---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-292155"
form_type: "8-K"
ticker: "VRCA"
cik: "0001660334"
company_name: "Verrica Pharmaceuticals Inc."
filed_at: "2025-11-24T23:59:59+00:00"
generated_at: "2026-05-16T17:19:37.967390+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Verrica raises ~$50M in PIPE to retire OrbiMed debt, extend runway into mid-2027

## Summary
- Gross proceeds of ~$50M from sale of 6.5M shares, 5.3M pre-funded warrants, and 2.95M Series C warrants.
- $35M of net proceeds to fully repay OrbiMed credit facility ($50M drawn); remaining for working capital.
- Cash runway extended into mid-2027; Q3 2025 cash balance was $21.1M.
- Caligan Partners anchors financing, gets right to designate a Class I board member post-closing.
- Series C warrants exercisable at $6.315/share, expire 5 years from close; pre-funded at $0.0001/share.

## SEC filing metadata
- accession: 0001193125-25-292155
- form_type: 8-K
- ticker: VRCA
- cik: 0001660334
- company_name: Verrica Pharmaceuticals Inc.
- filed_at: 2025-11-24T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1660334/000119312525292155/0001193125-25-292155-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1660334/000119312525292155/d692687d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-292155
- JSON: https://secwatch.observer/filing/0001193125-25-292155.json
- Plain text: https://secwatch.observer/filing/0001193125-25-292155.txt

## Key facts
- Equity Issuances
  Verrica Pharmaceuticals Inc. issued pre-funded warrants to purchase 5,305,164 shares of Common Stock of warrant to certain institutional investors and other accredited investors for Purchase Price minus $0.0001 per Pre-Funded Warrant.
  - Security: warrant
  - Shares: pre-funded warrants to purchase 5,305,164 shares of Common Stock
  - Purchaser: certain institutional investors and other accredited investors
  - Consideration: Purchase Price minus $0.0001 per Pre-Funded Warrant
  source text: to the Purchasers in a private placement transaction (the “ Private Placement ”) an aggregate of (i) 6,499,826 shares (the “ Shares ”) of the Company’s common stock, par value $0.0001 (“ Common Stock ”), (ii) with respect to certain Purchasers, pre-funded warrants to purchase 5,305,164 shares of Common Stock (the “ Pre-Funded Warrants ”) in lieu of Shares and
  evidence_url: https://www.sec.gov/Archives/edgar/data/1660334/000119312525292155/0001193125-25-292155-index.htm
- Equity Issuances
  Verrica Pharmaceuticals Inc. issued Series C warrants to purchase 2,951,241 shares of Common Stock of warrant to institutional investors and other accredited investors for $4.24125 per share and accompanying Series C Warrant.
  - Security: warrant
  - Shares: Series C warrants to purchase 2,951,241 shares of Common Stock
  - Purchaser: institutional investors and other accredited investors
  - Consideration: $4.24125 per share and accompanying Series C Warrant
  source text: Series C warrants to purchase 2,951,241 shares of Common Stock (the “ Series C Warrants ”). The purchase price per share of Common Stock and accompanying Series C Warrant is $4.24125 per share (the “ Purchase Price ”) and the purchase price for the Pre-Funded Warrants and accompanying Series C Warrant is the Purchase Price minus $0.0001 per Pre-Funded Warrant.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1660334/000119312525292155/0001193125-25-292155-index.htm
- Equity Issuances
  Verrica Pharmaceuticals Inc. issued 6,499,826 shares of common stock to institutional investors and other accredited investors for $4.24125 per share.
  - Security: common stock
  - Shares: 6,499,826 shares
  - Purchaser: institutional investors and other accredited investors
  - Consideration: $4.24125 per share
  source text: Series C warrants to purchase 2,951,241 shares of Common Stock (the “ Series C Warrants ”). The purchase price per share of Common Stock and accompanying Series C Warrant is $4.24125 per share (the “ Purchase Price ”) and the purchase price for the Pre-Funded Warrants and accompanying Series C Warrant is the Purchase Price minus $0.0001 per Pre-Funded Warrant.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1660334/000119312525292155/0001193125-25-292155-index.htm
- Material Agreements
  Verrica Pharmaceuticals Inc. entered into Securities Purchase Agreement with certain institutional investors valued at approximately $4.24115 million (effective 2025-11-23).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: certain institutional investors
  - Value: approximately $4.24115 million
  - Effective: 2025-11-23
  source text: On November 23, 2025, Verrica Pharmaceuticals, Inc. (the “ Company ”) entered into a Securities Purchase Agreement with certain institutional investors
  evidence_url: https://www.sec.gov/Archives/edgar/data/1660334/000119312525292155/0001193125-25-292155-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.