Verrica Pharmaceuticals Reports First Quarter 2023 Financial Results New Drug Application for YCANTH (VP-102) PDUFA Goal Date of

Verrica Pharmaceuticals Reports First Quarter 2023 Financial Results

New Drug Application for YCANTH (VP-102)

PDUFA Goal Date of July 23, 2023 - Potential to Become Only FDA-approved Therapy for Treatment of Molluscum Contagiosum

Raised Gross Proceeds of $32.5 Million in February 2023 in an Underwritten Offering

VP-315 Advanced into Part 2 of Phase 2 Trial in Basal Cell Carcinoma

WEST CHESTER, PA May 9, 2023 (GLOBE NEWSWIRE) Verrica Pharmaceuticals Inc. ( Verrica or the Company ) (Nasdaq: VRCA),

a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced financial results for the first quarter ended March 31, 2023.

The first quarter of 2023 saw continued execution across our pipeline and strengthening of our financial position, said Ted White, Verrica s

President and Chief Executive Officer. With the upcoming PDUFA goal date of July 23, we may be poised to reach a major inflection point with the potential approval of YCANTH for

the treatment of molluscum contagiosum. Molluscum is a dermatological condition that afflicts millions of children each year in the U.S., and with no FDA approved therapies, we believe

YCANTH has the potential to address this significant unmet medical need. We also made progress with our novel oncolytic peptide, VP-315, which

advanced into the second part of our ongoing Phase 2 study in basal cell carcinoma in April 2023 following a positive safety assessment and promising signs of activity from Part 1 of the study.

We also had the opportunity to strengthen our balance sheet during the quarter, raising an additional $32.5 million in gross proceeds in an

underwritten offering to further extend our cash runway. This additional capital will help support our pre-commercial activities for YCANTH and fund

our ongoing VP-315 Phase 2 study. Looking ahead, we are excited about the progress we expect to make throughout the remainder of the year.

Business Highlights and Recent Developments

Underwritten Offering

First Quarter 2023 Financial Results

Non-GAAP Financial Measures

In evaluating the operating performance of its business, Verrica s management considers non-GAAP loss

from operations, non-GAAP net loss and non-GAAP net loss per share. These non-GAAP financial

measures exclude stock-based compensation charges and non-cash interest expense that are required by GAAP. Verrica believes that non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share provides useful information to both management and investors by excluding the effect of certain non-cash expenses and items that Verrica believes may not be indicative of its operating performance, because either they are unusual and Verrica does not expect them to recur in the ordinary

course of its business, or they are unrelated to the ongoing operation of the business in the ordinary course. Non-GAAP loss from

operations, non-GAAP net loss and non-GAAP net loss per share should be considered in addition to results prepared in accordance with GAAP, but

should not be considered a substitute for, or superior to, GAAP results. Non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share have been reconciled to the nearest GAAP measure in the tables following the financial statements in this press release.

About YCANTH (VP-102)

YCANTH (VP-102) is a proprietary drug-device

combination product that contains a GMP-controlled formulation of cantharidin delivered via a single-use applicator that allows for precise topical

dosing and targeted administration for the treatment of molluscum. If approved, YCANTH would be the only product approved by the FDA to treat molluscum a common, highly

contagious skin disease that affects an estimated six million people in the United States, primarily children. In addition, Verrica has successfully completed a Phase 2 study of VP-102 for the treatment of

common warts and a Phase 2 study of VP-102 for the treatment of external genital warts.

VP-315 is a potentially first-in-class oncolytic peptide immunotherapy in development as a non-surgical treatment option for non-melanoma skin cancers.

The Phase 2 trial is a three-part, open-label, multicenter, dose-escalation, proof-of-concept study with a safety run-in designed

to assess the safety, pharmacokinetics, and efficacy of VP-315 when administered intratumorally to adults with biopsy-proven basal cell carcinoma. The study is expected to enroll approximately 66 adult

subjects with a histological diagnosis of basal cell carcinoma in at least one eligible target lesion.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the

Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as believe, expect, may, plan, potential, will, and similar expressions, and

are based on Verrica s current beliefs and expectations. These forward-looking statements include expectations regarding the

approval of VP-102 for the treatment of molluscum, the timing of clinical trial completion for VP-315 and

Verrica s cash and cash equivalents being sufficient to support planned operations into the first quarter of 2024. These statements 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, Verrica s reliance on third parties over which it

may not always have full control and uncertainties that are described in Verrica s Annual Report on Form 10-K for the year ended December 31, 2022 and other filings Verrica makes with the U.S.

Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and are based on information available to Verrica as of the date of this release, and Verrica assumes no obligation to, and does not

intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.

VERRICA PHARMACEUTICALS INC.

Statements of Operations

(in thousands, except share and per share data)

VERRICA PHARMACEUTICALS INC.

Selected Balance Sheet Data

VERRICA PHARMACEUTICALS INC.

Reconciliation of Non-GAAP Financial Measures (unaudited)

(in thousands except per share data)

FOR MORE INFORMATION, PLEASE CONTACT:

Chief Financial Officer