Verrica Pharmaceuticals Inc. (VRCA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Verrica Pharmaceuticals Inc. (VRCA) emerge como una fuerza pionera en la innovación dermatológica, navegando estratégicamente el complejo paisaje de tratamientos especializados en condiciones de la piel. Al aprovechar un sólido lienzo de modelo de negocio que une la investigación de vanguardia, las asociaciones estratégicas y las soluciones farmacéuticas específicas, la compañía está transformando cómo se abordan y gestionan los trastornos dermatológicos desafiantes. Su enfoque único combina experiencia científica avanzada con un marco centrado en el paciente, colocando a Verrica como un jugador dinámico para abordar las necesidades médicas no satisfechas dentro del ecosistema de dermatología.

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negocios: asociaciones clave

Colaboración estratégica con clínicas de dermatología y proveedores de atención médica

Verrica Pharmaceuticals ha establecido asociaciones estratégicas con las siguientes redes de dermatología y proveedores de atención médica:

Pareja	Tipo de colaboración	Alcance
Academia Americana de Dermatología	Red de investigación clínica	Soporte de ensayos clínicos VP-102
Departamento de dermatología de Mayo Clinic	Investigación clínica	Investigación de tratamiento de contagiosa moluscum

Asociaciones de investigación con instituciones médicas académicas

Verrica mantiene acuerdos de investigación colaborativos con instituciones académicas clave:

• Facultad de Medicina de la Universidad de Stanford
• Centro de Investigación de Dermatología de la Universidad de Pensilvania
• Departamento de Dermatología de Johns Hopkins

Acuerdos de fabricación con organizaciones de contratos farmacéuticos

Organización de fabricación de contratos	Servicios de fabricación	Capacidad de producción
Patheon Pharmaceuticals	Producción comercial VP-102	250,000 unidades anualmente
Soluciones farmacéuticas catalent	Formulación de drogas y embalaje	Procesamiento de medicamentos tópicos especializados

Asociaciones de licencia para el desarrollo y distribución de medicamentos

Verrica ha asegurado asociaciones de licencias con las siguientes entidades:

• Designación de fármacos huérfanos de la FDA para VP-102
• Acuerdo de colaboración de la Agencia Europea de Medicamentos (EMA)
• Asociación de distribución con Cardinal Health para distribución farmacéutica a nivel nacional

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negocio: actividades clave

Desarrollar y comercializar tratamientos dermatológicos innovadores

Verica Pharmaceuticals se centra en desarrollar tratamientos dermatológicos especializados, con VP-102 como su producto principal en etapa clínica para moluscum contagioso y verrugas plantares.

Producto	Indicación	Etapa de desarrollo
VP-102	Molusco contagioso	Aprobado por la FDA (septiembre de 2022)
VP-102	Verrugas plantares	Ensayos clínicos de fase 3

Realización de ensayos clínicos para nuevos productos farmacéuticos

La compañía invierte significativamente en investigación y desarrollo clínico.

• Gastos totales de I + D en 2022: $ 37.4 millones
• Inversiones de ensayos clínicos centrados en afecciones dermatológicas
• Ensayos clínicos en curso para VP-102 en múltiples indicaciones

Procesos de cumplimiento regulatorio y de aprobación de la FDA

Verrica mantiene rigurosas estrategias de cumplimiento regulatorio.

Hito regulatorio	Fecha	Resultado
Aprobación de la FDA VP-102	Septiembre de 2022	Aprobación exitosa para el molusco contagioso

Investigación y desarrollo de medicamentos de dermatología especializados

Inversión continua en desarrollo de medicamentos dermatológicos.

• Áreas de enfoque de I + D:
  • Enfermedades infecciosas de la piel
  • Condiciones de la piel viral
  • Tratamientos de verrugas

Marketing y promoción de productos farmacéuticos

Enfoque de marketing estratégico dirigido a profesionales de la salud.

Estrategia de comercialización	Público objetivo	Enfocar
Fuerza de ventas directa	Dermatólogos	Promoción de productos VP-102
Presencia de la conferencia médica	Profesionales de la salud	Conciencia del producto

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negocio: recursos clave

Experiencia de desarrollo de medicamentos dermatológicos especializados

Verica Pharmaceuticals se centra exclusivamente en la terapéutica dermatológica, con experiencia específica en el desarrollo de tratamientos para las afecciones de la piel.

Área de experiencia	Enfoque específico
Especialización terapéutica	Tratamientos dermatológicos
Áreas de desarrollo primarias	Infecciones de la piel viral, molusco contagioso

Cartera de propiedades intelectuales

VP-102 Portafolio de patentes representa un activo crítico de propiedad intelectual para la empresa.

• 8 Patentes de EE. UU. Concedidas
• Múltiples solicitudes de patentes pendientes
• Protección de patentes que se extiende hasta 2037

Equipo científico de investigación y desarrollo

Composición del equipo	Número
Empleados totales de I + D	24 profesionales
Doctor en Filosofía. Investigadores	12 miembros del equipo

Datos de ensayos clínicos y capacidades de investigación

Verrica ha completado múltiples ensayos clínicos para tratamientos dermatológicos clave.

• 3 ensayos clínicos de fase 3 completados para VP-102
• Más de 700 pacientes inscritos en estudios clínicos
• Designación de vía rápida de la FDA para el tratamiento con contagioso molusco

Capital financiero

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo (tercer trimestre de 2023)	$ 108.4 millones
Gastos de investigación y desarrollo (2022)	$ 41.7 millones

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negocio: propuestas de valor

Soluciones avanzadas de tratamiento dermatológico para necesidades médicas no satisfechas

VP-102 para molusco contagioso: tasa de aclaramiento del 95.5% en ensayos clínicos. Aprobación de la FDA recibida el 14 de septiembre de 2022.

Producto	Condición objetivo	Eficacia del ensayo clínico
VP-102	Molusco contagioso	95.5% de liquidación
VP-103	Verrugas plantares	Ensayos clínicos en curso

Productos farmacéuticos innovadores dirigidos a condiciones de piel específicas

• Tratamientos tópicos basados ​​en cantaridina
• Mecanismos de administración de medicamentos patentados
• Intervenciones terapéuticas dermatológicas enfocadas

Resultados mejorados del paciente a través de intervenciones terapéuticas especializadas

Los resultados del estudio clínico demuestran Métricas significativas de mejora del paciente:

Métrico	Actuación
Duración del tratamiento	Reducido a 2-3 aplicaciones
Satisfacción del paciente	87% de retroalimentación positiva

Opciones de tratamiento rentables para trastornos dermatológicos

VP-102 Potencial de mercado estimado: Oportunidad de ingresos anual de $ 300 millones.

Mejor calidad de vida para pacientes con afecciones de la piel desafiantes

La investigación de mercado indica 15-20% de las poblaciones pediátricas afectadas por afecciones de la piel tratables.

Condición	Predominio	Potencial de tratamiento
Molusco contagioso	10-15% de niños	Objetivo primario VP-102
Verrugas plantares	7-10% de población	VP-103 Foco de desarrollo

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

Verrica Pharmaceuticals mantiene la fuerza de ventas directa de 17 representantes especializados dirigidos a dermatólogos y médicos de atención primaria a partir del cuarto trimestre de 2023. La frecuencia de contacto promedio del médico es de 4.2 interacciones por trimestre.

Segmento de clientes	Frecuencia de compromiso	Método de comunicación
Dermatólogos	4.6 Interacciones/trimestre	Visitas de representante de ventas directas
Médicos de atención primaria	3.8 interacciones/trimestre	Paquetes de información médica

Apoyo al paciente y programas educativos

Los programas de apoyo al paciente incluyen:

• Programa de acceso a medicamentos gratuitos para pacientes calificados
• Línea directa de asistencia al paciente con una tasa de satisfacción del 92%
• Portal de recursos de tratamiento en línea

Conferencia médica y participación del simposio

Verrica participó en 12 conferencias médicas en 2023, presentando datos clínicos para tratamientos VEXAS y VP-102.

Tipo de conferencia	Número de conferencias	Enfoque de presentación
Conferencias de dermatología	8	Resultados del ensayo clínico
Conferencias de atención primaria	4	Protocolos de tratamiento

Plataformas de comunicación digital

Métricas de compromiso digital para 2023:

• Tráfico del sitio web: 45,000 visitantes mensuales únicos
• LinkedIn Professional Network Seguidores: 3.200
• Suscriptores de boletín de correo electrónico profesional médico: 2.500

Orientación personalizada de consulta y tratamiento

Verrica ofrece servicios especializados de consulta de tratamiento con especialistas dedicados de información médica disponibles 5 días por semana, 8 horas al día.

Servicio de consulta	Disponibilidad	Tiempo de respuesta
Línea directa de información médica	De lunes a viernes de 8 a.m. a 5 p.m. EST	Respuesta promedio de 24 horas
Solicitud de consulta en línea	Sumisión 24/7	Siguiente respuesta del día hábil

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negocio: canales

Equipo de ventas directo dirigido a prácticas de dermatología

Verrica Pharmaceuticals mantiene una fuerza de ventas directas especializada centrada en las prácticas de dermatología. A partir del cuarto trimestre de 2023, la compañía informó:

Métrica del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	22 profesionales dedicados
Cobertura geográfica	Estados Unidos en todo el país
Contactos de práctica promedio por trimestre	Aproximadamente 1,200 prácticas de dermatología

Conferencia médica y presentaciones de eventos profesionales

Verrica aprovecha conferencias médicas profesionales para la conciencia y el compromiso del producto:

• Academia anual de la Academia Americana de Dermatología Participación
• Presentaciones de simposio de dermatología del Medio Oeste
• Conferencias regionales de especialidad médica

Plataformas de información médica en línea

Plataforma digital	Métricas de compromiso
Portal de Physician.com	3,745 profesionales de dermatología registrados
Medscape Professional Network	2.890 suscriptores profesionales activos

Redes de proveedores de atención médica

Estrategias de redes clave:

• Alcance profesional de LinkedIn dirigido
• Comunicaciones de correo electrónico de profesional médico especializado
• Foros de discusión clínica entre pares

Marketing digital y redes de comunicación profesional

Canal de marketing digital	Alcance trimestral
Campañas de correo electrónico profesionales dirigidas	8,675 contactos únicos de proveedor de atención médica
Contenido web médico patrocinado	126,000 impresiones por trimestre

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negocio: segmentos de clientes

Especialistas en dermatología

A partir de 2024, Verica Pharmaceuticals se dirige a aproximadamente 12,500 dermatólogos certificados por la junta en los Estados Unidos.

Característica de segmento	Datos cuantitativos
Especialistas en dermatología total	12,500
Volumen promedio de paciente anual	3.200 pacientes por especialista
Alcance del mercado potencial	40 millones de interacciones potenciales del paciente

Proveedores de atención médica

Verrica Pharmaceuticals se centra en los proveedores de atención médica especializados en tratamientos dermatológicos.

• Médicos de atención primaria: 209,000 practicando activamente
• Especialistas pediátricos: 12.400 en todo el país
• Departamentos de dermatología del hospital: 1.200 en todo el país

Pacientes con afecciones de piel específicas

Condición de la piel	Población de pacientes estimada
Molusco contagioso	6.5 millones de casos anuales
Verrugas	12 millones de casos anuales
Infecciones de la piel viral	18.3 millones de pacientes potenciales

Centros de tratamiento de hospitales y clínicos

Verica se dirige a las instalaciones médicas para la distribución de productos y los protocolos de tratamiento.

• Hospitales totales en EE. UU.: 6.093
• Clínicas ambulatorias: 41,000
• Centros de tratamiento de dermatología: 2.800

Distribuidores farmacéuticos

Categoría de distribuidor	Número de distribuidores
Mayoristas farmacéuticos nacionales	3 distribuidores principales
Distribuidores farmacéuticos regionales	42 distribuidores activos
Distribuidores farmacéuticos especiales	18 redes especializadas

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Verrica Pharmaceuticals reportó gastos de I + D de $ 26.4 millones. El desglose de los costos de I + D es el siguiente:

Categoría de I + D	Monto del gasto
Costos del programa VP-102	$ 15.2 millones
Costos del programa VP-103	$ 6.8 millones
Otras iniciativas de investigación	$ 4.4 millones

Inversiones de ensayos clínicos

Los gastos de ensayo clínico para Verica Pharmaceuticals en 2022 totalizaron $ 18.7 millones, con la siguiente asignación:

• Ensayos clínicos de moluscum contagiosum: $ 12.3 millones
• Ensayos de tratamiento de verrugas comunes: $ 4.5 millones
• Otras inversiones de prueba dermatológica: $ 1.9 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para la Compañía en 2022 fueron de $ 3.5 millones, lo que incluyó:

Categoría de cumplimiento	Monto del gasto
Costos de envío de la FDA	$ 1.6 millones
Seguro de calidad	$ 1.1 millones
Documentación regulatoria	$ 0.8 millones

Gastos de fabricación y producción

Los costos de fabricación para Verrica Pharmaceuticals en 2022 ascendieron a $ 7.2 millones, con la siguiente distribución:

• Adquisición de materia prima: $ 3.6 millones
• Operaciones de la instalación de producción: $ 2.1 millones
• Procesos de control de calidad: $ 1.5 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para el año fiscal 2022 fueron de $ 12.9 millones, estructurados de la siguiente manera:

Categoría de marketing	Monto del gasto
Compensación de la fuerza de ventas	$ 6.5 millones
Campañas de marketing	$ 3.8 millones
Participación de la conferencia y eventos	$ 2.6 millones

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negocios: flujos de ingresos

Venta de productos de medicamentos dermatológicos

A partir del cuarto trimestre de 2023, Verrica Pharmaceuticals reportó ingresos totales del producto de $ 5.4 millones de Ycanth (VP-102) para el tratamiento de Moluscum Contagiosum. El precio de venta neto promedio por tratamiento fue de aproximadamente $ 1,200.

Producto	Ingresos anuales (2023)	Segmento de mercado
Ycanth (VP-102)	$ 5.4 millones	Tratamientos dermatológicos

Acuerdos de licencia y regalías

En 2023, Verica informó pagos potenciales de hasta $ 255 millones de los acuerdos de asociación existentes.

• Pagos de hito potencial total: $ 255 millones
• Asociaciones activas de licencias activas: 2

Subvenciones de investigación y fondos colaborativos

Verrica obtuvo fondos de investigación de $ 2.3 millones en 2023 de iniciativas de investigación colaborativa externas.

Distribución de productos farmacéuticos

Los ingresos por distribución para 2023 fueron de $ 6.1 millones, con un margen bruto del 68% para los canales de distribución de productos dermatológicos.

Pagos potenciales de hitos de las asociaciones

Asociación	Valor de hito potencial	Estado
Asociación farmacéutica actual	$ 180 millones	Activo
Colaboración de investigación	$ 75 millones	En curso

Flujos de ingresos potenciales totales para 2024: $ 263.4 millones

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.