Home / Going-concern warnings / Verrica Pharmaceuticals Inc.
Filed 2025-11-14 路 Form 10-Q 路 Accession 0001660334-25-000006 nano
Price before filing: $3.87 (2025-11-13 close, split/dividend-adjusted)
Market cap at flag: $41.9M (2025-11-14) 路 Latest: $76.7M (2026-10-16)
| Window | VRCA | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +95.3% | +1.3% | +94.1% | 2025-12-15 |
| 90 days | +43.7% | +1.7% | +42.0% | 2026-02-12 |
| 180 days | +90.4% | +11.1% | +79.4% | 2026-05-13 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: no open-market insider sales or purchases reported.
30 days after: 5 insiders bought $18.0M (6 purchases)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-11-14: red flag filed | |||||||
| 2025-11-25 | Kirby John J. Interim CFO | Purchase | 3,536 | $4.24 | $15K | no | Form 4 |
| 2025-11-25 | Manning Paul B Director, 10% owner | Purchase | 1,375,380 | $4.24 | $5.8M | no | Form 4 |
| 2025-11-25 | Manning Paul B Director, 10% owner | Purchase | 2,750,762 | $4.24 | $11.7M | no | Form 4 |
| 2025-11-25 | Rieger Jayson CEO and President, Director | Purchase | 94,311 | $4.24 | $400K | no | Form 4 |
| 2025-11-25 | Rosenberg Noah L. CMO | Purchase | 2,357 | $4.24 | $10K | no | Form 4 |
| 2025-11-25 | Zawitz David Chief Operating Officer | Purchase | 10,000 | $4.24 | $42K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-16 to 2025-12-14. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"The Company plans to address the conditions that raise substantial doubt regarding its ability to continue as a going concern by, among other things, obtaining additional funding through equity offerings, debt financing and refinancings, collaborations, strategic alliances and/or licensing arrangements."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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