Verrica Pharmaceuticals (VRCA) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Trading Symbol	VRCA
Entity Interactive Data Current	Yes
Entity Registrant Name	Verrica Pharmaceuticals Inc.
Entity Central Index Key	0001660334
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		41,094,053
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transaction Period	true
Entity File Number	001-38529
Entity Tax Identification Number	46-3137900
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	44 West Gay Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	West Chester
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19380
City Area Code	484
Local Phone Number	453-3300

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 32,473	$ 15,752
Marketable securities	6,981	54,602
Unbilled receivable	419	0
Prepaid expenses and other assets	3,522	3,974
Total current assets	43,395	74,328
Property and equipment, net	4,018	3,894
Operating lease right-of-use asset	1,513	1,608
Other non-current assets	221	295
Total assets	49,147	80,125
Current liabilities:
Accounts payable	137	845
Accrued expenses and other current liabilities	2,650	3,266
Operating lease liability	291	245
Financing lease liability	0	6
Debt, net	0	41,693
Total current liabilities	3,078	46,055
Operating lease liability	1,304	1,449
Financing lease liability	0	16
Total liabilities	4,382	47,520
Commitments and Contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 200,000,000 authorized; 41,199,197 shares issued and 41,094,053 shares outstanding as of September 30, 2022; 27,624,197 shares issued and 27,519,053 outstanding as of December 31, 2021	4	3
Treasury stock, at cost, 105,144 shares as of September 30, 2022 and December 31, 2021	0	0
Additional paid-in capital	202,311	171,597
Accumulated deficit	(157,521)	(138,966)
Accumulated other comprehensive loss	(29)	(29)
Total stockholders’ equity	44,765	32,605
Total liabilities and stockholders’ equity	$ 49,147	$ 80,125

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	41,199,197	27,624,197
Common stock, shares outstanding	41,094,053	27,519,053
Treasury stock, shares	105,144	105,144

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
License revenue	$ 8,319	$ 0	$ 8,964	$ 12,000
Revenue from Contract with Customer, Product and Service [Extensible List]	License revenue	License revenue	License revenue	License revenue
Operating expenses:
Research and development	$ 2,946	$ 3,763	$ 9,833	$ 12,572
General and administrative	3,925	8,005	14,216	21,866
Total operating expenses	6,871	11,768	24,049	34,438
Income (loss) from operations	1,448	(11,768)	(15,085)	(22,438)
Other income (expense):
Interest income	148	31	190	96
Interest expense	(81)	(1,092)	(2,172)	(3,198)
Loss on extinguishment of debt	(1,437)	0	(1,437)	0
Other income (expense)	5	0	(51)	0
Total other expense	(1,365)	(1,061)	(3,470)	(3,102)
Net income (loss)	$ 83	$ (12,829)	$ (18,555)	$ (25,540)
Net income (loss) per share, basic	$ 0	$ (0.47)	$ (0.58)	$ (0.95)
Net income (loss) per share, diluted	$ 0	$ (0.47)	$ (0.58)	$ (0.95)
Weighted average common shares outstanding, basic	40,304,923	27,516,477	31,827,844	26,884,527
Weighted average common shares outstanding, diluted	44,656,172	27,516,477	31,827,844	26,884,527
Net income (loss)	$ 83	$ (12,829)	$ (18,555)	$ (25,540)
Other comprehensive gain (loss):
Unrealized gain (loss) on marketable securities	35	(1)	0	(3)
Comprehensive income (loss)	$ 118	$ (12,830)	$ (18,555)	$ (25,543)

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]
Beginning Balance at Dec. 31, 2020	$ 32,986	$ 3	$ 136,868	$ (103,886)		$ 1
Beginning Balance (shares) at Dec. 31, 2020		25,546,257			105,144
Stock-based compensation	1,403		1,403
Issuance of common stock, net of issuance costs	28,115		28,115
Issuance of common stock, net of issuance costs (shares)		2,033,899
Exercise of stock options	240		240
Exercise of stock options (shares)		15,708
Net income (loss)	(936)			(936)
Unrealized gain (loss) on marketable securities	2					2
Ending Balance at Mar. 31, 2021	61,810	$ 3	166,626	(104,822)		3
Ending Balance (shares) at Mar. 31, 2021		27,595,864			105,144
Beginning Balance at Dec. 31, 2020	32,986	$ 3	136,868	(103,886)		1
Beginning Balance (shares) at Dec. 31, 2020		25,546,257			105,144
Net income (loss)	(25,540)
Unrealized gain (loss) on marketable securities	(3)
Ending Balance at Sep. 30, 2021	40,852	$ 3	170,277	(129,426)		(2)
Ending Balance (shares) at Sep. 30, 2021		27,624,197			105,144
Beginning Balance at Mar. 31, 2021	61,810	$ 3	166,626	(104,822)		3
Beginning Balance (shares) at Mar. 31, 2021		27,595,864			105,144
Stock-based compensation	1,848		1,848
Exercise of stock options	277		277
Exercise of stock options (shares)		24,000
Net income (loss)	(11,775)			(11,775)
Unrealized gain (loss) on marketable securities	(4)					(4)
Ending Balance at Jun. 30, 2021	52,156	$ 3	168,751	(116,597)		(1)
Ending Balance (shares) at Jun. 30, 2021		27,619,864			105,144
Stock-based compensation	1,481		1,481
Exercise of stock options	45		45
Exercise of stock options (shares)		4,333
Net income (loss)	(12,829)			(12,829)
Unrealized gain (loss) on marketable securities	(1)					(1)
Ending Balance at Sep. 30, 2021	40,852	$ 3	170,277	(129,426)		(2)
Ending Balance (shares) at Sep. 30, 2021		27,624,197			105,144
Beginning Balance at Dec. 31, 2021	32,605	$ 3	171,597	(138,966)		(29)
Beginning Balance (shares) at Dec. 31, 2021		27,624,197			105,144
Stock-based compensation	1,316		1,316
Net income (loss)	(8,470)			(8,470)
Unrealized gain (loss) on marketable securities	(33)					(33)
Ending Balance at Mar. 31, 2022	25,418	$ 3	172,913	(147,436)		(62)
Ending Balance (shares) at Mar. 31, 2022		27,624,197			105,144
Beginning Balance at Dec. 31, 2021	32,605	$ 3	171,597	(138,966)		(29)
Beginning Balance (shares) at Dec. 31, 2021		27,624,197			105,144
Net income (loss)	(18,555)
Unrealized gain (loss) on marketable securities	0
Ending Balance at Sep. 30, 2022	44,765	$ 4	202,311	(157,521)	$ 0	(29)
Ending Balance (shares) at Sep. 30, 2022		41,199,197			105,144
Beginning Balance at Mar. 31, 2022	25,418	$ 3	172,913	(147,436)		(62)
Beginning Balance (shares) at Mar. 31, 2022		27,624,197			105,144
Stock-based compensation	1,085		1,085
Net income (loss)	(10,168)			(10,168)
Unrealized gain (loss) on marketable securities	(2)					(2)
Ending Balance at Jun. 30, 2022	16,333	$ 3	173,998	(157,604)		(64)
Ending Balance (shares) at Jun. 30, 2022		27,624,197			105,144
Stock-based compensation	1,413		1,413
Issuance of common stock, net of issuance costs	26,901	$ 1	26,900
Issuance of common stock, net of issuance costs (shares)		13,575,000
Net income (loss)	83			83
Unrealized gain (loss) on marketable securities	35					35
Ending Balance at Sep. 30, 2022	$ 44,765	$ 4	$ 202,311	$ (157,521)	$ 0	$ (29)
Ending Balance (shares) at Sep. 30, 2022		41,199,197			105,144

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (18,555)	$ (25,540)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,814	4,732
Amortization of premiums (discounts) on marketable securities	97	14
Depreciation expense	323	102
Non cash interest expense	384	1,081
Loss on extinguishment of debt	1,437	0
Gain on operating lease termination	(6)	0
Reduction in operating lease right-of-use asset	194	170
Changes in operating assets and liabilities:
Prepaid expenses and other assets	264	(233)
Accounts payable	(708)	522
Unbilled receivable	(419)	0
Accrued expenses and other current liabilities	(327)	908
Deferred revenue	0	(500)
Operating lease liability	(194)	(140)
Net cash used in operating activities	(13,696)	(18,884)
Cash flows from investing activities
Sales and maturities of marketable securities	52,008	54,800
Purchases of marketable securities	(4,485)	(59,086)
Purchases of property and equipment	(236)	(646)
Deposits	0	(77)
Net cash provided by (used in) investing activities	47,287	(5,009)
Cash flows from financing activities
Proceeds from exercise of stock options	0	558
Repayment of debt	(43,750)	0
Proceeds from issuance of common stock, net of issuance costs	26,901	28,119
Proceeds from issuance of debt, net of issuance costs	0	4,975
Debt issuance costs	(17)	0
Repayment of financing lease	(4)	(3)
Net cash (used in) provided by financing activities	(16,870)	33,649
Net increase in cash and cash equivalents	16,721	9,756
Cash and cash equivalents at the beginning of the period	15,752	10,686
Cash and cash equivalents at the end of the period	32,473	20,442
Supplemental disclosure of noncash investing and financing activities:
Property and equipment purchases payable or accrued at period end	291	209
Change in unrealized gain on marketable securities	0	(3)
Cash paid for interest	1,788	2,117
Right-of-use asset obtained in exchange for lease obligation	$ 99	$ 0

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Note 1—Nature of Business Verrica Pharmaceuticals Inc. (the “Company”) was formed on July 3, 2013 and is incorporated in the State of Delaware. The Company is a dermatology therapeutics company committed to the development and commercialization of novel treatments that provide meaningful benefit for people living with skin diseases. Liquidity The Company has incurred substantial operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of September 30, 2022, the Company had an accumulated deficit of $ 157.5 mi llion. On March 17, 2021, the Company entered into the Torii Agreement (see Note 11), pursuant to which the Company received an upfront payment from Torii of $ 11.5 million in April 2021 and an $ 8.0 million milestone payment in August 2022. On March 25, 2021, the Company closed a follow-on public offering in which it sold 2,033,899 shares of common stock at a public offering price of $ 14.75 per share, resulting in net proceeds of $ 28.1 million after deducting underwriting discounts and commissions and offering expense s. In July 2022, the Company sold 13,575,000 shares of common stock at a public offering price of $ 2.10 per share, resulting in cumulative net proceeds o f $ 26.9 m illion after deducting underwriting discounts, commissions and offering expenses. In March 2020, the Company entered into a mezzanine loan and security agreement (the “Mezzanine Loan Agreement”), with Silicon Valley Bank, as administrative agent and collateral agent (the “Agent”), and Silicon Valley Bank and West River Innovation Lending Fund VIII, L.P., as lenders, (the “Mezzanine Lenders”), pursuant to which the Company borrowed (i) $ 35.0 million in March 2020 and (ii) $ 5.0 million on March 1, 2021. On July 11, 2022, the Company voluntarily repaid in full the debt outstanding under the Mezzanine Loan Agreement (see Note 7). As o f September 30, 2022 the Company had cash, cash equivalents and marketable securities of $ 39.5 million . The Company believes its existing cash, cash equivalents and marketable securities as of September 30, 2022 will be sufficient to support the Company’s planned operations into the third quarter of 2023. Substantial additional financing will be needed by the Company to fund its operations. The Company's condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. The Company anticipates incurring additional losses until such time, if ever, that it can obtain marketing approval to sell, and then generate significant sales of VP-102. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. The Company plans to secure additional capital in the future through equity or debt financings, partnerships, or other sources to carry out the Company’s planned development activities. If the Company is unable to raise capital when needed or on attractive terms, the Company would be forced to delay, reduce or eliminate its research and development programs or future commercialization efforts .

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2—Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. They may not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2022. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period. The Company has been actively monitoring the COVID-19 pandemic and its impact globally. Management believes the financial results for the year ended December 31, 2021 and the nine months ended September 30, 2022, were not significantly impacted by COVID-19. In addition, management believes the remote working arrangements, travel restrictions and any other regulations imposed by various governmental jurisdictions have had limited impact on the Company’s ability to maintain internal operations during the year. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. S ignificant Accounting Policies Net Income (Loss) Per Share Net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of common stock options and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in the nine month period ending September 30, 2022, basic and diluted net loss per common share are the same. The table below provides potential shares outstanding that were included in the computation of diluted net income per common share for the three months ended September 30, 2022. These shares were not included in the computation of diluted net loss per common share for the nine months ended September 30, 2022, as the inclusion of these securities would have been anti-dilutive. As of September 30, 2022 2021 Shares issuable upon exercise of stock options 3,826,366 3,553,361 Non-vested shares under restricted stock grants 425,000 425,000

Investments In Marketable Secur

Investments In Marketable Securities	9 Months Ended
	Sep. 30, 2022
Investments [Abstract]
Investments in Marketable Securities	Note 3—Investments in Marketable Securities Investments in marketable securities consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 5,008 $ — $ ( 27 ) $ 4,981 Asset-backed securities 2,002 — ( 2 ) 2,000 Total marketable securities $ 7,010 $ — $ ( 29 ) $ 6,981 December 31, 2021 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 15,272 $ — $ ( 15 ) $ 15,257 Commercial paper 28,980 — — 28,980 Asset-backed securities 10,379 — ( 14 ) 10,365 Total marketable securities $ 54,631 $ — $ ( 29 ) $ 54,602 Unrealized gains and losses on marketable securities are recorded as a separate component of accumulated other comprehensive loss included in stockholders’ equity. Realized gains (losses) are included in interest income (expense) in the statement of operations and comprehensive loss on a specific identification basis. There were no marketable securities with a maturity of greater than one year for either period presented. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. Accretion of bond discount and premium on marketable securities and interest income on marketable securities is recorded as interest income on the statement of operations and comprehensive income (loss). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 — Quoted market prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables presents fair value of the Company’s marketable securities (in thousands): Fair Value Measurement as of September 30, 2022 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 4,981 $ — $ — $ 4,981 Asset-backed securities — 2,000 — 2,000 Total assets $ 4,981 $ 2,000 $ — $ 6,981 Fair Value Measurement as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 15,257 $ — $ — $ 15,257 Commercial paper — 28,980 — 28,980 Asset-backed securities — 10,365 — 10,365 Total assets $ 15,257 $ 39,345 $ — $ 54,602

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 4—Property and Equipment Property and equipment, net consisted of (in thousands): As of As of September 30, December 31, 2022 2021 Machinery and equipment $ 1,392 $ 737 Office furniture and fixtures 303 303 Office equipment 301 301 Leasehold improvements 54 49 Automobiles — 27 Construction in process 2,537 2,731 4,587 4,148 Accumulated depreciation ( 569 ) ( 254 ) Total property and equipment, net $ 4,018 $ 3,894 The Company has recorded an asset classified as construction in process associated with the construction of a product assembly and packaging line that would be placed into service for commercial manufacturing upon future regulatory product approval.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Note 5—Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of As of December 31, Compensation and related costs $ 1,379 $ 1,667 Clinical trials and drug development 824 613 Construction in process 167 131 Professional fees 156 406 Machinery and equipment 124 124 Interest expense — 250 Other accrued expenses and other current liabilities — 75 Total accrued expenses and other current liabilities $ 2,650 $ 3,266

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	N ote 6—Leases Effective January 1, 2019, the Company accounts for its leases under ASC 842, Leases (Topic 842) . Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease, if available, otherwise at the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred. In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less from the guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. The Company does not act as a lessor. The Company leased office space in West Chester, Pennsylvania under an agreement classified as an operating lease that expired in May 2021 . On July 1, 2019 , the Company entered into a lease for office space located in West Chester which was further amended on March 12, 2020 to include additional office space. The initial term will expire on September 1, 2027 . Base rent over the initial term is approximately $ 2.4 million, and the Company is also responsible for its share of the landlord’s operating expense. The Company leases office space in Scotch Plains, New Jersey under an agreement classified as an operating lease, which commenced on May 1, 2022 and expires on April 30, 2025 . Base rent over the initial term is approximately $ 104,000 . During the nine month period ending September 30, 2022, the Company recognized a right-of-use asset of $ 99,000 and a lease liability of $ 95,000 . In July 2022, the Company terminated an auto lease and recognized a $ 6 thousand gain in other income in the condensed statement of operations resulting from the early termination. The components of lease expense are as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Finance lease cost: Amortization lease assets $ 1 $ 2 $ 4 $ 3 Finance lease costs — — — — Total finance lease costs $ 1 $ 2 $ 4 $ 3 Operating lease: Operating lease costs $ 95 $ 85 $ 272 $ 260 Short-term lease costs — 5 7 16 Total operating lease expense $ 95 $ 90 $ 279 $ 276 Maturities of the Company’s operating and finance leases, excluding short-term leases, as of September 30, 2022 are as follows (in thousands): September 30, 2022 Operating 2022 (remaining 3 months) 94 2023 383 2024 392 2025 372 Thereafter 613 Total lease payments 1,854 Less imputed interest ( 259 ) Lease liability $ 1,595 The weighted average remaining term and discount rate are as follows: Other information: Operating Weighted average remaining lease term 4.84 Weighted-average discount rate 6.25 %

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Note 7—Debt On March 10, 2020 (the “Effective Date”), the Company entered into (i) the Mezzanine Loan Agreement with the Agent, and the Mezzanine Lenders, pursuant to which the Mezzanine Lenders have agreed to lend the Company up to $ 50.0 million in a series of term loans, and (ii) a loan and security agreement (the “Senior Loan Agreement”, and together with the Mezzanine Loan Agreement, the “Loan Agreements”) with Silicon Valley Bank, as lender (the “Senior Lender”, and together with the Mezzanine Lenders, the “Lenders”), pursuant to which the Senior Lender has agreed to provide the Company with a revolving line of credit of up to $ 5.0 million. Upon entering into the Loan Agreements, the Company borrowed $ 35.0 million in term loans from the Mezzanine Lenders (the “Term A Loan”). The Company entered into amendments to the Loan Agreements in October 2020 under which the Company borrowed an additional $ 5.0 million in term loans (the “Term B1 Loan”), on March 1, 2021 and March 1, 2022. The Company has incurred debt discount and issuance costs of $ 4.3 million, including the final payment fee of $ 3.8 million. On July 11, 2022, the Company voluntarily repaid in full the debt outstanding under the Loan Agreements. The Company’s prepayment amount was $ 43.8 million, inclusive of principal amount of debt, the final payment fee, and accrued interest, and satisfied all of the Company’s outstanding debt obligations under the Loan Agreements. The Company did not incur any prepayment penalties in connection with the repayment of the amounts payable under the Loan Agreements, which had a scheduled maturity of March 1, 2024 . The prepayment was made in full using restricted cash of $ 40.0 million, which was set aside as cash collateral in a March 2022 amendment to the Mezzanine Loan Agreement, as well as cash on hand of $ 3.8 million for the final payment fee. During the three and nine month periods ended September 30, 2022, the Company recognized $ 1.4 million as a loss on debt extinguishment in the condensed statement of operation. In accordance with ASC470-50, included in the loss was $ 1.4 million of non-cash unamortized debt issuance costs. For the three and nine months ended September 30, 2022 , the Company recognized interest expense of $ 0.1 million and $ 2.2 million, respectively, of which $ 0.1 million and $ 1.6 million, respectively, was interest on the term loan and $ 0.0 million and $ 0.6 million, respectively, was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of the final payment fe e.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8—Stock-Based Compensation Stock-based compensation expense, which includes expense for both employees and non-employees, has been reported in the Company’s condensed statements of operations for the three and nine months ended September 30, 2022 and 2021 as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 349 $ 427 $ 1,105 $ 1,150 General and administrative 1,064 1,054 2,709 3,582 Total stock-based compensation $ 1,413 $ 1,481 $ 3,814 $ 4,732 Stock Options The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2022: Weighted average Weighted average remaining contractual Aggregate intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2021 3,443,817 $ 10.05 7.8 $ 3,952,803 Granted 1,022,936 7.35 Exercised — Forfeitures ( 462,935 ) 10.27 Expired ( 177,452 ) 12.64 Outstanding as of September 30, 2022 3,826,366 $ 9.19 7.5 $ 151,799 Options vested and exercisable as of 2,139,127 $ 8.98 6.4 $ 127,812 As of September 30, 2022 , the total unrecognized compensation related to unvested stock option awards granted was $ 10.5 million, which the Company expects to recognize over a weighted-average period of 2.64 years. Restricted Stock In November 2019 and August 2020, the Company granted 300,000 and 250,000 restricted stock units, respectively to its executive officers. As of September 30, 2022 , 425,000 restricted stock units were outstanding. The restricted stock units vest 50 % upon receipt of regulatory approval of the Company’s new drug application for VP-102 for the treatment of molluscum (the “Approval Date”) and 50 % shall vest on the one year anniversary of the Approval Date subject to the holders’ continuous service through each applicable date. The following is a summary of changes in the status of non-vested RSUs: Weighted Average Grant Date Fair Number of Shares Value Nonvested as of December 31, 2021 425,000 $ 11.68 Granted — — Forfeitures — — Nonvested as of September 30, 2022 425,000 $ 11.68 No compensation expenses have been recognized for these nonvested restricted stock units as these shares are performance based and the triggering event was not determined to be probable as of September 30, 2022. As of September 30, 2022 , the total unrecognized compensation expense related to the restricted stock units was $ 5.0 million.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 9—Related Party Transactions Prior to the completion of the initial public offering of the Company’s common stock in June 2018, the Company was controlled by PBM VP Holdings, LLC (“PBM VP Holdings”) an affiliate of PBM Capital Group, LLC (“PBM”). Paul B. Manning, who is the Chairman and Chief Executive Officer of PBM and the current chairman of the Company’s Board of Directors, and certain entities affiliated with Mr. Manning, continue to be the Company’s largest shareholder on a collective basis. On December 2, 2015, the Company entered into a Services Agreement (the “SA”) with PBM. Pursuant to the terms of the SA, which had an initial term of twelve months (and was automatically renewable for successive monthly periods), PBM rendered advisory and consulting services to the Company. Services provided under the SA included certain business development, operations, technical, contract, accounting and back office support services. In consideration for these services, the Company was obligated to pay PBM a monthly management fee. On October 1, 2019, the SA was amended to reduce the monthly management fee to $ 5,000 as a result of a reduction in services provided by PBM. For the three months ended September 30, 2022 and 2021 , the Company recognized expenses under the SA of $ 20,000 and $ 15,000 , of which $ 12,000 and $ 9,000 , respectively, were included in general and administrative expenses and $ 8,000 and $ 6,000 , respectively, were included in research and development expenses. For the nine months ended September 30, 2022 and 2021 , the Company recognized expenses under the SA of $ 45,000 , of which $ 27,000 and $ 18,000 , respectively, were included in general and administrative expenses and research and development, respectively. As of September 30, 2022 , the Company had no outstanding payable due to PBM and its affiliate s. On September 8, 2022, the Company entered into a clinical service agreement with Clinical Enrollment LLC which is controlled by Bryan Manning, the son of Paul B. Manning, who is the current chairman of the Company's Board of Directors. Paul B. Manning along with certain entities affiliated with Mr. Manning, are the Company's largest shareholder on a collective basis. Pursuant to the clinical service agreement, Clinical Enrollment LLC may provide recruiting support services for the Company's VP-LTX-315 clinical trial. No fees will be due under the agreement until a minimum number of patients are enrolled in the clinical trial by the vendor. When the minimum enrollments are met, compensation will include a $ 35 thousand development fee for the production of media, video, and web content to support the recruitment services and a $ 15 thousand fee per eligible patient enrolled in the trial. As of September 30, 2022 no services had been provided.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10—Commitments and Contingencies On June 6, 2022, plaintiff Kranthi Gorlamari, or Gorlamari, filed a putative class action complaint captioned Gorlamari v. Verrica Pharmaceuticals, Inc., et al., in the U.S. District Court for the Eastern District of Pennsylvania against the Company and certain of its executive officers (“Defendants”). The complaint alleges that Defendants violated federal securities laws by, among other things, failing to disclose certain manufacturing deficiencies at the facility where the Company’s contract manufacturer produced bulk solution for the VP-102 drug device and that such deficiencies posed a risk to the prospects for regulatory approval of VP-102 for molluscum. The complaint seeks unspecified compensatory damages on behalf of Gorlamari and all other persons and entities which purchased or otherwise acquired our securities between May 28, 2021 and May 24, 2022. The litigation is still in the very early stages, and the Company intends to vigorously defend itself against these allegations. The Company is also involved in ordinary, routine legal proceedings that are not considered by management to be material. In the opinion of Company counsel and management, the ultimate liabilities resulting from such legal proceedings will not materially affect the financial position of the Company or its results of operations or cash flows.

License And Collaboration Agree

License And Collaboration Agreements	9 Months Ended
	Sep. 30, 2022
License And Collaboration Agreements [Abstract]
License and Collaboration Agreements	Note 11—License and Collaboration Agreements In August 2020, the Company entered into an option agreement with Torii Pharmaceutical Co., Ltd. (“Torii”) for the development and commercialization of the Company’s product candidates for the treatment of molluscum contagiosum and common warts in Japan, including VP-102 (the “Option Agreement”). Torii paid the Company $ 0.5 million to secure the exclusive option. The $ 0.5 million is included in deferred revenue as of December 31, 2020 in the balance sheet. On March 2, 2021, Torii exercised the exclusive option in the Option Agreement. On March 17, 2021, the Company entered into a collaboration and license agreement (the “Torii Agreement”) with Torii, pursuant to which the Company granted Torii an exclusive license to develop and commercialize the Company’s product candidates that contain a topical formulation of cantharidin for the treatment of molluscum contagiosum and common warts in Japan, including VP-102. Additionally, the Company granted Torii a right of first negotiation with respect to additional indications for the licensed products and certain additional products for use in the licensed field, in each case in Japan. Pursuant to the Torii Agreement, the Company received payments from Torii of $ 0.5 million in December 2020 and $ 11.5 million in April 2021. On July 25, 2022 Torii dosed the first patient in its Phase 3 trial of VP-102 (referred to as TO-208 in Japan) for molluscum contagiosum in Japan, triggering an $ 8.0 million milestone payment recognized as license revenue in the condensed statement of operations for the three and nine month period ended September 30, 2022. Additionally, the Company is entitled to receive from Torii an additional $ 50.0 million in aggregate payments contingent on achievement of specified development, regulatory, and sales milestones, in addition to tiered transfer price payments for supply of product in the percentage range of the mid- 30 ’s to the mid- 40 ’s of net sales. The transfer payments shall be payable, on a product-by-product basis, beginning on the first commercial sale of such product and ending on the latest of (a) expiration of the last-to-expire valid claim contained in certain licensed patents in Japan that cover such product, (b) expiration of regulatory exclusivity for the first indication for such product in Japan, and, (c) (i) with respect to the first product, ten years after first commercial sale of such product, and, (ii) with respect to any other product, the later of (x) ten years after first commercial sale of the first product and (y) five years after first commercial sale of such product. The Torii Agreement expires on a product-by-product basis upon expiration of Torii’s obligation under the agreement to make transfer price payments for such product. Torii has the right to terminate the agreement upon specified prior written notice to us. Additionally, either party may terminate the agreement in the event of an uncured material breach of the agreement by, or insolvency of, the other party. The Company may terminate the agreement in the event that Torii commences a legal action challenging the validity, enforceability or scope of any licensed patents. On March 7, 2022, pursuant to the Torii Agreement, the Company entered into a Clinical Supply Agreement with Torii, whereby the Company is obligated to supply product to Torii for use in clinical trials and other development activities. The Company recognized billed and unbilled license reve nue of $ 0.3 million and $ 1.0 million f or the three and nine months ended September 30, 2022, respectively related to supplies and development activity pursuant to this agreement. In August 2020, the Company entered into an exclusive worldwide license agreement with Lytix Biopharma AS (“Lytix”) for the use of licensed technology to research, develop, manufacture, have manufactured, use, sell, have sold, offer for sale, import, and otherwise commercialize products for use in all malignant and pre-malignant dermatological indications, other than metastatic melanoma and metastatic merkel cell carcinoma (the” Lytix Agreement”). As part of the Lytix Agreement, the Company paid Lytix a one-time up-front fee of $ 0.3 million in 2020. In addition, in May 2022 and February 2021, the Company paid Lytix a one-time $ 1.0 million and $ 2.3 million payment, respectively upon the achievement by Lytix of a regulatory milestone. The $ 1.0 and $ 2.3 million payments were recognized in research and development expense in the statement of operations for the nine months ended September 30, 2022 and for the year ended December 31, 2021, respectively. The Company is also obligated to pay up to $ 111.0 million contingent on achievement of specified development, regulatory, and sales milestones, as well as tiered royalties based on worldwide annual net sales ranging in the low double digits to the mid-teens, subject to certain customary reductions. The Company’s obligation to pay royalties expires on a country-by-country and product-by-product basis on the later of the expiration or abandonment of the last to expire licensed patent covering VP-LTX-315 anywhere in the world and expiration of regulatory exclusivity for VP-LTX-315 in such country. Additionally, all upfront fees and milestone based payments received by the Company from a sublicensee will be treated as net sales and will be subject to the royalty payment obligations under the Lytix Agreement, and all royalties received by the Company fromVP-LTX-315 at the time such sublicense is granted.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Note 12 – Subsequent Event None

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. They may not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2022. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period. The Company has been actively monitoring the COVID-19 pandemic and its impact globally. Management believes the financial results for the year ended December 31, 2021 and the nine months ended September 30, 2022, were not significantly impacted by COVID-19. In addition, management believes the remote working arrangements, travel restrictions and any other regulations imposed by various governmental jurisdictions have had limited impact on the Company’s ability to maintain internal operations during the year. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.
Significant Accounting Policies	S ignificant Accounting Policies
Net Loss Per Share	Net Income (Loss) Per Share Net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of common stock options and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in the nine month period ending September 30, 2022, basic and diluted net loss per common share are the same. The table below provides potential shares outstanding that were included in the computation of diluted net income per common share for the three months ended September 30, 2022. These shares were not included in the computation of diluted net loss per common share for the nine months ended September 30, 2022, as the inclusion of these securities would have been anti-dilutive. As of September 30, 2022 2021 Shares issuable upon exercise of stock options 3,826,366 3,553,361 Non-vested shares under restricted stock grants 425,000 425,000

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Potential Shares Outstanding not Included in Computation of Diluted Net Loss Per Common Share	The table below provides potential shares outstanding that were included in the computation of diluted net income per common share for the three months ended September 30, 2022. These shares were not included in the computation of diluted net loss per common share for the nine months ended September 30, 2022, as the inclusion of these securities would have been anti-dilutive. As of September 30, 2022 2021 Shares issuable upon exercise of stock options 3,826,366 3,553,361 Non-vested shares under restricted stock grants 425,000 425,000

Investments In Marketable Sec_2

Investments In Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Investments [Abstract]
Schedule of Marketable Securities	Investments in marketable securities consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 5,008 $ — $ ( 27 ) $ 4,981 Asset-backed securities 2,002 — ( 2 ) 2,000 Total marketable securities $ 7,010 $ — $ ( 29 ) $ 6,981 December 31, 2021 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 15,272 $ — $ ( 15 ) $ 15,257 Commercial paper 28,980 — — 28,980 Asset-backed securities 10,379 — ( 14 ) 10,365 Total marketable securities $ 54,631 $ — $ ( 29 ) $ 54,602
Schedule of Fair Value of Marketable Securities	The following tables presents fair value of the Company’s marketable securities (in thousands): Fair Value Measurement as of September 30, 2022 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 4,981 $ — $ — $ 4,981 Asset-backed securities — 2,000 — 2,000 Total assets $ 4,981 $ 2,000 $ — $ 6,981 Fair Value Measurement as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 15,257 $ — $ — $ 15,257 Commercial paper — 28,980 — 28,980 Asset-backed securities — 10,365 — 10,365 Total assets $ 15,257 $ 39,345 $ — $ 54,602

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of (in thousands): As of As of September 30, December 31, 2022 2021 Machinery and equipment $ 1,392 $ 737 Office furniture and fixtures 303 303 Office equipment 301 301 Leasehold improvements 54 49 Automobiles — 27 Construction in process 2,537 2,731 4,587 4,148 Accumulated depreciation ( 569 ) ( 254 ) Total property and equipment, net $ 4,018 $ 3,894

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): As of As of December 31, Compensation and related costs $ 1,379 $ 1,667 Clinical trials and drug development 824 613 Construction in process 167 131 Professional fees 156 406 Machinery and equipment 124 124 Interest expense — 250 Other accrued expenses and other current liabilities — 75 Total accrued expenses and other current liabilities $ 2,650 $ 3,266

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Summary of Components of Lease Expense	The components of lease expense are as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Finance lease cost: Amortization lease assets $ 1 $ 2 $ 4 $ 3 Finance lease costs — — — — Total finance lease costs $ 1 $ 2 $ 4 $ 3 Operating lease: Operating lease costs $ 95 $ 85 $ 272 $ 260 Short-term lease costs — 5 7 16 Total operating lease expense $ 95 $ 90 $ 279 $ 276
Schedule of Maturities of Operating and Finance Leases	Maturities of the Company’s operating and finance leases, excluding short-term leases, as of September 30, 2022 are as follows (in thousands): September 30, 2022 Operating 2022 (remaining 3 months) 94 2023 383 2024 392 2025 372 Thereafter 613 Total lease payments 1,854 Less imputed interest ( 259 ) Lease liability $ 1,595
Schedule of Weighted Average Remaining Term and Discount Rate	The weighted average remaining term and discount rate are as follows: Other information: Operating Weighted average remaining lease term 4.84 Weighted-average discount rate 6.25 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Expense	Stock-based compensation expense, which includes expense for both employees and non-employees, has been reported in the Company’s condensed statements of operations for the three and nine months ended September 30, 2022 and 2021 as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 349 $ 427 $ 1,105 $ 1,150 General and administrative 1,064 1,054 2,709 3,582 Total stock-based compensation $ 1,413 $ 1,481 $ 3,814 $ 4,732
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2022: Weighted average Weighted average remaining contractual Aggregate intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2021 3,443,817 $ 10.05 7.8 $ 3,952,803 Granted 1,022,936 7.35 Exercised — Forfeitures ( 462,935 ) 10.27 Expired ( 177,452 ) 12.64 Outstanding as of September 30, 2022 3,826,366 $ 9.19 7.5 $ 151,799 Options vested and exercisable as of 2,139,127 $ 8.98 6.4 $ 127,812
Summary of Non-vested RSUs Activities	The following is a summary of changes in the status of non-vested RSUs: Weighted Average Grant Date Fair Number of Shares Value Nonvested as of December 31, 2021 425,000 $ 11.68 Granted — — Forfeitures — — Nonvested as of September 30, 2022 425,000 $ 11.68

Nature of Business - Additional

Nature of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands

9 Months Ended

Jul. 08, 2022

Jul. 05, 2022

Mar. 01, 2022

Mar. 25, 2021

Mar. 17, 2021

Mar. 01, 2021

Mar. 10, 2020

Sep. 30, 2022

Sep. 30, 2021

Jul. 11, 2022

Dec. 31, 2021

Mar. 31, 2020

Description Of Business [Line Items]

Net proceeds from issuance

$ 26,900

$ 26,901

$ 28,119

Accumulated deficit

(157,521)

$ (138,966)

Cash, cash equivalents and marketable securities

$ 39,500

Follow-on Public Offering [Member]

Description Of Business [Line Items]

Number of common shares sold

13,575,000

2,033,899

Share price

$ 2.10

$ 14.75

Net proceeds from issuance

$ 28,100

Mezzanine Lenders [Member]

Description Of Business [Line Items]

Cash, cash equivalents and marketable securities

$ 40,000

Torii Agreement [Member] | Torii [Member]

Description Of Business [Line Items]

Obligated to make upfront payment

$ 11,500

Milestone payment

$ 8,000

Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term A Loan [Member]

Description Of Business [Line Items]

Line of credit

$ 35,000

Borrowed amount

$ 5,000

$ 5,000

$ 35,000

Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term B1 Loan [Member]

Description Of Business [Line Items]

Borrowed amount

$ 5,000

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Potential Shares Outstanding not Included in Computation of Diluted Net Loss Per Common Share (Detail) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Shares issuable upon exercise of stock options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share	3,826,366	3,553,361
Non-vested shares under restricted stock grants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities that could potentially dilute basic earnings per share	425,000	425,000

Investments in Marketable Sec_3

Investments in Marketable Securities - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized Cost	$ 7,010	$ 54,631
Gross Unrealized Gains	0
Gross Unrealized Losses	(29)	(29)
Fair Value	6,981	54,602
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	5,008	15,272
Gross Unrealized Gains	0
Gross Unrealized Losses	(27)	(15)
Fair Value	4,981	15,257
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized Cost		28,980
Fair Value		28,980
Asset Backed Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	2,002	10,379
Gross Unrealized Losses	(2)	(14)
Fair Value	$ 2,000	$ 10,365

Investments in Marketable Sec_4

Investments in Marketable Securities - Schedule of Fair Value of Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Marketable securities	$ 6,981	$ 54,602
Level 1 [Member]
Marketable Securities [Line Items]
Marketable securities	4,981	15,257
Level 2 [Member]
Marketable Securities [Line Items]
Marketable securities	2,000	39,345
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Marketable securities	4,981	15,257
U.S. Treasury Securities [Member] | Level 1 [Member]
Marketable Securities [Line Items]
Marketable securities	4,981	15,257
U.S. Treasury Securities [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Marketable securities		0
Commercial Paper [Member]
Marketable Securities [Line Items]
Marketable securities		28,980
Commercial Paper [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Marketable securities		28,980
Asset Backed Securities [Member]
Marketable Securities [Line Items]
Marketable securities	2,000	10,365
Asset Backed Securities [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Marketable securities	$ 2,000	$ 10,365

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 4,587	$ 4,148
Accumulated depreciation	(569)	(254)
Total property and equipment, net	4,018	3,894
Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,392	737
Office Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	303	303
Office Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	301	301
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	54	49
Automobiles [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	0	27
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,537	$ 2,731

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Compensation and related costs	$ 1,379	$ 1,667
Clinical trials and drug development	824	613
Construction in process	167	131
Professional fees	156	406
Machinery and equipment	124	124
Interest expense	0	250
Other accrued expenses and other current liabilities	0	75
Total accrued expenses and other current liabilities	$ 2,650	$ 3,266

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 12, 2020	Jul. 01, 2019	Jul. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Lessee Lease Description [Line Items]
Operating lease expired						2021-05
First amendments date	Mar. 12, 2020
Lease expiration date						Sep. 01, 2027
Operating lease right of use asset				$ 1,513		$ 1,513		$ 1,608
Lease liability				1,595		1,595
Other income (expense)			$ 6	5	$ 0	$ (51)	$ 0
Pennsylvania [Member]
Lessee Lease Description [Line Items]
Lease agreement commencement date		Jul. 01, 2019
NEW JERSEY
Lessee Lease Description [Line Items]
Lease agreement commencement date						May 01, 2022
Lease expiration date						Apr. 30, 2025
Operating lease, base rent						$ 104,000
Operating lease right of use asset				99,000		99,000
Lease liability				$ 95,000		95,000
Landlord's Operating Expense [Member]
Lessee Lease Description [Line Items]
Operating lease, base rent						$ 2,400

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Amortization lease assets	$ 1	$ 2	$ 4	$ 3
Finance lease costs	0	0	0	0
Total finance lease costs	1	2	4	3
Operating lease costs	95	85	272	260
Short-term lease costs	0	5	7	16
Total operating lease expense	$ 95	$ 90	$ 279	$ 276

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating and Finance Leases (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
Operating Lease, Remainder of Fiscal Year	$ 94
Operating Lease, Year one	383
Operating Lease, Year Two	392
Operating Lease, Year Four	372
Operating Lease, After Year Four	613
Operating Lease, Total lease payments	1,854
Less Operating Lease, imputed interest	(259)
Operating Lease, Lease liability	$ 1,595

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Term and Discount Rate (Detail)	Sep. 30, 2022
Leases [Abstract]
Operating Lease, Weighted average remaining lease term	4 years 10 months 2 days
Operating Lease, Weighted-average discount rate	6.25%

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands					3 Months Ended		9 Months Ended
	Jul. 11, 2022	Mar. 01, 2022	Mar. 01, 2021	Mar. 10, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Loans, maturity date	Mar. 01, 2024
Cash, cash equivalents and marketable securities					$ 39,500		$ 39,500
Loss on extinguishment of debt					(1,437)	$ 0	(1,437)	$ 0
Debt instrument, prepayment fee	$ 43,800						43,750	$ 0
Mezzanine Lenders [Member]
Debt Instrument [Line Items]
Cash, cash equivalents and marketable securities	$ 40,000
Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 50,000
Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term A Loan [Member]
Debt Instrument [Line Items]
Borrowed amount		$ 5,000	$ 5,000	35,000
Mezzanine Loan Agreement [Member] | Silicon Valley Bank (Senior Lender) [Member] | Revolving Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 5,000
Senior Loan Agreement [Member]
Debt Instrument [Line Items]
Interest expense					100		2,200
Interest on term loan					100		1,600
Non-cash interest expense					0		600
Unamortized debt discount and issuance costs					1,400		1,400
Senior Loan Agreement [Member] | Term Loans [Member]
Debt Instrument [Line Items]
Debt discount and issuance costs					4,300		4,300
Final payment fee					3,800		3,800
Senior Loan Agreement [Member] | Mezzanine Lenders [Member]
Debt Instrument [Line Items]
Final payment fee					$ 3,800		$ 3,800

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,413	$ 1,481	$ 3,814	$ 4,732
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	349	427	1,105	1,150
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,064	$ 1,054	$ 2,709	$ 3,582

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Number of shares, Outstanding Beginning Balance	3,443,817
Number of shares, Granted	1,022,936
Number of shares, Forfeitures	(462,935)
Number of shares, Expired	(177,452)
Number of shares, Outstanding Ending Balance	3,826,366	3,443,817
Number of shares, Options vested and exercisable Ending Balance	2,139,127
Weighted average exercise price, Outstanding Beginning Balance	$ 10.05
Weighted average exercise price, Granted	7.35
Weighted average exercise price, Forfeitures	10.27
Weighted average exercise price, Expired	12.64
Weighted average exercise price, Outstanding Ending Balance	9.19	$ 10.05
Weighted average exercise price, Options vested and exercisable Ending Balance	$ 8.98
Weighted average remaining contractual life (in years), Outstanding	7 years 6 months	7 years 9 months 18 days
Weighted average remaining contractual life (in years), Options vested and exercisable	6 years 4 months 24 days
Aggregate intrinsic value, Outstanding	$ 151,799,000	$ 3,952,803
Aggregate intrinsic value, Options vested and exercisable Ending Balance	$ 127,812,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Aug. 31, 2020	Nov. 30, 2019	Sep. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation related to unvested stock options			$ 10.5
Weighted-average stock option recognize period			2 years 7 months 20 days
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted			0
Stock vesting period		1 year
Restricted stock units outstanding			425,000	425,000
Total unrecognized compensation related to nonvested restricted stock units			$ 5
Restricted Stock Units (RSUs) [Member] | Executive Officers [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted	250,000	300,000
Restricted Stock Units (RSUs) [Member] | One Year Anniversary [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock subject to vesting (as a percent)	50%	50%
Restricted Stock Units (RSUs) [Member] | New Drug Application [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock subject to vesting (as a percent)	50%	50%

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Non-vested RSUs Activities (Detail) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Nonvested, Number of Shares, Beginning Balance | shares	425,000
Nonvested, Number of Shares, Granted | shares	0
Nonvested, Number of Shares, Forfeitures | shares	0
Nonvested, Number of Shares, Ending Balance | shares	425,000
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 11.68
Nonvested, Weighted Average Grant Date Fair Value, Granted | $ / shares	0
Nonvested, Weighted Average Grant Date Fair Value, Forfeitures | $ / shares	0
Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 11.68

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)				3 Months Ended		9 Months Ended
	Sep. 08, 2022	Oct. 01, 2019	Dec. 02, 2015	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
PBM Capital Group, LLC [Member]
Related Party Transaction [Line Items]
Services agreement initial term			12 months
Expenses incurred under services agreement				$ 20,000	$ 15,000	$ 45,000	$ 45,000
Due to related party				0		0
PBM Capital Group, LLC [Member] | Amended Service Agreement [Member]
Related Party Transaction [Line Items]
Monthly management fee payable		$ 5,000
PBM Capital Group, LLC [Member] | General and Administrative [Member]
Related Party Transaction [Line Items]
Expenses incurred under services agreement				12,000	9,000	27,000	27,000
PBM Capital Group, LLC [Member] | Research and Development [Member]
Related Party Transaction [Line Items]
Expenses incurred under services agreement				$ 8,000	$ 6,000	$ 18,000	$ 18,000
Clinical Enrollment LLC [Member]
Related Party Transaction [Line Items]
Development fee compensation	$ 35,000
Fee per eligible patient	$ 15,000

License and Collaboration Agr_2

License and Collaboration Agreements - Additional Information (Detail) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 17, 2021

May 31, 2022

Apr. 30, 2021

Feb. 28, 2021

Dec. 31, 2020

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Dec. 31, 2020

Aug. 31, 2020

License And Collaboration Agreements [Line Items]

Research and development expense

$ 2,946

$ 3,763

$ 9,833

$ 12,572

Ltyix [Member]

License And Collaboration Agreements [Line Items]

Payments upon achievements of milestone

$ 111,000

One time up front license fee

$ 1,000

$ 2,300

$ 300

Research and development expense

1,000

$ 2,300

Option Agreement [Member] | Torii [Member]

License And Collaboration Agreements [Line Items]

Consideration receivable to secure exclusive option

$ 500

Deferred revenue

$ 500

$ 500

Torii Agreement [Member] | Torii [Member]

License And Collaboration Agreements [Line Items]

Received payment

$ 11,500

$ 500

Payments upon achievements of milestone

50,000

50,000

Billed and Unbilled License Revenue

300

1,000

Torii Agreement [Member] | Torii [Member] | License Revenue [Member]

License And Collaboration Agreements [Line Items]

Milestone payment recognized

$ 8,000

$ 8,000

Torii Agreement [Member] | Torii [Member] | Minimum [Member]

License And Collaboration Agreements [Line Items]

Mid Percentage of transfer price payments for supply of product net sales

30%

Torii Agreement [Member] | Torii [Member] | Maximum [Member]

License And Collaboration Agreements [Line Items]

Mid Percentage of transfer price payments for supply of product net sales

40%