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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Verrica Parmaceuticals Inc | NASDAQ:VRCA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0475 | -5.35% | 0.8399 | 0.78 | 0.83 | 8,966 | 11:21:58 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
||||
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code:
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 | ||
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 |
Document and Entity Information |
Oct. 01, 2024 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
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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