Verrica Pharmaceuticals Inc. has announced a private investment in public equity $(PIPE)$ financing, raising approximately $50 million in gross proceeds before placement agent fees and offering expenses. The financing is anchored by Caligan Partners LP and PBM Capital, along with participation from new and existing investors. Caligan Partners will be entitled to designate a new member to Verrica's Board of Directors. Verrica intends to use $35 million of the net proceeds to fully repay its outstanding obligations under its Credit Agreement with OrbiMed, with the remainder allocated to working capital and general corporate purposes. The financing is expected to close on or about November 25, 2025, subject to customary closing conditions. With the proceeds from this financing and existing cash, Verrica expects to fund its operations into mid-2027. TD Cowen is acting as the sole placement agent for the PIPE financing.