VRCA · Verrica Pharmaceuticals Inc.

Verrica’s Q1 2026 results reflect strong commercial execution and strategic pipeline advancement. Revenue growth was driven primarily by increased YCANTH dispensed applicator units — 15,302 in Q1 2026, up 51.3% year-over-year and 12.1% sequentially — with March setting a new monthly record and April continuing that momentum. The $4.3 million in U.S. YCANTH net product revenue reflects higher delivery volumes to distribution partners aligned with this demand surge. License and collaboration revenue of $0.7 million stemmed entirely from commercial supply to Torii for the Japan launch, confirming successful geographic expansion under the partnership. Gross margin dynamics were not disclosed explicitly, but costs of product revenue rose modestly to $0.5 million (from $0.4 million), suggesting scalability in manufacturing and supply chain. SG&A increased to $10.0 million (from $8.8 million), largely due to expanded commercial infrastructure, while R&D rose to $3.9 million (from $2.3 million) to support the Phase 3 common warts program — though notably, Torii is funding the first $40 million of those costs. A key driver of improved EPS despite flat net loss in dollars was the $2.0 million reduction in interest expense following the November 2025 termination of the debt facility. Management emphasized YCANTH’s positioning as the only FDA-approved, HCP-administered molluscum therapy and highlighted the commercial and clinical runway ahead: the Japan launch, >50% enrollment in COVE-2 (Phase 3 common warts), and upcoming VP-315 data at SID — all reinforcing Verrica’s transition from a single-asset commercial company to a diversified dermatology therapeutics platform. No forward guidance was provided in the filing or Exhibit 99.1.