John Kirby
Interim CFO at Verrica Pharmaceuticals Inc
Cost of product revenue of $400,000 included $47,000 of obsolete inventory cost. Research and development expenses of $2,300,000 in the first quarter of twenty twenty five decreased versus the first quarter of twenty twenty four by $2,600,000 driven primarily by $2,100,000 decrease in clinical trial expenses related to VP-three 15, as well as costs related to a decrease in regulatory and medical affairs expenses of $400,000 Selling, general and administrative expenses of $8,800,000 in the first quarter of twenty twenty five decreased versus the first quarter of twenty twenty four by $7,500,000 driven primarily by the implementation of our more focused commercial strategy for YCANF. GAAP net loss was $9,700,000 or $0.10 per share for the first quarter of twenty twenty five, compared to a GAAP net loss of $20,300,000 or $0.44 per share for the first quarter of twenty twenty four. On a non GAAP basis, which excludes stock based compensation, non cash interest expense, and change in fair value of embedded derivatives, the first quarter of twenty twenty five net loss was $7,800,000 or $08 per share, compared to a net loss of $17,800,000 or $0.38 per share for the first quarter of twenty twenty four. And finally, as of 03/31/2025, Verica had aggregate cash and cash equivalents of $29,600,000 Under GAAP, the cash and cash equivalents as of 03/31/2025 would not be sufficient to fund operations for the one year period following the release of our financial statements.
