Verrica Pharmaceuticals Inc. (VRCA): Business Model Canvas [Jan-2025 Mis à jour]

Verrica Pharmaceuticals Inc. (VRCA) émerge comme une force pionnière dans l'innovation dermatologique, naviguant stratégiquement dans le paysage complexe des traitements spécialisés de l'état de la peau. En tirant parti d'une toile de modèle commerciale robuste qui pante la recherche de pointe, des partenariats stratégiques et des solutions pharmaceutiques ciblées, la société transforme à quel point les troubles dermatologiques sont difficiles approchés et gérés. Leur approche unique combine une expertise scientifique avancée avec un cadre centré sur le patient, positionnant Verrica en tant qu'acteur dynamique pour répondre aux besoins médicaux non satisfaits dans l'écosystème de dermatologie.

Verrica Pharmaceuticals Inc. (VRCA) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les cliniques de dermatologie et les prestataires de soins de santé

Verrica Pharmaceuticals a établi des partenariats stratégiques avec les réseaux de dermatologie et fournisseurs de soins de santé suivants:

Partenaire	Type de collaboration	Portée
American Academy of Dermatology	Réseau de recherche clinique	VP-102 Soutenir les essais cliniques
Département de dermatologie de la clinique Mayo	Enquête clinique	Molluscum Contagiosum Traitement Recherche

Partenariats de recherche avec des établissements médicaux académiques

Verrica entretient des accords de recherche collaboratif avec des établissements universitaires clés:

• École de médecine de l'Université de Stanford
• Centre de recherche en dermatologie de l'Université de Pennsylvanie
• Département de dermatologie Johns Hopkins

Accords de fabrication avec des organisations contractuelles pharmaceutiques

Organisation de fabrication de contrats	Services de fabrication	Capacité de production
Patheon Pharmaceuticals	VP-102 Production commerciale	250 000 unités par an
Solutions pharmatriques catalennes	Formulation et emballage de médicaments	Traitement spécialisé des médicaments topiques

Partenariats de licence pour le développement et la distribution des médicaments

Verrica a obtenu des partenariats de licence avec les entités suivantes:

• Désignation de médicaments orphelins de la FDA pour VP-102
• Accord de collaboration de l'Agence européenne des médicaments (EMA)
• Partenariat de distribution avec Cardinal Health pour la distribution pharmaceutique à l'échelle nationale

Verrica Pharmaceuticals Inc. (VRCA) - Modèle d'entreprise: Activités clés

Développer et commercialiser des traitements dermatologiques innovants

Verrica Pharmaceuticals se concentre sur le développement de traitements dermatologiques spécialisés, avec VP-102 comme principal produit de stade clinique pour Molluscum Contagiosum et Plantar Warts.

Produit	Indication	Étape de développement
VP-102	Molluscum contagiosum	Approuvé par la FDA (septembre 2022)
VP-102	Verrues plantaires	Essais cliniques de phase 3

Effectuer des essais cliniques pour de nouveaux produits pharmaceutiques

La société investit considérablement dans la recherche et le développement cliniques.

• Total des dépenses de R&D en 2022: 37,4 millions de dollars
• Investissements d'essais cliniques axés sur les conditions dermatologiques
• Essais cliniques en cours pour VP-102 dans plusieurs indications

Processus de conformité réglementaire et d'approbation de la FDA

Verrica maintient des stratégies de conformité réglementaire rigoureuses.

Jalon réglementaire	Date	Résultat
Approbation VP-102 FDA	Septembre 2022	Approbation réussie de molluscum contagiosum

Recherche et développement de médicaments de dermatologie spécialisés

Investissement continu dans le développement des médicaments dermatologiques.

• Zones de mise au point R&D:
  • Maladies infectieuses de la peau
  • Affections cutanées virales
  • Traitements de verrue

Marketing et promotion des produits pharmaceutiques

Approche de marketing stratégique ciblant les professionnels de la santé.

Stratégie marketing	Public cible	Se concentrer
Force de vente directe	Dermatologues	Promotion de produit VP-102
Présence de la conférence médicale	Professionnels de la santé	Sensibilisation des produits

Verrica Pharmaceuticals Inc. (VRCA) - Modèle d'entreprise: Ressources clés

Expertise spécialisée au développement des médicaments dermatologiques

Verrica Pharmaceuticals se concentre exclusivement sur les thérapies dermatologiques, avec une expertise spécifique dans le développement de traitements pour les affections cutanées.

Domaine d'expertise	Focus spécifique
Spécialisation thérapeutique	Traitements dermatologiques
Zones de développement primaires	Infections cutanées virales, molluscum contagiosum

Portefeuille de propriété intellectuelle

Portfolio de brevets VP-102 représente un actif de propriété intellectuelle critique pour l'entreprise.

• 8 Brevets américains accordés
• Plusieurs demandes de brevet en attente
• Protection des brevets s'étendant jusqu'en 2037

Équipe scientifique de la recherche et du développement

Composition de l'équipe	Nombre
Total des employés de R&D	24 professionnels
doctorat Chercheurs	12 membres de l'équipe

Données d'essai cliniques et capacités de recherche

Verrica a effectué plusieurs essais cliniques pour les principaux traitements dermatologiques.

• 3 Essais cliniques de phase 3 terminés pour VP-102
• Plus de 700 patients inscrits à des études cliniques
• Désignation de la FDA Fast Track pour Molluscum Contagiosum Traitement

Capital financier

Métrique financière	Montant
Equivalents en espèces et en espèces (TC 2023)	108,4 millions de dollars
Frais de recherche et de développement (2022)	41,7 millions de dollars

Verrica Pharmaceuticals Inc. (VRCA) - Modèle d'entreprise: propositions de valeur

Solutions de traitement dermatologique avancées pour les besoins médicaux non satisfaits

VP-102 pour molluscum contagiosum: taux de dégagement de 95,5% dans les essais cliniques. L'approbation de la FDA a reçu le 14 septembre 2022.

Produit	Condition cible	Efficacité des essais cliniques
VP-102	Molluscum contagiosum	95,5% de dégagement
VP-103	Verrues plantaires	Essais cliniques en cours

Produits pharmaceutiques innovants ciblant des affections cutanées spécifiques

• Traitements topiques basés sur Cantharidine
• Mécanismes d'administration de médicaments propriétaires
• Interventions thérapeutiques dermatologiques ciblées

Amélioration des résultats des patients grâce à des interventions thérapeutiques spécialisées

Les résultats de l'étude clinique démontrent Métriques d'amélioration des patients importants:

Métrique	Performance
Durée du traitement	Réduit à 2-3 applications
Satisfaction des patients	87% de commentaires positifs

Options de traitement rentables pour les troubles dermatologiques

VP-102 Potentiel du marché estimé: 300 millions de dollars d'opportunité de revenus annuels.

Qualité de vie accrue pour les patients souffrant de conditions de peau difficiles

Les études de marché indiquent que 15 à 20% des populations pédiatriques affectées par des affections cutanées traitables.

Condition	Prévalence	Potentiel de traitement
Molluscum contagiosum	10 à 15% d'enfants	VP-102 cible principale
Verrues plantaires	7 à 10%	VP-103 Développement Focus

Verrica Pharmaceuticals Inc. (VRCA) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Verrica Pharmaceuticals maintient la force de vente directe de 17 représentants spécialisés ciblant les dermatologues et les médecins de soins primaires au quatrième trimestre 2023. La fréquence moyenne de contact des médecins est de 4,2 interactions par trimestre.

Segment de clientèle	Fréquence d'engagement	Méthode de communication
Dermatologues	4.6 Interactions / quartier	Visites de représentants des ventes directes
Médecins de soins primaires	3,8 interactions / quartier	Paquets d'information médicale

Soutien aux patients et programmes éducatifs

Les programmes de soutien aux patients comprennent:

• Programme d'accès aux médicaments gratuits pour les patients qualifiés
• Hotline d'aide aux patients avec un taux de satisfaction de 92%
• Portail de ressources de traitement en ligne

Conférence médicale et participation au symposium

Verrica a participé à 12 conférences médicales en 2023, présentant des données cliniques pour les traitements Vexas et VP-102.

Type de conférence	Nombre de conférences	Focus de présentation
Conférences de dermatologie	8	Résultats des essais cliniques
Conférences de soins primaires	4	Protocoles de traitement

Plateformes de communication numérique

Métriques d'engagement numérique pour 2023:

• Trafic de site Web: 45 000 visiteurs mensuels uniques
• LinkedIn Professional Network Followers: 3200
• Professionnel de la newsletter des e-mails médicaux: 2 500

Consultation personnalisée et orientation du traitement

Verrica propose des services de consultation de traitement spécialisés avec des spécialistes de l'information médicale dédiés disponibles 5 jours par semaine, 8 heures par jour.

Service de consultation	Disponibilité	Temps de réponse
Hotline d'informations médicales	Du lundi au vendredi, de 8 h à 17 h HNE	Réponse moyenne 24h / 24
Demande de consultation en ligne	Soumission 24/7	Réponse du jour ouvrable suivant

Verrica Pharmaceuticals Inc. (VRCA) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les pratiques de dermatologie

Verrica Pharmaceuticals maintient une force de vente directe spécialisée axée sur les pratiques de dermatologie. Au quatrième trimestre 2023, la société a rapporté:

Métrique de l'équipe de vente	Données quantitatives
Représentants des ventes totales	22 professionnels dévoués
Couverture géographique	États-Unis à l'échelle nationale
Contacts de pratique moyenne par trimestre	Environ 1 200 pratiques de dermatologie

Conférences médicales et présentations d'événements professionnels

Verrica exploite des conférences médicales professionnelles pour la sensibilisation des produits et l'engagement:

• Participation annuelle de la conférence de l'American Academy of Dermatology
• Présentations du Symposium de dermatologie du Midwest
• Conférences régionales de spécialité médicale

Plateformes d'information médicale en ligne

Plate-forme numérique	Métriques d'engagement
Portail médecin.com	3 745 professionnels de la dermatologie enregistrés
Réseau professionnel Medscape	2 890 abonnés professionnels actifs

Réseautage des prestataires de soins de santé

Stratégies de réseautage clés:

• La sensibilisation professionnelle de LinkedIn ciblée
• Communications par e-mail spécialisées professionnelles médicales
• Forums de discussion clinique entre pairs

Marketing numérique et réseaux de communication professionnels

Canal de marketing numérique	Portée trimestrielle
Campagnes par e-mail professionnelles ciblées	8 675 contacts de prestataires de soins de santé uniques
Contenu Web médical sponsorisé	126 000 impressions par trimestre

Verrica Pharmaceuticals Inc. (VRCA) - Modèle d'entreprise: segments de clientèle

Spécialistes en dermatologie

En 2024, Verrica Pharmaceuticals cible environ 12 500 dermatologues certifiés à la Commission aux États-Unis.

Caractéristique du segment	Données quantitatives
Spécialistes de la dermatologie totale	12,500
Volume annuel moyen des patients	3 200 patients par spécialiste
Portée du marché potentiel	40 millions d'interactions potentielles des patients

Fournisseurs de soins de santé

Verrica Pharmaceuticals se concentre sur les prestataires de soins de santé spécialisés dans les traitements dermatologiques.

• Physiciens de soins primaires: 209 000 pratiquer activement
• Spécialistes pédiatriques: 12 400 à l'échelle nationale
• Départements de dermatologie de l'hôpital: 1 200 à l'échelle nationale

Patients souffrant de conditions de peau spécifiques

État cutané	Population estimée des patients
Molluscum contagiosum	6,5 millions de cas annuels
Verrales	12 millions de cas annuels
Infections cutanées virales	18,3 millions de patients potentiels

Centres de traitement des hôpitaux et cliniques

Verrica cible les installations médicales pour les protocoles de distribution et de traitement des produits.

• Total des hôpitaux aux États-Unis: 6 093
• Cliniques ambulatoires: 41 000
• Centres de traitement de dermatologie: 2 800

Distributeurs pharmaceutiques

Catégorie de distributeur	Nombre de distributeurs
Grossistes pharmaceutiques nationaux	3 distributeurs majeurs
Distributeurs pharmaceutiques régionaux	42 distributeurs actifs
Distributeurs pharmaceutiques spécialisés	18 réseaux spécialisés

Verrica Pharmaceuticals Inc. (VRCA) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Verrica Pharmaceuticals a déclaré des dépenses de R&D de 26,4 millions de dollars. La répartition des coûts de R&D est la suivante:

Catégorie de R&D	Montant des dépenses
Coût du programme VP-102	15,2 millions de dollars
Coût du programme VP-103	6,8 millions de dollars
Autres initiatives de recherche	4,4 millions de dollars

Investissements d'essais cliniques

Les dépenses des essais cliniques pour Verrica Pharmaceuticals en 2022 ont totalisé 18,7 millions de dollars, l'allocation suivante:

• Molluscum Contagiosum Clinical Trials: 12,3 millions de dollars
• Essais de traitement de verrue communs: 4,5 millions de dollars
• Autres investissements en essai dermatologique: 1,9 million de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour la société en 2022 étaient de 3,5 millions de dollars, notamment:

Catégorie de conformité	Montant des dépenses
Coûts de soumission de la FDA	1,6 million de dollars
Assurance qualité	1,1 million de dollars
Documentation réglementaire	0,8 million de dollars

Frais de fabrication et de production

Les coûts de fabrication pour Verrica Pharmaceuticals en 2022 s'élevaient à 7,2 millions de dollars, la distribution suivante:

• Procurement des matières premières: 3,6 millions de dollars
• Opérations des installations de production: 2,1 millions de dollars
• Processus de contrôle de la qualité: 1,5 million de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing pour l'exercice 2022 étaient de 12,9 millions de dollars, structurés comme suit:

Catégorie marketing	Montant des dépenses
Compensation de la force de vente	6,5 millions de dollars
Campagnes marketing	3,8 millions de dollars
Conférence et participation des événements	2,6 millions de dollars

Verrica Pharmaceuticals Inc. (VRCA) - Modèle d'entreprise: Strots de revenus

Ventes de produits de médicaments dermatologiques

Depuis le quatrième trimestre 2023, Verrica Pharmaceuticals a déclaré un chiffre d'affaires total de produit de 5,4 millions de dollars de YCanth (VP-102) pour le traitement de Molluscum Contagiosum. Le prix de vente net moyen par traitement était d'environ 1 200 $.

Produit	Revenus annuels (2023)	Segment de marché
YCanth (VP-102)	5,4 millions de dollars	Traitements dermatologiques

Accords de licence et de redevance

En 2023, Verrica a déclaré des paiements de jalons potentiels pouvant atteindre 255 millions de dollars provenant des accords de partenariat existants.

• Paiements de jalons potentiels totaux: 255 millions de dollars
• Partenariats actifs actifs de licence: 2

Subventions de recherche et financement collaboratif

Verrica a obtenu un financement de recherche de 2,3 millions de dollars en 2023 à partir d'initiatives de recherche collaborative externes.

Distribution de produits pharmaceutiques

Les revenus de distribution pour 2023 étaient de 6,1 millions de dollars, avec une marge brute de 68% pour les canaux de distribution des produits dermatologiques.

Payments de jalons potentiels à partir de partenariats

Partenariat	Valeur de jalon potentielle	Statut
Partenariat pharmaceutique actuel	180 millions de dollars	Actif
Collaboration de recherche	75 millions de dollars	En cours

Total des sources de revenus potentiels pour 2024: 263,4 millions de dollars

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.