Common Warts Opportunity To Add To Growing Ycanth Adoption In Molluscum

Research evidence excerpt

Common Warts Opportunity To Add To Growing Ycanth Adoption In Molluscum

Biotechnology

Verrica Pharmaceuticals

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

June 22, 2026

Price: $5.63 (06/18/2026) Common Warts Opportunity To Add To

Price Target: $20.00 Growing Ycanth Adoption In Molluscum

BUY (1)

ESG SCORE: 54/100

Stacy Ku, Ph.D. THE TD COWEN INSIGHT

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VRCA/Torii have initiated the 2nd Ph III for Ycanth in common warts, with 1st study at 50%

stacy.ku@tdsecurities.com

enrollment. This nicely expands the Ycanth opportunity and leverages the MC launch. VRCA is

Vishwesh Shah, Ph.D. executing on the new strategy, with step-wise expansion and focus in key territories with high

212 468 7789 MC prevalence and access. There is an encouraging inflection in Q2 as mgmt is improving

vishwesh.shah@tdsecurities.com

infrastructure to drive adoption.

Key Data

Symbol NASDAQ: VRCA Verrica has dosed the first US patient in the 2nd global PhIII trial (US/Japan) for Ycanth in

Market Cap $96.7MM common warts, with enrollment ongoing in Japan. Recall, 1st PhIII (US only) reached 50%

enrollment in May 2026 with potential results by mid-2027. We remain encouraged by theClick here for the full company update from

pipeline progress, adding opportunity in ~20MM+ annual cases with no FDA treatment andour latest quarterly report.

development de-risked by previous PhII studies. Importantly, mgmt. is focused on Ycanth's

launch in molluscum with +12% Q/Q growth in applicators dispensed in Q1 representing

demand-driven pull through, with solid net pricing of ~$280 per applicator (vs. $273 in Q4).

Given the momentum, mgmt has expanded to 45 sales reps to capture ~85% of key practices

treating MC and intends to add 5 territories in 2026. Mgmt is also improving access/fulfillment