false 0001660334 0001660334 2024-10-01 2024-10-01

 

 

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): October 1, 2024

 

 

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 W. Gay St., 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 2.05

Costs Associated with Exit or Disposal Activities

On October 1, 2024, Verrica Pharmaceuticals Inc. (the “Company”) announced a reduction of its workforce by 47 employees, which the Company expects to be substantially completed by October 1, 2024. The Board of Directors of the Company approved these actions on September 23, 2024 in order to streamline operations, reduce costs, and preserve capital.

As a result, the Company expects to incur total expenses of approximately $1.0 million, including a one-time charge totaling approximately $0.7 million in connection with one-time employee termination costs, including severance and other benefits, and an estimated deemed loss on vehicle sales of $0.3 million. The Company expects such costs to be the only direct expense of the restructuring plan. This charge is expected to be incurred during the quarter ending December 31, 2024, with related cash payments expected to be substantially paid out by November 30, 2024.

The estimates of costs that the Company expects to incur and the timing thereof are subject to a number of assumptions and actual results may differ.

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: October 1, 2024      

/s/ Ted White

      Ted White
      President and Chief Executive Officer
v3.24.3
Document and Entity Information
Oct. 01, 2024
Cover [Abstract]  
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Entity Central Index Key 0001660334
Document Type 8-K
Document Period End Date Oct. 01, 2024
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 W. Gay St.
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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