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Verrica is down 28% since I wrote it up in July, and a reader asked in the comments what is going on.
Fair question.
Record demand. Units hit an all-time high last quarter, up 28% in three months.
Non-dilutive funding. The largest shareholder has made $27.5 million available. The full amount unlocked this week on revenue and growth milestones.
A catalyst pulled forward. The first Phase III readout moved into Q1 2027.
A tougher competitor. The newer at-home rival is now booking three times the revenue.
Same turnaround, same partner-funded optionality. The funding picture and the competitive picture have both moved, in opposite directions.
Here’s everything you need to know...