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Christopher G. Hayes, the Chief Legal Officer of Verrica Pharmaceuticals Inc. (NASDAQ:VRCA), recently sold a portion of his holdings in the company. According to a recent SEC filing, Hayes sold 4,315 shares of common stock at an average price of $0.65 per share, generating a total of $2,804. The transaction comes as VRCA shares have declined nearly 87% over the past year, with the company currently valued at approximately $59 million. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value estimate. This transaction, which took place on March 17, 2025, was executed to cover statutory tax withholding obligations related to the settlement of restricted stock units, as per the company’s 2018 equity incentive plan.
In addition to this sale, Hayes was granted an option to purchase 250,000 shares of common stock at an exercise price of $0.89 per share. This option, dated March 14, 2025, will vest in two equal parts on March 14, 2026, and March 14, 2027, contingent upon Hayes’s continuous service with the company. Following these transactions, Hayes holds 176,458 shares directly.
In other recent news, Verrica Pharmaceuticals reported its fourth-quarter 2024 earnings, presenting a mixed financial outcome. The company exceeded analysts’ expectations with an earnings per share (EPS) of -$0.24, compared to the anticipated -$0.30. However, revenue fell short, coming in at $340,000 against the forecasted $532,750. Despite the revenue miss, the company highlighted a significant reduction in operating expenses, demonstrating improved financial discipline. The full year 2024 revenue reached $7.6 million, an increase from $5.1 million in 2023, although the GAAP net loss stood at $76.8 million. Verrica Pharmaceuticals also announced strategic developments, such as a new commercialization strategy for Wycanth and progress in its clinical-stage pipeline, including the advancement of its basal cell carcinoma asset, BP315. The company secured a $42 million equity follow-on offering in November, which strengthened its financial position. Analysts from firms like TD Cowen and RBC Capital Markets have shown interest in the company’s strategic shifts and market expansion efforts.
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