Verrica Pharmaceuticals Inc.
VRCAHealthcare|Biotechnology|US
$3.19
+0.10 (+3.24%)
Tangible Book / Share
$0.20
Cash / Share
$0.53
Financials
Financial Snapshot
Market Cap
$54.8M
Enterprise Value
$45.4M
Revenue (TTM)
$30.3M
Net Income (TTM)
-$31.2M
Cash & Investments
$11.2M
Net Cash
$9.4M
Free Cash Flow (TTM)
-$13.3M
Operating CF (TTM)
-$13.3M
Debt/Equity
0.42
Cash Runway & Burn Rate
Cash on Hand
$11.2M
Quarterly Burn
$3.3M
Monthly Burn
$1.1M
Est. Runway
~3.4 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $527.0K | $8.7M | $89.8M | $62.0M | $65.5M | $70.4M | $34.3M | $69.5M | $46.3M | $30.1M | $11.2M | |
| Operating Cash Flow | -$1.6M | -$4.6M | -$17.9M | -$27.4M | -$30.2M | -$27.6M | -$18.6M | -$38.6M | -$60.9M | -$17.6M | -$13.3M | |
| Free Cash Flow | -$1.6M | -$4.6M | -$18.6M | -$28.1M | -$31.7M | -$28.5M | -$19.0M | -$38.9M | -$61.0M | -$17.6M | -$13.3M | |
| Capital Expenditure | $0.00 | $0.00 | -$774.0K | -$682.0K | -$1.5M | -$883.0K | -$302.0K | -$362.0K | -$27.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $483.0K | $12.7M | $99.4M | $423.0K | $35.2M | $33.6M | -$16.9M | $74.2M | $37.7M | $1.4M | $9.4M |
R&D Spending
R&D (TTM)
$14.6M
R&D Intensity
48.2%
R&D Growth vs Prior
+65.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $12.0M | $9.0M | $5.1M | $7.6M | $35.6M | $30.3M | |
| R&D Expense | $1.7M | $3.7M | $12.8M | $15.4M | $15.7M | $15.9M | $12.2M | $20.3M | $11.8M | $8.9M | $14.6M | |
| R&D % of Revenue | — | — | — | — | — | 132.7% | 135.1% | 396.1% | 156.5% | 24.9% | 48.2% | |
| SG&A | $204.0K | $727.0K | $9.1M | $14.4M | $24.5M | $27.0M | $17.4M | $47.3M | $58.8M | $35.2M | $37.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $12.0M | $9.0M | $5.1M | $7.6M | $35.6M | $30.3M | |
| Cost of Revenue | $0.00 | $0.00 | $20.3K | $257.2K | $229.0K | $472.0K | $725.0K | $746.0K | $2.7M | $3.4M | $4.3M | |
| Gross Profit | $0.00 | $0.00 | -$20.3K | -$257.2K | -$229.0K | $11.5M | $8.3M | $4.4M | $4.8M | $32.1M | $26.0M | |
| R&D | $1.7M | $3.7M | $12.8M | $15.4M | $15.7M | $15.9M | $12.2M | $20.3M | $11.8M | $8.9M | $14.6M | |
| SG&A | $204.0K | $727.0K | $9.1M | $14.4M | $24.5M | $27.0M | $17.4M | $47.3M | $58.8M | $35.2M | $37.9M | |
| Operating Income | -$1.9M | -$4.5M | -$21.9M | -$30.1M | -$40.2M | -$30.9M | -$21.3M | -$65.8M | -$65.9M | -$11.9M | -$28.1M | |
| Interest Expense | $0.00 | $2.0K | $0.00 | $0.00 | $3.0M | $4.3M | $2.2M | $4.0M | $9.4M | $7.7M | $3.7M | |
| Pretax Income | -$1.9M | -$4.5M | -$20.6M | -$28.2M | -$42.7M | -$35.1M | -$24.5M | -$67.0M | -$76.6M | -$17.9M | -$31.2M | |
| Net Income | -$1.9M | -$4.5M | -$20.6M | -$28.2M | -$45.5M | -$35.1M | -$24.5M | -$67.0M | -$76.6M | -$17.9M | -$31.2M | |
| EPS (Diluted) | -0.74 | -3.80 | -8.31 | -11.33 | -17.08 | -12.97 | -7.17 | -14.78 | -14.78 | -1.68 | -1.74 | |
| EBITDA | $0.00 | $0.00 | -$20.6M | -$27.9M | -$39.4M | -$30.3M | -$21.6M | -$62.2M | -$65.9M | -$9.4M | -$26.7M | |
| Shares Out. (M) | 2.57 | 2.57 | 2.49 | 2.49 | 2.50 | 2.70 | 3.42 | 4.53 | 5.18 | 10.65 | 21.31 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $527.0K | $8.7M | $10.3M | $9.2M | $10.7M | $15.8M | $34.3M | $69.5M | $46.3M | $30.1M | $11.2M | |
| Short-Term Investments | $0.00 | $0.00 | $79.5M | $52.8M | $54.8M | $54.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $544.0K | $9.1M | $91.2M | $65.0M | $67.7M | $74.3M | $39.1M | $77.5M | $51.2M | $42.5M | $32.6M | |
| Total Assets | $544.0K | $9.1M | $91.9M | $68.4M | $74.2M | $80.1M | $44.7M | $81.6M | $54.1M | $47.1M | $36.0M | |
| Total Current Liabilities | $419.0K | $616.0K | $2.5M | $3.4M | $39.5M | $46.1M | $3.5M | $17.0M | $29.0M | $16.4M | $22.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $42.9M | $31.0M | $0.00 | $0.00 | |
| Total Liabilities | $3.2M | $16.1M | $2.5M | $3.4M | $41.2M | $47.5M | $4.7M | $61.8M | $64.0M | $22.4M | $31.7M | |
| Stockholders' Equity | -$2.7M | -$7.0M | $89.4M | $65.0M | $33.0M | $32.6M | $40.0M | $19.8M | -$9.9M | $24.7M | $4.3M | |
| Retained Earnings | -$2.7M | -$12.4M | -$33.1M | -$61.2M | -$103.9M | -$139.0M | -$163.5M | -$230.4M | -$307.0M | -$324.9M | -$347.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.6M | -$4.6M | -$17.9M | -$27.4M | -$30.2M | -$27.6M | -$18.6M | -$38.6M | -$60.9M | -$17.6M | -$13.3M | |
| Capital Expenditure | $0.00 | $0.00 | -$774.0K | -$682.0K | -$1.5M | -$883.0K | -$302.0K | -$362.0K | -$27.0K | $0.00 | $0.00 | |
| Free Cash Flow | -$1.6M | -$4.6M | -$18.6M | -$28.1M | -$31.7M | -$28.5M | -$19.0M | -$38.9M | -$61.0M | -$17.6M | -$13.3M | |
| Investing Cash Flow | $0.00 | $0.00 | -$79.9M | $26.0M | -$3.6M | -$998.0K | $54.0M | -$362.0K | -$19.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $483.0K | $12.7M | $99.4M | $423.0K | $35.2M | $33.6M | -$16.9M | $74.2M | $37.7M | $1.4M | $9.4M | |
| Issuance of Stock | $483.0K | $12.7M | $86.3M | $423.0K | $453.0K | $28.1M | $26.9M | $30.3M | $39.6M | $50.1M | $50.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $34.4M | $5.0M | -$43.8M | $44.1M | -$2.1M | -$48.2M | -$40.2M | |
| Stock Based Comp. | $9.0K | $82.0K | $2.3M | $0.00 | $9.8M | $6.1M | $5.0M | $14.4M | $7.2M | $3.3M | $3.5M | |
| Net Change in Cash | -$1.1M | $8.1M | $1.6M | -$1.0M | $1.4M | $5.1M | $18.5M | $35.3M | -$23.2M | -$16.2M | -$3.9M |
Dilution Tracker
Shares outstanding grew 326.2% over 5 years — significant dilution
Shares Outstanding
17M
5-Year Share Growth
+326.2%
Stock Issuance (TTM)
$50.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.57 | 2.57 | 2.49 | 2.49 | 2.50 | 2.70 | 3.42 | 4.53 | 5.18 | 10.65 | 21.31 | |
| Change vs Prior % | — | 0.0% | -3.3% | 0.2% | 0.4% | 8.2% | 26.3% | 32.7% | 14.3% | 105.6% | 100.0% | |
| Stock Issuance | $483.0K | $12.7M | $86.3M | $423.0K | $453.0K | $28.1M | $26.9M | $30.3M | $39.6M | $50.1M | $50.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $9.0K | $82.0K | $2.3M | $0.00 | $9.8M | $6.1M | $5.0M | $14.4M | $7.2M | $3.3M | $3.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | 96.1% | 92.0% | 85.4% | 63.8% | 90.3% | 85.9% | |
| Operating Margin % | — | — | — | — | — | -257.6% | -235.8% | -1283.4% | -871.3% | -33.6% | -92.8% | |
| Net Margin % | — | — | — | — | — | -292.3% | -271.1% | -1307.5% | -1012.1% | -50.3% | -102.8% | |
| EBITDA Margin % | — | — | — | — | — | -252.6% | -239.1% | -1213.8% | -871.0% | -26.3% | -88.0% | |
| FCF Margin % | — | — | — | — | — | -237.2% | -209.8% | -759.9% | -805.6% | -49.5% | -44.0% | |
| ROE % | 71.8% | 63.3% | -23.1% | -43.4% | -137.9% | -107.6% | -61.2% | -339.0% | 776.7% | -72.3% | -444.4% | |
| ROA % | -351.7% | -49.1% | -22.5% | -41.2% | -61.4% | -43.8% | -54.8% | -82.1% | -141.5% | -37.9% | -86.6% | |
| ROIC % | -1530.4% | -52.6% | -24.5% | -46.1% | -57.2% | -40.7% | -51.2% | -100.7% | -170.2% | -38.0% | -193.6% | |
| R&D / Revenue % | — | — | — | — | — | 132.7% | 135.1% | 396.1% | 156.5% | 24.9% | 48.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -24.7% | -43.3% | 47.7% | 370.2% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | -1167.4% | 11.0% | 5134.1% | -27.9% | -47.3% | 10.2% | 565.9% | |
| Operating Income | 0.0% | -133.0% | -390.9% | -37.5% | -33.6% | 23.1% | 31.1% | -208.8% | -0.2% | 81.9% | |
| Net Income | 0.0% | -133.1% | -363.1% | -36.6% | -61.3% | 22.9% | 30.2% | -173.6% | -14.3% | 76.6% | |
| EPS (Diluted) | 0.0% | -410.1% | -118.8% | -36.3% | -50.8% | 24.1% | 44.7% | -106.1% | 0.0% | 88.6% | |
| Operating Cash Flow | 0.0% | -184.5% | -290.0% | -53.3% | -10.2% | 8.7% | 32.4% | -106.8% | -57.9% | 71.1% | |
| Free Cash Flow | 0.0% | -184.5% | -306.9% | -50.6% | -12.8% | 10.1% | 33.4% | -105.5% | -56.5% | 71.1% | |
| R&D Expense | 0.0% | 118.3% | 243.9% | 20.3% | 1.5% | 1.6% | -23.4% | 66.4% | -41.7% | -25.2% | |
| SG&A Expense | 0.0% | 256.4% | 1145.1% | 58.9% | 70.4% | 10.1% | -35.5% | 171.8% | 24.3% | -40.1% | |
| Total Assets | 0.0% | 1569.7% | 911.8% | -25.6% | 8.4% | 8.1% | -44.2% | 82.5% | -33.7% | -12.9% | |
| Book Value / Share | 0.0% | -164.3% | 1413.2% | -27.4% | -49.5% | -8.6% | -2.8% | -62.8% | -143.7% | 222.0% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 19690.4% | 16.7% | -96.5% | 2882.3% | 0.9% | -96.4% | |
| Diluted Shares | 0.0% | 0.0% | -3.3% | 0.2% | 0.4% | 8.2% | 26.3% | 32.7% | 14.3% | 105.6% |
Valuation
P/E (TTM)At Loss
P/S1.81
10Y Low / Med / High2.49 / 10.40 / 64.77
P/B15.78
10Y Low / Med / High2.26 / 6.09 / 16.79
EV/EBITDAAt Loss
EV/Revenue1.50
10Y Low / Med / High1.69 / 6.78 / 60.08
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.20
Net Current Assets / Share
$0.05
Cash / Share
$0.53
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -235.06 | -46.08 | -9.81 | -14.02 | -6.74 | -7.06 | -3.84 | -4.95 | -0.47 | -4.95 | -1.83 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.64 | 10.40 | 64.77 | 4.79 | 2.49 | 1.81 | |
| P/B Ratio | -168.80 | -63.87 | 2.26 | 6.09 | 8.72 | 7.60 | 2.35 | 16.79 | -3.68 | 3.58 | 15.78 | |
| EV/EBITDA | 0.00 | 0.00 | -9.32 | -13.83 | -7.97 | -9.08 | -2.83 | -4.95 | -0.54 | -6.41 | -1.70 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 22.95 | 6.78 | 60.08 | 4.74 | 1.69 | 1.50 |
Analyst Estimates & Quality
Altman Z-Score
-13.81
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $24.4M | $39.2M | $44.8M |
| Net Income | -$21.9M | -$14.3M | -$13.6M |
| EPS | $-2.04 | $-1.34 | $-1.27 |
| # Analysts (EPS) | 3 | 3 | 2 |
Revenue Segments
By Product
| Segment | 2023 | 2024 | 2025 |
|---|---|---|---|
| Collaboration | $466.0K | $992.0K | — |
| Product | $4.7M | $6.6M | $15.3M |
| License And Collaboration Revenue | — | — | $20.3M |