YCANTH (cantharidin, VP-102) - (COVE-3)

June 22, 2026: Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) announced the first U.S. patient was dosed in COVE-3, the second pivotal trial in its global Phase 3 program evaluating YCANTH (VP-102; TO-208 in Japan) for treatment of common warts. Partner Torii Pharmaceutical (Shionogi subsidiary) also dosed the first Japanese patient in COVE-3 the prior week.

Program design: Two double-blind, randomized, vehicle-controlled Phase 3 studies (COVE-2 and COVE-3) evaluating VP-102/TO-208 applied once every 21 days for up to four applications in patients aged ≥2 years. COVE-2 is U.S.-only; COVE-3 enrolls in the U.S. and Japan. Verrica and Torii plan to seek marketing approval in the U.S. and Japan, respectively, based on Phase 3 results. Verrica said last month it had achieved >50% of targeted enrollment in COVE-2 and is enrolling patients in the long-term follow-up study COVE-4.

Supporting data: Phase 2 COVE-1 showed 51% (18/35) complete clearance at Day 84 in Cohort 2; adverse events were mainly expected local skin reactions with no serious adverse events.

Cost split: Torii will split Phase 3 costs 50/50 and fund the first $40M (about 90% of current trial budget), with Verrica’s portion expected to be paid from future Japan milestones/royalties.