false 0001660334 0001660334 2025-02-18 2025-02-18

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2025

 

 

Verrica Pharmaceuticals Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware   001-38529   46-3137900

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

44 West Gay Street, Suite 400

West Chester, PA

   19380
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (484) 453-3300

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class

  

Trading

symbol

  

Name of each exchange

on which registered

Common Stock   VRCA   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

On February 18, 2025, Verrica Pharmaceuticals Inc. (the “Company”) entered into a waiver (the “Waiver”) to its Credit Agreement dated as of July 26, 2023 (as amended prior to the Waiver, the “Credit Agreement”), by and between the Company, as borrower, OrbiMed Royalty & Credit Opportunities IV, LP, as a lender, each other lender that may from time to time become a party thereto, and OrbiMed Royalty & Credit Opportunities IV, LP, as administrative agent for the lenders. Pursuant to the Waiver, the lenders waived specified covenants under the Credit Agreement, including the requirements under Section 7.1(b) and Section 7.1(c) of the Credit Agreement that there be no “going concern” qualification with respect to the financial statements for the year ended December 31, 2024 and the quarter ending March 31, 2025.

Except as set forth in the Waiver, the remaining terms of the Credit Agreement remain unchanged. The foregoing description of the terms of the Waiver is not intended to be complete and is qualified in the entirety by reference to the Waiver, which the Company expects to file as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

      Verrica Pharmaceuticals Inc.
Date: February 21, 2025      

/s/ John J. Kirby

      John J. Kirby
      Interim Chief Financial Officer
v3.25.0.1
Document and Entity Information
Feb. 18, 2025
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001660334
Document Type 8-K
Document Period End Date Feb. 18, 2025
Entity Registrant Name Verrica Pharmaceuticals Inc.
Entity Incorporation State Country Code DE
Entity File Number 001-38529
Entity Tax Identification Number 46-3137900
Entity Address, Address Line One 44 West Gay Street
Entity Address, Address Line Two Suite 400
Entity Address, City or Town West Chester
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19380
City Area Code (484)
Local Phone Number 453-3300
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock
Trading Symbol VRCA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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