Vault-13

VERRICA PHARMACEUTICALS INC VRCA

COM SHS · Common Stock · CUSIP 92511W207

50 institutional holders +17 vs Q3 2025
5,196,1575.2m shares reported held*
54.8% of all shares outstanding*
$43.2mreported value*
21 new 5 added 10 reduced 5 sold out net bought ≈ $20.8m (+2.5m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 9.5m as of 2025-11-07, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $8.31.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 25: 5Q3 25: 33Q4 25: 5050Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q2 20255
Q3 202533
Q4 202550

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 25: 33 bought or addedQ3 25: 5 cut or sold outQ3 25Q4 25: 26 bought or addedQ4 25: 15 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 2025335
Q4 20252615

Biggest buyers

Affinity Asset Advisors, LLC New +707,338+707.3k
ARMISTICE CAPITAL, LLC Added +479,732+479.7k
Velan Capital Investment Management LP New +471,559+471.6k
Stonepine Capital Management, LLC New +353,669+353.7k
DAFNA Capital Management LLC New +173,451+173.5k
TWO SIGMA INVESTMENTS, LP New +118,218+118.2k
JANE STREET GROUP, LLC New +101,722+101.7k
MARSHALL WACE, LLP New +85,173+85.2k
TWO SIGMA ADVISERS, LP New +44,430+44.4k
Squarepoint Ops LLC New +33,270+33.3k

Biggest sellers

VANGUARD GROUP INC Reduced -87,016-87.0k
MILLENNIUM MANAGEMENT LLC Reduced -48,867-48.9k
UBS Group AG Reduced -41,608-41.6k
Sovran Advisors, LLC Reduced -41,147-41.1k
FMR LLC Sold out -3,337-3.3k
RENAISSANCE TECHNOLOGIES LLC Reduced -2,791-2.8k
CITIGROUP INC Sold out -2,065-2.1k
ROYAL BANK OF CANADA Reduced -793-793
BlackRock, Inc. Reduced -463-463
NISA INVESTMENT ADVISORS, LLC Sold out -142-142

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Manning Paul B 13D · may seek influence filed 2025-11-28 49.9% 8.1m≈ $49.3m 2025-11-28
Caligan Partners LP 13D · may seek influence no change · filed 2025-12-30
Stated purposeOn December 26, 2025, pursuant to the Purchase Agreement, the Issuer appointed Dr. Charles Frantzreb, a designee selected by Caligan, as a Class I member of the Board, effective immediately. Full filing
10.0% no change 6.5m≈ $11.6m 2025-12-30
Affinity Asset Advisors, LLC 13G · institution no change · filed 2026-01-29 5.5% no change 884.2k≈ $5.4m 2026-01-29

Fell to 5% or below in the last year: ARMISTICE CAPITAL, LLC (5.0%, 2026-02-17)

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
505Q1 24: 0 buyingQ1 24: 0 sellingQ2 24: 0 buyingQ2 24: 0 sellingQ2 24Q3 24: 0 buyingQ3 24: 5 sellingQ4 24: 3 buyingQ4 24: 0 sellingQ4 24Q1 25: 0 buyingQ1 25: 1 sellingQ2 25: 0 buyingQ2 25: 0 sellingQ2 25Q3 25: 0 buyingQ3 25: 0 sellingQ4 25: 5 buyingQ4 25: 0 sellingQ4 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q1 20240—0——
Q2 20240—0——
Q3 20240—5$1.1m—
Q4 20243—0——
Q1 20250—1$2.8k—
Q2 20250—0——
Q3 20250—0——
Q4 20255$18.0m0——
DateInsiderTradeSharesPrice ValueTheir holding
2025-11-25 Manning Paul B Director · See footnote Bought 2,750,762 $4.24 $11.7m2.8m shares +460%
2025-11-25 Manning Paul B Director Bought 1,375,380 $4.24 $5.8m1.4m shares +53%
2025-11-25 Rieger Jayson CEO and President, director Bought 94,311 $4.24 $399.9k94.3k shares +107%
2025-11-25 Zawitz David Chief Operating Officer Bought 10,000 $4.24 $42.4k10.0k shares +91%
2025-11-25 Kirby John J. Interim CFO Bought 3,536 $4.24 $15.0k3.5k shares +65%
2025-11-25 Rosenberg Noah L. CMO Bought 2,357 $4.24 $10.0k2.4k shares new

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ARMISTICE CAPITAL, LLC 0.23% of their portfolio NEW YORK, NY 1,118,9251.1m $9.3m $9.3m 0.23% Added +479.7k +479,732
2 Caligan Partners LP 0.70% of their portfolio NEW YORK, NY 923,910923.9k $7.7m $7.7m 0.70% Unchanged
3 Affinity Asset Advisors, LLC 0.42% of their portfolio NEW YORK, NY 707,338707.3k $5.9m $5.9m 0.42% New
4 Velan Capital Investment Management LP 2.28% of their portfolio ALPHARETTA, GA 471,559471.6k $3.9m $3.9m 2.28% New
5 Stonepine Capital Management, LLC 2.32% of their portfolio Bend, OR 353,669353.7k $2.9m $2.9m 2.32% New
6 BOOTHBAY FUND MANAGEMENT, LLC 0.06% of their portfolio NEW YORK, NY 280,734280.7k $2.3m $2.3m 0.06% Unchanged
7 Kalehua Capital Management LLC 1.94% of their portfolio DALLAS, TX 235,779235.8k $2.0m $2.0m 1.94% First filing
8 DAFNA Capital Management LLC 0.33% of their portfolio LOS ANGELES, CA 173,451173.5k $1.4m $1.4m 0.33% New
9 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 138,194138.2k $1.1m $1.1m 0.00% Reduced -87.0k -87,016
10 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 118,218118.2k $982.4k $982.4k 0.00% New
11 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 101,722101.7k $845.3k $845.3k 0.00% New
12 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 85,17385.2k $707.8k $707.8k 0.00% New
13 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 67,65967.7k $562.4k $562.4k 0.00% Unchanged
14 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 44,43044.4k $369.2k $369.2k 0.00% New
15 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 33,27033.3k $276.5k $276.5k 0.00% New
16 Sovran Advisors, LLC 0.02% of their portfolio SAN DIEGO, CA 32,65832.7k $248.5k $248.5k 0.02% Reduced -41.1k -41,147
17 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 26,40026.4k $219.4k $219.4k 0.00% Reduced -2.8k -2,791
18 Mariner, LLC 0.00% of their portfolio Overland Park, KS 24,54424.5k $204.0k $204.0k 0.00% Reduced -6 -6
19 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 23,48123.5k $195.1k $195.1k 0.00% Added +2.9k +2,900
20 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 23,12323.1k $192.2k $192.2k 0.00% Reduced -48.9k -48,867
21 OMERS ADMINISTRATION Corp 0.00% of their portfolio TORONTO, A6 22,60022.6k $187.8k $187.8k 0.00% New
22 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 22,00922.0k $182.9k $182.9k 0.00% Added +321 +321
23 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 20,02420.0k $166.4k $166.4k 0.00% Reduced -7 -7
24 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 18,62118.6k $154.7k $154.7k 0.00% New
25 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 17,35617.4k $144.0k $144.0k 0.00% New
26 Legacy Trust 0.03% of their portfolio GRAND RAPIDS, MI 17,23417.2k $143.2k $143.2k 0.03% New
27 Walleye Capital LLC 0.00% of their portfolio NEW YORK, NY 15,24015.2k $126.6k $126.6k 0.00% New
28 XTX Topco Ltd 0.00% of their portfolio LONDON, X0 14,66214.7k $121.8k $121.8k 0.00% New
29 BECK MACK & OLIVER LLC 0.00% of their portfolio NEW YORK, NY 12,00012.0k $99.7k $99.7k 0.00% New
30 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.00% of their portfolio HOUSTON, TX 12,00012.0k $99.7k $99.7k 0.00% Unchanged
31 Quadrature Capital Ltd 0.00% of their portfolio LONDON, X0 11,95412.0k $99.3k $99.3k 0.00% New
32 Man Group plc 0.00% of their portfolio LONDON, X0 11,28711.3k $93.8k $93.8k 0.00% New
33 BlackRock, Inc. 0.00% of their portfolio New York, NY 5,6855.7k $47.2k $47.2k 0.00% Reduced -463 -463
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,3434.3k $36.1k $36.1k 0.00% Added +4.3k +4,271
35 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 3,3423.3k $27.8k $27.8k 0.00% Added +1.8k +1,799
36 Capital Analysts, LLC 0.00% of their portfolio FORT WASHINGTON, PA 1,5001.5k $12.0k $12.0k 0.00% Unchanged
37 Fortitude Family Office, LLC 0.00% of their portfolio SCOTTSDALE, AZ 608608 $5.1k $5.1k 0.00% New
38 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 416416 $3.0k $3.0k 0.00% Reduced -793 -793
39 Salomon & Ludwin, LLC 0.00% of their portfolio RICHMOND, VA 290290 $2.6k $2.6k 0.00% Unchanged
40 New England Capital Financial Advisors LLC 0.00% of their portfolio MERIDEN, CT 200200 $1.7k $1.7k 0.00% Unchanged
41 INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.00% of their portfolio ORLANDO, FL 175175 $1.5k $1.5k 0.00% New
42 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 110110 $914 $914 0.00% Reduced -14 -14
43 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 102102 $847 $847 0.00% Unchanged
44 Covestor Ltd 0.00% of their portfolio LONDON, X0 5454 $0 $0 0.00% Unchanged
45 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4747 $391 $391 0.00% New
46 Optiver Holding B.V. 0.00% of their portfolio AMSTERDAM, P7 3131 $258 $258 0.00% Unchanged
47 UBS Group AG 0.00% of their portfolio ZURICH, V8 2424 $199 $199 0.00% Reduced -41.6k -41,608
48 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 33 $25 $25 0.00% Unchanged
49 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 22 $17 $17 0.00% Unchanged
50 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 11 $8 $8 0.00% Unchanged