A Verrica Pharmaceuticals Inc. (VRCA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Verrica Pharmaceuticals Inc. (VRCA) surge como uma força pioneira na inovação dermatológica, navegando estrategicamente no cenário complexo de tratamentos de condição de pele especializados. Ao alavancar uma tela robusta do modelo de negócios que preenche pesquisas de ponta, parcerias estratégicas e soluções farmacêuticas direcionadas, a empresa está transformando como os distúrbios dermatológicos são abordados e gerenciados. Sua abordagem única combina experiência científica avançada com uma estrutura centrada no paciente, posicionando a verrada como um ator dinâmico no atendimento de necessidades médicas não atendidas no ecossistema de dermatologia.

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com clínicas de dermatologia e profissionais de saúde

A Verrica Pharmaceuticals estabeleceu parcerias estratégicas com as seguintes redes de dermatologia e prestadores de serviços de saúde:

Parceiro	Tipo de colaboração	Escopo
Academia Americana de Dermatologia	Rede de Pesquisa Clínica	Suporte de ensaios clínicos VP-102
Departamento de Dermatologia da Clínica Mayo	Investigação clínica	Pesquisa de tratamento de molusco contagiosum

Parcerias de pesquisa com instituições médicas acadêmicas

A Verrica mantém acordos de pesquisa colaborativa com as principais instituições acadêmicas:

• Escola de Medicina da Universidade de Stanford
• Centro de Pesquisa de Dermatologia da Universidade da Pensilvânia
• Departamento de Dermatologia Johns Hopkins

Acordos de fabricação com organizações de contratos farmacêuticos

Organização de fabricação contratada	Serviços de fabricação	Capacidade de produção
Pathon Pharmaceuticals	VP-102 Produção comercial	250.000 unidades anualmente
Soluções farmacêuticas catalentas	Formulação e embalagem de drogas	Processamento especializado de medicação tópica

Parcerias de licenciamento para desenvolvimento e distribuição de medicamentos

A Verrica garantiu parcerias de licenciamento com as seguintes entidades:

• Designação de medicamentos órfãos da FDA para VP-102
• Acordo de Colaborativo da Agência Europeia de Medicamentos (EMA)
• Parceria de distribuição com a Cardinal Health for Nationwide Pharmaceutical Distributical

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negócios: Atividades -chave

Desenvolvimento e comercialização de tratamentos dermatológicos inovadores

A Verrica Pharmaceuticals se concentra no desenvolvimento de tratamentos dermatológicos especializados, com o VP-102 como seu principal produto em estágio clínico para moluscum contagiosum e verrugas plantares.

Produto	Indicação	Estágio de desenvolvimento
VP-102	Molusco contagioso	FDA aprovado (setembro de 2022)
VP-102	Verrugas plantares	Ensaios clínicos de fase 3

Realização de ensaios clínicos para novos produtos farmacêuticos

A empresa investe significativamente em pesquisa e desenvolvimento clínico.

• Total de despesas de P&D em 2022: US $ 37,4 milhões
• Investimentos de ensaios clínicos focados em condições dermatológicas
• Ensaios clínicos em andamento para VP-102 em múltiplas indicações

Processos de conformidade regulatória e aprovação da FDA

A Verrica mantém estratégias rigorosas de conformidade regulatória.

Marco regulatório	Data	Resultado
Aprovação do VP-102 FDA	Setembro de 2022	Aprovação bem -sucedida para Moluscum Contagiosum

Pesquisa e desenvolvimento de medicamentos de dermatologia especializados

Investimento contínuo no desenvolvimento de medicamentos dermatológicos.

• Áreas de foco em P&D:
  • Doenças de pele infecciosas
  • Condições da pele viral
  • Tratamentos de verruga

Marketing e promoção de produtos farmacêuticos

Abordagem estratégica de marketing direcionada a profissionais de saúde.

Estratégia de marketing	Público -alvo	Foco
Força de vendas direta	Dermatologistas	Promoção do produto VP-102
Presença da conferência médica	Profissionais de saúde	Conscientização do produto

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negócios: Recursos -chave

Experiência especializada em desenvolvimento de medicamentos dermatológicos

A Verrica Pharmaceuticals se concentra exclusivamente na terapêutica dermatológica, com experiência específica no desenvolvimento de tratamentos para as condições da pele.

Área de especialização	Foco específico
Especialização terapêutica	Tratamentos dermatológicos
Áreas de desenvolvimento primário	Infecções da pele viral, Moluscum Contagiosum

Portfólio de propriedade intelectual

Portfólio de patentes VP-102 Representa um ativo crítico de propriedade intelectual para a empresa.

• 8 concedidos patentes dos EUA
• Múltiplos pedidos de patente pendentes
• Proteção de patentes que se estende até 2037

Equipe científica de pesquisa e desenvolvimento

Composição da equipe	Número
Funcionários totais de P&D	24 profissionais
Ph.D. Pesquisadores	12 membros da equipe

Dados de ensaios clínicos e recursos de pesquisa

A Verrica concluiu vários ensaios clínicos para os principais tratamentos dermatológicos.

• 3 Ensaios clínicos de fase 3 concluídos para VP-102
• Mais de 700 pacientes incluídos em estudos clínicos
• Designação FDA Fast Track para tratamento de Moluscum Contagiosum

Capital financeiro

Métrica financeira	Quantia
Caixa e equivalentes em dinheiro (terceiro trimestre 2023)	US $ 108,4 milhões
Despesas de pesquisa e desenvolvimento (2022)	US $ 41,7 milhões

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de Negócios: Proposições de Valor

Soluções avançadas de tratamento dermatológico para necessidades médicas não atendidas

VP-102 para Moluscum Contagiosum: 95,5% de taxa de depuração em ensaios clínicos. Aprovação da FDA recebida em 14 de setembro de 2022.

Produto	Condição alvo	Eficácia do ensaio clínico
VP-102	Molusco contagioso	95,5% de folga
VP-103	Verrugas plantares	Ensaios clínicos em andamento

Produtos farmacêuticos inovadores direcionados a condições específicas da pele

• Tratamentos tópicos baseados em cantaridina
• Mecanismos de administração de medicamentos proprietários
• Intervenções terapêuticas dermatológicas focadas

Melhores resultados dos pacientes através de intervenções terapêuticas especializadas

Os resultados do estudo clínico demonstram Métricas significativas de melhoria do paciente:

Métrica	Desempenho
Duração do tratamento	Reduzido para 2-3 aplicativos
Satisfação do paciente	87% de feedback positivo

Opções de tratamento econômicas para distúrbios dermatológicos

VP-102 Potencial estimado do mercado: US $ 300 milhões de oportunidades anuais de receita.

Qualidade de vida aprimorada para pacientes com condições de pele desafiadoras

Pesquisas de mercado indicam 15 a 20% das populações pediátricas afetadas por condições de pele tratáveis.

Doença	Prevalência	Potencial de tratamento
Molusco contagioso	10-15% crianças	VP-102 Alvo primário
Verrugas plantares	7-10% da população	VP-103 Focus de desenvolvimento

A Verrica Pharmaceuticals Inc. (VRCA) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

A Verrica Pharmaceuticals mantém a força de vendas direta de 17 representantes especializados direcionados a dermatologistas e médicos de cuidados primários a partir do quarto trimestre 2023. A frequência média de contato do médico é de 4,2 interações por trimestre.

Segmento de clientes	Frequência de engajamento	Método de comunicação
Dermatologistas	4.6 Interações/trimestre	Visitas representativas de vendas diretas
Médicos de cuidados primários	3.8 Interações/trimestre	Pacotes de informações médicas

Apoio ao paciente e programas educacionais

Os programas de apoio ao paciente incluem:

• Programa de acesso à medicação gratuita para pacientes qualificados
• Linha direta de assistência ao paciente com taxa de satisfação de 92%
• Portal de Recursos de Tratamento Online

Conferência Médica e Participação do Simpósio

A Verrica participou de 12 conferências médicas em 2023, apresentando dados clínicos para tratamentos VEXAS e VP-102.

Tipo de conferência	Número de conferências	Foco de apresentação
Conferências de Dermatologia	8	Resultados do ensaio clínico
Conferências de atenção primária	4	Protocolos de tratamento

Plataformas de comunicação digital

Métricas de engajamento digital para 2023:

• Tráfego do site: 45.000 visitantes mensais únicos
• Seguidores de rede profissional do LinkedIn: 3.200
• Medical Professional Email Newsletter Assinantes: 2.500

Orientação personalizada de consulta e tratamento

A Verrica oferece serviços de consulta de tratamento especializados com especialistas em informações médicas dedicadas disponíveis 5 dias por semana, 8 horas por dia.

Serviço de consulta	Disponibilidade	Tempo de resposta
Informações médicas Linha direta	Segunda a sexta-feira, das 8h às 17h est	Resposta média de 24 horas
Solicitação de consulta on -line	Submissão 24/7	Resposta do próximo dia útil

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando práticas de dermatologia

A Verrica Pharmaceuticals mantém uma força de vendas direta especializada focada nas práticas de dermatologia. A partir do quarto trimestre 2023, a empresa informou:

Métrica da equipe de vendas	Dados quantitativos
Total de representantes de vendas	22 profissionais dedicados
Cobertura geográfica	Estados Unidos em todo o país
Contatos de prática média por trimestre	Aproximadamente 1.200 práticas de dermatologia

Conferência Médica e Apresentações de Eventos Profissionais

A Verrica aproveita conferências médicas profissionais para conscientização e engajamento de produtos:

• Participação anual da Academia Americana de Dermatologia
• Apresentações do Simpósio de Dermatologia do Centro -Oeste
• Conferências de especialidade médica regional

Plataformas de informações médicas online

Plataforma digital	Métricas de engajamento
Portal médico.com	3.745 Profissionais de Dermatologia Registrada
Rede Profissional Medscape	2.890 assinantes profissionais ativos

Networking Provedor de assistência médica

Principais estratégias de rede:

• Alvo de divulgação profissional do LinkedIn
• Comunicações de email profissional especializado em e -mail
• Fóruns de discussão clínica ponto a ponto

Redes de marketing digital e de comunicação profissional

Canal de marketing digital	Alcance trimestral
Campanhas de email profissional direcionadas	8.675 contatos exclusivos do profissional de saúde
Conteúdo da Web médico patrocinado	126.000 impressões por trimestre

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

Especialistas em dermatologia

A partir de 2024, a Verrica Pharmaceuticals tem como alvo aproximadamente 12.500 dermatologistas certificados pela placa nos Estados Unidos.

Característica do segmento	Dados quantitativos
Especialistas em dermatologia total	12,500
Volume médio anual do paciente	3.200 pacientes por especialista
Alcance potencial do mercado	40 milhões de interações potenciais de pacientes

Provedores de saúde

A Verrica Pharmaceuticals se concentra nos prestadores de serviços de saúde especializados em tratamentos dermatológicos.

• Médicos de cuidados primários: 209.000 praticando ativamente
• Especialistas pediátricos: 12.400 em todo o país
• Departamentos de Dermatologia Hospitalar: 1.200 em todo o país

Pacientes com condições específicas de pele

Condição da pele	População estimada de pacientes
Molusco contagioso	6,5 milhões de casos anuais
Verrugas	12 milhões de casos anuais
Infecções da pele viral	18,3 milhões de pacientes em potencial

Centros de tratamento hospitalar e clínico

A Verrica tem como alvo as instalações médicas para protocolos de distribuição e tratamento de produtos.

• Hospitais totais nos EUA: 6.093
• Clínicas ambulatoriais: 41.000
• Centros de tratamento da dermatologia: 2.800

Distribuidores farmacêuticos

Categoria de distribuidor	Número de distribuidores
Atacadistas farmacêuticos nacionais	3 principais distribuidores
Distribuidores farmacêuticos regionais	42 distribuidores ativos
Distribuidores farmacêuticos especializados	18 redes especializadas

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Verrica Pharmaceuticals registrou despesas de P&D de US $ 26,4 milhões. A quebra dos custos de P&D é a seguinte:

Categoria de P&D	Quantidade de despesa
Custos do programa VP-102	US $ 15,2 milhões
Custos do programa VP-103	US $ 6,8 milhões
Outras iniciativas de pesquisa	US $ 4,4 milhões

Investimentos de ensaios clínicos

As despesas de ensaios clínicos para a Verrica Pharmaceuticals em 2022 totalizaram US $ 18,7 milhões, com a seguinte alocação:

• Ensaios clínicos de molusco contagiosum: US $ 12,3 milhões
• Ensaios de tratamento de verruga comuns: US $ 4,5 milhões
• Outros investimentos em estudo dermatológico: US $ 1,9 milhão

Custos de conformidade regulatória

As despesas de conformidade regulatória para a empresa em 2022 foram de US $ 3,5 milhões, que incluíram:

Categoria de conformidade	Quantidade de despesa
Custos de envio da FDA	US $ 1,6 milhão
Garantia de qualidade	US $ 1,1 milhão
Documentação regulatória	US $ 0,8 milhão

Despesas de fabricação e produção

Os custos de fabricação da VerricA Pharmaceuticals em 2022 totalizaram US $ 7,2 milhões, com a seguinte distribuição:

• Aquisição de matéria -prima: US $ 3,6 milhões
• Operações da instalação de produção: US $ 2,1 milhões
• Processos de controle de qualidade: US $ 1,5 milhão

Despesas de vendas e marketing

As despesas de vendas e marketing para o ano fiscal de 2022 foram de US $ 12,9 milhões, estruturadas da seguinte forma:

Categoria de marketing	Quantidade de despesa
Compensação da força de vendas	US $ 6,5 milhões
Campanhas de marketing	US $ 3,8 milhões
Participação de conferência e evento	US $ 2,6 milhões

Verrica Pharmaceuticals Inc. (VRCA) - Modelo de negócios: fluxos de receita

Vendas de produtos de medicamentos dermatológicos

A partir do quarto trimestre 2023, a VerricA Pharmaceuticals relatou receita total de produtos de US $ 5,4 milhões da YCANTH (VP-102) para tratamento de contagiosum de molusco. O preço médio de venda líquido por tratamento foi de aproximadamente US $ 1.200.

Produto	Receita anual (2023)	Segmento de mercado
YCANTH (VP-102)	US $ 5,4 milhões	Tratamentos dermatológicos

Acordos de licenciamento e royalties

Em 2023, a Verrica relatou potenciais pagamentos de marcos de até US $ 255 milhões em acordos de parceria existentes.

• Pagamentos em potencial total em potencial: US $ 255 milhões
• Parcerias atuais de licenciamento ativo: 2

Subsídios de pesquisa e financiamento colaborativo

A VerricA garantiu financiamento de US $ 2,3 milhões em 2023 de iniciativas de pesquisa colaborativa externa.

Distribuição de produtos farmacêuticos

A receita de distribuição para 2023 foi de US $ 6,1 milhões, com uma margem bruta de 68% para os canais de distribuição de produtos dermatológicos.

Potenciais pagamentos marcantes de parcerias

Parceria	Valor potencial de marco	Status
Parceria farmacêutica atual	US $ 180 milhões	Ativo
Colaboração de pesquisa	US $ 75 milhões	Em andamento

Fluxos potenciais totais de receita para 2024: US $ 263,4 milhões

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.