Verrica Pharmaceuticals Secures Access to Full Credit Facility
- announced on October 22, 2026, that it has secured access to the full $27.5 million available under its credit facility.
- The achievement of these performance goals allows Verrica to access an additional $15.0 million in non-dilutive capital.
- Verrica’s achievement of these milestones resulted directly from the momentum our team has built with YCANTH.
Verrica Pharmaceuticals Inc. announced on October 22, 2026, that it has secured access to the full $27.5 million available under its credit facility. The company reached this milestone by meeting pre-defined revenue, growth, and operational targets established when the facility was finalized in August 2026. Based in West Chester, Pa., the therapeutics firm focuses on developing and commercializing medications for dermatological diseases, including skin cancers.
Expansion of Available Capital
The achievement of these performance goals allows Verrica to access an additional $15.0 million in non-dilutive capital. The company had previously received an initial funding of $12.5 million in September. This credit facility is held with an entity controlled by Paul B. Manning, Chairman and Chief Executive Officer of PBM Capital and Chairman of Verrica’s Board of Directors.
Verrica’s achievement of these milestones resulted directly from the momentum our team has built with YCANTH.
Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica
Funding for YCANTH and Clinical Programs
Verrica plans to use the capital to support the ongoing commercial growth of YCANTH, an FDA-approved, healthcare professional-administered treatment for molluscum contagiosum. The company is utilizing these funds to advance its global Phase 3 clinical program focused on treating common warts.
The company maintains no obligation to make scheduled principal or interest cash payments during the term of the credit facility, which matures on December 31, 2030. Borrowings under this agreement bear interest at the one-month secured overnight financing rate (SOFR) plus 8.00% per annum, with a SOFR floor of 4.50%. Interest is generally payable in kind, provided no event of default occurs under the agreement. If an event of default were to occur, interest would become payable in cash and increase during the pendency of the default, unless otherwise elected by the lender. Additionally, the credit agreement requires mandatory prepayments using proceeds from certain events and quarterly payments if positive operating cash flow exceeds a specific threshold.
Verrica expects to release topline data from its two pivotal Phase 3 studies in the common warts program in two stages. The first data readout is scheduled for the first quarter of 2027, with the second readout expected in mid-2027.
Additional Corporate Developments
The drug was formerly known as LTX-315 and VP-LTX-315.
Paul B. Manning, Chairman of Verrica’s Board of Directors, stated that the company’s execution over the past several months reinforces his confidence in the team and in YCANTH, adding that he is pleased to continue supporting the Company as it builds on this progress.
For further information, investors may contact Interim Chief Financial Officer John J. Kirby at jkirby@verrica.com or Kevin Gardner of LifeSci Advisors at kgardner@lifesciadvisors.com. Additional details are available at www.verrica.com.