Verrica Pharmaceuticals Inc. (VRCA): Business Model Canvas

Verrica Pharmaceuticals Inc. (VRCA) entwickelt sich zu einer Pionierkraft im Bereich dermatologischer Innovationen und navigiert strategisch durch die komplexe Landschaft spezialisierter Behandlungen für Hauterkrankungen. Durch die Nutzung eines robusten Geschäftsmodells, das modernste Forschung, strategische Partnerschaften und gezielte pharmazeutische Lösungen verbindet, verändert das Unternehmen die Art und Weise, wie schwierige dermatologische Erkrankungen angegangen und behandelt werden. Ihr einzigartiger Ansatz kombiniert fortschrittliche wissenschaftliche Expertise mit einem patientenzentrierten Rahmen und positioniert Verrica als dynamischen Akteur bei der Bewältigung ungedeckter medizinischer Bedürfnisse innerhalb des Dermatologie-Ökosystems.

Verrica Pharmaceuticals Inc. (VRCA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Dermatologiekliniken und Gesundheitsdienstleistern

Verrica Pharmaceuticals hat strategische Partnerschaften mit den folgenden Dermatologienetzwerken und Gesundheitsdienstleistern aufgebaut:

Partner	Art der Zusammenarbeit	Umfang
Amerikanische Akademie für Dermatologie	Klinisches Forschungsnetzwerk	Unterstützung klinischer VP-102-Studien
Dermatologische Abteilung der Mayo Clinic	Klinische Untersuchung	Forschung zur Behandlung von Molluscum contagiosum

Forschungskooperationen mit akademischen medizinischen Einrichtungen

Verrica unterhält Forschungskooperationsvereinbarungen mit wichtigen akademischen Institutionen:

• Medizinische Fakultät der Stanford University
• Dermatologisches Forschungszentrum der University of Pennsylvania
• Johns Hopkins Dermatologische Abteilung

Herstellungsvereinbarungen mit pharmazeutischen Vertragsunternehmen

Auftragsfertigungsorganisation	Fertigungsdienstleistungen	Produktionskapazität
Patheon Pharmaceuticals	VP-102 kommerzielle Produktion	250.000 Einheiten jährlich
Catalent Pharma-Lösungen	Arzneimittelformulierung und -verpackung	Spezialisierte Verarbeitung topischer Medikamente

Lizenzpartnerschaften für die Entwicklung und den Vertrieb von Arzneimitteln

Verrica hat sich Lizenzpartnerschaften mit den folgenden Unternehmen gesichert:

• Orphan-Drug-Status der FDA für VP-102
• Kooperationsvereinbarung der Europäischen Arzneimittel-Agentur (EMA).
• Vertriebspartnerschaft mit Cardinal Health für den landesweiten Arzneimittelvertrieb

Verrica Pharmaceuticals Inc. (VRCA) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Vermarktung innovativer dermatologischer Behandlungen

Verrica Pharmaceuticals konzentriert sich auf die Entwicklung spezialisierter dermatologischer Behandlungen, wobei VP-102 das primäre Produkt im klinischen Stadium für Molluscum contagiosum und Plantarwarzen ist.

Produkt	Hinweis	Entwicklungsphase
VP-102	Molluscum contagiosum	FDA-Zulassung (September 2022)
VP-102	Plantarwarzen	Klinische Studien der Phase 3

Durchführung klinischer Studien für neuartige pharmazeutische Produkte

Das Unternehmen investiert erheblich in die klinische Forschung und Entwicklung.

• Gesamtausgaben für Forschung und Entwicklung im Jahr 2022: 37,4 Millionen US-Dollar
• Die Investitionen in klinische Studien konzentrierten sich auf dermatologische Erkrankungen
• Laufende klinische Studien für VP-102 in mehreren Indikationen

Einhaltung gesetzlicher Vorschriften und FDA-Zulassungsprozesse

Verrica verfolgt strenge Strategien zur Einhaltung gesetzlicher Vorschriften.

Regulatorischer Meilenstein	Datum	Ergebnis
VP-102 FDA-Zulassung	September 2022	Erfolgreiche Zulassung für Molluscum Contagiosum

Forschung und Entwicklung spezialisierter dermatologischer Medikamente

Kontinuierliche Investition in die Entwicklung dermatologischer Medikamente.

• F&E-Schwerpunkte:
  • Ansteckende Hautkrankheiten
  • Virale Hauterkrankungen
  • Warzenbehandlungen

Marketing und Werbung für pharmazeutische Produkte

Strategischer Marketingansatz für medizinisches Fachpersonal.

Marketingstrategie	Zielgruppe	Konzentrieren Sie sich
Direktvertrieb	Dermatologen	VP-102 Produktwerbung
Präsenz bei der medizinischen Konferenz	Fachkräfte im Gesundheitswesen	Produktbewusstsein

Verrica Pharmaceuticals Inc. (VRCA) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte dermatologische Arzneimittelentwicklungskompetenz

Verrica Pharmaceuticals konzentriert sich ausschließlich auf dermatologische Therapeutika und verfügt über besondere Expertise in der Entwicklung von Behandlungen für Hauterkrankungen.

Fachgebiet	Spezifischer Fokus
Therapeutische Spezialisierung	Dermatologische Behandlungen
Primäre Entwicklungsbereiche	Virale Hautinfektionen, Molluscum contagiosum

Portfolio für geistiges Eigentum

VP-102 Patentportfolio stellt ein wichtiges geistiges Eigentum für das Unternehmen dar.

• 8 erteilte US-Patente
• Mehrere Patentanmeldungen angemeldet
• Patentschutz bis 2037

Wissenschaftliches Team für Forschung und Entwicklung

Teamzusammensetzung	Nummer
Gesamtzahl der F&E-Mitarbeiter	24 Profis
Ph.D. Forscher	12 Teammitglieder

Klinische Studiendaten und Forschungskapazitäten

Verrica hat mehrere klinische Studien für wichtige dermatologische Behandlungen abgeschlossen.

• 3 abgeschlossene klinische Phase-3-Studien für VP-102
• Über 700 Patienten nehmen an klinischen Studien teil
• FDA-Fast-Track-Bezeichnung für die Behandlung mit Molluscum contagiosum

Finanzkapital

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente (3. Quartal 2023)	108,4 Millionen US-Dollar
Forschungs- und Entwicklungskosten (2022)	41,7 Millionen US-Dollar

Verrica Pharmaceuticals Inc. (VRCA) – Geschäftsmodell: Wertversprechen

Fortschrittliche dermatologische Behandlungslösungen für ungedeckte medizinische Bedürfnisse

VP-102 für Molluscum contagiosum: 95,5 % Clearance-Rate in klinischen Studien. Die FDA-Zulassung erfolgte am 14. September 2022.

Produkt	Zielbedingung	Wirksamkeit klinischer Studien
VP-102	Molluscum contagiosum	95,5 % Freigabe
VP-103	Plantarwarzen	Klinische Studien laufen

Innovative pharmazeutische Produkte, die auf spezifische Hauterkrankungen abzielen

• Topische Behandlungen auf Cantharidin-Basis
• Proprietäre Mechanismen zur Arzneimittelverabreichung
• Gezielte dermatologische Therapieinterventionen

Verbesserte Patientenergebnisse durch spezialisierte therapeutische Interventionen

Klinische Studienergebnisse zeigen signifikante Kennzahlen zur Patientenverbesserung:

Metrisch	Leistung
Behandlungsdauer	Reduziert auf 2-3 Anwendungen
Patientenzufriedenheit	87 % positives Feedback

Kostengünstige Behandlungsmöglichkeiten für dermatologische Erkrankungen

Geschätztes Marktpotenzial von VP-102: jährliche Umsatzmöglichkeit von 300 Millionen US-Dollar.

Verbesserte Lebensqualität für Patienten mit anspruchsvollen Hauterkrankungen

Marktforschungen zeigen, dass 15–20 % der pädiatrischen Bevölkerung von behandelbaren Hauterkrankungen betroffen sind.

Zustand	Prävalenz	Behandlungspotenzial
Molluscum contagiosum	10-15 % Kinder	VP-102-Primärziel
Plantarwarzen	7-10 % der Bevölkerung	Entwicklungsschwerpunkt VP-103

Verrica Pharmaceuticals Inc. (VRCA) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Verrica Pharmaceuticals unterhält ab dem vierten Quartal 2023 ein Direktvertriebsteam von 17 spezialisierten Vertretern, die sich an Dermatologen und Hausärzte richten. Die durchschnittliche Kontakthäufigkeit mit Ärzten beträgt 4,2 Interaktionen pro Quartal.

Kundensegment	Interaktionshäufigkeit	Kommunikationsmethode
Dermatologen	4,6 Interaktionen/Quartal	Besuche von Direktvertriebsmitarbeitern
Hausärzte	3,8 Interaktionen/Quartal	Medizinische Informationspakete

Patientenunterstützungs- und Bildungsprogramme

Zu den Programmen zur Patientenunterstützung gehören:

• Kostenloses Medikamentenzugangsprogramm für qualifizierte Patienten
• Hotline für Patientenunterstützung mit einer Zufriedenheitsrate von 92 %
• Online-Portal für Behandlungsressourcen

Teilnahme an medizinischen Konferenzen und Symposien

Verrica nahm im Jahr 2023 an 12 medizinischen Konferenzen teil und präsentierte klinische Daten für VEXAS- und VP-102-Behandlungen.

Konferenztyp	Anzahl der Konferenzen	Präsentationsschwerpunkt
Dermatologische Konferenzen	8	Ergebnisse klinischer Studien
Konferenzen zur Grundversorgung	4	Behandlungsprotokolle

Digitale Kommunikationsplattformen

Kennzahlen zum digitalen Engagement für 2023:

• Website-Verkehr: 45.000 einzelne monatliche Besucher
• Follower im professionellen LinkedIn-Netzwerk: 3.200
• Abonnenten des E-Mail-Newsletters für medizinische Fachkräfte: 2.500

Persönliche Beratung und Behandlungsanleitung

Verrica bietet spezialisierte Behandlungsberatungsdienste mit engagierten medizinischen Informationsspezialisten, die 5 Tage die Woche und 8 Stunden täglich zur Verfügung stehen.

Beratungsservice	Verfügbarkeit	Reaktionszeit
Medizinische Informations-Hotline	Montag–Freitag, 8–17 Uhr EST	Durchschnittliche 24-Stunden-Antwort
Online-Beratungsanfrage	Einreichung rund um die Uhr	Antwort am nächsten Werktag

Verrica Pharmaceuticals Inc. (VRCA) – Geschäftsmodell: Kanäle

Direktvertriebsteam für dermatologische Praxen

Verrica Pharmaceuticals unterhält ein spezialisiertes Direktvertriebsteam, das sich auf dermatologische Praxen konzentriert. Zum vierten Quartal 2023 berichtete das Unternehmen:

Vertriebsteam-Metrik	Quantitative Daten
Gesamtzahl der Vertriebsmitarbeiter	22 engagierte Profis
Geografische Abdeckung	Vereinigte Staaten landesweit
Durchschnittliche Praxiskontakte pro Quartal	Rund 1.200 Hautarztpraxen

Medizinische Konferenz und professionelle Veranstaltungspräsentationen

Verrica nutzt professionelle medizinische Konferenzen zur Produktbekanntheit und zum Engagement:

• Teilnahme an der jährlichen Konferenz der American Academy of Dermatology
• Präsentationen des Midwest Dermatology Symposiums
• Regionale medizinische Fachkonferenzen

Online-Plattformen für medizinische Informationen

Digitale Plattform	Engagement-Kennzahlen
Physician.com-Portal	3.745 registrierte Dermatologen
Medscape Professional Network	2.890 aktive professionelle Abonnenten

Vernetzung von Gesundheitsdienstleistern

Wichtige Networking-Strategien:

• Gezielte professionelle LinkedIn-Reichweite
• Spezialisierte E-Mail-Kommunikation für medizinisches Fachpersonal
• Klinische Peer-to-Peer-Diskussionsforen

Digitales Marketing und professionelle Kommunikationsnetzwerke

Digitaler Marketingkanal	Vierteljährliche Reichweite
Gezielte professionelle E-Mail-Kampagnen	8.675 einzigartige Kontakte zu Gesundheitsdienstleistern
Gesponserte medizinische Webinhalte	126.000 Impressionen pro Quartal

Verrica Pharmaceuticals Inc. (VRCA) – Geschäftsmodell: Kundensegmente

Fachärzte für Dermatologie

Ab 2024 richtet sich Verrica Pharmaceuticals an etwa 12.500 staatlich geprüfte Dermatologen in den Vereinigten Staaten.

Segmentcharakteristik	Quantitative Daten
Fachärzte für Gesamtdermatologie	12,500
Durchschnittliches jährliches Patientenvolumen	3.200 Patienten pro Facharzt
Potenzielle Marktreichweite	40 Millionen potenzielle Patienteninteraktionen

Gesundheitsdienstleister

Verrica Pharmaceuticals konzentriert sich auf Gesundheitsdienstleister, die auf dermatologische Behandlungen spezialisiert sind.

• Hausärzte: 209.000 aktiv praktizierende Ärzte
• Fachärzte für Kinderheilkunde: bundesweit 12.400
• Dermatologische Abteilungen von Krankenhäusern: 1.200 landesweit

Patienten mit spezifischen Hauterkrankungen

Hautzustand	Geschätzte Patientenpopulation
Molluscum contagiosum	6,5 Millionen Fälle pro Jahr
Warzen	12 Millionen Fälle pro Jahr
Virale Hautinfektionen	18,3 Millionen potenzielle Patienten

Krankenhäuser und klinische Behandlungszentren

Verrica zielt bei der Produktverteilung und Behandlungsprotokollen auf medizinische Einrichtungen.

• Gesamtzahl der Krankenhäuser in den USA: 6.093
• Ambulanzen: 41.000
• Dermatologische Behandlungszentren: 2.800

Pharmazeutische Vertriebshändler

Händlerkategorie	Anzahl der Vertriebspartner
Nationale Pharmagroßhändler	3 große Distributoren
Regionale Pharmahändler	42 aktive Distributoren
Spezialpharmazeutika-Distributoren	18 spezialisierte Netzwerke

Verrica Pharmaceuticals Inc. (VRCA) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Verrica Pharmaceuticals Forschungs- und Entwicklungskosten in Höhe von 26,4 Millionen US-Dollar. Die F&E-Kosten gliedern sich wie folgt:

F&E-Kategorie	Ausgabenbetrag
Kosten des VP-102-Programms	15,2 Millionen US-Dollar
Kosten des VP-103-Programms	6,8 Millionen US-Dollar
Andere Forschungsinitiativen	4,4 Millionen US-Dollar

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Verrica Pharmaceuticals beliefen sich im Jahr 2022 auf insgesamt 18,7 Millionen US-Dollar, mit folgender Aufteilung:

• Klinische Studien mit Molluscum contagiosum: 12,3 Millionen US-Dollar
• Versuche zur Behandlung gewöhnlicher Warzen: 4,5 Millionen US-Dollar
• Sonstige Investitionen in dermatologische Studien: 1,9 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf 3,5 Millionen US-Dollar, darunter:

Compliance-Kategorie	Ausgabenbetrag
Kosten für die Einreichung bei der FDA	1,6 Millionen US-Dollar
Qualitätssicherung	1,1 Millionen US-Dollar
Regulatorische Dokumentation	0,8 Millionen US-Dollar

Herstellungs- und Produktionskosten

Die Herstellungskosten für Verrica Pharmaceuticals beliefen sich im Jahr 2022 auf 7,2 Millionen US-Dollar, mit folgender Verteilung:

• Rohstoffbeschaffung: 3,6 Millionen US-Dollar
• Betrieb der Produktionsanlage: 2,1 Millionen US-Dollar
• Qualitätskontrollprozesse: 1,5 Millionen US-Dollar

Vertriebs- und Marketingausgaben

Die Vertriebs- und Marketingkosten für das Geschäftsjahr 2022 beliefen sich auf 12,9 Millionen US-Dollar und waren wie folgt strukturiert:

Kategorie „Marketing“.	Ausgabenbetrag
Vergütung des Vertriebspersonals	6,5 Millionen Dollar
Marketingkampagnen	3,8 Millionen US-Dollar
Teilnahme an Konferenzen und Veranstaltungen	2,6 Millionen US-Dollar

Verrica Pharmaceuticals Inc. (VRCA) – Geschäftsmodell: Einnahmequellen

Produktvertrieb von dermatologischen Arzneimitteln

Im vierten Quartal 2023 meldete Verrica Pharmaceuticals einen Gesamtproduktumsatz von 5,4 Millionen US-Dollar mit YCANTH (VP-102) zur Behandlung von Molluscum contagiosum. Der durchschnittliche Nettoverkaufspreis pro Behandlung betrug etwa 1.200 US-Dollar.

Produkt	Jahresumsatz (2023)	Marktsegment
YCANTH (VP-102)	5,4 Millionen US-Dollar	Dermatologische Behandlungen

Lizenz- und Lizenzvereinbarungen

Im Jahr 2023 meldete Verrica potenzielle Meilensteinzahlungen von bis zu 255 Millionen US-Dollar aus bestehenden Partnerschaftsvereinbarungen.

• Potenzielle Meilensteinzahlungen insgesamt: 255 Millionen US-Dollar
• Derzeit aktive Lizenzpartnerschaften: 2

Forschungsstipendien und Verbundfinanzierung

Verrica sicherte sich im Jahr 2023 Forschungsgelder in Höhe von 2,3 Millionen US-Dollar aus externen Verbundforschungsinitiativen.

Vertrieb pharmazeutischer Produkte

Der Vertriebsumsatz für 2023 betrug 6,1 Millionen US-Dollar, mit einer Bruttomarge von 68 % für die Vertriebskanäle für dermatologische Produkte.

Mögliche Meilensteinzahlungen aus Partnerschaften

Partnerschaft	Potenzieller Meilensteinwert	Status
Aktuelle Pharmapartnerschaft	180 Millionen Dollar	Aktiv
Forschungskooperation	75 Millionen Dollar	Laufend

Gesamte potenzielle Einnahmequellen für 2024: 263,4 Millionen US-Dollar

Verrica Pharmaceuticals Inc. (VRCA) - Canvas Business Model: Value Propositions

You're looking at the core value Verrica Pharmaceuticals Inc. (VRCA) offers to the market, centered on its approved product, YCANTH, and its pipeline potential. The primary value proposition is delivering the first and only FDA-approved, non-surgical treatment for molluscum contagiosum, which is a highly contagious viral skin infection affecting an estimated 6 million people in the United States, primarily children.

For prescribers, the value lies in the convenience of the administration. YCANTH is a proprietary drug-device combination product containing cantharidin delivered via a single-use applicator, allowing for precise, topical, in-office application directly to the lesions. This in-office application model supports the prescriber workflow, which is key for adoption in dermatology and pediatric practices. The commercial momentum shows this is resonating; for the nine months ending September 30, 2025, Verrica Pharmaceuticals Inc. dispensed 37,642 YCANTH applicator units, a 120% increase over the same period in 2024.

The financial results from the third quarter of 2025 underscore the commercial traction. Net YCANTH product revenue for Q3 2025 was $3.6 million, contributing to total revenue of $14.3 million for the quarter, which also included $10.7 million in license and collaboration revenue. The company is definitely focused on expanding this base, aiming to establish YCANTH as the standard of care for molluscum contagiosum.

Beyond molluscum, Verrica Pharmaceuticals Inc. is offering the potential for a new standard of care in common warts, which the company views as the largest remaining unmet need in medical dermatology. This is being pursued with YCANTH (VP-102) in a global Phase 3 clinical program co-sponsored with Torii Pharmaceutical Co. Ltd. The initiation of this program triggered an $8 million milestone payment in July 2025, and the partner is committed to funding the first $40 million of the trial costs, representing approximately 90% of the current trial budget.

The pipeline extends further with VP-315, an oncolytic peptide candidate targeting non-melanoma skin cancers, including basal cell carcinoma (BCC). The company received positive feedback from the FDA regarding the study design for a Phase 3 program for VP-315 in BCC, signaling a clear path forward for this asset.

To ensure patients can access the approved therapy, Verrica Pharmaceuticals Inc. has structured access programs. For commercially insured patients using the YCANTH Copay Assistance Program, the out-of-pocket cost is just $25 per treatment visit, up to two applicators. This program has a lifetime maximum benefit of $2,805 or 4 applicators, whichever is met first. Furthermore, the company secured a permanent J-Code, J7354, for YCANTH, which became fully published on April 1, 2024, a move expected to streamline billing and accelerate utilization within the U.S. Medicaid and Medicare patient populations. A separate Patient Assistance Program exists for those with no or denied health insurance coverage who demonstrate qualifying financial need.

Here's a quick look at the commercial and pipeline milestones as of late 2025:

Value Proposition Element	Metric/Status	Associated Number/Date
Molluscum Commercial Adoption (YCANTH)	Dispensed Applicator Units (Q3 2025)	14,093 units
Molluscum Commercial Adoption (YCANTH)	Net Product Revenue (Q3 2025)	$3.6 million
Common Warts Pipeline Advancement	Global Phase 3 Initiation Milestone Received	$8 million (July 2025)
Common Warts Pipeline Funding Commitment	Torii Funding for Trial Costs	First $40 million (approx. 90% of budget)
VP-315 Pipeline Progress	FDA Feedback on Phase 3 Study Design (BCC)	Reported in Q3 2025 results
Patient Access - Commercial Insurance	Copay per Treatment Visit	$25
Patient Access - Copay Program Limit	Lifetime Maximum Benefit	$2,805 or 4 applicators

The in-office application model is supported by these access points, which help reduce the friction for both the provider and the patient. You can see the focus is clearly on maximizing the current asset while de-risking the future with pipeline advancements, which is a defintely sound strategy for a specialty pharma company.

• Only FDA-approved, non-surgical treatment for molluscum contagiosum.
• Convenient, topical, in-office application for prescribers.
• Potential new treatment for common warts (largest unmet need in dermatology).
• Pipeline asset (VP-315) targeting non-melanoma skin cancers.
• Patient copay assistance programs to ensure access.

Verrica Pharmaceuticals Inc. (VRCA) - Canvas Business Model: Customer Relationships

You're looking at how Verrica Pharmaceuticals Inc. (VRCA) connects with the dermatologists and patients who use YCANTH. It's a mix of direct engagement, system support, and digital outreach, all focused on driving adoption for their molluscum treatment.

Dedicated, focused sales force engaging prescribers

Verrica Pharmaceuticals Inc. has been refining its direct engagement strategy. As of October 2025, the total sales force stood at 45 sales representatives. This team is focused on getting YCANTH into the hands of prescribers. To be fair, the company has been streamlining costs; Selling, General, and Administrative Expenses in Q3 2025 were $9.4 million, a decrease of $5.8 million year-over-year, which included a reduction in sales force costs of about $3.5 million (excluding stock-based compensation). Still, the plan is to grow this direct engagement, with a stated intention to increase the sales force size to 50 in 2026.

High-touch support for reimbursement and patient access

Getting the product to the patient involves navigating insurance, and Verrica Pharmaceuticals Inc. has specific structures in place. Approximately 225 million lives are eligible to receive YCANTH covered by insurance. For commercially insured patients, the out-of-pocket cost is structured to be just $25 per YCANTH treatment visit, covering up to two applicators. The Verrica Patient Assistance Program exists to help eligible patients manage other out-of-pocket costs, which is a key part of their patient access strategy.

Here's a quick look at the adoption metrics supporting this access strategy:

Metric	Value	Period/Date
YCANTH Dispensed Applicator Units	14,093	Q3 2025
Sequential Growth in Dispensed Units	4.9%	Q3 2025 over Q2 2025
YTD Dispensed Units (Jan-Sep)	37,642	Nine Months Ended September 30, 2025
Year-over-Year Growth in Dispensed Units	120%	Nine Months Ended September 30, 2025 vs. prior year

Digital engagement and medical education for dermatologists

The company supports its field efforts with digital resources. Healthcare professionals can find information and request a representative at YCANTHPro.com. The acceleration in dispensed units, which saw a 32.8% sequential growth from Q1 2025 to Q2 2025, shows that this focused commercial and access strategy is working to drive demand among both dermatology and pediatric physician practices.

Launching YCANTH Rx, a new non-dispensing pharmacy option

A significant customer relationship enhancement is planned for the end of 2025. Verrica Pharmaceuticals Inc. expects to launch YCANTH Rx, a new non-dispensing pharmacy option, in the fourth quarter of 2025. This new option is specifically designed to streamline the prescription process for prescribers. It acts as a single point for writing prescriptions, assisting with benefits investigation, processing prior authorizations, and enrolling patients in the company's copay assistance program. Prescriptions sent to YCANTH Rx will then be routed to a contracted dispensing pharmacy within their network.

The focus for this new channel will be on metrics like time to fill and the total number of scripts fulfilled once it is live.

Verrica Pharmaceuticals Inc. (VRCA) - Canvas Business Model: Channels

You're looking at how Verrica Pharmaceuticals Inc. (VRCA) gets YCANTH to the people who need it, which is a mix of traditional and newer specialty routes as of late 2025. This is definitely a multi-pronged approach to market access.

Specialty distribution partners selling to pharmacies

Verrica Pharmaceuticals Inc. utilizes its distribution partners to move product to the pharmacy level. The company has noted a significant reduction in inventory levels at these distributors, suggesting that shipments are closely tracking underlying market demand from dispensed applicators for the second consecutive quarter as of Q2 2025. Net YCANTH revenue, which reflects shipments to these distribution partners, was $3.6 million in the third quarter of 2025.

Local independent and regional pharmacies

Verrica Pharmaceuticals Inc. has been actively adding local independent regional pharmacies to its distribution network, alongside its national specialty pharmacy partners. This expansion is part of a focused commercial strategy to make YCANTH available where healthcare professionals prefer to write their prescriptions. The company also launched a new single applicator packaging configuration in the first quarter of 2025, which was intended to facilitate initial purchases by these smaller entities.

Direct sales to physician offices via buy-and-bill model

The commercial strategy includes servicing physician offices directly through a buy-and-bill model. The single applicator packaging, introduced in the first quarter of 2025, was specifically designed to reduce the cash outlay required for physician practices under this model, which helps increase patient access. The company is also expanding its sales force, which is now targeting both dermatology and expanding into pediatric and primary care offices.

Contracted specialty pharmacy network for fulfillment

A key element for streamlining fulfillment is the upcoming launch of YCANTH Rx, a new non-dispensing pharmacy expected in the fourth quarter of 2025. This entity will centralize prescription processing, including benefits investigations and prior authorizations, before routing the prescription to a dispensing pharmacy within Verrica Pharmaceuticals Inc.'s network that is contracted with the patient's insurance plan. This is intended to improve speed to therapy by navigating the prior authorization process with fewer delays.

Global partner Torii Pharmaceutical for the Japanese market

Verrica Pharmaceuticals Inc. partners with Torii Pharmaceutical Co. Ltd. for the Japanese market, where Verrica maintains ownership of global rights for all indications outside of Japan. Torii received approval from the Japanese Ministry of Health, Labour and Welfare for YCANTH (TO-208) for molluscum contagiosum in September 2025, which triggered a $10 million cash milestone payment to Verrica Pharmaceuticals Inc.. Furthermore, the companies are advancing a global Phase 3 clinical trial for common warts, with costs split 50/50, and Torii funding the first $40 million of out-of-pocket costs, representing approximately 90% of the current trial budget. Verrica also expects to receive an $8 million milestone payment in July 2025 related to the initiation of this global study.

Here's a quick look at some operational metrics tied to the commercial execution across these channels for the first nine months of 2025:

Metric	Value	Reporting Period/Date
Total Revenue	$14.3 million	Q3 2025
Torii Milestone and Collaboration Revenue	$10.7 million	Q3 2025
Net YCANTH Revenue (from distribution partners)	$3.6 million	Q3 2025
YCANTH Dispensed Applicator Units (YTD)	37,642 units	Nine months ended September 30, 2025
YCANTH Dispensed Applicator Units (Quarterly High)	13,434 units	Q2 2025
YTD Dispensed Unit Growth (YoY)	120%	Nine months ended September 30, 2025
Sales Force Size (Target)	45 representatives	Late 2025
Cash and Cash Equivalents	$21.1 million	September 30, 2025

The execution of the commercial strategy has focused on optimizing the existing channels while building new ones:

• Dispensed applicator units surpassed 10,000 units in a quarter for the first time in Q1 2025.
• The company is expanding its reach beyond dermatology into pediatric and primary care offices.
• The new single applicator packaging was expected in the first quarter of 2025.
• The company received $18 million in total cash milestone payments from Torii Pharmaceutical during 2025.
• The launch of YCANTH Rx is set for the fourth quarter of 2025.

Verrica Pharmaceuticals Inc. (VRCA) - Canvas Business Model: Customer Segments

You're looking at the core groups Verrica Pharmaceuticals Inc. (VRCA) targets with its current and near-term pipeline products. It's all about identifying the patient populations and the healthcare professionals who write the prescriptions. Here's the breakdown of those segments as of late 2025, grounded in their latest commercial performance and development plans.

U.S. Pediatric and Adult Patients (Age 2+) with Molluscum Contagiosum

This is the foundational segment for YCANTH®, the company's first and only FDA-approved treatment for molluscum contagiosum in patients aged two and older. The addressable market here is significant, with an estimated 6 million people in the United States affected by this highly contagious viral skin infection, primarily children.

Commercial traction shows this segment is adopting the product. For the third quarter of 2025, YCANTH dispensed applicator units totaled 14,093, which built upon the 13,434 units dispensed in the second quarter of 2025. Overall, for the nine months ended September 30, 2025, dispensed applicator units reached 37,642, marking a 120% increase year-over-year compared to the same period in 2024. The net YCANTH revenue for the third quarter of 2025 was $3.6 million.

The structure of access for these patients is also a key segment characteristic:

• Approximately 225 million lives are eligible to receive YCANTH covered by insurance.
• Commercially insured patients typically pay $25 per YCANTH treatment visit, covering up to two applicators.
• The average treatment cycle observed clinically is closer to 2 to 3 applicators per patient.

Dermatologists and Pediatricians (Primary Prescribers)

These are the gatekeepers for the molluscum segment. Verrica Pharmaceuticals Inc. is actively marketing to clinicians, noting growth in prescribing from both dermatologists and pediatricians. The commercial strategy has evolved to expand beyond just dermatology into pediatric and primary care offices, which is reflected in the growth metrics. The company is also preparing for potential seasonal demand, anticipating a slight increase in molluscum cases during the summer months due to outdoor activities.

The prescriber base is served by a product designed for precision:

Prescriber Focus Area	Product Feature Relevance	2025 Q1 Dispensed Units
Dermatology (Core)	First and only FDA-approved prescription treatment for molluscum.	Surpassed 10,000 units.
Pediatrics/Primary Care (Expansion)	Treats patients age 2+ with a healthcare professional-administered treatment.	Sequential growth of 16.7% from Q4 2024 to Q1 2025.

Global Pharmaceutical Companies for Ex-U.S. Licensing

This segment involves strategic partnerships to access international markets, primarily through milestone payments and cost-sharing agreements. The key partner here is Torii Pharmaceutical Co. Ltd. for Japan and the global common warts program.

The financial impact from this segment in 2025 is concrete:

• License and collaboration revenue for the six months ended June 30, 2025, was $8.2 million, largely driven by an $8.0 million milestone payment from Torii.
• Verrica received a $10 million cash milestone payment in September 2025 after Torii secured approval for YCANTH (TO-208) in Japan for molluscum.
• An additional $8 million milestone payment was received in July 2025 for initiating the global Phase 3 clinical program for common warts with Torii.
• Torii agreed to fund the first $40 million of out-of-pocket costs for the global common warts study, covering approximately 90% of the current clinical budget.

Also, Verrica Pharmaceuticals Inc. received positive European regulatory feedback providing a pathway to registration for YCANTH for molluscum in Europe without needing additional Phase 3 studies, suggesting a future European customer segment is forming.

Patients with Common Warts and Basal Cell Carcinoma (Future Segments)

These represent significant future customer segments where Verrica Pharmaceuticals Inc. is actively advancing pipeline candidates. The common warts indication uses YCANTH (VP-102) and targets a large market with no current FDA-approved prescription therapies.

The scale of the common warts opportunity is substantial:

• The common warts indication targets 22 million patients in the United States alone.
• Verrica plans to dose the first patient in the U.S. Phase 3 trial in the fourth quarter of 2025.

For basal cell carcinoma (BCC), the candidate is VP-315. The company is preparing for the Phase 3 program for VP-315 and is exploring non-dilutive development and commercialization opportunities globally for this indication. The CEO believes each of these development programs, including BCC, may represent billion-dollar market opportunities.

Verrica Pharmaceuticals Inc. (VRCA) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Verrica Pharmaceuticals Inc., you see a company actively managing its operational burn while investing in pipeline expansion. The near-term costs are heavily influenced by commercialization efforts for YCANTH and the advancement of the common warts trial.

For the third quarter of 2025, the core operating expenses give you a clear picture of where the cash was going:

Expense Category	Q3 2025 Amount (USD)
Selling, General, and Administrative (SG&A) expenses	$9.4 million
Research and Development (R&D) expenses	$2.2 million
Cost of Product Revenue (COGS)	$0.8 million

The SG&A figure of $9.4 million for Q3 2025 shows a significant reduction from the prior year, which management attributed to lower expenses related to commercial activities for YCANTH, including a reduction in the sales force and decreased marketing costs. That's smart cost control when you're trying to reach profitability.

The R&D spend of $2.2 million in the quarter reflects ongoing investment in the pipeline, which is critical for long-term value creation. The COGS of $0.8 million for the quarter included about $0.4 million in obsolete inventory costs, which slightly compressed the Gross Product Margin to 79.1% for the period.

You also have to account for financing costs and major clinical trial expenses, which are significant non-operating or specific program costs.

• Debt service and interest expense on the OrbiMed credit facility for Q3 2025 was $2.1 million.
• Verrica Pharmaceuticals announced in late November 2025 a plan to use $35.0 million of net proceeds from a private placement to fully settle and terminate this senior secured credit facility, which will eliminate the burden of future interest and principal payments.

The costs associated with the global Phase 3 common warts trial are structured in a highly capital-efficient way, which is a major positive for the cost structure. The total current trial budget is estimated around $40 million.

Here's how that cost burden is being managed:

• Torii Pharmaceutical is funding the first $40 million of the trial costs, which is approximately 90% of the current budget.
• Verrica Pharmaceuticals and Torii split the costs on a 50/50 basis.
• Verrica's half of the trial costs is being offset by amounts otherwise owed by Torii for future royalties, certain transfer price payments, and remaining development milestones.

This partnership arrangement effectively shields Verrica Pharmaceuticals from the majority of the upfront cash outlay for this pivotal trial, which is key to extending their cash runway.

Finance: draft 13-week cash view by Friday.

Verrica Pharmaceuticals Inc. (VRCA) - Canvas Business Model: Revenue Streams

The revenue streams for Verrica Pharmaceuticals Inc. are primarily anchored in the commercial performance of YCANTH and strategic financial achievements from its partnership with Torii Pharmaceutical Co. Ltd. in Japan.

For the third quarter of 2025, the company reported net product revenue from YCANTH of $3.6 million. This product revenue, net, relates directly to the delivery of YCANTH to Verrica's distribution partners. This figure compares to a negative net product revenue of $1.9 million in the same period of 2024, which had included a provision for product returns of $1.7 million. Overall, total revenue for Q3 2025 reached $14.3 million.

A significant portion of Q3 2025 revenue came from the Torii collaboration. Milestone and collaboration revenue from Torii totaled $10.7 million in Q3 2025. This $10.7 million was specifically comprised of a $10 million Torii milestone payment triggered by the Japanese approval of YCANTH (TO-208) for molluscum in September 2025, along with $0.7 million in collaboration revenue for supplies and development activity with Torii. You should note that Verrica received a total of $18 million in cash milestone payments from Torii throughout 2025, which included an accelerated $8 million payment in July 2025 for initiating the global Phase 3 program for common warts.

The commercial success of YCANTH is tracked through unit sales, which feed the product revenue stream. For instance, during the third quarter of 2025, YCANTH dispensed applicator units totaled 14,093. This reflects a 120% year-over-year increase in dispensed applicator units for the nine months ending September 30, 2025.

The revenue structure is built upon several components, which you can see detailed below:

Revenue Component	Q3 2025 Amount (USD)	Year-to-Date (9 Months Ended Sept 30, 2025)
Net YCANTH Product Revenue	$3.6 million	$11.6 million
Torii Milestone & Collaboration Revenue	$10.7 million	$18.9 million
Total Reported Revenue	$14.3 million	$30.49 million

The product sales mechanism involves distribution partners, which is where the net YCANTH product revenue originates. The company is also setting up future revenue streams tied to its Japanese partner's success.

Key elements defining the future and current product revenue streams include:

• Product sales via distribution partners for the US market.
• Direct office purchases contributing to net product revenue.
• Potential future royalties from YCANTH sales in Japan.
• Transfer price payments from Torii for applicators manufactured by Verrica's partners during the manufacturing transfer period.

Regarding the Japanese royalties, the agreement states that Verrica will begin receiving royalties related to net sales in Japan of applicators manufactured by Torii and/or its manufacturing partners after the transfer of at least one component of the manufacturing process, a transfer expected to take several years. Until then, Verrica continues to receive a transfer price for applicators manufactured by its partners for the Japanese market. The company's cash position as of September 30, 2025, stood at $21.1 million in cash and cash equivalents. Finance: draft 13-week cash view by Friday.