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WEST CHESTER, Pa. - Verrica Pharmaceuticals Inc. (NASDAQ:VRCA), a company specializing in dermatology therapeutics with a current market capitalization of $40.38 million, announced today the appointment of Gavin Corcoran, M.D., to its Board of Directors. According to InvestingPro analysis, the company’s stock is currently trading below its Fair Value, though investors should note its weak financial health score of 1.44 out of 5. The addition of Dr. Corcoran, an experienced pharmaceutical executive, is expected to bolster Verrica’s strategic planning and execution as the company progresses in its commercial and developmental endeavors.
Dr. Corcoran’s background includes a tenure as Chief Development Officer at Formation Bio since November 2021, and leadership roles at other biopharmaceutical companies such as Sio Gene Therapies and Allergan. His medical degree was obtained from the University of Witwatersrand, South Africa, followed by clinical training in Texas.
The company, which recently reached a pivotal stage in its commercial business, has seen an uptick in prescriptions for its FDA-approved product, YCANTH® (VP-102), for treating molluscum contagiosum. InvestingPro data reveals impressive revenue growth of 47.66% in the last twelve months, though the company faces challenges with negative gross profit margins of -92.7%. For deeper insights into Verrica’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro. This skin condition affects around six million people in the U.S., predominantly children. YCANTH® is notable for being the first and only FDA-approved treatment for molluscum contagiosum in both adults and pediatric patients over two years of age.
In his statement, Dr. Corcoran expressed optimism about Verrica’s growth and the potential of its clinical pipeline to address significant unmet needs in dermatology. The company’s president and CEO, Jayson Rieger, Ph.D., MBA, praised Dr. Corcoran’s proven track record and anticipates his contributions will be instrumental in achieving Verrica’s strategic goals.
Verrica’s product, YCANTH® (VP-102), is also being developed to treat common warts, a major unaddressed area in medical dermatology. Additionally, Verrica has entered a licensing agreement to develop and commercialize VP-315 for non-melanoma skin cancers.
The press release also includes forward-looking statements regarding the commercialization and clinical development of Verrica’s products. These statements are subject to market conditions and customary closing conditions, among other risks and uncertainties detailed in Verrica’s filings with the SEC. Notably, InvestingPro indicates the stock has experienced significant volatility, with a -92.86% return over the past year. InvestingPro subscribers have access to 10+ additional ProTips and extensive financial metrics to better assess the company’s potential.
This announcement is based on a press release statement from Verrica Pharmaceuticals Inc.
In other recent news, Verrica Pharmaceuticals reported its fourth-quarter 2024 earnings, showing a mixed financial performance. The company achieved an earnings per share (EPS) of -$0.24, surpassing analysts’ expectations of -$0.30. However, revenue fell short at $340,000, missing the anticipated $532,750. Despite the revenue miss, Verrica Pharmaceuticals emphasized strong growth in Wycanth adoption and significant reductions in operating expenses, demonstrating financial discipline. The full-year 2024 revenue reached $7.6 million, up from $5.1 million in 2023, but the company reported a GAAP net loss of $76.8 million for the year. Analysts from firms such as TD Cowen and RBC Capital Markets engaged with the company’s leadership, discussing the potential growth in 2025 and the expansion of Wycanth into the pediatric market. Verrica Pharmaceuticals is also focusing on advancing its clinical stage pipeline, including the development of Wycanth for common warts and the oncology asset BP315 for basal cell carcinoma. The company remains optimistic about achieving cash flow positivity by the end of the year through strategic cost management and market expansion efforts.
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