; $8M Torii milestone upon Phase 3 common warts start and $25M Series A warrants could extend runway; GAAP raises going concern doubt.
VP-315 Phase 2 shows 97% ORR and ~51% complete histological clearance; Phase 3 for common warts could begin mid-2025.

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