Common Warts Opportunity To Add To Growing Ycanth Adoption In Molluscum

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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