Disclaimer Certain information contained in this presentation and statements made orally during this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources

Company Overview February 2023

Disclaimer Certain information

contained in this presentation and statements made orally during this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and Verrica's own internal estimates and research.

While Verrica believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained

from third-party sources. While Verrica believes its internal research is reliable, such research has not been verified by any independent source. This presentation contains forward-looking statements. Forward-looking statements are neither

historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results and other future

conditions. All statements other than statements of historical facts contained in this presentation, including statements regarding future results of operations and financial position, business strategy, potential approval of the NDA for

VP-102, the potential benefits and potential commercialization of VP-102 for the treatment of molluscum, if approved, current and prospective product candidates, planned clinical trials, including with respect to VP-315 (formally referred to as

LTX-315 and VP-LTX-315), preclinical activities, degree of market acceptance of approved products, research and development costs, current and prospective collaborations, timing and likelihood of success, plans and objectives of management for

future operations, future results of anticipated product candidates, and the potential payments and benefits to Verrica of the license agreement with Torii, are forward-looking statements. The words "may," "will,"

"should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "estimate," "believe," "predict,"

"potential" or "continue" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying

words. The information in this presentation, including without limitation the forward-looking statements contained herein, represent our views as of the date of this presentation. Although we believe the expectations reflected in

such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by

applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. No representations or warranties (expressed

or implied) are made about the accuracy of any such forward-looking statements. The forward-looking statements in this presentation involve risks and uncertainties that could cause actual results to differ materially from those reflected in

such statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the drug development process and the regulatory approval process, our reliance on third parties over which we may not

always have full control, and other risks and uncertainties that are described in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (SEC) on March 2, 2022, our Quarterly Report

on Form 10-Q for the quarter ended September 30, 2022 filed with the SEC on November 7, 2022 and our other filings made with the SEC. New risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk

factors and uncertainties. There can be no assurance that the opportunity will meet your investment objectives, that you will receive a return of all or part of such investment. Investment results may vary significantly over any given time

period. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives. We recommend that investors independently evaluate specific investments and strategies.

Reinventing dermatology therapeutics

with a focus on development and commercialization Focused on Clinician-Administered Therapies and High Unmet Needs Focus on products with potential for reimbursement as a Medical Benefit Providing meaningful benefit for people living with skin

Investment Highlights Prevalence in the

US of 5.1% to 11.5% in children aged 0-16 years. (Fam Pract. 2014 Apr;31(2):130-6). US Census estimates ~69.4MM children aged 0 to 16 years in 2016. Our New Approach to a Challenging Skin Cancer Statistic. The Skin Cancer

Foundation. https://www.skincancer.org/blog/our-new-approach-to-a-challenging-skin-cancer-statistic/ Near-term catalysts: Potential approval/launch of VP-102 for treatment of molluscum contagiosum in H2 2023; no current approved therapies

Expect to initiate Part 2 of PH2 study on of VP-315 for Basal Cell Carcinoma Q2 2023 (confirmation of exploratory dose) Lead product candidates with significant end markets: VP-102 - in late-stage development to address molluscum contagiosum

(MC); common and genital warts; U.S. prevalence of molluscum contagiosum ~6M1 VP-315 - potential non-surgical, oncolytic peptide-based therapy for treatment of dermatology oncologic conditions, including basal cell carcinoma, squamous cell

carcinoma, non-metastatic melanoma and non-metastatic Merkel cell carcinoma; annual diagnoses of Basal Cell Carcinoma U.S. 3.6M2 Innovative Inventory Management and Commercial "Buy-and-Bill" model Focused on products that capture medical

benefits vs. pharmacy benefits; accelerates lives under coverage limited payor discounting In-office provider administered; opportunity for no capital outlay for dermatology practices; shelf-stable products; efficient delivery IP/Exclusivity -

patents projected to expire between 2032 and 2037 (US) and between 2029 and 2037 (ex-US) Proven management team - industry-leading, experienced team with extensive dermatology product launch experience

Our Product Candidate Portfolio:

VP-102, VP-315, and VP-103 Pre-IND Phase 2 Phase 3 NDA NeAR-TERM CATALYSTS/ Expected Milestones VP-102 Molluscum Contagiosum Expected PDUFA Goal Date: 2H 2023 VP-102 External Genital Warts Initiate Phase 3 in 2H 2024 Common Warts Evaluate potential

second Phase 2 trial VP-315 Basal Cell Carcinoma Expect to initiate Part 2 of 3 Part Phase 2 in Q2 2023 VP-103 Plantar Warts Initiate Phase 2 trial [a]Timing of clinical trials for External Genital Warts may be subject to change. [b]Originally

designed Phase 2 program completed. [c]Company evaluating potential for conducting an additional Phase 2 trial based on FDA feedback for Phase 3 trial protocol. [d]License excludes metastatic melanoma and metastatic Merkel cell carcinoma. Phase 2

study initiated in April 2022 for the treatment of Basal Cell Carcinoma. [e]Timing for initiating clinical trials for Plantar Warts to be determined. [b] [a] [c] [e] [d]

VP-102 Targeting Two of the Largest

Unmet Needs in Dermatology Prevalence in the US of 5.1% to 11.5% in children aged 0-16 years. (Fam Pract. 2014 Apr;31(2):130-6). US Census estimates ~69.4MM children aged 0 to 16 years in 2016. IQVIA projected dataset for 12 months ending October

2017 IMS National Disease and Therapeutic Index (NDTI) Rolling 5 Years Ending June 2016. Nguyen et al, Laser Treatment of Nongenital Verrucae A Systemic Review. JAMA Dermatology. 2016; 152(9): 1025-1033 IQVIA Anonymous Longitudinal Patient Level

Data (APLD) for 12 months ending September 2018 COMMON WARTS US Prevalence of ~22 million(3) with ~1.5 million diagnosed annually(4) 22M Prevalence in U.S. 1.5M Patients Diagnosed Annually MOLLUSCUM US Prevalence of ~6 million(1) with ~1 million

diagnosed annually(2) 85% Not Diagnosed 5.1 million 15% Diagnosed 0.9 million VP-102

VP-315 In Development to Address Two

Most Common Types of Skin Cancer (1)www.skincancer.org/skin-cancer-information/skin-cancer-facts/ VP-315 has the potential to impact the care of 5.4MM nonmetastatic skin cancer cases annually1 VP-315 1.8M1 Squamous cell carcinoma (SCC) 3.6M1 Basal

cell carcinoma (BCC)

Innovative Commercial Plan: Commitment

and Focus within Medical Dermatology via "Buy-and-Bill" Distribution and Payment Model OFFICE ADMINISTERED THERAPIES Expertise of a trained Health Care Professional Guaranteed Patient Adherence MEDICAL BENEFIT VS PHARMACY BENEFIT

PRODUCTS Beneficial reimbursement landscape Favorable access at launch PARTNERSHIP WITH DERMATOLOGY Distribution strategies create financial opportunities for physicians and hospitals

Comprehensive Regulatory, IP and

Manufacturing Strategy to Maintain VP-102 Exclusivity; VP-315 COM-Issued Protection Regulatory Exclusivity; Patent Portfolio 5 years of exclusivity for cantharidin as API potentially available upon approval (potential for additional 6 months for

pediatric exclusivity for common warts and plantar warts indications) Compounding Pharmacies If VP-102 is approved, traditional compounding pharmacies will NOT be able to continue compounding cantharidin (not GMP compliant) regularly or in

inordinate amounts, except under patient specific circumstances as prescribed by a physician. * Manufacturing ** VP-102 has the potential to address stability issues with standard packaging and container/ closure systems True Generic Unlikely

Unlikely to receive approval under an ANDA due to uniqueness from patent pending protection and significant differences likely between YCANTH (VP-102) and potential competitors Limited commercial CMOs with facilities for handling highly

potent and highly flammable liquid products * The FDA has the authority to regulate compounders. Improper compounding can result in monetary fines plus felony convictions in case of repeat offenses and intent to fraud/mislead. ** Entered into a

supply agreement for naturally-sourced cantharidin; subject to specified minimum annual purchase orders and forecasts, supplier agreed that it will not supply cantharidin, any beetles or other raw material from which cantharidin is derived to any

other customer in North America VP-102 VP-315 Patent applications on: Specific formulation Applicator Method of Use Design Extensive Issued and Pending Patents Covering VP-315 from 2029-2037 PCT/EP2009/006774; composition-of-matter (COM) patent

Expires 2029 (EU) *** Expires 2032 (US) Expires 2029 (Japan) PCT/EP2017/05229; methods-of-use patent, pending Expires 2037 (EU) Expires 2037 (US) Expires 2037 (Japan) *** In force in: UK, Belgium, Denmark, Finland, France, Germany, Italy,

Netherlands, Norway, Poland, Spain, Sweden, Switzerland and Turkey

Management Team with Extensive

Product Launch and Dermatology Experience Selected Launched Products Terry Kohler Chief Financial Officer Ted White President & Chief Executive Officer Chief Medical Officer Joe Bonaccorso Chief Commercial Officer Gary Goldenberg, MD Copyright

THE POTENTIAL SOLUTION VP-102

Molluscum Contagiosum

Molluscum Background Overview Caused

by a pox virus Primarily infects children, with the highest incidence occurring in children <14 years old Highly contagious If untreated, lesions persist an average of 13 months, with some cases remaining unresolved for 2+ years Often leads to

anxiety and social challenges for the patients and parents and negatively impacts quality of life Etiology and Clinical Presentation TRANSMISSION Skin to skin contact Sharing of contaminated objects (e.g., clothing, towels, swimming pool toys)

DIAGNOSIS & SYMPTOMS Typically 10 to 30 lesions 100+ lesions can be observed Lesions may be the only sign of infection and are often painless Can be diagnosed with skin biopsy to differentiate from other lesions COMPLICATIONS Skin irritation,

inflammation, and re-infection Follicular or papillary conjunctivitis if lesions on eyelids Cellulitis

Current Treatments for Molluscum are

Not FDA-Approved and Have Many Limitations DESCRIPTION LIMITATIONS Cryotherapy Freezing the lesions with liquid nitrogen Pain and scarring May be unsuitable for use in children Curettage Using a curette or a surgical instrument with a scoop at the

tip to scrape the lesions Pain and scarring Unsuitable for use in children Laser Surgery Applying a laser to target and destroy the lesions Pain, cost and lack of availability Unsuitable for use in children Topical Products Applying various acids

(e.g. salicylic acid), creams or blistering solutions to destroy the lesions Unproven efficacy Off-Label Drugs Retinoids, antiviral medicines, or immune modulating therapies Limited efficacy Side-effects Natural Remedies Applying natural oils (e.g.

tea tree oil) with antimicrobial properties Unproven efficacy Pain, irritation and allergic reactions Broad use limited by unproven efficacy, scarring, lack of availability, safety concerns & pain Significantly undertreated patient population

Historical Compounded Cantharidin

Presents a Number of Limitations Varying concentration Evaporation of volatile solvents leads to concentration increases Patients can receive more drug than clinically necessary resulting in excessive blistering Inconsistent purity and lack of

controlled product manufacturing Risk of impurities present such as residual solvents and pesticides Lack of reimbursement Not FDA approved and therefore not eligible for drug reimbursement Inconvenient and variable administration Application with

the wooden stick part of a cotton-tipped swab can lead to patients receiving more drug than necessary Inability for physicians to identify where the drug has been applied Limited availability Generally not available in hospitals and academic

settings, which require FDA approved product Only an estimated 7% of 503B compounders produce formulations containing cantharidin1 2 1 3 5 4 Based on 57 503B facilities and 4 compounders of cantharidin per FDA database (January - June

VP-102 (cantharidin) topical

solution 0.7% Topical solution in a single-use applicator Therapeutic class: Vesicant Active ingredient cantharidin (0.7%) in a unique topical formulation Single-use applicator to reduce cross-contamination and facilitate application of the topical

solution Small opening allows for targeting of affected skin Physician administered in-office procedure GMP-controlled, shelf-stable, consistent topical formulation Visualization agent to identify treated lesions Potential first FDA Approved therapy

for molluscum contagiosum Cap Tip Filter Ampule Tube DESIGNED FOR RELIABLE, AND TARGETED ADMINISTRATION

We Have Successfully Completed Two

Pivotal Phase 3 Trials (CAMP-1 & CAMP-2) For Molluscum Population Trial Design Endpoints Application Two identically designed, randomized, double-blinded, multicenter, placebo controlled trials Primary: Percent of subjects with complete

clearance of molluscum at Day 84 Subjects 2+ years of age with MC lesions who have not received any type of treatment within the past 14 days; Enrollment complete with 266 subjects for CAMP-1 and 262 subjects for CAMP-2; enrollment of Phase 3 trials

finished two months ahead of schedule Study drug (VP-102 or placebo) is administered topically to all treatable lesions every 21 days until clearance or a maximum of 4 applications CAMP-1 conducted under FDA Special Protocol Assessment (SPA) 12-week

study period Secondary: Percent of subjects with complete clearance at week 3, 6, 9 Safety & tolerability VP-102 or placebo will be left on for 24 hours before removal with soap and warm water Copyright 2023 Verrica Pharmaceuticals. All

Phase 3 Studies Demonstrated

Favorable Tolerability and Activity in Complete Clearance N (%) VP-102 (N=311) Vehicle (N=216) Application Site Vesicles 5 (1.6) 0 (0) Application Site Pain 3 (1.0) 0 (0) Application Site Pruritus 1 (0.3) 0 (0) Contact Dermatitis 1 (0.3) 0 (0) Total

Discontinuation Rate 6 (1.9) 0 (0) Phase 3 Studies for Molluscum Demonstrate Statistically Significant Activity on Primary Endpoint of Complete Clearance vs. Vehicle1 Phase 3 Discontinuation of Study Medication Due to Treatment-Related Adverse

Events2 Note: slide reflects pooled data from Phase 3 molluscum trials (CAMP-1 and CAMP-2) Eichenfield Amer J Clin Derm 2021

MC Commercial Opportunity

Realizing the Molluscum Opportunity

Prevalence in the US of 5.1% to 11.5% in children aged 0-16 years. (Fam Pract. 2014 Apr;31(2):130-6). US Census estimates ~69.4MM children aged 0 to 16 years in 2016. IQVIA projected dataset for 12 months ending October 2017 Not Diagnosed 5.1

million US PREVALENCE OF ~6 million in molluscum(1) 85% 15% Diagnosed 0.9 million US PREVALENCE WITH ~1 million diagnosed annually(2)

Dermatologists are Familiar with

Cantharidin & Would Use if Available Pompei DT et al. Cantharidin Therapy: Practice patterns and attitudes of health care providers. Journal of the American Academy of Dermatology. 2013; 68(6). Survey of 400 healthcare providers, 87.7% of

responders were US based dermatologists. Company survey of 40 physicians. Physicians who do not use Cantharidin stated inaccessibility as a primary reason why they are not using(1) Physicians reported they would use VP-102 if the cost of the drug

Physicians are Highly Favorable to

VP-102 Profile Physician Qualitative research- one-hour individual interviews [n=30 Pediatricians, 13 Dermatologist, 5 Pediatric Dermatologists] Derms and Ped Derms (1) Pediatricians (1) 5.6 6.3 Efficacy Efficacy KEY REASONS TO USE IF APPROVED

Convenience of administration Frustrated with not treating and having no viable options Scale of 1 (unlikely to use at all) to 7 (highly likely to use) Precise and pain free application FDA approval Fits into their current office model

after Payer Research Suggests a