Verrica Pharmaceuticals is a small specialty dermatology company with one commercial product: YCANTH (VP-102), the first and only FDA-approved treatment for molluscum contagiosum, a contagious skin disease that primarily affects children. YCANTH is a drug-device combination — a proprietary 0.7% cantharidin topical solution delivered via a single-use precision applicator — applied in-office by a clinician directly to each lesion. Verrica received FDA approval in July 2023 and launched commercially in August 2023. Verrica sells YCANTH through a field sales force of roughly 40 reps targeting dermatologists, pediatricians, and select primary care physicians. Physicians can acquire YCANTH via specialty pharmacies or through a buy-and-bill model. YCANTH generates high gross product margins, though net revenue is reduced by gross-to-net adjustments including co-pay assistance, rebates, and distribution fees. Beyond YCANTH for molluscum, Verrica is pursuing two pipeline programs: YCANTH for common warts, where a global Phase 3 trial began in late 2025, co-developed with Japanese partner Torii Pharmaceutical; and VP-315, an injectable immunotherapy for basal cell carcinoma, which showed strong Phase 2 results and is heading toward Phase 3. Verrica also earns collaboration and milestone revenue from Torii, which has rights to YCANTH in Japan (where it launched in February 2026), and is entitled to up to $32M in additional milestones. Verrica retains commercial rights in all other markets and is exploring partnerships to fund European expansion.