Verica Pharmaceuticals at Jefferies Conference: Strategic Path to Growth

On Wednesday, 04 June 2025, Verica Pharmaceuticals (NASDAQ:VRCA) took center stage at the Jefferies Global Healthcare Conference 2025. CEO Jason Rieger outlined the company’s strategic vision, balancing optimism with the challenges ahead. Verica’s focus on product expansion and operational efficiency aims to drive growth and approach breakeven by year-end.

Key Takeaways

• Verica Pharmaceuticals is expanding the reach of Wyckhamth for molluscum contagiosum and progressing its drug pipeline.
• The company reported 16% growth in Q1, following a significant sales force restructuring.
• Verica aims to achieve operational breakeven by the end of the year, focusing on expense management and revenue growth.
• Challenges include navigating reimbursement complexities and maintaining financial compliance.
• The company is advancing clinical trials for common warts and basal cell carcinoma.

Financial Results

Verica Pharmaceuticals posted a 16% growth in the first quarter, marking a positive trajectory post-restructuring. The company reduced its sales force by two-thirds, significantly cutting its burn rate. Despite the lack of specific revenue guidance, Verica remains optimistic about maintaining momentum through the year.

At the end of the last quarter, Verica reported a cash balance of $29.6 million. However, a "going concern" was noted regarding cash liquidity covenants in Q3, though this does not account for potential revenue changes or milestones from Tori Pharmaceutical. The company holds a $50 million debt facility with Orbit, with $45 million outstanding, and is on a straight-line amortization repayment plan over three years.

Operational Updates

Wyckhamth, launched in July of the previous year, has seen a strategic shift from a buy-and-bill model to specialty pharmacy distribution. This model, along with a co-pay assistance program, aims to enhance patient access and expand insurance coverage, which now includes over 220 million lives.

The sales force restructuring has led to increased productivity, with higher dispensed units per representative. Verica is open to expanding its sales team in areas with significant market potential.

The company’s pipeline is advancing, with a Phase 3 trial for common warts with Tori Pharmaceutical and promising Phase 2 data for basal cell carcinoma showing a 97% response rate.

Future Outlook

Verica Pharmaceuticals is focused on managing expenses and driving revenue growth to achieve operational breakeven by year-end. Strategic priorities include expanding insurance coverage, increasing physician adoption of Wyckhamth, and advancing clinical trials.

Potential challenges include reimbursement complexities and competition in the molluscum market. However, Verica sees significant opportunities in expanded coverage, increased adoption, and pipeline progress.

Q&A Highlights

• The transition to a specialty pharmacy model is addressing reimbursement challenges.
• Despite sales force reduction, productivity has increased with higher unit sales.
• Insurance coverage expansion remains a priority, including both medical and pharmacy benefits.
• The company is advancing its pipeline, notably with a Phase 3 trial for common warts and further development of its basal cell carcinoma program.

Readers are encouraged to refer to the full transcript for more detailed insights into Verica Pharmaceuticals’ strategic plans and financial performance.

Full transcript - Jefferies Global Healthcare Conference 2025:

Dennis Ng, Biotech Analyst, Jefferies: Good afternoon. Welcome to day one of the Jefferies Healthcare Conference. My name is Dennis Ng, biotech analyst here at Jefferies. I have the great pleasure of having Verica Pharmaceuticals here with us. We have CEO Jason Rieger.

Welcome. So why don’t we kick things off with just a brief background and overview about the company, where you are today, and just kind of what’s been happening over the last few years, just sort of as a background, and then we can go from there.

Jason Rieger, CEO, Verica Pharmaceuticals: Sure. Thank you, Dennis, thank you for allowing us to have this conversation today. Verica Pharmaceuticals is a dermatological focused company, in office treatment primarily at the moment with our commercial stage asset, YCAM, for the treatment of molluscum contagiosum. Product was launched in July of last year and has been on commercial market, you know, since that period of time. Myself, I joined the company in November of last year, so just over six months ago, and, you know, began to sort of restructure sort of the commercial launch of the program.

Moeluscum is about a six million prevalence disease, primarily pediatrics, and very, very underserved, and historically not a lot of there’s no commercially available treatments for it. Curettage or cryotherapy would be the approaches that would be taken, primarily by dermatologists. This know, Wyckhamth now offers a product for patients and HCPs to administer in the office, and address a contagious and disease that lasts thirteen months on average, and up to five years.

Dennis Ng, Biotech Analyst, Jefferies: So

Jason Rieger, CEO, Verica Pharmaceuticals: the company began about six or seven years ago when it went public, worked through FDA approval from preclinical through to commercialization. Ran into a few challenges getting the drug approved, but ultimately launched the product. And now the management team has come on board, reinitiated the commercial strategy. I’m sure we’ll talk a little bit about that today. And then also focusing on the expansion of our pipeline.

The same molecule in Wycanth, active ingredient, cantheridin, can be used historically for common warts. We’ve run a phase two study for that, and are looking to start a phase three trial with our Japanese partner, Tori Pharmaceutical. They’ve also run a study in molluscum, complete phase three results, and filed for approval in Japan last year, which could also occur as early as this year. And then we have a asset for basal cell carcinoma that we’re happy to talk to is in Completed phase two, had an end of phase two meeting, and we’ll be providing updates to the street on that later this year.

Dennis Ng, Biotech Analyst, Jefferies: Okay. For people who aren’t familiar with molluscum, can you just give a brief background as to what it looks like, how it feels, and then how does why can’t work, and what’s kind of the clinical profile of white cancer?

Jason Rieger, CEO, Verica Pharmaceuticals: Absolutely. So molluscum is in a pox virus, you know, family of diseases. Most people describe it very similar to a chickenpox kind of virus. But unlike chickenpox, which resolves in a few weeks, this can be a year or longer. It is also very contagious.

If children scratch or itch, it can transfer to other children, siblings. It can live on clothing or toys, and importantly has a several week incubation period. So while lesion may disappear, if you touched other parts of your skin, it can incubate and a few weeks later show up as new little pustule bumps. Wycanth is a vesicant, so it’s a very mild blistering agent. You apply it with a precision applicator that was designed by Verica.

You put a small drop of product you know, the EHP put a small drop of product on the lesion. Within twelve to twenty four hours, typically, a small water blister will form, very similar to if you’re working in the yard. That will resolve in twenty four to forty hours after that, and that destroys the lesion. It also stimulates your immune system to recognize the virus and eradicate it. And because the incubation period of the virus can be a few weeks before a new lesion would appear, the clinical regimen is typically repeat administration in the office about every three weeks.

And what we’re finding is most patients either completely eradicate or substantially eradicate, you know, all of their lesions with two to three treatments.

Dennis Ng, Biotech Analyst, Jefferies: Okay. Great. And, you know, since your approval and you guys have been out there launching, what’s been the feedback been from the clinicians in terms of the efficacy profile of YCAMF?

Jason Rieger, CEO, Verica Pharmaceuticals: The clinicians have been very, very pleased with the efficacy and the safety profile of YCAMF. Our clinical studies were very robust in from our phase three studies. The FDA set a bar of 100% clearance as the as the achievement goal, and we exceeded that. We achieved that in our phase three programs. We also showed significant data reducing the number of lesions that were present dramatically, both from the first visit, you know, and existing lesions over the course of a twelve week cycle study of up to four treatments.

In the placebo group, for example, during that same period of time, the net number of lesions those patients had was closer to zero in terms of change, versus eighty percent reduction for those on YCAMP. So it dramatically and quickly eliminates those lesions. And then as you do follow-up visits, it you continue to catch any lesions that might show up.

Dennis Ng, Biotech Analyst, Jefferies: Okay. So then what about reimbursement and some of the strategy there, you know, on the ground, and how things may have changed over the last twelve months?

Jason Rieger, CEO, Verica Pharmaceuticals: Yeah. So reimbursement was probably the biggest challenge the company faced early on. Because it is a drug device combination product, they we launched with a temporary J code, and, you know, that in a buy and bill model. So that’s where the doctor would buy the product at a discount. The patient comes in, they would treat the patient, and then they would handle the insurance adjudication, and could possibly make a small profit on the drug, in addition to doing the procedure for treatment of the lesions.

Unfortunately, some of the challenges there are some challenges in that reimbursement model. And since that time, over the last six months, and even before that, since I’ve been there, they’ve been focused very heavily on expanding the insurance coverage. You know, the permanent j code was issued. It’s now present as of q three last year. So that’s now reduced the risk for clinicians to get reimbursed.

But as we began thinking about the flow of the patient and how they access the drug and the treatment of the disease, typically, you know, child wakes up, parent, you know, helping them get ready for school, notices, you know, bumps on the skin, and, you know, mom or dad will then call the pediatrician and bring them in and say, hey, what do you think? Is a problem? Something I should worry about? Should we get treated? And the pediatrician historically had nothing to do.

There was no treatment they could offer. They tell the parent, go home, watch it for a year or longer, and see what happens. Some parents wanted to seek treatment. They would go to the dermatologist. Dermatologists would use a compounded product or off label products to try and treat the disease.

But historically, the active ingredient in ycant, comtharidin, was known to be a very potent molecule for this. It was just not formulated in a GMP process. The quality control was not there. And importantly, the stability of the product was not there. There was no stability program.

MICAT addresses all those things. And the extent of the blistering that can form is directly proportional to the concentration. So having a very stable concentration allows a doctor to have a more predictable outcome for the patient, and for the treatment of the disease. As we think through the distribution model, pediatricians, as they’re the first line of defense against the disease, would either refer to a dermatologist, and we still see a large percentage of our customers are dermatologists. The pediatricians don’t really do buy and bill.

And so we began to establish a specialty pharmacy approach for treatment of the disease and providing the product. So a doctor would write a script like they normally would to a specialty pharmacy. The pharmacy could either courier over the product, or ship it to the doctor’s office. It would show up, and the patient could get treated. Importantly, we set up a co pay assist program, where the maximum out of pocket for the patient was $25 for up to two applicators.

So it makes the cost burden to the patient manageable. The clinician doesn’t have to deal with any of the paperwork for buy and bill reimbursement, but still can do the procedure code to treat the patient. So our mixture of business now has shifted from that original buy and bill approach to a pharmacy approach, both regional and national sort of specialty pharmacy distribution channel. And that mixture has really expanded the access to a larger number of patients.

Dennis Ng, Biotech Analyst, Jefferies: Okay. Maybe going to a little bit more detail in terms of coverage. Yep. Where were you before? Where are you today?

And, like, how you think that will be evolving going forward?

Jason Rieger, CEO, Verica Pharmaceuticals: So when the product was launched, it was launched under the the medical benefit, you know, primarily on the commercial side As you know, many of the patients you’re seeking treatment of dermatologists were having commercial pay. Since then, know, there’s been an expansion both in the Medicaid portion, you know, where there’s a large number of Medicaid patients, particularly seeing the pediatricians. And also expanding to the pharmacy benefit. So as you think through, you know, those two approaches, both of them need required, you know, insurance, both Medicaid, managed Medicaid, and commercial plans. And so we’ve worked our team has worked very diligently to expand that access and make it more seamless for the clinicians to write the script and to get fulfilled.

And every day, our team is constantly, you know, negotiating with the payers to expand that access, And we’re seeing that really start to grow. We’ve recently reported we have over two twenty million lives covered under either medical or pharmacy benefit. And we’ll continue to try and get as much dual coverage across the country as we can, across every plan as possible.

Dennis Ng, Biotech Analyst, Jefferies: Okay. And do you have any kind of timelines on that? Like, how how are you going to update investors around the progress?

Jason Rieger, CEO, Verica Pharmaceuticals: So we continue to make progress, you know, every quarter. I would say that a lot of those plans, you know, can take three months to twelve months to go through. We began that process last year, so I’d expect we’d have material advancement in sort of getting good coverage across both those, to the extent it’s possible across all states this year. That’s sort of the working goal we keep having, to have a large number of covered lives that have access to at least one type of benefit. You know, there are certain states or certain plans for an HCP administered product that would mandate that only the medical benefit is applicable versus the pharmacy, but there are a lot of plans that also do dual benefit.

So we’re working on solutions to allow for as many patients to get treated and the doctor to treat with the type of prescribing approach that they prefer.

Dennis Ng, Biotech Analyst, Jefferies: Okay. And can you walk us through the journey from when a patient goes into the doctor for diagnosis, and then the doctor prescribes it, and then there’s a bunch of steps in between until the patient actually gets treated. So just walk us through that, because I think it’s kind of important to understand that it’s not necessarily the same day treatment, right? And is there any kind of opportunity to narrow that window?

Jason Rieger, CEO, Verica Pharmaceuticals: So I would say there’s several scenarios to this. One, patient presents to a pediatrician. They either can write the script and have it couriered over. The important aspect of that is pediatricians are very used to fifteen minute urgent care, sick child visits. It pays easy for the patient to go home and come back later that week when the drug comes in, making sure it gets covered.

We do have a robust sampling program to allow for same day treatment when applicable for the clinician. Or if that clinician doesn’t want to treat, they can refer to a dermatologist. When they make the referral, they can refer with the diagnosis, so that the drug can be ordered and adjudicated for the patient before they show up for that visit. There’s also the possibility of under certain plans where the doctor is done by a bill, they could get treated that same day. And so what we try and match and marry up to is, what is the patient’s need, and what is their risk for coverage?

You know, in terms of do they are they willing to pay for the for the drug? And is the doctor still willing to do it at that time? Because this is a disease that’s not life threatening, it can last up to a year, and sometimes is actually diagnosed more routinely as a secondary diagnosis, when you’re in for a well child visit, either in for an upper respiratory infection, and the clinician would say, hey, by the way, you’ve got molluscum. Do you want to treat it? We’ve heard a lot of conversations even through that today in various presentations, where people have said training the doctor to diagnose, and then make a referral.

It was things patients have had for a long time, But this is a way to expedite the cure and the resolution of the disease. And so we’re finding that’s the most important, is having access to a safe and efficacious product that rapidly addresses resolution of the disease is the most important. Then making sure the coverage is there. And if there is a few days in that delay, it’s not that big a deal. And importantly, when they make that visit and the drug’s there, they usually schedule that week the follow-up visit for three weeks later, as it’s the typical treatment cycle.

So if there is an extra visit, it’s one time at the beginning. And then all the other visits are scheduled. The patient comes in, and there’s other number of lesions. They can order another applicator and have it there for that follow-up visit if necessary.

Dennis Ng, Biotech Analyst, Jefferies: Okay. Can you remind us because you guys reported Q1 recently, just remind us how much Wyckantha revenue was in Q1? And then now that we’re in the last month of Q2, just talk about the underlying demand trends. And should we be expecting like quarter over quarter sequential growth?

Jason Rieger, CEO, Verica Pharmaceuticals: So we don’t typically give guidance on sort of the revenue projections, etcetera. When we took over the the management of the company back in q four of last year, we reduced the sales force, reduced the burn of the company by about half, and the sales force by about two thirds. And we still show about 12% quarter over quarter growth versus q three. In q one, you know, we showed 16 over 16 growth over q four. That was our first real quarter of starting to operate the business, post restructuring, post new sales force, and having completed a financing last year in November.

And we saw solid momentum going through that quarter and growth throughout the quarter, achieving our 10,000 applicator milestone, which is the goal we set for ourselves as an ambitious milestone goal for the company. And we’re hoping to continue to seize on that momentum going into this quarter and throughout the year. We’re seeing good robust demand, and importantly, repeat purchases by the same clinicians. As they’re getting comfortable using the product, accessing the product, and with its performance, we’re seeing more routine use of this product by the same clinicians, and adoption by new clinicians, who are also very happy with sort of the new distribution model, where they can access it in multiple different ways and more conveniently.

Dennis Ng, Biotech Analyst, Jefferies: Have you talked about how many doctors are using Wyckhand?

Jason Rieger, CEO, Verica Pharmaceuticals: We have not disclosed that yet. In some cases, we know hospital systems that purchase the product in a buy and bill way. But how many clinicians within that hospital are dispensing it is not always transparent to us, As well as there are often practices that have a dozen doctors within them. And if they’re doing buy and bill, we’ll know the office is purchasing and using, and we’ll see that. But we have brought in some larger practices, and we start seeing ramps.

And where we do have that data, there is an example that I’ve seen recently, where there were a few, and now there are more than a dozen, who are starting to write and get comfortable. And as they start getting comfortable and using it, you start to see that momentum build. And I think that’s a nice thing we’re starting to see with the product, as people get comfortable with the access of it, and familiarity with the treatment cycle.

Dennis Ng, Biotech Analyst, Jefferies: Okay. And as you think about the rest of the year, I forget what consensus is exactly, but there is growth through the rest of the year.

Jason Rieger, CEO, Verica Pharmaceuticals: Yes.

Dennis Ng, Biotech Analyst, Jefferies: Where is their upside relative to consensus? What needs to happen on the ground? Is it like coverage, right, in terms of Medicare or something like that? Or is it something else? Is it just tying and just letting doctors getting more comfortable with the drug so that they can repeat prescriptions?

How are you thinking about that? Like, what are some pushes and pulls on that dynamic?

Jason Rieger, CEO, Verica Pharmaceuticals: So I would say there’s several fold. One, bringing a product into a hospital system or a large private equity group takes time. They have their bureaucracy and processes. And oftentimes, we start with one champion and go through that process. And they do it, and then it continues to expand.

Throughout this year, we set out a goal you know, when we first started, you know, before we’d had any experience with the asset of in running a business as an entrepreneur and a company in this environment, what is the first thing you need to do is manage your expenses and grow the business to be at least approaching operation breakeven. That’s sort of the goal we set for ourselves. And we’re still working very hard to achieving that goal by the end of this year on a month over month basis. So if we can achieve that goal, that’s a very robust accomplishment from where we started last year And provides a lot of opportunity for a sustainable business, a global business based on sort of Wycanth for Molluscum alone. And also to support the timeline where our phase three program for common warts can get initiated with our Japanese partner.

And I should say, that’s a really interesting opportunity to expand to over twenty million patients versus six million patients. And through the relationship we have with Tori, it’s a really important study. We’re gonna run it as a joint global study, where the costs are shift are shared fifty fifty. And importantly, they’re going to front Verica’s portion of that trial, and fund it out of future milestones and royalties, in addition to providing us an $8,000,000 milestone upon the initiation of the trial. So as you think through what we’re trying to do, it’s operate a very efficient business, you know, sensitive to the market dynamics, access to capital, etcetera.

We’re being judicious with our capital, but deploying it in a way to drive growth. And we see a, you know, a trend towards growth and and optimistic that we can achieve that, you know, by the end of the year.

Dennis Ng, Biotech Analyst, Jefferies: Okay. And, you know, you also mentioned that as part of the restructuring, the sales force got reduced by two thirds. Yep. So then, you know, with the new sales force or the, you know, well, I guess, yeah, like, with the reduction in sales force, how can you ensure that there’s still being that productivity is still good and that, you know, as you continue to monitor that through the year, that they’re still being productive and that they’re ramping up, etcetera?

Jason Rieger, CEO, Verica Pharmaceuticals: I would I would just say I’m extremely proud of the accomplishment of our commercial team. You know, they took a challenging environment, you know, and really hit the ground running. We had reps step up and do more with less. And what we’re finding is we’re getting higher, you know, number of dispensed units and applicators per rep than when we had 85 reps. Mhmm.

So you’re seeing a much higher productivity and growth in that in that base. We’ve actually hired reps over the last quarter. And a number of them are actually kicking off, because we’ve expanded coverage into certain states or territories. Or the pickup in business has been such that we need to divide some territories you know, so that they can cover and have more touch points as there’s just so much demand on their time. So I would say that the productivity of our sales team and our commercial leadership team has been really, really focused on great customer’s experience.

Our support functions from field reimbursement managers, market access, trade, marketing, etcetera, has been right there lockstep with the team. And what we found is it’s a collaborative effort for a product like this to make sure the customer the doctor has a great experience, their patient has a good experience, and the reimbursement for the office staff, you know, as the adjudication or the pharmacy all works. So we have a very team focused effort now at Verica, where we might have a small sales force in the scheme of what people think is traditional. But we have very, very unique and sort of marketing approaches, social media, and operational team that’s used to being entrepreneurial. And we’re leveraging that with the collaboration, and importantly, the pharmacies that we’re working with.

Because some of those pharmacies actually have their own sales force and their own marketing teams, And they have their own customer base with great relationships with these doctors. So our team can leverage that as a resource as well. So when you think through how are we growing a business by maintaining our our expenses, we’re doing so by leveraging all those resources available to us and growing the business in that way.

Dennis Ng, Biotech Analyst, Jefferies: Sure. At what point would you consider rebuilding out the Salesforce, you know, as revenue starts ramping more and more, at some point as it inflects, does that kind of in the cards or is that in over the next twelve to twenty four months or how?

Jason Rieger, CEO, Verica Pharmaceuticals: Yeah. Would say that, you know, the sales team has, you know, been empowered to say when there’s when they’re seeing the demand and the reps can’t keep up with the demand they’re seeing, that they can incrementally come forward and and we’ll and we’ll bring another rep in. We’ve also set our compensation structure up in a way where the reps are very commission oriented. So they’re incentivized to get up early, sell, and touch those doctors, and make sure it’s a great customer experience. And I think that really, really works.

So as I think about the way we structured the business and managed the costs, we cut down the costs in a way that we have the cash to take opportunities and make the most of them. So if there comes a time in the budget that says, hey, look, I could use three more reps because this territory has really taken off or my market access team has found. We just got great coverage in a state or picked up another large plan, you know, in a large state like Florida or Texas or California or New York, then we can add another rep and add another territory. Many companies can have multiple reps within Manhattan versus one. And so we’ll expand those things as it makes sense and that we can get their return on investment.

Our first goal for our reps is how quickly can they get to covering their costs? And then how and then and then from there, how do they grow the business? And ultimately, that’s the sort of way we’re running it and empowering them to be sort of entrepreneurial in doing so.

Dennis Ng, Biotech Analyst, Jefferies: Okay. Great. So can you remind us your cash position?

Jason Rieger, CEO, Verica Pharmaceuticals: Yeah. So we ended last year last quarter with 29,600,000.0, and we’re continuing to operate the business going forward.

Dennis Ng, Biotech Analyst, Jefferies: Okay. What’s the runway? Have you had guidance on that?

Jason Rieger, CEO, Verica Pharmaceuticals: So we indicated in our last financials, you know, that we had a a going concern, you know, in in terms of a cash, you know, liquidity covenants, you know, in q three of this year. However, that does not take into account certain changes in our revenue projections, our milestone from Tory and other activities. We also, in our last financing, included warrant coverage that has $25,000,000 of warrants that come due as in November of this year, depending on us achieving a stock price of a dollar 7. So we also maintain, you know, global rights to all of our assets other than the license for YCANT in Japan from OSCM and Common Warts. So we have another we have many opportunities to sort of do creative value creation and cash generation while we still grow the business and move forward.

Dennis Ng, Biotech Analyst, Jefferies: And what about things like that or minus if you do have debt and

Jason Rieger, CEO, Verica Pharmaceuticals: So the company took on, you know, in the initial launch, you know, a 50,000,000 debt facility from Orbit. Mhmm. The we’ve begun repaying principal and interest on that, you know, in a straight line amortization over the next approximately three years or so. Balance is about 45 plus or minus million dollars at this point. And we continue to, you know, work well with our Orbit partners on the ways to continue to service that debt and be compliant with the covenants of the program.

Dennis Ng, Biotech Analyst, Jefferies: Sure. In the last few minutes, maybe, you know, you made some closing remarks in terms of, you know, what are investors missing at this point? And what can you do to to to get confidence back in the business and for growth to reaccelerate?

Jason Rieger, CEO, Verica Pharmaceuticals: So that’s a very good question. Our our number one goal when we came in was execute. You know, say what you’re gonna do and actually do it. Very, very unique opportunity in a company with a commercial stage asset, a large unmet need, and not really a lot of competition. The ability to expand that market to three times the size with the label expansion, our common wart trial that’s for phase three with Torrey Pharmaceutical, and to have that program funded with our partner.

That’s a really unique opportunity. We also have a basal cell carcinoma program that showed very compelling phase two data on efficacy and safety in terms of reduction in lesions. Fifty percent complete histological clearance after just two to three treatments at week twelve. And the other remaining lesions that were not a % histologically cleared were reduced in size by about two thirds. And we had a calculated objective response rate of ninety seven percent.

So as you think through this company, we have a robust pipeline, late stage, a commercial asset in a growing market. We raised capital last year. We’ve got a milestone of $8,000,000 coming from Tory, you know, initiation of that phase three trial. We have work warrant structure, And we have a robust, you know, set of investors in our company that have provided financial support throughout the company’s history, you know, and have shown good conviction for this company. I wake up every day about executing, and the mindset of this organization is executing.

And what we’ve done is tell people what we’re gonna do, and then we’ve actually been achieving it. And the response from investors has very much been, you’re accomplishing what you said. That’s what we love to see in this environment in particular. Continue to do so, and we’re we’re watching your company very closely. And I think that’s all we can ask for is people to, you know, watch what we’re doing and, keep an eye on us because we have quite a few milestones upcoming this year

Dennis Ng, Biotech Analyst, Jefferies: Mhmm.

Jason Rieger, CEO, Verica Pharmaceuticals: In terms of results from our end of phase two meeting, our commercial milestones in advancing the product, as well as initiation of our common work program. That’s a lot to happen for a small company, and we’re hoping to make you know, continue to make a big impact and execute.

Dennis Ng, Biotech Analyst, Jefferies: Okay. Very good. Well, thanks so much, Jason. It’s good seeing you, and the best of luck in terms of the path forward.

Jason Rieger, CEO, Verica Pharmaceuticals: Thanks so much. Really appreciate it.

Dennis Ng, Biotech Analyst, Jefferies: Thank you.

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