The company's financial stability remains precarious, evidenced by an accumulated deficit of $334.6 million as of 2026Q1 and a volatile equity position that recently shifted into a deficit.
| Total Current Assets | 32.76M | 42.54M | 51.18M | 77.53M | 39.12M | 74.33M | 67.65M | 64.98M | 91.15M | 9.08M | 544K |
| Cash & Short-Term Investments | 20.6M | 30.15M | 46.33M | 69.55M | 34.27M | 70.35M | 65.47M | 62.02M | 89.81M | 8.66M | 527K |
| Cash Only | 20.6M | 30.15M | 46.33M | 69.55M | 34.27M | 15.75M | 10.69M | 9.24M | 10.27M | 8.66M | 527K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 54.6M | 54.78M | 52.78M | 79.54M | 0 | 0 |
| Accounts Receivable | 7.81M | 5.4M | 77K | 4.42M | 487K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 93.09 | 55.37 | 3.71 | 314.57 | 19.68 | - | - | - | - | - | - |
| Inventory | 1.97M | 2.24M | 2.46M | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 211.8 | 237.18 | 328.1 | 500.04 | - | - | - | - | - | - | - |
| Other Current Assets | 2.37M | 4.76M | 2.31M | 2.54M | 4.36M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 6.03M | 4.59M | 2.96M | 4.07M | 5.61M | 5.8M | 6.5M | 3.44M | 754K | 0 | 0 |
| Property, Plant & Equipment | 1.66M | 1.86M | 2.58M | 3.62M | 5.33M | 5.5M | 4.94M | 2.2M | 255K | 0 | 0 |
| Fixed Asset Turnover | 20.18x | 19.11x | 2.93x | 1.42x | 1.69x | 2.18x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 264K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.1M | 2.73M | 376K | 452K | 276K | 295K | 1.57M | 1.24M | 499K | 0 | 0 |
| Total Assets | 38.79M | 47.13M | 54.13M | 81.6M | 44.72M | 80.13M | 74.15M | 68.42M | 91.91M | 9.08M | 544K |
| Asset Turnover | 0.90x | 0.75x | 0.14x | 0.06x | 0.20x | 0.15x | - | - | - | - | - |
| Asset Growth % | -21.59% | -12.94% | -33.66% | 82.46% | -44.19% | 8.05% | 8.37% | -25.55% | 911.85% | 1569.67% | - |
| Total Current Liabilities | 16.22M | 16.44M | 29.01M | 17.02M | 3.46M | 46.05M | 39.48M | 3.35M | 2.48M | 616K | 419K |
| Accounts Payable | 2.19M | 2.07M | 1.9M | 2.46M | 507K | 845K | 348K | 1.19M | 960K | 167K | 103K |
| Days Payables Outstanding | 191.52 | 219.78 | 252.57 | 1.21K | 255.25 | 653.44 | 554.67 | 1.68K | 17.27K | - | - |
| Short-Term Debt | 744K | 746K | 12.94M | 0 | 0 | 41.69M | 35.31M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 3.86M | 782K | 0 | 0 | 0 | 0 | 500K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 11.39M | 12.84M | 11.59M | 9.04M | 1.4M | 1.67M | 1.34M | 1.2M | 1.26M | 49K | 0 |
| Current Ratio | 2.02x | 2.59x | 1.76x | 4.55x | 11.31x | 1.61x | 1.71x | 19.39x | 36.80x | 14.75x | 1.30x |
| Quick Ratio | 1.90x | 2.45x | 1.68x | 4.49x | 11.31x | 1.61x | 1.71x | 19.39x | 36.80x | 14.75x | 1.30x |
| Cash Conversion Cycle | 113.36 | 72.77 | 79.25 | -390.97 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.51M | 5.95M | 34.98M | 44.81M | 1.23M | 1.47M | 1.69M | 58K | 0 | 15.51M | 2.79M |
| Long-Term Debt | 0 | 0 | 30.98M | 42.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 3.54M | 885K | 1.35M | 1.94M | 1.23M | 1.47M | 1.69M | 58K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.81M | 5.07M | 2.65M | 0 | 0 | 0 | 0 | 0 | 0 | 15.51M | 2.79M |
| Total Liabilities | 22.73M | 22.39M | 63.99M | 61.83M | 4.69M | 47.52M | 41.17M | 3.41M | 2.48M | 16.12M | 3.21M |
| Total Debt | 1.44M | 1.63M | 45.94M | 45.51M | 1.53M | 43.41M | 37.21M | 188K | 0 | 0 | 0 |
| Net Debt | -19.16M | -28.52M | -390K | -24.04M | -32.75M | 27.66M | 26.52M | -9.05M | -10.27M | -8.66M | -527K |
| Debt / Equity | 0.09x | 0.07x | - | 2.30x | 0.04x | 1.33x | 1.13x | 0.00x | - | - | - |
| Debt / EBITDA | -0.11x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.50x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -2.16x | -1.31x | -7.14x | -15.91x | -10.27x | -7.17x | -13.08x | - | - | -2228.50x | - |
| Total Equity | 16.05M | 24.74M | -9.86M | 19.76M | 40.03M | 32.6M | 32.99M | 65.02M | 89.43M | -7.04M | -2.66M |
| Equity Growth % | 555.87% | 350.94% | -149.89% | -50.63% | 22.78% | -1.16% | -49.26% | -27.3% | 1370.12% | -164.3% | - |
| Book Value per Share | 1.51 | 2.32 | -1.90 | 4.36 | 11.72 | 12.06 | 13.20 | 26.11 | 35.98 | -2.74 | -1.04 |
| Total Shareholders' Equity | 16.05M | 24.74M | -9.86M | 19.76M | 40.03M | 32.6M | 32.99M | 65.02M | 89.43M | -7.04M | -2.66M |
| Common Stock | 2K | 2K | 9K | 4K | 4K | 3K | 3K | 3K | 3K | 0 | 0 |
| Retained Earnings | -334.6M | -324.91M | -307.03M | -230.45M | -163.45M | -138.97M | -103.89M | -61.19M | -33.08M | -12.44M | -2.68M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | -29K | 1K | 20K | -17K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in recent financial filings, VRCA's equity position has fluctuated significantly, moving from a positive $16.1 million in 2026Q1 to a deficit of $17.0 million in 2025Q3, signaling a precarious trajectory that underscores the company's ongoing struggle to achieve self-sustaining commercial scale.
The persistent negative retained earnings, which reached -$334.6 million in 2026Q1, indicate that historical capital allocation has been heavily weighted toward R&D and commercial launch costs rather than value creation. This trend suggests that the company remains in a high-risk phase where balance sheet stability is entirely dependent on external financing rather than organic cash generation.
Based on the company's 2026Q1 balance sheet, cash and equivalents of $20.6 million against a current ratio of 2.02 suggest that while short-term obligations are covered, the company's liquidity buffer is rapidly depleting relative to its ongoing commercial burn rate.
The decline in cash from $69.5 million in 2023Q4 to $20.6 million in 2026Q1 highlights the aggressive consumption of capital required to maintain the YCANTH commercial infrastructure. Investors should monitor this liquidity profile closely, as the current cash position may necessitate further dilutive equity raises to fund operations through the next fiscal year.
According to quarterly data, VRCA's debt profile has been volatile, with total debt peaking at $47.1 million in 2024Q3 before being partially addressed, reflecting a reliance on debt financing that appears driven by operational necessity rather than strategic capital structure optimization.
The reduction of debt to $1.4 million by 2026Q1 suggests a potential shift in financing strategy, yet the underlying lack of profitability makes the company's debt-servicing capacity appear fragile. This deleveraging may have been achieved through equity-linked transactions, which warrants further investigation into the long-term cost of capital for the firm.
As evidenced by the $334.6 million accumulated deficit in 2026Q1, the company's balance sheet is heavily distorted by years of R&D spending, which makes traditional book value metrics largely irrelevant for assessing the firm's current commercial viability.
The absence of goodwill on the balance sheet is a positive indicator of asset quality, yet the massive deficit suggests that the company has yet to prove its core technology can generate returns exceeding the cost of its development. This structural imbalance implies that the market valuation is almost entirely speculative, tied to future pipeline success rather than existing tangible assets.
Quick answers to the most common questions about buying VRCA stock.
As of 2025, Verrica Pharmaceuticals Inc. (VRCA) had total assets of $47.1M including $42.5M in current assets.
Verrica Pharmaceuticals Inc. (VRCA) carries total debt of $1.6M, offset by $30.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Verrica Pharmaceuticals Inc. (VRCA) has total shareholders' equity (book value) of $24.7M ($2.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Verrica Pharmaceuticals Inc. (VRCA) reported a current ratio of 2.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.