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Pipeline (3 active programs)

Discontinued (2)

• YCANTH — External Genital Warts · Paused for funding, not for a result: "we have paused the development of VP-102 for the treatment of external genital warts and VP-103 for the treatment of plantar warts due to our cash position" (10-K, 2026-03-11). The 10-K's pipeline graphic lists both under "Potential Future Development Opportunities", separately from "Active Product Candidates". Flips back if funding resumes.
• cantharidin — Plantar Warts · Paused for funding, not for a result: "we have paused the development of VP-102 for the treatment of external genital warts and VP-103 for the treatment of plantar warts due to our cash position" (10-K, 2026-03-11). The 10-K's pipeline graphic lists both under "Potential Future Development Opportunities", separately from "Active Product Candidates". Flips back if funding resumes.

Capital (as filed)

Cash

$11.2M cash and cash equivalents · Jun 30, 2026 (10-Q)

Operating cash flow

−$9.3M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$11.2M cash, runway end of June 2027 per the update of Oct 22, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (3)

• 2026-10-23 UPDATE: Verrica Pharmaceuticals (VRCA) - The Delayed Draw Unlocks 🔒 Paid
• 2026-08-27 UPDATE: Verrica Pharmaceuticals (VRCA) - The Catalyst Moved to the Money 🔒 Paid
• 2026-08-24 Verrica Pharmaceuticals (VRCA) — Scientific Deep Dive for YCANTH, VP-102 in Common Warts, and VP-315 🔒 Paid

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (3 calls)

Every verdict Biotech Distilled has published on Verrica Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-08-24 Watch Verrica Pharmaceuticals (VRCA) — Scientific Deep Dive for YCANTH, VP-102 in Common Warts, and VP-315 The commercial asset and pipeline are real, but a going-concern balance sheet that cannot reach its own mid-2027 catalyst on committed capital, a ~$13M shelf ceiling, and a Chairman holding a first lien plus a 16% IRR catch-up that triggers on commercial success keep this on the sidelines until the delayed draw unlocks or a signed partnership funds the gap.
2. 2026-08-27 Speculative buy speculative UPDATE: Verrica Pharmaceuticals (VRCA) - The Catalyst Moved to the Money COVE-2 enrollment completion pulled the topline into Q1 2027, inside the committed-capital runway, eliminating the timing mismatch that was the load-bearing beam of the bear case and warranting a small starter position sized for total loss.
3. 2026-10-23 Speculative buy speculative UPDATE: Verrica Pharmaceuticals (VRCA) - The Delayed Draw Unlocks The full $27.5M facility is now available, funding both COVE pivotal readouts without a dilutive raise, meeting the first of the two conditions the deep dive set for moving off the sidelines, though the PIK debt, 16% IRR catch-up, and per-unit price erosion remain unresolved.

• Long call · opened Aug 28, 2026 at $5.69 · -43.9% vs XBI -6.3% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-08-06 10-Q in filings ↓

  • “Top-line data from our Program is expected in mid-2027.”

    matched to YCANTH (VP-102) common warts · topline data · read as mid-2027
• 2026-08-06 8-K in filings ↓

  • “Topline data from our global Phase 3 program is currently expected in mid-2027, as our studies are recruiting well.”

    matched to Verrica (financing) · financing · read as mid-2027 / matched to YCANTH (VP-102) common warts · topline data · read as mid-2027
• 2026-08-06 8-K in filings ↓

  • “Topline data from our global Phase 3 program is currently expected in mid-2027, as our studies are recruiting well.”

    matched to Verrica (financing) · financing · read as mid-2027

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (15)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 27, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 5, 2026ReleaseVerrica Pharmaceuticals to Report Third Quarter 2026 Financial Results and Provide a Corporate Update on November 12, 2026
• Oct 22, 2026ReleaseVerrica Pharmaceuticals Announces Achievement of Milestones Unlocking Access to the Full $27.5 Million of Non-Dilutive Growth Capital Under Credit Facility→ BD updateThe redacted milestone gate that kept the $15M delayed draw locked — and kept VRCA on a watch list — just cleared. The full $27.5M facility is now available, funding both Phase 3 wart readouts and removing the central financing uncertainty the bear case was built on.
• Sep 30, 2026ReleaseVerrica Pharmaceuticals to Present New YCANTH® Data Analysis at Two Upcoming Dermatology ConferencesBD extracted 2 program updates from this document → VRCA pipeline
• Sep 10, 2026ReleaseVerrica Pharmaceuticals to Present YCANTH® and VP-315 Data at Two Upcoming Dermatology Conferences
• Sep 8, 2026ReleaseVerrica Pharmaceuticals to Participate in the H.C. Wainwright 28th Annual Global Investment Conference
• Aug 27, 2026ReleaseVerrica Pharmaceuticals Announces Completion of Enrollment in First Pivotal Phase 3 Trial (COVE-2) Evaluating YCANTH® for the Treatment of Common Warts, with Topline Data Expected Q1 2027→ BD updateCOVE-2 enrollment is complete and topline data is now expected Q1 2027 — roughly a quarter earlier than the mid-2027 guide — while a blinded interim power analysis confirmed no additional patients are needed, a subtle but important data-quality signal. The pull-forward compresses the funding gap in the company's favor but doesn't close it.BD extracted 1 program update from this document → VRCA pipeline
• Aug 6, 20268-KCurrent report: results of operations · EX-99.1
• Aug 6, 202610-QQuarterly report
• Jun 9, 20268-KCurrent report: officer / director change, shareholder vote
• May 12, 20268-KCurrent report: results of operations · EX-99.1
• May 12, 202610-QQuarterly report
• Apr 20, 2026DEFA14AProxy soliciting material
• Apr 20, 2026DEF 14AProxy statement
• Mar 11, 20268-KCurrent report: results of operations · EX-99.1
• Mar 11, 202610-KAnnual report