10-K · March 11, 2026
Verrica’s 2025 10-K shows a clear commercial and clinical inflection: annual revenue rose to about $35.0 million in 2025 (sum of quarterly revenues of $3M, $13M, $14M and $5M), driven by commercialization of YCANTH and…
Earnings analysis · 10-Q
VRCA earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
Verrica Pharmaceuticals reported Q1 2026 revenue of $5.02 million, exceeding expectations of $4.56 million, driven by a significant increase in product sales of YCANTH. Although there was a net loss of $9.68 million,…
Read full summary
Verrica Pharmaceuticals reported Q1 2026 revenue of $5.02 million, exceeding expectations of $4.56 million, driven by a significant increase in product sales of YCANTH. Although there was a net loss of $9.68 million, this was slightly improved compared to the previous year. Management is optimistic about future revenue growth, particularly from ongoing clinical programs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.41
What stood out
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Revenue Surge
Total revenue for Q1 2026 reached $5.02 million, up from $3.44 million in Q1 2025, marking a 46.0% increase.
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Product Revenue Growth
Product revenue, net was $4.29 million, compared to $3.42 million, an increase of 25.4% year-over-year.
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Improved EPS Result
EPS loss narrowed to -$0.41 from -$0.59, showing a 30.5% improvement.
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Increase in License Revenue
License revenue increased significantly to $0.73 million from $0.017 million year-over-year.
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Decrease in Interest Expense
Interest expense dropped from $2.20 million to $0.16 million due to loan settlement.
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Operating Loss Reduced
Loss from operations decreased from -$8.13 million to -$9.72 million, a slight improvement.
What to watch
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High Operating Expenses
Total operating expenses increased to $14.74 million from $11.57 million, a rise of 27.5%.
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Funding Needs
The company has substantial doubt regarding its ability to continue as a going concern, as it must secure additional funding before Q1 2027.
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Accumulated Deficit
As of March 31, 2026, the accumulated deficit reached $334.6 million, indicating ongoing financial strain.
Management's outlook
Management anticipates continued revenue growth driven primarily by the demand for YCANTH.
Earlier filings 4
10-Q · May 13, 2025
Verrica reported Q1 2025 revenue of $3,439,000 and a net loss of $9,742,000 (net loss per share $(0.10)), with product revenue up modestly to $3,422,000 while collaboration revenue collapsed to $17,000. Gross margin…
10-K · March 11, 2025
Verrica is an early-commercial dermatology company with one FDA-approved product, YCANTH (VP-102) (approved July 21, 2023) and a Phase 2 oncology asset VP-315 showing promising results (≈51% complete histologic…
10-Q · May 13, 2024
Verrica reported first-quarter product sales following its commercial launch: total revenue of $3,826,000 (product revenue $3,232,000; collaboration $594,000). Despite revenue, the company posted a $20,331,000 net loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.