WEST CHESTER, PA — Verrica Pharmaceuticals Inc. (Nasdaq: VRCA) said it has dosed the first patient in its global Phase 3 clinical program evaluating YCANTH (VP-102) for the treatment of common warts, marking a significant step in the company’s strategy to expand the drug’s label and commercial reach.
The first patient was dosed in December 2025, launching a late-stage program aimed at a condition that affects an estimated 22 million people in the United States alone and currently has no FDA-approved prescription therapies. Verrica believes the indication represents a multibillion-dollar market opportunity.
President and Chief Executive Officer Jayson Rieger said the milestone builds on encouraging mid-stage data and strengthens the case for YCANTH as a potential first-in-class therapy. He pointed to results from the Phase 2 COVE-1 study, which demonstrated clinically meaningful complete clearance rates, as the foundation for advancing into Phase 3. Rieger also highlighted Verrica’s retention of global commercial rights for YCANTH outside of Japan, positioning common warts as a substantial commercial and licensing opportunity.
The Phase 3 program is supported by positive results from the open-label Phase 2 COVE-1 trial, which evaluated the safety and efficacy of VP-102 in patients with up to six common warts. In Cohort 2 of the study, 51 percent of patients achieved complete clearance of all treatable warts at Day 84. Adverse events were primarily expected local skin reactions, and no serious adverse events were reported.
Verrica said Torii Pharmaceutical will share costs for the global Phase 3 program on a 50-50 basis and will fund the first $40 million of trial expenses, representing roughly 90 percent of the current trial budget. Verrica’s share is expected to be paid through future milestones and royalties tied to YCANTH in Japan.
Beyond clinical progress, Verrica is framing the trial as a key inflection point for growth. The company noted that roughly half of U.S. patients seeking treatment for common warts are children, and it expects meaningful marketing synergies with its existing promotion of YCANTH for molluscum contagiosum if the drug is approved for warts. Verrica also believes the patient population and commercial potential in the European Union are comparable to those in the United States.
The Phase 3 initiation follows Verrica’s recently completed $50 million financing and repayment of its debt facility with OrbiMed, moves the company says have strengthened its balance sheet as it pushes to expand the YCANTH franchise and drive longer-term growth.
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