Ycanth Adoption In Molluscum Showing Steady Inflection, Common Warts To Add

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Ycanth Adoption In Molluscum Showing Steady Inflection, Common Warts To Add

with the availability of FDA-approved Ycanth,

compounders should cease and desist, and management expects this ongoing process will

take roughly 12 months. Encouragingly, in August 2025, management reported that while

many practices stock compounded cantharidin, it is mostly used to treat other indications

such as common warts, with Ycanth the preferred treatment option for molluscum. We expect

demand-based sales to increase, alongside the discontinuation of compounded cantharidin

(last shipment was in April 2024).

The FDA has also issued strong warnings to discontinue/limit use of compounded cantharidin

and unapproved products. Specifically, following the Agency's June 2023 warnings to patients,

the FDA sent warning letters to six companies in August 2023, including Amazon (link) and

Walmart (link) regarding their unapproved treatments for molluscum, stating: “Molluscum

contagiosum is not a condition amenable to self-diagnosis and treatment,” and “FDA is

concerned that people are forgoing or delaying proper diagnosis and treatment of a potentially

serious, undiagnosed health condition.”

Verrica is taking important steps toward curbing compounding pharmacies. In February

2024, Verrica filed a lawsuit against the largest supplier of compounded cantharidin in the

U.S., Dormer Laboratories. Verrica and Dormer reached a settlement agreement in July 2024

with Dormer discontinuing sale of compounded cantharidin in the U.S. Importantly, with this

agreement Dormer released its purchasers, which will likely provide a substantial list of future

Ycanth customers. From their interactions, Verrica reported 24,000+ vials of compounded

cantharidin was shipped to the US, with the last shipment in April 2024.