Caligan Partners LP - 26 Dec 2025 Form 3 Insider Report for Verrica Pharmaceuticals Inc. (VRCA)

Reporting relationship: Other*
Issuer ticker: VRCA
Reported as of: 26 Dec 2025
Net transaction value: $0
SEC form: 3
Accepted by SEC: 30 Dec 2025, 07:08:10 UTC
Prior SEC filing: 18 Sep 2024
Next SEC filing: 20 May 2026
Source filing: View source filing
Reporting owner signature: Caligan Partners LP, By: /s/ David Johnson, Managing Partner

Key filing fact

Caligan Partners LP filed Form 3 for Verrica Pharmaceuticals Inc. (VRCA) on 30 Dec 2025.

Key facts

This page summarizes Caligan Partners LP's Form 3 filing for Verrica Pharmaceuticals Inc. (VRCA).
0 reported transactions and 3 derivative rows are listed below.
Accepted by SEC: 30 Dec 2025, 07:08.

Change

Previous filing in this sequence was filed on 18 Sep 2024.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Official SEC source

Ownership activity is grounded in SEC Form 3 disclosures.

View source filing

Reporting Owners (2)

CIK 0001727492 Primary reporting owner

Caligan Partners LP

Relationship: Other*
Address: 780 THIRD AVENUE, 30TH FLOOR, NEW YORK
Signature: Caligan Partners LP, By: /s/ David Johnson, Managing Partner
Signature date: 30 Dec 2025

CIK 0001785557

JOHNSON DAVID EDWARD

Relationship: Other*
Address: 780 THIRD AVENUE, 30TH FLOOR, NEW YORK
Signature: /s/ David Edward Johnson
Signature date: 30 Dec 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

VRCA holding

Common Stock, par value $0.0001 per share ("Common Stock")

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 923,910
Date: 26 Dec 2025
Ownership: See footnote
Footnotes: F1

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

VRCA holding Derivative

Pre-Funded Warrants (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 26 Dec 2025
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 4,126,239
Exercise price: $0.000100
Footnotes: F1, F2, F3

VRCA holding Derivative

Series C Warrants (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 26 Dec 2025
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 1,031,559
Exercise price: $6.32
Footnotes: F1, F3

VRCA holding Derivative

Series B Warrants (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 26 Dec 2025
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 421,346
Exercise price: $13.35
Footnotes: F1, F3

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 3 footnotes

Footnote F1

This Form 3 is filed by Caligan Partners LP ("Caligan") and David Johnson with respect to the securities held by Caligan Partners Master Fund LP, a Cayman Islands limited partnership, and managed accounts to which Caligan serves as investment manager. Mr. Johnson is the Managing Partner of Caligan and a Managing Member of Caligan Partners GP LLC, the general partner of Caligan.

Footnote F2

The Pre-Funded Warrants will not expire until exercised in full.

Footnote F3

Pursuant to the terms of the Pre-Funded Warrants, the Series C Warrants and the Series B Warrants (collectively, the "Warrants"), the Reporting Persons cannot exercise any of the Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding Common Stock (the "9.99% Blocker"). Consequently, at this time, the Reporting Persons are not able to exercise all of the Warrants reported herein due to the 9.99% Blocker.

SEC remarks

Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 3 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Each of the Reporting Persons may be deemed to be a director by deputization of Verrica Pharmaceuticals Inc. (the "Issuer") by virtue of the fact that Dr. Charles Frantzreb, a Partner at Caligan, currently serves on the Issuer's board of directors.