Verrica Pharmaceuticals Inc. (NASDAQ:VRCA) Q3 2023 Earnings Call Transcript

Terry Kohler: Yes, thanks for the question, Kevin. So SG&A costs were $20 million on a GAAP basis for the quarter. On an adjusted basis, excluding Softcat [ph] about $12 million. Obviously, this is a significant step up year-over-year given that we onboarded the sales force and launched the product in the quarter. But we — that was only — we only had about six weeks of commercial activity, if you will, in this quarter. So there will be a step up going into Q4 as we’ll have the commercial team onboarded for that entire quarter and out in the field for that entire quarter. So you should expect to see a step up as we go into Q4.

Kemp Dolliver: Great. Thank you.

Operator: There are no further questions at this time. I would like to turn the floor back over to Ted White for closing comments.

Ted White: Thank you, operator. So again, I’d like to leave everyone with the fact that we’ve got overall strong overall interest, including earlier-than-expected interest from pediatricians. As you heard from Joe, we have strong coverage with over 112 million lives. And our effective coupon program where 9 out of 10 patients are paying no more than $25. We have a C-code that’s been issued, and it’s important to note that it was posted in the new quarterly HCPCS file for January, which includes a full descriptor of YCANTH’s code, C9164. This is a prelude to a J-code being issued and which we fully anticipate in January. We’re progressing at hospitals and also private equity group practices within dermatology. And as you heard today, we’ve taken an aggressive stance on compounded cantharidin [ph]. With that, I’d like to thank everyone for joining our call today.

Operator: This concludes today’s conference. Thank you for joining us. You may now disconnect your lines.